# EDGAR Filing Document

**Accession Number:** 0000900422
**File Stem:** 0002071691-26-014446
**Filing Date:** 2026-6
**Character Count:** 140920
**Document Hash:** f149a3542300f74362b9f6530906a20a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-014446.hdr.sgml**: 20260624

**ACCESSION NUMBER**: 0002071691-26-014446

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260624

**DATE AS OF CHANGE**: 20260624

**PERIOD START**: 20260430

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07626
- **FILM NUMBER:** 261113793

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02110

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

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

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

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

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

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

- **b. Date as of which information is reported:** 2026-04-30

**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:** $335375967.64

**Total Liabilities:** $25224724.41

**Net Assets:** $310151243.23

**Delayed Delivery Securities:** $2082160.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 34.88000000 | **1-Year:** -49.50000000 | **5-Year:** -4281.81000000 | **10-Year:** -96861.69000000 | **30-Year:** -174469.08000000

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

- **3-Month:** 0.00000000 | **1-Year:** -252.97000000 | **5-Year:** -1756.58000000 | **10-Year:** -24883.44000000 | **30-Year:** -47308.45000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 2.73%                | -3.70%               | 1.88%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $86997.93                | $7031532.17                                |
| Month 2  | $-451618.20              | $-12370048.02                              |
| Month 3  | $-720560.47              | $5393988.42                                |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                                                             | Title                                                                                                    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Alaska Industrial Development & Export Authority                                 | Alaska Industrial Development & Export Authority                                                         | CUSIP: 011903GK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6050000 | PA      | $5683736.03   | 1.83%             | 2044-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Airport Authority                                               | Allegheny County Airport Authority, Series 2021 A                                                        | CUSIP: 01728LEY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3480000 | PA      | $3698973.08   | 1.19%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Airport Authority                                               | Allegheny County Airport Authority, Series 2021 A                                                        | CUSIP: 01728LFH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $687757.13    | 0.22%             | 2046-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Airport Authority                                               | Allegheny County Airport Authority, Series 2023 A                                                        | CUSIP: 01728LHD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5255789.50   | 1.69%             | 2048-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Anna TX                                                                  | City of Anna, Series 2025                                                                                | CUSIP: 035713BC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $256328.28    | 0.08%             | 2055-09-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| City of Anna TX                                                                  | City of Anna, Series 2025                                                                                | CUSIP: 035713BF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101052.95    | 0.03%             | 2055-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | Arizona Industrial Development Authority, Series 2017 D                                                  | CUSIP: 04052BCS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $468186.02    | 0.15%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | Arizona Industrial Development Authority, Series 2021 B                                                  | CUSIP: 04052BQU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    720000 | PA      | $659056.90    | 0.21%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | Arizona Industrial Development Authority, Series 2021 A                                                  | CUSIP: 04052FCS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2855000 | PA      | $2658653.09   | 0.86%             | 2046-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                         | Arlington Higher Education Finance Corp., Series 2016 A                                                  | CUSIP: 041806HJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502117.50    | 0.16%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                         | Arlington Higher Education Finance Corp., Series 2024                                                    | CUSIP: 041807JU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1110109.05   | 0.36%             | 2049-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Atlanta Development Authority (The)                                              | Atlanta Development Authority (The), Series 2025 A                                                       | CUSIP: 04777LDV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $129046.98    | 0.04%             | 2050-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Austin-Bergstrom Landhost Enterprises, Inc.                                      | Austin-Bergstrom Landhost Enterprises, Inc., Series 2017                                                 | CUSIP: 052193AU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $538369.44    | 0.17%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Austin-Bergstrom Landhost Enterprises, Inc.                                      | Austin-Bergstrom Landhost Enterprises, Inc., Series 2017                                                 | CUSIP: 052193AV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1060006.72   | 0.34%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Baldwin County Industrial Development Authority                                  | Baldwin County Industrial Development Authority, Series 2025 A                                           | CUSIP: 05786PAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $511120.80    | 0.16%             | 2055-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Beaumont Housing Authority                                                       | Beaumont Housing Authority, Series 2025 A                                                                | CUSIP: 07451AAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $619947.44    | 0.20%             | 2055-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Black Desert Public Infrastructure District                                      | Black Desert Public Infrastructure District, Series 2024                                                 | CUSIP: 09204TAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $712327.28    | 0.23%             | 2053-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                   | Buckeye Tobacco Settlement Financing Authority, Series 2020 A-2, Class 1                                 | CUSIP: 118217CW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $710978.00    | 0.23%             | 2048-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Bucks County Water and Sewer Authority                                           | Bucks County Water and Sewer Authority, Series 2022 A                                                    | CUSIP: 118683JZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2175000 | PA      | $2301577.39   | 0.74%             | 2047-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CMFA Special Finance Agency VII                                                  | CMFA Special Finance Agency VII, Series 2021 A-1                                                         | CUSIP: 12574UAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $345341.60    | 0.11%             | 2056-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA Community Improvement Authority, Series 2021 A-2                                                   | CUSIP: 126292AF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5135000 | PA      | $3801169.89   | 1.23%             | 2056-08-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA Community Improvement Authority, Series 2021 A-2                                                   | CUSIP: 126292AR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2735000 | PA      | $1894961.16   | 0.61%             | 2056-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA Community Improvement Authority, Series 2021 A-2                                                   | CUSIP: 126292AW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1333619.69   | 0.43%             | 2057-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA Community Improvement Authority, Series 2021 A-2                                                   | CUSIP: 126292BB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $996064.16    | 0.32%             | 2057-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| California Community Housing Agency                                              | California Community Housing Agency, Series 2021 A-1                                                     | CUSIP: 13013FAR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $457922.19    | 0.15%             | 2056-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | California Municipal Finance Authority, Series 2024 A                                                    | CUSIP: 130489AB3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2855000 | PA      | $2888091.16   | 0.93%             | 2040-08-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | California Municipal Finance Authority, Series 2021                                                      | CUSIP: 13048VXK9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2369581.29   | 0.76%             | 2049-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | California Municipal Finance Authority, Series 2025-1, Class A-2                                         | CUSIP: 13050WAB7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2325813 | PA      | $2013561.02   | 0.65%             | 2041-02-20      | Variable      | 3.24%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                              | California School Finance Authority, Series 2021 A                                                       | CUSIP: 13058TPF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1455000 | PA      | $1084520.63   | 0.35%             | 2061-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Authority                                                          | Capital Trust Authority, Series 2025 A                                                                   | CUSIP: 14054WBX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $177214.13    | 0.06%             | 2065-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Capital Trust Authority                                                          | Capital Trust Authority, Series 2025 A                                                                   | CUSIP: 14054WCH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $913129.92    | 0.29%             | 2050-07-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Center Lake Ranch West Community Development District                            | Center Lake Ranch West Community Development District, Series 2025                                       | CUSIP: 151500AG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $299165.94    | 0.10%             | 2055-05-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | City of Chicago, Series 2023 A                                                                           | CUSIP: 167486N96<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2578598.25   | 0.83%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | City of Chicago, Series 2025 E                                                                           | CUSIP: 167486W62<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1898498.53   | 0.61%             | 2044-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | Chicago Board of Education, Series 2015 C                                                                | CUSIP: 167505QR0<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2233838.48   | 0.72%             | 2039-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | Chicago Board of Education, Series 2023 A                                                                | CUSIP: 167505ZF6<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    400000 | PA      | $403222.56    | 0.13%             | 2047-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | Chicago Board of Education, Series 2023 A                                                                | CUSIP: 167505ZG4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    325000 | PA      | $333358.25    | 0.11%             | 2049-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                             | Chicago Midway International Airport, Series 2023 C                                                      | CUSIP: 167562TL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2381325.98   | 0.77%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | Chicago O'Hare International Airport                                                                     | CUSIP: 167591AE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3646717.55   | 1.18%             | 2055-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | Chicago O'Hare International Airport, Series 2023                                                        | CUSIP: 1675934E9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1465000 | PA      | $1571798.94   | 0.51%             | 2042-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | Chicago O'Hare International Airport, Series 2018 A                                                      | CUSIP: 167593K92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $309045.87    | 0.10%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cuyahoga County Port Authority                                         | Cleveland-Cuyahoga County Port Authority, Series 2018                                                    | CUSIP: 18610PAW8<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    500000 | PA      | $502219.25    | 0.16%             | 2053-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp.                                           | Clifton Higher Education Finance Corp., Series 2023                                                      | CUSIP: 187145SA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1905386.00   | 0.61%             | 2048-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp.                                           | Clifton Higher Education Finance Corp., Series 2024 A                                                    | CUSIP: 187145SV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4800000 | PA      | $4390622.88   | 1.42%             | 2053-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp.                                           | Clifton Higher Education Finance Corp., Series 2025 A                                                    | CUSIP: 187145VQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039173.30   | 0.34%             | 2049-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp.                                           | Clifton Higher Education Finance Corp., Series 2025 A                                                    | CUSIP: 187145VR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1635000 | PA      | $1655163.96   | 0.53%             | 2055-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Series 2016                                                        | CUSIP: 19648FAZ7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    550000 | PA      | $550869.72    | 0.18%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Crandall TX                                                              | City of Crandall, Series 2025                                                                            | CUSIP: 224384AS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $390505.48    | 0.13%             | 2055-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                          | Dallas Fort Worth International Airport, Series 2025 A-1                                                 | CUSIP: 23503CGJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1325088.38   | 0.43%             | 2050-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DeKalb County Housing Authority                                                  | DeKalb County Housing Authority, Series 2024                                                             | CUSIP: 240471PF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5003943.50   | 1.61%             | 2034-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Del Webb Oak Creek Community Development District                                | Del Webb Oak Creek Community Development District, Series 2025                                           | CUSIP: 245509AF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $270698.33    | 0.09%             | 2055-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| County of Denton TX                                                              | County of Denton, Series 2025                                                                            | CUSIP: 24880GAN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $795090.95    | 0.26%             | 2055-12-31      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | City & County of Denver, Series 2022 A                                                                   | CUSIP: 249182QL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1691382.60   | 0.55%             | 2035-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | City & County of Denver, Series 2022 A                                                                   | CUSIP: 249182QN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1103485.69   | 0.36%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | City & County of Denver, Series 2022 A                                                                   | CUSIP: 249182QP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1664569.80   | 0.54%             | 2038-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | City & County of Denver, Series 2022 A                                                                   | CUSIP: 249182QW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4554595.50   | 1.47%             | 2047-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                               | City of Detroit, Series B-1                                                                              | CUSIP: 251093S84<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |   1681299 | PA      | $1345259.62   | 0.43%             | 2044-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Detroit City School District                                                     | Detroit City School District, Series 2001 A                                                              | CUSIP: 251129ZY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    660000 | PA      | $696623.40    | 0.22%             | 2029-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series 2022 A                                                                      | CUSIP: 25483VA46<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1370000 | PA      | $1563985.70   | 0.50%             | 2036-02-29      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series 2022 A                                                                      | CUSIP: 25483VA61<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1722620.25   | 0.56%             | 2037-02-28      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series 2017 A                                                                      | CUSIP: 25483VSG0<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    500000 | PA      | $458915.65    | 0.15%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series 2020                                                                        | CUSIP: 25483VXQ2<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1488803.40   | 0.48%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series 2020                                                                        | CUSIP: 25483VXS8<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1349782.95   | 0.44%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series 2020                                                                        | CUSIP: 25483VXU3<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1996861.00   | 0.64%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Downtown Revitalization Public Infrastructure District                           | Downtown Revitalization Public Infrastructure District, Series 2025 B                                    | CUSIP: 26118TBU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3258780.30   | 1.05%             | 2050-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Dripping Springs TX                                                      | City of Dripping Springs, Series 2025                                                                    | CUSIP: 262062AJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $299995.83    | 0.10%             | 2055-09-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| East Nassau Stewardship District                                                 | East Nassau Stewardship District, Series 2025                                                            | CUSIP: 273794AQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $463655.57    | 0.15%             | 2056-05-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| City of Ennis TX                                                                 | City of Ennis, Series 2025                                                                               | CUSIP: 293470AC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $347237.49    | 0.11%             | 2055-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Structured Pass-Through Certificates                                       | FHLMC, Multi-family ML Pass-Through Certificates, Series 2024-ML22, Class A-US                           | CUSIP: 3137HCXR8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | MUN               | US        |   2216499 | PA      | $2229556.57   | 0.72%             | 2040-10-25      | Variable      | 4.27%                 | No            |                  2 | On Loan: No      |
| Firethorn Community Development District                                         | Firethorn Community Development District, Series 2025                                                    | CUSIP: 31832AAD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $296206.59    | 0.10%             | 2055-05-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                | Florida Development Finance Corp., Series 2022 A                                                         | CUSIP: 34061QBU0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1415096.40   | 0.46%             | 2052-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                | Florida Development Finance Corp., Series 2021 A                                                         | CUSIP: 34061UHZ4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $414355.80    | 0.13%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                | Florida Development Finance Corp., Series 2022 A-1                                                       | CUSIP: 34061UJM1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    415000 | PA      | $412574.53    | 0.13%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                | Florida Development Finance Corp., Series 2022 A-1                                                       | CUSIP: 34061UJN9<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    380000 | PA      | $354935.54    | 0.11%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                | Florida Development Finance Corp., Series 2022 A-1                                                       | CUSIP: 34061UJP4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    250000 | PA      | $229729.40    | 0.07%             | 2057-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                | Florida Development Finance Corp., Series 2022 B                                                         | CUSIP: 34061UJT6<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $934040.90    | 0.30%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                | Florida Development Finance Corp., Series 2022 B                                                         | CUSIP: 34061UJU3<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    300000 | PA      | $275553.15    | 0.09%             | 2057-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Higher Educational Facilities Financing Authority                        | Florida Higher Educational Facilities Financing Authority, Series 2019                                   | CUSIP: 34073TLN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1178950.20   | 0.38%             | 2044-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Higher Educational Facilities Financing Authority                        | Florida Higher Educational Facilities Financing Authority, Series 2019                                   | CUSIP: 34073TNA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $753340.88    | 0.24%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Gainesville & Hall County Hospital Authority                                     | Gainesville & Hall County Hospital Authority, Series 2021 A                                              | CUSIP: 362762QQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2330000 | PA      | $1664539.42   | 0.54%             | 2051-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Gaithersburg MD                                                          | City of Gaithersburg, Series 2018 A                                                                      | CUSIP: 363128CU1<br>LEI: 549300UFHDHDCHDE0F65 | Long             | DBT              | MUN               | US        |    450000 | PA      | $455330.16    | 0.15%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Goose Creek SC                                                           | City of Goose Creek, Series 2025                                                                         | CUSIP: 38259TAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200534.74    | 0.06%             | 2055-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Grand Parkway Transportation Corp.                                               | Grand Parkway Transportation Corp.                                                                       | CUSIP: 38611TBR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3559333.40   | 1.15%             | 2048-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grays Harbor County Public Hospital District No. 1                               | Grays Harbor County Public Hospital District No. 1, Series 2023                                          | CUSIP: 389526AH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4393550.00   | 1.42%             | 2049-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority                                                      | Great Lakes Water Authority, Series 2023 C                                                               | CUSIP: 39081HFF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1453351.90   | 0.47%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority                                                      | Great Lakes Water Authority, Series 2023 C                                                               | CUSIP: 39081HFG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1773339.53   | 0.57%             | 2053-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Halifax Hospital Medical Center                                                  | Halifax Hospital Medical Center, Series 2016                                                             | CUSIP: 405815LG4<br>LEI: 549300H6HDJUXLEMUW23 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1501414.05   | 0.48%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hammond Multi-School Building Corp.                                              | Hammond Multi-School Building Corp., Series 2018                                                         | CUSIP: 408395SD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1793135.40   | 0.58%             | 2038-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harbor Point Infrastructure Improvement District                                 | Harbor Point Infrastructure Improvement District, Series 2017                                            | CUSIP: 41154VAK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2016842.80   | 0.65%             | 2039-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                        | Harris County Cultural Education Facilities Finance Corp., Series 2013 A                                 | CUSIP: 414009FA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $763147.20    | 0.25%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                        | Harris County Cultural Education Facilities Finance Corp., Series 2013 A                                 | CUSIP: 414009FB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1344112.50   | 0.43%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                        | Harris County Cultural Education Facilities Finance Corp., Series 2016                                   | CUSIP: 414009LD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $245820.53    | 0.08%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii Harbor System Revenue                                            | State of Hawaii, Series 2020 A                                                                           | CUSIP: 41981THE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1644005.19   | 0.53%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hills of Minneola Community Development District                                 | Hills of Minneola Community Development District, Series 2026                                            | CUSIP: 431688AP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $195115.07    | 0.06%             | 2056-05-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Houston Higher Education Finance Corp.                                           | Houston Higher Education Finance Corp., Series 2025                                                      | CUSIP: 44237QAH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $626639.59    | 0.20%             | 2051-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Hunt Club Grove Community Development District                                   | Hunt Club Grove Community Development District, Series 2026                                              | CUSIP: 445583AF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $185874.20    | 0.06%             | 2055-12-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Series 2015 A                                                                | CUSIP: 45203HV41<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1025433.88   | 0.33%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Series 2017 A                                                                | CUSIP: 45203KAN5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003147.00   | 0.32%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Series 2017 A                                                                | CUSIP: 45203KAP0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1885724.80   | 0.61%             | 2047-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Series 2023 A                                                                | CUSIP: 45203NAV1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2601159.50   | 0.84%             | 2053-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Series 2025 B                                                                 | CUSIP: 45506ENJ8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    455000 | PA      | $459241.46    | 0.15%             | 2054-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                           | Iowa Finance Authority, Series 2025                                                                      | CUSIP: 46247CER6<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    300000 | PA      | $305289.51    | 0.10%             | 2055-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                           | Iowa Finance Authority, Series 2021 A                                                                    | CUSIP: 46247SBM5<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1736524.20   | 0.56%             | 2046-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                                  | Kentucky Economic Development Finance Authority, Series 2016 A                                           | CUSIP: 49126PFH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $398637.75    | 0.13%             | 2051-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County Public Hospital District No. 1                                       | King County Public Hospital District No. 1, Series 2018                                                  | CUSIP: 494782LE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2365000 | PA      | $2440285.99   | 0.79%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County Public Hospital District No. 2                                       | King County Public Hospital District No. 2, Series 2026                                                  | CUSIP: 494791UL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6378709.20   | 2.06%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Knox County Health Educational & Housing Facility Board                          | Knox County Health Educational & Housing Facility Board, Series 2024 A-1                                 | CUSIP: 499526AU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3415000 | PA      | $3428601.60   | 1.11%             | 2064-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lakeside at Satilla Community Development District                               | Lakeside at Satilla Community Development District, Series 2025                                          | CUSIP: 51210AAC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100331.72    | 0.03%             | 2055-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                                              | Lakewood Ranch Stewardship District, Series 2023                                                         | CUSIP: 51265KFJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1409197.03   | 0.45%             | 2054-05-01      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                                              | Lakewood Ranch Stewardship District, Series 2025                                                         | CUSIP: 51265KGH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $287392.88    | 0.09%             | 2056-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority/PA                                           | Lancaster County Hospital Authority, Series 2020                                                         | CUSIP: 514045V59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $488058.15    | 0.16%             | 2040-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority/PA                                           | Lancaster County Hospital Authority, Series 2020                                                         | CUSIP: 514045V75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $430229.20    | 0.14%             | 2050-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority/PA                                           | Lancaster County Hospital Authority, Series 2023                                                         | CUSIP: 514045X81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2152851.80   | 0.69%             | 2038-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority/PA                                           | Lancaster County Hospital Authority, Series 2019 A                                                       | CUSIP: 51404PAJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $943706.80    | 0.30%             | 2044-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Las Vegas NV Special Improvement District No. 816                        | City of Las Vegas, Series 2021                                                                           | CUSIP: 51779AAN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1740000 | PA      | $1399906.39   | 0.45%             | 2041-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Las Vegas NV Special Improvement District No. 818                        | City of Las Vegas, Series 2024                                                                           | CUSIP: 51779DAN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1130000 | PA      | $1125530.29   | 0.36%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Long Beach CA Airport System Revenue                                     | City of Long Beach, Series 2022 C                                                                        | CUSIP: 542403DQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $788766.38    | 0.25%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Long Beach CA Airport System Revenue                                     | City of Long Beach, Series 2022 C                                                                        | CUSIP: 542403DR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1293139.00   | 0.42%             | 2047-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles CA Community Facilities District                             | City of Los Angeles, Series 2021                                                                         | CUSIP: 544386DW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $981310.10    | 0.32%             | 2038-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | Louisiana Public Facilities Authority, Series 2024                                                       | CUSIP: 546399SZ0<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1799716.28   | 0.58%             | 2064-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Louisville Regional Airport Authority                                            | Louisville Regional Airport Authority, Series 2014 A                                                     | CUSIP: 546850CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $385570.30    | 0.12%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Love Field Airport Modernization Corp.                                           | Love Field Airport Modernization Corp., Series 2015                                                      | CUSIP: 54714CAT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003623.90   | 0.32%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                    | Main Street Natural Gas, Inc., Series 2023 E-1                                                           | CUSIP: 56035DGB2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2670000 | PA      | $2849264.60   | 0.92%             | 2053-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Manor TX                                                                 | City of Manor, Series 2025                                                                               | CUSIP: 564099AV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $184385.60    | 0.06%             | 2055-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | Maricopa County Industrial Development Authority, Series 2016                                            | CUSIP: 56681NAN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $750643.50    | 0.24%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | Maricopa County Industrial Development Authority, Series 2016                                            | CUSIP: 56681NAS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $349996.61    | 0.11%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | Maricopa County Industrial Development Authority, Series 2024                                            | CUSIP: 56681NJD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2050000 | PA      | $2155470.45   | 0.69%             | 2029-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                              | Maryland Economic Development Corp., Series 2020                                                         | CUSIP: 57420VRN5<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1202411.12   | 0.39%             | 2050-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                              | Maryland Economic Development Corp., Series 2022 A                                                       | CUSIP: 57420VSP9<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1826476.23   | 0.59%             | 2058-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | Commonwealth of Massachusetts, Series 2024 B                                                             | CUSIP: 57582R8A7<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   7770000 | PA      | $8029649.31   | 2.59%             | 2054-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | Commonwealth of Massachusetts, Series 2022 C                                                             | CUSIP: 57582RY59<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   1980000 | PA      | $2040215.76   | 0.66%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Series 2015 D                                                  | CUSIP: 57583U6R4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400068.40    | 0.13%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Series 2015                                                    | CUSIP: 57584XCF6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    895000 | PA      | $895202.90    | 0.29%             | 2033-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Series 2025                                                    | CUSIP: 57585BMU9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1582511.70   | 0.51%             | 2050-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Series 2026 A                                                  | CUSIP: 57585BTE8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1386028.54   | 0.45%             | 2045-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Massachusetts Port Authority                                                     | Massachusetts Port Authority, Series 2016 B                                                              | CUSIP: 575896RS6<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2301634.00   | 0.74%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Matagorda County Navigation District No. 1                                       | Matagorda County Navigation District No. 1, Series 2005 A                                                | CUSIP: 576528CY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1559627.70   | 0.50%             | 2030-05-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| County of Maui HI                                                                | County of Maui, Series 2025                                                                              | CUSIP: 577286BH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2567641.95   | 0.83%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mesquite TX                                                              | City of Mesquite, Series 2025                                                                            | CUSIP: 590771BN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101135.64    | 0.03%             | 2055-09-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Series 2020 A | CUSIP: 592041YV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1772284.28   | 0.57%             | 2055-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                   | Metropolitan Nashville Airport Authority (The), Series 2022 B                                            | CUSIP: 592190QX3<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1221937.88   | 0.39%             | 2042-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                         | Metropolitan Pier & Exposition Authority, Series 2002 A                                                  | CUSIP: 592247J50<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |  12000000 | PA      | $10313407.20  | 3.33%             | 2030-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                         | Metropolitan Pier & Exposition Authority, Series 2020 A                                                  | CUSIP: 592250DN1<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4365914.00   | 1.41%             | 2050-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                         | Metropolitan Pier & Exposition Authority, Series 2022 A                                                  | CUSIP: 592250EY6<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $858785.60    | 0.28%             | 2052-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | Metropolitan Transportation Authority, Series 2024 A                                                     | CUSIP: 59261A2G1<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8549769.60   | 2.76%             | 2047-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue              | Metropolitan Washington Airports Authority, Series 2010 A                                                | CUSIP: 592643BP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3700000 | PA      | $2178016.47   | 0.70%             | 2037-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority                                       | Metropolitan Washington Airports Authority                                                               | CUSIP: 592643DJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1290000 | PA      | $1101502.75   | 0.36%             | 2053-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Miami FL                                                                 | City of Miami, Series 2024 A                                                                             | CUSIP: 59338CAM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6340000 | PA      | $6832800.59   | 2.20%             | 2049-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Series 2022                                                                  | CUSIP: 594479HP5<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    745000 | PA      | $643630.76    | 0.21%             | 2042-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Series 2019 A                                                                | CUSIP: 59447TXH1<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   3845000 | PA      | $3355957.53   | 1.08%             | 2049-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                     | Michigan State Housing Development Authority, Series 2021 A                                              | CUSIP: 59465PBA5<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $923748.30    | 0.30%             | 2059-10-01      | Fixed         | 2.73%                 | No            |                  2 | On Loan: No      |
| MIDA Mountain Village Public Infrastructure District                             | MIDA Mountain Village Public Infrastructure District, Series 2021                                        | CUSIP: 59561TAQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1214197.99   | 0.39%             | 2050-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | Health & Educational Facilities Authority of the State of Missouri, Series 2023 A                        | CUSIP: 60636AVW0<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1085000 | PA      | $1045346.07   | 0.34%             | 2034-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | Health & Educational Facilities Authority of the State of Missouri, Series 2023 A                        | CUSIP: 60636AWA7<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1660332.63   | 0.54%             | 2038-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | Health & Educational Facilities Authority of the State of Missouri, Series 2023 A                        | CUSIP: 60636AWD1<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1069866.39   | 0.34%             | 2043-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | Health & Educational Facilities Authority of the State of Missouri, Series 2023 B                        | CUSIP: 60636AWS8<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1950000 | PA      | $1798487.73   | 0.58%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery OH                                                          | County of Montgomery, Series 2016                                                                        | CUSIP: 613520LA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2716004.10   | 0.88%             | 2047-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority/PA                            | Montgomery County Industrial Development Authority, Series 2021 A                                        | CUSIP: 613609K96<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $435585.83    | 0.14%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hospital Facilities Authority of Multnomah County Oregon                         | Hospital Facilities Authority of Multnomah County Oregon, Series 2016                                    | CUSIP: 62551PCW5<br>LEI: 549300GAP0JIG7V33754 | Long             | DBT              | MUN               | US        |    650000 | PA      | $651726.01    | 0.21%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                          | Municipal Electric Authority of Georgia, Series 2023 A                                                   | CUSIP: 62620HGQ9<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1738603.94   | 0.56%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                          | Municipal Electric Authority of Georgia, Series 2024 A                                                   | CUSIP: 62620HJY9<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1038089.90   | 0.33%             | 2049-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | New Hampshire Business Finance Authority, Series 2025                                                    | CUSIP: 63607EAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $699689.34    | 0.23%             | 2065-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | New Hampshire Business Finance Authority, Series 2024-2, Class A                                         | CUSIP: 63607WAU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2708159 | PA      | $2574690.81   | 0.83%             | 2039-08-20      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | New Hampshire Business Finance Authority, Series 2020 A                                                  | CUSIP: 63607YAL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1070000 | PA      | $989106.40    | 0.32%             | 2040-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | New Hampshire Business Finance Authority, Series 2020 A                                                  | CUSIP: 63607YAM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1210000 | PA      | $1058393.17   | 0.34%             | 2046-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | New Hampshire Business Finance Authority, Series 2020 A                                                  | CUSIP: 63607YAN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2540000 | PA      | $2116576.67   | 0.68%             | 2055-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act                      | New Hampshire Health and Education Facilities Authority Act, Series 2016                                 | CUSIP: 6446147E3<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2508198.75   | 0.81%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                             | New Hope Cultural Education Facilities Finance Corp., Series 2018 A-1                                    | CUSIP: 64542YAM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $866885.40    | 0.28%             | 2053-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                             | New Hope Cultural Education Facilities Finance Corp., Series 2018 B-1                                    | CUSIP: 64542YBG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $866025.70    | 0.28%             | 2053-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| New Port Corners Community Development District                                  | New Port Corners Community Development District, Series 2025                                             | CUSIP: 648122AD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $296070.69    | 0.10%             | 2055-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York Counties Tobacco Trust VI                                               | New York Counties Tobacco Trust VI, Series 2016 A-2B                                                     | CUSIP: 64945JAE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $871813.10    | 0.28%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                               | New York Liberty Development Corp., Series 2021 A                                                        | CUSIP: 649519EH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $2554263.60   | 0.82%             | 2051-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                               | New York Liberty Development Corp., Series 2022 A, Class 1                                               | CUSIP: 649519EY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2335000 | PA      | $1947456.08   | 0.63%             | 2043-09-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority, Series 2022 B-1                                            | CUSIP: 64971XG51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5875000 | PA      | $4484936.81   | 1.45%             | 2048-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                          | New York City Housing Development Corp., Series 2020 I-1                                                 | CUSIP: 64972ETS8<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   2025000 | PA      | $1499635.01   | 0.48%             | 2045-11-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                          | New York City Housing Development Corp., Series 2020 I-1                                                 | CUSIP: 64972ETV1<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1286827.40   | 0.41%             | 2060-11-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp.                                                   | Empire State Development Corp., Series 2021 A                                                            | CUSIP: 64985TCX7<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   1060000 | PA      | $775870.07    | 0.25%             | 2050-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                        | New York Transportation Development Corp., Series 2020                                                   | CUSIP: 650116CZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2053272.00   | 0.66%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                        | New York Transportation Development Corp., Series 2023                                                   | CUSIP: 650116GY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2497004.88   | 0.81%             | 2054-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                        | New York Transportation Development Corp., Series 2025                                                   | CUSIP: 650116JP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2382199.20   | 0.77%             | 2055-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                        | New York Transportation Development Corp., Series 2025                                                   | CUSIP: 650116JQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1055156.40   | 0.34%             | 2059-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | North Carolina Medical Care Commission, Series 2020 A                                                    | CUSIP: 65820YRR9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $485551.20    | 0.16%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | North Carolina Medical Care Commission, Series 2024 A                                                    | CUSIP: 65820YSW7<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    505000 | PA      | $519963.30    | 0.17%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | North Carolina Medical Care Commission, Series 2021 A                                                    | CUSIP: 65821DYG0<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1873148.40   | 0.60%             | 2051-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Okaloosa FL                                                            | County of Okaloosa, Series 2025                                                                          | CUSIP: 678226AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $430361.84    | 0.14%             | 2055-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Oneida Indian Nation of New York                                                 | Oneida Indian Nation of New York, Series 2024 A                                                          | CUSIP: 682504AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $302678.13    | 0.10%             | 2040-09-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Oneida Indian Nation of New York                                                 | Oneida Indian Nation of New York, Series 2024 B                                                          | CUSIP: 682504AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $513718.34    | 0.17%             | 2043-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Palermo Community Development District                                           | Palermo Community Development District, Series 2025                                                      | CUSIP: 696280AF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $254810.65    | 0.08%             | 2055-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                    | Palm Beach County Health Facilities Authority, Series 2022                                               | CUSIP: 69651ACD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1515000 | PA      | $1517287.95   | 0.49%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Palm Beach FL                                                          | County of Palm Beach, Series 2019 A                                                                      | CUSIP: 696547GJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1611968.32   | 0.52%             | 2039-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Passaic County Improvement Authority (The)                                       | Passaic County Improvement Authority (The), Series 2023                                                  | CUSIP: 70275QAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $556053.69    | 0.18%             | 2058-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Paulding County Hospital Authority/GA                                            | Paulding County Hospital Authority, Series 2022 A                                                        | CUSIP: 703596EG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1471760.50   | 0.47%             | 2043-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | Pennsylvania Economic Development Financing Authority, Series 2022                                       | CUSIP: 70868YAZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1411174.58   | 0.45%             | 2062-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | Philadelphia Authority for Industrial Development, Series 2017                                           | CUSIP: 71781XGT4<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    465246 | PA      | $93049.23     | 0.03%             | 2045-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona (The)            | Industrial Development Authority of the City of Phoenix Arizona (The), Series 2015 A                     | CUSIP: 71885FDN4<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000171.50   | 0.32%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Pima (The)                     | Industrial Development Authority of the County of Pima (The), Series 2022 A                              | CUSIP: 72178AAF9<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1870751.40   | 0.60%             | 2035-11-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Pima (The)                     | Industrial Development Authority of the County of Pima (The), Series 2022 A                              | CUSIP: 72178AAJ1<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    350000 | PA      | $371686.98    | 0.12%             | 2057-11-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Pinellas County Industrial Development Authority                                 | Pinellas County Industrial Development Authority, Series 2019                                            | CUSIP: 72316VAT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $505336.95    | 0.16%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pontiac School District                                                          | Pontiac School District, Series 2020                                                                     | CUSIP: 732538HK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4425000 | PA      | $4254596.79   | 1.37%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pontiac School District                                                          | Pontiac School District, Series 2020                                                                     | CUSIP: 732538HL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4975000 | PA      | $4525813.22   | 1.46%             | 2050-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | Port Authority of New York & New Jersey                                                                  | CUSIP: 73358W4C5<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2980000 | PA      | $3030670.73   | 0.98%             | 2049-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | Port of Seattle, Series 2022 B                                                                           | CUSIP: 735389V62<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1063948.80   | 0.34%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Princeton TX                                                             | City of Princeton, Series 2025                                                                           | CUSIP: 742400DQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $276472.02    | 0.09%             | 2055-09-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| City of Princeton TX                                                             | City of Princeton, Series 2025                                                                           | CUSIP: 742400DT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $286525.55    | 0.09%             | 2055-09-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| City of Princeton TX                                                             | City of Princeton, Series 2025                                                                           | CUSIP: 742400DW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $261391.73    | 0.08%             | 2055-09-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Town of Providence Village TX                                                    | Town of Providence Village, Series 2025                                                                  | CUSIP: 743816AG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $383091.86    | 0.12%             | 2055-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2020 A                                                                  | CUSIP: 74439YDH1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    300000 | PA      | $301379.43    | 0.10%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2020 A                                                                  | CUSIP: 74439YDP3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $492985.90    | 0.16%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2020 A                                                                  | CUSIP: 74439YDQ1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    600000 | PA      | $557454.12    | 0.18%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2020 A                                                                  | CUSIP: 74439YDR9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    700000 | PA      | $613385.50    | 0.20%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2023 A                                                                  | CUSIP: 74439YEU1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $955414.70    | 0.31%             | 2063-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2025 A                                                                  | CUSIP: 74439YGG0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    300000 | PA      | $301743.39    | 0.10%             | 2055-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                 | Kentucky Public Energy Authority, Series 2025 B                                                          | CUSIP: 74440DFQ2<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   2605000 | PA      | $2657858.32   | 0.86%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2025 A-T                                                                | CUSIP: 74441XJK6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    715000 | PA      | $719696.91    | 0.23%             | 2060-12-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2019 A                                                                  | CUSIP: 74442EEG1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1580000 | PA      | $1463949.63   | 0.47%             | 2049-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2012 B                                                                  | CUSIP: 74443CAB9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    115000 | PA      | $115098.46    | 0.04%             | 2028-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2017 A                                                                  | CUSIP: 74443UAZ6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    250000 | PA      | $251696.33    | 0.08%             | 2037-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2021 A                                                                  | CUSIP: 74445QDW7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    750000 | PA      | $573752.40    | 0.18%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2021 A                                                                  | CUSIP: 74445QDX5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $739582.10    | 0.24%             | 2056-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2022 A                                                                  | CUSIP: 74447DAD9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    700000 | PA      | $679282.87    | 0.22%             | 2062-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2024-1, Class B-1                                                       | CUSIP: 74448FAA9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1815012.60   | 0.59%             | 2036-04-28      | Fixed         | 6.81%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2023-1, Class A                                                         | CUSIP: 74448GAA7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2545244 | PA      | $2637145.87   | 0.85%             | 2062-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2025                                                                    | CUSIP: 74448UAC2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2175000 | PA      | $2395142.84   | 0.77%             | 2065-12-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2025                                                                    | CUSIP: 74448UAD0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    525000 | PA      | $537254.92    | 0.17%             | 2065-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | Commonwealth of Puerto Rico, Series 2022 A-1                                                             | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |   1250000 | PA      | $1217698.88   | 0.39%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | Commonwealth of Puerto Rico, Series 2022 A-1                                                             | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |   5000000 | PA      | $4685173.50   | 1.51%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Putnam Short Term Investment Fund                                                | Putnam Short Term Investment Fund, Class P                                                               | CUSIP: 74676P664<br>LEI: 549300S9JYWEMKQCLW53 | Long             |  | RF                | US        |  15608761 | NS      | $15608761.06  | 5.03%             |  |  |  | No            |                  1 | On Loan: No      |
| City of Ramsey MN                                                                | City of Ramsey, Series 2022 A                                                                            | CUSIP: 751814AA2<br>LEI: 549300PYUDKBK3S78343 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2015430.20   | 0.65%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                                 | Regional Transportation District, Series 2020 A                                                          | CUSIP: 759151BT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $763456.66    | 0.25%             | 2037-07-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Riverwalk Community Development District                                         | Riverwalk Community Development District, Series 2025 A                                                  | CUSIP: 76951PAL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $274432.32    | 0.09%             | 2055-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| San Antonio Education Facilities Corp.                                           | San Antonio Education Facilities Corp., Series 2021 A                                                    | CUSIP: 796247DK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1610463.40   | 0.52%             | 2051-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Education Facilities Corp.                                           | San Antonio Education Facilities Corp., Series 2021 A                                                    | CUSIP: 796247DL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4075000 | PA      | $3203953.27   | 1.03%             | 2054-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport     | San Francisco City & County Airport Comm-San Francisco International Airport, Series 2023 C              | CUSIP: 79766DVT3<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   5765000 | PA      | $6438407.34   | 2.08%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Santa Fe NM                                                              | City of Santa Fe, Series 2012                                                                            | CUSIP: 802170AJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1460000 | PA      | $1459905.10   | 0.47%             | 2042-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Santa Fe NM                                                              | City of Santa Fe, Series 2019 A                                                                          | CUSIP: 802170AP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    975000 | PA      | $967685.65    | 0.31%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Seagoville TX                                                            | City of Seagoville, Series 2025                                                                          | CUSIP: 811829AG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $795695.91    | 0.26%             | 2054-09-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| South Jersey Transportation Authority                                            | South Jersey Transportation Authority, Series 2022 A                                                     | CUSIP: 838536MR8<br>LEI: 549300W8SZI2CAOKT956 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1038144.10   | 0.33%             | 2052-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | Southeast Energy Authority A Cooperative District, Series 2021 B                                         | CUSIP: 84136FAV9<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   5170000 | PA      | $5199218.26   | 1.68%             | 2051-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | Southeast Energy Authority A Cooperative District, Series 2025 A                                         | CUSIP: 84136HBC6<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    505000 | PA      | $517494.61    | 0.17%             | 2056-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado            | Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado, Series 2025 A                     | CUSIP: 844090AD2<br>LEI: 549300X0RZRBWLO0J697 | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1323576.12   | 0.43%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southpointe of Manatee County Community Development District                     | Southpointe of Manatee County Community Development District, Series 2026                                | CUSIP: 844654AC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $193402.11    | 0.06%             | 2056-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Suffolk Regional Off-Track Betting Co.                                           | Suffolk Regional Off-Track Betting Co., Series 2024                                                      | CUSIP: 86480TAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2270000 | PA      | $2321537.63   | 0.75%             | 2053-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Sugarloaf Community Development District                                         | Sugarloaf Community Development District, Series 2026                                                    | CUSIP: 865037AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $188027.06    | 0.06%             | 2055-12-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Summit County Development Finance Authority                                      | Summit County Development Finance Authority, Series 2025 A                                               | CUSIP: 86607LAP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037658.10   | 0.33%             | 2060-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                       | Tarrant County Cultural Education Facilities Finance Corp., Series 2016 B                                | CUSIP: 87638RGZ4<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2004984.40   | 0.65%             | 2040-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Terra Lago Community Development District                                        | Terra Lago Community Development District, Series 2025                                                   | CUSIP: 88104DAG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $394808.32    | 0.13%             | 2056-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Texas Community Housing & Economic Development Corp.                             | Texas Community Housing & Economic Development Corp., Series 2025 A-1                                    | CUSIP: 88231CAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $582812.88    | 0.19%             | 2065-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp. V                                 | Texas Municipal Gas Acquisition & Supply Corp. V, Series 2026                                            | CUSIP: 88256RAV8<br>LEI: 254900XZ4J30QIJO9G03 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2085613.00   | 0.67%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Public Finance Authority                                                   | Texas Public Finance Authority, Series 2023                                                              | CUSIP: 88277PBB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $433378.20    | 0.14%             | 2040-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Texas Public Finance Authority                                                   | Texas Public Finance Authority, Series 2023                                                              | CUSIP: 88277PBC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $431244.28    | 0.14%             | 2041-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Texas Public Finance Authority                                                   | Texas Public Finance Authority, Series 2023                                                              | CUSIP: 88277PBD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $428426.08    | 0.14%             | 2042-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Central Texas Turnpike System                                                    | Central Texas Turnpike System, Series 2020 A                                                             | CUSIP: 88283KBJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2825000 | PA      | $2425824.96   | 0.78%             | 2040-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Texas Transportation Finance Corp.                                               | Texas Transportation Finance Corp., Series 2025 A                                                        | CUSIP: 88283PAP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7185000 | PA      | $7742686.05   | 2.50%             | 2055-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Texas Transportation Finance Corp.                                               | Texas Transportation Finance Corp., Series 2025 A                                                        | CUSIP: 88283PAP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8620944.80   | 2.78%             | 2055-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                               | Tobacco Settlement Financing Corp., Series 2015 B                                                        | CUSIP: 888809BG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $996944.30    | 0.32%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority Sales Tax Revenue                           | Triborough Bridge & Tunnel Authority, Series 2022 A                                                      | CUSIP: 896035BE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4400000 | PA      | $4587025.96   | 1.48%             | 2057-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Uptown Development Authority                                                     | Uptown Development Authority, Series 2021                                                                | CUSIP: 916856HS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $587504.91    | 0.19%             | 2039-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Uptown Development Authority                                                     | Uptown Development Authority, Series 2021                                                                | CUSIP: 916856HT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $592805.18    | 0.19%             | 2040-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                       | Utah Infrastructure Agency, Series 2022                                                                  | CUSIP: 917467CH3<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1249338.72   | 0.40%             | 2037-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                       | Utah Infrastructure Agency, Series 2023                                                                  | CUSIP: 917467CP5<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1786454.01   | 0.58%             | 2047-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                       | Utah Infrastructure Agency, Series 2025                                                                  | CUSIP: 917467DF6<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    375000 | PA      | $372361.54    | 0.12%             | 2049-10-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No. 13                                    | Village Community Development District No. 13, Series 2020                                               | CUSIP: 92708HAH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2380000 | PA      | $2213620.15   | 0.71%             | 2035-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No. 15                                    | Village Community Development District No. 15, Series 2023                                               | CUSIP: 92708KAD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019695.40   | 0.33%             | 2043-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No. 15                                    | Village Community Development District No. 15, Series 2024                                               | CUSIP: 92708KAJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $489833.35    | 0.16%             | 2044-05-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                      | Virginia Small Business Financing Authority, Series 2022                                                 | CUSIP: 928104NU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $625687.71    | 0.20%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                      | Virginia Small Business Financing Authority, Series 2022                                                 | CUSIP: 928104NX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $728069.48    | 0.23%             | 2039-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Vivid Shores Community Development District                                      | Vivid Shores Community Development District, Series 2025                                                 | CUSIP: 92853QAD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $109569.83    | 0.04%             | 2056-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue                 | Washington Metropolitan Area Transit Authority, Series 2024 A                                            | CUSIP: 93878YDX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5137751.50   | 1.66%             | 2056-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | Washington State Housing Finance Commission, Series 2023 A                                               | CUSIP: 939783Q66<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2030000 | PA      | $2073692.10   | 0.67%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | Washington State Housing Finance Commission, Series 2023                                                 | CUSIP: 93978LGQ3<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2911880.68   | 0.94%             | 2059-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | Washington State Housing Finance Commission, Series 2025 A                                               | CUSIP: 93978LJN7<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1521742.80   | 0.49%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | Washington State Housing Finance Commission, Series 2023-1, Class A                                      | CUSIP: 93978T4M8<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2533292 | PA      | $2368930.74   | 0.76%             | 2037-04-20      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | Washington State Housing Finance Commission, Series 2021-1, Class A                                      | CUSIP: 93978TS59<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2467282 | PA      | $2381810.77   | 0.77%             | 2035-12-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | Washington State Housing Finance Commission, Series 2024-1, Class A                                      | CUSIP: 93978UAA4<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    889202 | PA      | $867523.01    | 0.28%             | 2040-03-20      | Variable      | 3.81%                 | No            |                  2 | On Loan: No      |
| County of Washoe NV                                                              | County of Washoe, Series 2016 C                                                                          | CUSIP: 940865BG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1525433.70   | 0.49%             | 2036-03-01      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| County of Washoe NV                                                              | County of Washoe, Series 2016 F                                                                          | CUSIP: 940865BH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4850000 | PA      | $4932235.63   | 1.59%             | 2036-03-01      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| Waterset South Community Development District                                    | Waterset South Community Development District, Series 2025                                               | CUSIP: 94186HAL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $227330.51    | 0.07%             | 2056-05-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Waterset South Community Development District                                    | Waterset South Community Development District, Series 2026                                               | CUSIP: 94186HAQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $302228.04    | 0.10%             | 2056-05-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health & Educational Facilities Authority, Series 2022 A                                       | CUSIP: 97712D8N9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3032274.60   | 0.98%             | 2037-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health & Educational Facilities Authority, Series 2022 A                                       | CUSIP: 97712D8S8<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   4865000 | PA      | $4760390.34   | 1.53%             | 2041-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health & Educational Facilities Authority, Series 2018 A                                       | CUSIP: 97712DM86<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3011764.20   | 0.97%             | 2035-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health & Educational Facilities Authority, Series 2024 A                                       | CUSIP: 97712JKM4<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1664773.76   | 0.54%             | 2054-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Woodcreek Community Development District                                         | Woodcreek Community Development District, Series 2025                                                    | CUSIP: 97925TAG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $193270.48    | 0.06%             | 2055-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                         | Metropolitan Pier & Exposition Authority, Series 2017 B                                                  | CUSIP: 592250CW2<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $808207.50    | 0.26%             | 2037-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-06-01

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

**Signature:** Chris Beararducci

**Name of Signer:** Chris Beararducci

**Title:** Principal Financial Officer