# EDGAR Filing Document

**Accession Number:** 0000205802
**File Stem:** 0002071691-25-006425
**Filing Date:** 2025-11
**Character Count:** 141256
**Document Hash:** aa0732b9d2b6c318ab15d31e34a90e77
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-006425.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0002071691-25-006425

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUTNAM TAX EXEMPT INCOME FUND
- **CENTRAL INDEX KEY:** 0000205802

**ORGANIZATION NAME:**
- **EIN:** 046396109
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02675
- **FILM NUMBER:** 251511788

**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

## Series and Classes Contracts Data

### PUTNAM TAX EXEMPT INCOME FUND (Series ID: S000006568)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000017917 | Class C Shares  |  |
| C000017918 | Class A Shares  | PTAEX           |
| C000060417 | CLASS Y         |  |
| C000202806 | Class R6 Shares |  |

## 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 Tax Exempt Income Fund

- **b. Investment Company Act file number:** 811-02675

- **c. CIK number of Registrant:** 0000205802

- **d. LEI of Registrant:** 549300PNWMOMH70NZD77

- **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 Tax Exempt Income Fund

- **b. EDGAR series identifier (if any):** S000006568

- **c. LEI of Series:** 549300PNWMOMH70NZD77

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

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-09-30

**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:** $549356743.18

**Total Liabilities:** $31040191.41

**Net Assets:** $518316551.77

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -13.78000000 | **1-Year:** -798.66000000 | **5-Year:** -8204.12000000 | **10-Year:** -152915.72000000 | **30-Year:** -182042.72000000

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

- **3-Month:** 0.00000000 | **1-Year:** 1914.39000000 | **5-Year:** 3339.48000000 | **10-Year:** -10086.88000000 | **30-Year:** -33809.42000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000060417 | -0.74%               | 0.87%                | 2.96%                |
| Class ID C000017917 | -0.83%               | 0.79%                | 2.88%                |
| Class ID C000017918 | -0.77%               | 0.85%                | 2.95%                |
| Class ID C000202806 | -0.61%               | 0.88%                | 2.83%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-237963.63              | $-5153741.59                               |
| Month 2  | $-237943.26              | $2896479.85                                |
| Month 3  | $-1020138.12             | $14825598.25                               |

**Designated Index Information**

- **Index Name:** BTMNTR Index

- **Index Identifier:** BM10506

### Schedule of Portfolio Investments

| Name                                                                         | Title                                                                                       | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| California Community Housing Agency                                          | California Community Housing Agency, Series 2021 A-1                                        | CUSIP: 13013FAR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $703764.05    | 0.14%             | 2056-02-01      | Fixed         | 4.00%                 | 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        |    100000 | PA      | $100004.59    | 0.02%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily VRD Certificates                                           | FHLMC, Multi-family VRD Certificates, Series 2019-ML53, Class A                             | CUSIP: 31350ACS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6565000 | PA      | $5841164.76   | 1.13%             | 2035-06-15      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                             | Maricopa County Industrial Development Authority, Series 2017 C                             | CUSIP: 56681NCN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $600408.60    | 0.12%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                        | CSCDA Community Improvement Authority, Series 2021 A-2                                      | CUSIP: 126292AW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4300000 | PA      | $2918422.04   | 0.56%             | 2057-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Orange County Health Facilities Authority                                    | Orange County Health Facilities Authority, Series 2023 A                                    | CUSIP: 68450LHK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1308199.63   | 0.25%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Anna TX                                                              | City of Anna, Series 2025                                                                   | CUSIP: 035713AZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    679000 | PA      | $690393.76    | 0.13%             | 2051-09-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| St Louis Municipal Finance Corp.                                             | St. Louis Municipal Finance Corp., Series 2020                                              | CUSIP: 79165TUC3<br>LEI: 549300CR13DAYKUKQN03 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2307526.88   | 0.45%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Galveston TX Wharves & Terminal Revenue                              | City of Galveston, Series 2024 A                                                            | CUSIP: 364568KE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $419524.52    | 0.08%             | 2043-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Charlotte County Industrial Development Authority/FL                         | Charlotte County Industrial Development Authority, Series 2025                              | CUSIP: 16080TAL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1547954.85   | 0.30%             | 2055-10-01      | Fixed         | 6.12%                 | 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        |   1000000 | PA      | $951865.10    | 0.18%             | 2052-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Ohio WV                                                            | County of Ohio, Series 2024                                                                 | CUSIP: 677321BU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $742071.15    | 0.14%             | 2053-06-01      | 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        |   1000000 | PA      | $1003343.10   | 0.19%             | 2065-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FHLMC, Multi-family ML Pass-Through Certificates                             | FHLMC, Multi-family ML Pass-Through Certificates, Series 2024-ML22, Class A-US              | CUSIP: 3137HCXR8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | MUN               | US        |   2724334 | PA      | $2798507.63   | 0.54%             | 2040-10-25      | Variable      | 4.69%                 | 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        |   1750000 | PA      | $1302958.83   | 0.25%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                         | New Hope Cultural Education Facilities Finance Corp., Series 2018 B-1                       | CUSIP: 64542YBF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1705000 | PA      | $1492385.14   | 0.29%             | 2048-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Irving TX                                                            | City of Irving, Series 2019                                                                 | CUSIP: 463805DC2<br>LEI: 5493002R7BX8XPQ92O37 | Long             | DBT              | MUN               | US        |    240000 | PA      | $246730.97    | 0.05%             | 2033-08-15      | 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        |   3300000 | PA      | $3557485.80   | 0.69%             | 2053-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                                        | Duluth Economic Development Authority, Series 2021 A                                        | CUSIP: 26444VAG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1127676.63   | 0.22%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Knox County Health Educational & Housing Facility Board                      | Knox County Health Educational & Housing Facility Board, Series 2024 A-1                    | CUSIP: 499526AT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1834908.95   | 0.35%             | 2059-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Alaska Industrial Development & Export Authority                             | Alaska Industrial Development & Export Authority, Series 2019 A                             | CUSIP: 011903GJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2575000 | PA      | $2469606.02   | 0.48%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Galveston TX Wharves & Terminal Revenue                              | City of Galveston, Series 2024 A                                                            | CUSIP: 364568KB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $531015.30    | 0.10%             | 2040-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | City of Los Angeles, Series 2022 C                                                          | CUSIP: 544445XY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1515535.50   | 0.29%             | 2035-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                   | Michigan Finance Authority, Series 2015                                                     | CUSIP: 594479CW5<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    250000 | PA      | $229044.28    | 0.04%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                          | Wisconsin Health & Educational Facilities Authority, Series 2022 A                          | CUSIP: 97712D8M1<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   7825000 | PA      | $7944170.84   | 1.53%             | 2036-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                           | Port of Seattle, Series 2022 B                                                              | CUSIP: 735389V47<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3185824.20   | 0.61%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Yavapai (The)              | Industrial Development Authority of the County of Yavapai (The), Series 2012                | CUSIP: 98521VAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200065.64    | 0.04%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DeKalb County Housing Authority                                              | DeKalb County Housing Authority, Series 2024                                                | CUSIP: 240471PF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5007062.50   | 0.97%             | 2034-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                          | Wisconsin Health & Educational Facilities Authority, Series 2024 A                          | CUSIP: 97712JKM4<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2330988.22   | 0.45%             | 2054-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of Lincoln SD                                                         | County of Lincoln, Series 2021 A                                                            | CUSIP: 53340EAA5<br>LEI: 549300USXDZ5FGJLUV88 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1224064.66   | 0.24%             | 2041-08-01      | 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: 60636AWD1<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1078581.98   | 0.21%             | 2043-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp.                                       | Clifton Higher Education Finance Corp., Series 2023                                         | CUSIP: 187145SA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2525000 | PA      | $2413439.19   | 0.47%             | 2048-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                             | Pennsylvania Turnpike Commission, Series 2021 B                                             | CUSIP: 709225EA0<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1425986.60   | 0.28%             | 2051-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                     | Public Finance Authority, Series 2022 A                                                     | CUSIP: 74447DAD9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1949740.00   | 0.38%             | 2062-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Knox County Health Educational & Housing Facility Board                      | Knox County Health Educational & Housing Facility Board, Series 2024 A-1                    | CUSIP: 499526AR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1290146.75   | 0.25%             | 2049-07-01      | Fixed         | 5.25%                 | 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      | $2524589.55   | 0.49%             | 2051-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Knox County Health Educational & Housing Facility Board                      | Knox County Health Educational & Housing Facility Board, Series 2024 A-1                    | CUSIP: 499526AS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1049195.60   | 0.20%             | 2054-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                   | Utah Infrastructure Agency, Series 2021                                                     | CUSIP: 917467BX9<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    500000 | PA      | $503442.85    | 0.10%             | 2032-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Housing Finance Agency                                         | Massachusetts Housing Finance Agency, Series 2011 A                                         | CUSIP: 57586NGX3<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |    590000 | PA      | $590639.44    | 0.11%             | 2030-12-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                   | Utah Infrastructure Agency, Series 2021                                                     | CUSIP: 917467BY7<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1225048.63   | 0.24%             | 2033-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                 | Michigan State Housing Development Authority, Series 2014 A                                 | CUSIP: 59465MM28<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100035.60    | 0.02%             | 2034-10-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Volusia County Educational Facility Authority                                | Volusia County Educational Facility Authority, Series 2020 A                                | CUSIP: 928836NC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $499015.00    | 0.10%             | 2039-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                         | New Hope Cultural Education Facilities Finance Corp., Series 2021                           | CUSIP: 64542UFN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $200639.63    | 0.04%             | 2055-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Irving TX                                                            | City of Irving, Series 2019                                                                 | CUSIP: 463805DA6<br>LEI: 5493002R7BX8XPQ92O37 | Long             | DBT              | MUN               | US        |    100000 | PA      | $103794.41    | 0.02%             | 2031-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act                  | New Hampshire Health and Education Facilities Authority Act, Series 2016                    | CUSIP: 6446147E3<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4521779.55   | 0.87%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake Houston Redevelopment Authority                                         | Lake Houston Redevelopment Authority, Series 2021                                           | CUSIP: 51001QAL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $135751.61    | 0.03%             | 2034-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                           | City of Chicago, Series 2025 A                                                              | CUSIP: 167486U72<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1562539.35   | 0.30%             | 2050-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority                                   | Metropolitan Washington Airports Authority                                                  | CUSIP: 592643DJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2050000 | PA      | $1747549.15   | 0.34%             | 2053-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cuyahoga County Port Authority                                     | Cleveland-Cuyahoga County Port Authority, Series 2021                                       | CUSIP: 18610PBQ0<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    950000 | PA      | $851734.57    | 0.16%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                   | Tarrant County Cultural Education Facilities Finance Corp., Series 2017                     | CUSIP: 87638RKB2<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2774235.75   | 0.54%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Menifee Union School District                                                | Menifee Union School District, Series 2021                                                  | CUSIP: 5868104B6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    860000 | PA      | $777058.16    | 0.15%             | 2045-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pittsburgh School District                                                   | Pittsburgh School District, Series 2021                                                     | CUSIP: 725277RF6<br>LEI: 549300DCE2NGMJO6P377 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $879642.40    | 0.17%             | 2038-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City & County of San Francisco CA Community Facilities District No. 2016-1   | City & County of San Francisco, Series 2022 A                                               | CUSIP: 79773LAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1827365.00   | 0.35%             | 2042-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southeastern Ohio Port Authority                                             | Southeastern Ohio Port Authority, Series 2015                                               | CUSIP: 841895AW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $130720.60    | 0.03%             | 2043-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                            | Philadelphia Authority for Industrial Development, Series 2017                              | CUSIP: 71781XDA8<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2268212.01   | 0.44%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                    | Indiana Finance Authority, Series 2024 A                                                    | CUSIP: 45505MPR1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1639100.20   | 0.32%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Lincoln SD                                                         | County of Lincoln, Series 2021 A                                                            | CUSIP: 53340EAC1<br>LEI: 549300USXDZ5FGJLUV88 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $774333.00    | 0.15%             | 2056-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                         | Chicago O'Hare International Airport, Series 2022 A                                         | CUSIP: 167593Y48<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3825000 | PA      | $3962936.00   | 0.76%             | 2055-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                     | Arlington Higher Education Finance Corp., Series 2019                                       | CUSIP: 041806XA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3337313.76   | 0.64%             | 2044-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Houston Higher Education Finance Corp.                                       | Houston Higher Education Finance Corp., Series 2025                                         | CUSIP: 44237QAJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1176881.50   | 0.23%             | 2054-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Las Vegas NV Special Improvement District No. 818                    | City of Las Vegas, Series 2024                                                              | CUSIP: 51779DAP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1144231.68   | 0.22%             | 2054-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | City of Los Angeles, Series 2021 D                                                          | CUSIP: 544445Q77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5475.83      | 0.00%             | 2046-05-15      | 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        |   5600000 | PA      | $5865984.32   | 1.13%             | 2057-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                      | Port Authority of New York & New Jersey                                                     | CUSIP: 73358W4C5<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   4745000 | PA      | $4798676.39   | 0.93%             | 2049-11-01      | Fixed         | 5.00%                 | 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        |   3565000 | PA      | $3552562.78   | 0.69%             | 2040-08-01      | Fixed         | 4.20%                 | 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 2021 A | CUSIP: 79766DTP4<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3217658.10   | 0.62%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Confluence Community Authority                                               | Confluence Community Authority, Series 2019                                                 | CUSIP: 20715CAS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $749615.18    | 0.14%             | 2039-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                      | Los Angeles Department of Water & Power, Series 2022 A                                      | CUSIP: 544532EC4<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026703.20   | 0.20%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake Houston Redevelopment Authority                                         | Lake Houston Redevelopment Authority, Series 2021                                           | CUSIP: 51001QAP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $186372.21    | 0.04%             | 2037-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                             | California Pollution Control Financing Authority, Series 2012                               | CUSIP: 13054WAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3490172.35   | 0.67%             | 2045-11-21      | Fixed         | 5.00%                 | 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        |   1421350 | PA      | $1475704.66   | 0.28%             | 2062-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| North Dakota Housing Finance Agency                                          | North Dakota Housing Finance Agency, Series 2025 A                                          | CUSIP: 65889BCE2<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |    500000 | PA      | $508580.90    | 0.10%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| St Clair County Community Unit School District No. 187 Cahokia               | St. Clair County Community Unit School District No. 187 Cahokia, Series 2024 A              | CUSIP: 788550MQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020725.90   | 0.20%             | 2054-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                       | North Carolina Medical Care Commission, Series 2021 A                                       | CUSIP: 65821DYF2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $950355.95    | 0.18%             | 2041-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Seminole County Industrial Development Authority                             | Seminole County Industrial Development Authority, Series 2021 A                             | CUSIP: 816686AL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    830000 | PA      | $643149.16    | 0.12%             | 2051-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kansas City Industrial Development Authority                                 | Kansas City Industrial Development Authority, Series 2019 B                                 | CUSIP: 48504NBC2<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2708548.47   | 0.52%             | 2046-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                            | City & County of Denver, Series 2022 A                                                      | CUSIP: 249182QL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2255450.40   | 0.44%             | 2035-11-15      | Fixed         | 5.50%                 | 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 2014 A        | CUSIP: 71885FDK0<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999949.20    | 0.19%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Utah UT                                                            | County of Utah, Series 2018 A                                                               | CUSIP: 917393CV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5026155.50   | 0.97%             | 2041-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Ramsey MN                                                            | City of Ramsey, Series 2022 A                                                               | CUSIP: 751814AA2<br>LEI: 549300PYUDKBK3S78343 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1151055.01   | 0.22%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                     | Public Finance Authority, Series 2023 A                                                     | CUSIP: 74439YET4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000673.80   | 0.39%             | 2053-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of Gulfport MS                                                          | City of Gulfport, Series 2025                                                               | CUSIP: 402682DH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1940160.56   | 0.37%             | 2055-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                   | Utah Infrastructure Agency, Series 2021                                                     | CUSIP: 917467CD2<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    500000 | PA      | $454162.65    | 0.09%             | 2041-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Utah State Building Ownership Authority                                      | Utah State Building Ownership Authority, Series 2022                                        | CUSIP: 917547F97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2960000 | PA      | $3165754.04   | 0.61%             | 2041-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Galveston TX Wharves & Terminal Revenue                              | City of Galveston, Series 2024 A                                                            | CUSIP: 364568KC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $528554.75    | 0.10%             | 2041-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Seminole County Industrial Development Authority                             | Seminole County Industrial Development Authority, Series 2021 A                             | CUSIP: 816686AM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    805000 | PA      | $605416.03    | 0.12%             | 2056-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                   | Illinois Finance Authority, Series 2023 A                                                   | CUSIP: 45203NAU3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2587561.00   | 0.50%             | 2048-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                           | New York Liberty Development Corp., Series 1WTC 2021                                        | CUSIP: 649519EN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5250000 | PA      | $3858667.05   | 0.74%             | 2044-02-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp.                                       | Clifton Higher Education Finance Corp., Series 2024                                         | CUSIP: 187145TN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2280000 | PA      | $2257404.29   | 0.44%             | 2054-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Idaho Health Facilities Authority                                            | Idaho Health Facilities Authority, Series 2025 A                                            | CUSIP: 451295H44<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   1515000 | PA      | $1390873.17   | 0.27%             | 2053-03-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                     | Public Finance Authority, Series 2012 B                                                     | CUSIP: 74443CAB9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    340000 | PA      | $340341.67    | 0.07%             | 2028-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                                        | Duluth Economic Development Authority, Series 2021 A                                        | CUSIP: 26444VAF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $967736.80    | 0.19%             | 2031-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                        | CSCDA Community Improvement Authority, Series 2021 A-2                                      | CUSIP: 126292BG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1126124.16   | 0.22%             | 2057-04-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                   | Illinois Finance Authority, Series 2017 A                                                   | CUSIP: 45203KAP0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    500000 | PA      | $471838.65    | 0.09%             | 2047-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver Health & Hospital Authority                                           | Denver Health & Hospital Authority, Series 2025 A                                           | CUSIP: 24918EEP1<br>LEI: 549300WFV5S7GIR4OS67 | Long             | DBT              | MUN               | US        |    250000 | PA      | $268121.73    | 0.05%             | 2055-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Port Authority                                                 | Massachusetts Port Authority, Series 2016 B                                                 | CUSIP: 575896RS6<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3157130.90   | 0.61%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                    | Indiana Finance Authority, Series 2025 A                                                    | CUSIP: 45506EPC1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002615.10   | 0.19%             | 2060-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                    | New Jersey Economic Development Authority, Series 2017                                      | CUSIP: 64577B4K7<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1277077.25   | 0.25%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                  | Washington State Housing Finance Commission, Series 2023-1, Class A                         | CUSIP: 93978T4M8<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   3239889 | PA      | $3012424.40   | 0.58%             | 2037-04-20      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                     | Arizona Industrial Development Authority, Series 2021 A                                     | CUSIP: 04052BMT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $534904.37    | 0.10%             | 2051-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                           | City of Detroit, Series 2023 C                                                              | CUSIP: 2510936E5<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    500000 | PA      | $544864.10    | 0.11%             | 2043-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                         | Colorado Health Facilities Authority, Series 2025                                           | CUSIP: 19648FZN7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1255000 | PA      | $1227817.08   | 0.24%             | 2054-09-15      | 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        |  11000000 | PA      | $6332954.10   | 1.22%             | 2037-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Omaha Public Power District                                                  | Omaha Public Power District, Series 2023 A                                                  | CUSIP: 682001JU7<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2643534.75   | 0.51%             | 2048-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                           | City of Detroit, Series B-1                                                                 | CUSIP: 251093S84<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |   2137784 | PA      | $1684286.05   | 0.32%             | 2044-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                               | Black Belt Energy Gas District, Series 2019 A-1                                             | CUSIP: 09182RAR2<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2508435.50   | 0.48%             | 2049-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| City & County Honolulu HI Wastewater System Revenue                          | City & County Honolulu, Series 2025 A                                                       | CUSIP: 4387014P6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2828547.00   | 0.55%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                   | Chicago Board of Education, Series 2021 A                                                   | CUSIP: 167505XR2<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1754194.50   | 0.34%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Housing Authority                                                    | Chicago Housing Authority, Series 2018 A                                                    | CUSIP: 16753QAL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4540000 | PA      | $4735757.99   | 0.91%             | 2031-01-01      | Fixed         | 5.00%                 | 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        |   1500000 | PA      | $1491684.45   | 0.29%             | 2039-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                | State of Ohio, Series 2015                                                                  | CUSIP: 67759YAN7<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1750488.25   | 0.34%             | 2035-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                             | Kentucky Public Energy Authority, Series 2020 A                                             | CUSIP: 74440DCZ5<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5037900.50   | 0.97%             | 2050-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Kentucky                                                       | University of Kentucky, Series 2024                                                         | CUSIP: 914383AU8<br>LEI: 549300CXE3YQ1HXYCQ71 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1797722.80   | 0.35%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver                                                      | City & County of Denver                                                                     | CUSIP: 249182TG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3175000 | PA      | $3540795.56   | 0.68%             | 2038-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Kentwood Economic Development Corp.                                          | Kentwood Economic Development Corp., Series 2022                                            | CUSIP: 491740FA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $451864.46    | 0.09%             | 2031-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Community Housing Agency                                          | California Community Housing Agency, Series 2021 A-1                                        | CUSIP: 13013FAU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5975000 | PA      | $3984374.38   | 0.77%             | 2056-08-01      | Fixed         | 3.00%                 | 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        |    350000 | PA      | $351172.01    | 0.07%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Higher Education Loan Authority                                         | Iowa Higher Education Loan Authority, Series 2025                                           | CUSIP: 46247DBK2<br>LEI: 549300DWVTM3KRNR0M36 | Long             | DBT              | MUN               | US        |   1490000 | PA      | $1558001.66   | 0.30%             | 2055-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| City of Farmington NM                                                        | City of Farmington, Series 2016 B                                                           | CUSIP: 311450FW5<br>LEI: 5493000GWMTI2L4AZA61 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1728654.60   | 0.33%             | 2033-04-01      | Fixed         | 2.15%                 | 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        |    825000 | PA      | $879592.40    | 0.17%             | 2043-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                           | City of Chicago, Series 2021 A                                                              | CUSIP: 167486M55<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   3850000 | PA      | $3635939.23   | 0.70%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Karegnondi Water Authority                                                   | Karegnondi Water Authority, Series 2018                                                     | CUSIP: 48563UBX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1320260.53   | 0.25%             | 2036-11-01      | Fixed         | 5.00%                 | 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        |   2250000 | PA      | $2360386.58   | 0.46%             | 2030-05-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                     | New Hampshire Business Finance Authority, Series 2024-2, Class A                            | CUSIP: 63607WAU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3369424 | PA      | $3155213.48   | 0.61%             | 2039-08-20      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                            | State of Illinois, Series 2023 B                                                            | CUSIP: 452153FH7<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1319236.38   | 0.25%             | 2041-05-01      | Fixed         | 5.25%                 | 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        |    575000 | PA      | $595339.71    | 0.11%             | 2040-09-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Airport Authority                                           | Allegheny County Airport Authority, Series 2021 A                                           | CUSIP: 01728LFH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3111813.60   | 0.60%             | 2046-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Johnson City Health & Educational Facilities Board                           | Johnson City Health & Educational Facilities Board, Series 2023                             | CUSIP: 47827TAD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3025204.20   | 0.58%             | 2027-12-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                           | Port of Seattle, Series 2022 B                                                              | CUSIP: 735389V70<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2078431.40   | 0.40%             | 2041-08-01      | Fixed         | 5.00%                 | 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        |   3250000 | PA      | $3191021.60   | 0.62%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                  | Washington State Housing Finance Commission, Series 2024-1, Class A                         | CUSIP: 93978UAA4<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1093382 | PA      | $1051964.00   | 0.20%             | 2040-03-20      | Variable      | 4.22%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                        | Louisiana Public Facilities Authority, Series 2025 A                                        | CUSIP: 546399UN4<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2596823.00   | 0.50%             | 2055-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                            | Florida Development Finance Corp., Series 2021 A                                            | CUSIP: 34061UGR3<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    600000 | PA      | $508817.40    | 0.10%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Salt Verde Financial Corp.                                                   | Salt Verde Financial Corp., Series 2007-1                                                   | CUSIP: 79575EAQ1<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $2050926.31   | 0.40%             | 2029-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Lake Houston Redevelopment Authority                                         | Lake Houston Redevelopment Authority, Series 2021                                           | CUSIP: 51001QAV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $413375.34    | 0.08%             | 2047-09-01      | 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        |    750000 | PA      | $759453.45    | 0.15%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of Houston of Harris County Texas                             | Port Authority of Houston of Harris County Texas, Series 2023                               | CUSIP: 734262GV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5745000 | PA      | $5911201.70   | 1.14%             | 2048-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                              | Indianapolis Local Public Improvement Bond Bank, Series 2023 B                              | CUSIP: 45528U6T3<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   3185000 | PA      | $2968561.73   | 0.57%             | 2052-02-01      | Fixed         | 4.12%                 | 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        |   1600000 | PA      | $1639985.12   | 0.32%             | 2036-04-28      | Fixed         | 6.81%                 | No            |                  2 | On Loan: No      |
| Utah Charter School Finance Authority                                        | Utah Charter School Finance Authority, Series 2018                                          | CUSIP: 91754TWJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    720000 | PA      | $730523.74    | 0.14%             | 2038-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| St Louis Municipal Finance Corp.                                             | St. Louis Municipal Finance Corp., Series 2020                                              | CUSIP: 79165TUB5<br>LEI: 549300CR13DAYKUKQN03 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047723.30   | 0.20%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisville/Jefferson County Metropolitan Government                          | Louisville/Jefferson County Metropolitan Government, Series 2016 A                          | CUSIP: 54659LBP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1135000 | PA      | $1155498.78   | 0.22%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                            | Florida Development Finance Corp., Series 2021 A                                            | CUSIP: 34061UGS1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    750000 | PA      | $600679.20    | 0.12%             | 2055-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                            | Philadelphia Authority for Industrial Development, Series 2019                              | CUSIP: 71781XFZ1<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    500000 | PA      | $475149.45    | 0.09%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Menifee Union School District                                                | Menifee Union School District, Series 2021                                                  | CUSIP: 5868104A8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $754718.08    | 0.15%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue          | Metropolitan Washington Airports Authority, Series 2019 B                                   | CUSIP: 592643CZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1490000 | PA      | $1497264.79   | 0.29%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                   | Illinois Finance Authority, Series 2021                                                     | CUSIP: 45204FLG8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1265205.30   | 0.24%             | 2051-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States of America                                                     | U.S. Treasury Bills                                                                         | CUSIP: 912797MS3<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    400000 | PA      | $399955.38    | 0.08%             | 2025-10-02      | None          | 0.00%                 | 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        |   2000000 | PA      | $1615666.00   | 0.31%             | 2051-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                   | Illinois Finance Authority, Series 2023 A                                                   | CUSIP: 45203NAV1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2612351.75   | 0.50%             | 2053-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                         | District of Columbia, Series 2023 A                                                         | CUSIP: 25476FA40<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5243272.00   | 1.01%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver                                                      | City & County of Denver                                                                     | CUSIP: 249182TF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2810366.75   | 0.54%             | 2037-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                            | State of Illinois, Series 2023 B                                                            | CUSIP: 452153FG9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2650000 | PA      | $2813766.03   | 0.54%             | 2040-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Las Vegas Convention & Visitors Authority                                    | Las Vegas Convention & Visitors Authority                                                   | CUSIP: 51771FAT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3900000 | PA      | $3985699.38   | 0.77%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                            | Florida Development Finance Corp., Series 2022 A                                            | CUSIP: 34061QBT3<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1861599.60   | 0.36%             | 2052-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                            | Florida Development Finance Corp., Series 2021                                              | CUSIP: 34061WAY0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1188829.72   | 0.23%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                     | Public Finance Authority, Series 2025                                                       | CUSIP: 74448UAD0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028965.90   | 0.20%             | 2065-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Parish of St John the Baptist LA                                             | Parish of St. John the Baptist, Series 2017 A-3                                             | CUSIP: 79020FAY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3980700.40   | 0.77%             | 2037-06-01      | Variable      | 2.20%                 | 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 2016 A        | CUSIP: 71885FEH6<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1010184.83   | 0.19%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisville Regional Airport Authority                                        | Louisville Regional Airport Authority, Series 2014 A                                        | CUSIP: 546850CW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000736.20   | 0.19%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                           | South Carolina Jobs-Economic Development Authority, Series 2024 A                           | CUSIP: 837032CF6<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5278224.00   | 1.02%             | 2054-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Galveston TX Wharves & Terminal Revenue                              | City of Galveston, Series 2024 A                                                            | CUSIP: 364568KF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $572329.01    | 0.11%             | 2044-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri           | Health & Educational Facilities Authority of the State of Missouri, Series 2023 A           | CUSIP: 60636AVW0<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1818708.20   | 0.35%             | 2034-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                   | Illinois Finance Authority, Series 2021                                                     | CUSIP: 45204FLF0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    725000 | PA      | $665711.75    | 0.13%             | 2041-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                            | City & County of Denver, Series 2022 A                                                      | CUSIP: 249182QP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2312296.77   | 0.45%             | 2038-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                            | City & County of Denver, Series 2022 A                                                      | CUSIP: 249182QN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1548571.00   | 0.30%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisville Regional Airport Authority                                        | Louisville Regional Airport Authority, Series 2014 A                                        | CUSIP: 546850CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $415273.94    | 0.08%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                     | Arizona Industrial Development Authority, Series 2021 B                                     | CUSIP: 04052BQW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2120000 | PA      | $1651132.32   | 0.32%             | 2061-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                       | North Carolina Medical Care Commission, Series 2024 A                                       | CUSIP: 65820YSV9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    250000 | PA      | $257906.28    | 0.05%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chester County Industrial Development Authority                              | Chester County Industrial Development Authority, Series 2013 A                              | CUSIP: 16559PAR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    720000 | PA      | $720332.06    | 0.14%             | 2030-08-01      | 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        |   2500000 | PA      | $2466442.25   | 0.48%             | 2053-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Lake Houston Redevelopment Authority                                         | Lake Houston Redevelopment Authority, Series 2021                                           | CUSIP: 51001QAU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $360334.20    | 0.07%             | 2044-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                            | State of Illinois, Series 2017 A                                                            | CUSIP: 452152T27<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2870000 | PA      | $2988606.77   | 0.58%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| E-470 Public Highway Authority                                               | E-470 Public Highway Authority, Series 2004 A                                               | CUSIP: 26822LEP5<br>LEI: 549300164ZV2301BC703 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $3704029.50   | 0.71%             | 2034-09-01      | None          | 0.00%                 | 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        |   2350000 | PA      | $1558404.38   | 0.30%             | 2057-03-01      | Fixed         | 3.00%                 | 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        |   3550000 | PA      | $2993276.22   | 0.58%             | 2040-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                          | Wisconsin Health & Educational Facilities Authority, Series 2020                            | CUSIP: 97712D5Q5<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1320725.18   | 0.25%             | 2050-03-15      | 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: 414009EZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    830000 | PA      | $828397.69    | 0.16%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Irving TX                                                            | City of Irving, Series 2019                                                                 | CUSIP: 463805DJ7<br>LEI: 5493002R7BX8XPQ92O37 | Long             | DBT              | MUN               | US        |    600000 | PA      | $600383.04    | 0.12%             | 2039-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                       | North Carolina Medical Care Commission, Series 2024 A                                       | CUSIP: 65820YSY3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1489230.45   | 0.29%             | 2054-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                             | New York State Thruway Authority                                                            | CUSIP: 650028ZP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7200000 | PA      | $7376952.24   | 1.42%             | 2054-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                     | New Hampshire Business Finance Authority, Series 2024-1, Class A                            | CUSIP: 63607DAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1465678.35   | 0.28%             | 2040-10-20      | Variable      | 4.15%                 | No            |                  2 | On Loan: No      |
| City of Tampa FL                                                             | City of Tampa, Series 2020 A                                                                | CUSIP: 875146BC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $651697.88    | 0.13%             | 2049-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Williamson County Industrial Development Board                               | Williamson County Industrial Development Board, Series 2023                                 | CUSIP: 969878AB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6625000 | PA      | $6767935.04   | 1.31%             | 2042-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                         | District of Columbia, Series 2017 A                                                         | CUSIP: 25483VTC8<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2545768.75   | 0.49%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Charter School Finance Authority                                        | Utah Charter School Finance Authority, Series 2018                                          | CUSIP: 91754TWH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    420000 | PA      | $431299.60    | 0.08%             | 2033-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Sparks NV                                                            | City of Sparks, Series 2019 A                                                               | CUSIP: 846562AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    465000 | PA      | $457263.14    | 0.09%             | 2028-06-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Glendale Industrial Development Authority                                    | Glendale Industrial Development Authority, Series 2016                                      | CUSIP: 378287AP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3375447.95   | 0.65%             | 2039-05-15      | 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        |   2250000 | PA      | $2374662.38   | 0.46%             | 2062-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| County of Ohio WV                                                            | County of Ohio, Series 2024                                                                 | CUSIP: 677321BT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503101.15    | 0.10%             | 2044-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Orange County Health Facilities Authority                                    | Orange County Health Facilities Authority                                                   | CUSIP: 68450LGQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7265000 | PA      | $6231388.11   | 1.20%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily ML Certificates                                            | FHLMC, Multi-family ML Pass-Through Certificates, Series 2019-ML05, Class A-US              | CUSIP: 30309HAC1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2960252 | PA      | $2810683.64   | 0.54%             | 2036-01-25      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                           | Tobacco Settlement Financing Corp., Series 2018 A                                           | CUSIP: 888808HM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4096954.80   | 0.79%             | 2036-06-01      | Fixed         | 5.00%                 | 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        |   3250000 | PA      | $2271103.25   | 0.44%             | 2056-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                    | New Jersey Economic Development Authority, Series 2017                                      | CUSIP: 64578CCE9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3038136.90   | 0.59%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                     | New Hampshire Business Finance Authority, Series 2023-2, Class A                            | CUSIP: 63607WAN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |         0 | PA      | $0.05         | 0.00%             | 2038-01-20      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                    | Indiana Finance Authority, Series 2024 A                                                    | CUSIP: 45505MPT7<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048421.60   | 0.20%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| M-S-R Energy Authority                                                       | M-S-R Energy Authority, Series 2009 A                                                       | CUSIP: 55374SAC4<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2759576.40   | 0.53%             | 2039-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Passaic County Improvement Authority (The)                                   | Passaic County Improvement Authority (The), Series 2023                                     | CUSIP: 70275QAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013824.80   | 0.20%             | 2053-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Putnam Funds Trust                                                           | Putnam Short Term Investment Fund, Class P                                                  | CUSIP: 74676P664<br>LEI: 549300S9JYWEMKQCLW53 | Long             |  | RF                | US        |   6471505 | NS      | $6471505.33   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Clifton Higher Education Finance Corp.                                       | Clifton Higher Education Finance Corp., Series 2021 T                                       | CUSIP: 187145QF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1302418.55   | 0.25%             | 2047-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                         | District of Columbia, Series 2017 A                                                         | CUSIP: 25483VTE4<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1235793.38   | 0.24%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No. 15                                | Village Community Development District No. 15, Series 2024                                  | CUSIP: 92708KAK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $665101.92    | 0.13%             | 2055-05-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                     | Public Finance Authority, Series 2021 A                                                     | CUSIP: 74445QDX5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1437540.40   | 0.28%             | 2056-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                  | Washington State Housing Finance Commission, Series 2025 A                                  | CUSIP: 93978LJQ0<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501347.65    | 0.10%             | 2064-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                  | Connecticut State Health & Educational Facilities Authority, Series F                       | CUSIP: 20774YW45<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1503710.10   | 0.29%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                     | Public Finance Authority, Series 2022                                                       | CUSIP: 74442PA21<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    830000 | PA      | $713935.87    | 0.14%             | 2042-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lake Houston Redevelopment Authority                                         | Lake Houston Redevelopment Authority, Series 2021                                           | CUSIP: 51001QAS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $175881.96    | 0.03%             | 2040-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri           | Health & Educational Facilities Authority of the State of Missouri, Series 2023 A           | CUSIP: 60636AWC3<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $1863324.99   | 0.36%             | 2040-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                                      | City of Phoenix Civic Improvement Corp., Series 2005 B                                      | CUSIP: 71884WBH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1162060.50   | 0.22%             | 2043-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                | State of Ohio, Series 2020                                                                  | CUSIP: 67756CFC7<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    455000 | PA      | $411511.05    | 0.08%             | 2041-11-15      | Fixed         | 4.00%                 | 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        |   1550000 | PA      | $1472441.26   | 0.28%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                        | Louisiana Public Facilities Authority, Series 2024                                          | CUSIP: 546399SY3<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3281005.98   | 0.63%             | 2059-09-01      | Fixed         | 5.50%                 | 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        |    800000 | PA      | $822979.12    | 0.16%             | 2056-05-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Seminole County Industrial Development Authority                             | Seminole County Industrial Development Authority, Series 2021 A                             | CUSIP: 816686AK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $365446.79    | 0.07%             | 2041-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                   | Chicago Board of Education, Series 2021 A                                                   | CUSIP: 167505XL5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1910000 | PA      | $1923743.02   | 0.37%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cuyahoga County Port Authority                                     | Cleveland-Cuyahoga County Port Authority, Series 2021                                       | CUSIP: 18610PBP2<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    230000 | PA      | $222504.60    | 0.04%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Double Branch Community Development District                                 | Double Branch Community Development District, Series 2013 A-1                               | CUSIP: 25856MAV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    890000 | PA      | $890139.82    | 0.17%             | 2034-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH                                                        | County of Hamilton, Series 2012                                                             | CUSIP: 40727RBC1<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |    745000 | PA      | $745783.67    | 0.14%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake Houston Redevelopment Authority                                         | Lake Houston Redevelopment Authority, Series 2021                                           | CUSIP: 51001QAR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $201471.03    | 0.04%             | 2039-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                           | Port of Seattle, Series 2022 B                                                              | CUSIP: 735389V96<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023671.20   | 0.20%             | 2047-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                     | New Hampshire Business Finance Authority, Series 2024-1, Class A                            | CUSIP: 63607WAQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1965405 | PA      | $1909318.85   | 0.37%             | 2041-07-20      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                    | New York Transportation Development Corp., Series 2016 A                                    | CUSIP: 650116AR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1982788.60   | 0.38%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vauxmont Metropolitan District                                               | Vauxmont Metropolitan District, Series 2019                                                 | CUSIP: 92242SAN3<br>LEI: 549300M7XL6MB0OW8D56 | Long             | DBT              | MUN               | US        |   1293000 | PA      | $996904.81    | 0.19%             | 2050-12-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                    | New York Transportation Development Corp., Series 2021                                      | CUSIP: 650110AE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2497526.40   | 0.48%             | 2053-04-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                           | South Carolina Jobs-Economic Development Authority, Series 2020 A                           | CUSIP: 83703EMQ5<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1198918.76   | 0.23%             | 2044-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kentwood Economic Development Corp.                                          | Kentwood Economic Development Corp., Series 2021                                            | CUSIP: 491740EZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $911532.26    | 0.18%             | 2045-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kansas City Industrial Development Authority                                 | Kansas City Industrial Development Authority, Series 2020 A                                 | CUSIP: 48504NCE7<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   5215000 | PA      | $5008780.13   | 0.97%             | 2039-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                       | Iowa Finance Authority, Series 2021 A                                                       | CUSIP: 46247SBM5<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   3850000 | PA      | $3219240.64   | 0.62%             | 2046-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Port of Greater Cincinnati Development Authority                             | Port of Greater Cincinnati Development Authority, Series 2024 A                             | CUSIP: 734195DE7<br>LEI: 549300IK2RCZBY62ST97 | Long             | DBT              | MUN               | US        |   2740000 | PA      | $2797148.73   | 0.54%             | 2058-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Student Loan Authority                                          | Rhode Island Student Loan Authority, Series 2025 A                                          | CUSIP: 762323DT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001637.50   | 0.19%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Community Housing & Economic Development Corp.                         | Texas Community Housing & Economic Development Corp., Series 2025 A-1                       | CUSIP: 88231CAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1084709.95   | 0.21%             | 2065-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| City of Grand Forks ND                                                       | City of Grand Forks, Series 2021                                                            | CUSIP: 38546WDP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1503429.40   | 0.29%             | 2046-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                    | New York Transportation Development Corp., Series 2021                                      | CUSIP: 650110AD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1751380.20   | 0.34%             | 2046-10-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Santa Fe NM                                                          | City of Santa Fe, Series 2012                                                               | CUSIP: 802170AH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2155000 | PA      | $2156453.55   | 0.42%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut Housing Finance Authority                                        | Connecticut Housing Finance Authority, Series 2014 B-1                                      | CUSIP: 20775B2D7<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |   1685000 | PA      | $1685140.02   | 0.33%             | 2039-11-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                   | Utah Infrastructure Agency, Series 2021                                                     | CUSIP: 917467CE0<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $719492.10    | 0.14%             | 2045-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                      | South Carolina Public Service Authority, Series 2025 B                                      | CUSIP: 8371516N4<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2583703.75   | 0.50%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                       | North Carolina Medical Care Commission, Series 2021 A                                       | CUSIP: 65821DYU9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    900000 | PA      | $871771.95    | 0.17%             | 2036-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                     | New Hampshire Business Finance Authority, Series 2021 B                                     | CUSIP: 63609XAU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $936226.00    | 0.18%             | 2041-08-15      | Fixed         | 4.00%                 | 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        |   3325000 | PA      | $3680122.64   | 0.71%             | 2049-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                         | Colorado Health Facilities Authority, Series 2020 A                                         | CUSIP: 19648FRW6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   4100000 | PA      | $3383836.60   | 0.65%             | 2050-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                     | New Hampshire Business Finance Authority, Series 2021 B                                     | CUSIP: 63609XAS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1063235.69   | 0.21%             | 2039-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                              | Indianapolis Local Public Improvement Bond Bank, Series 2019 A                              | CUSIP: 45528UZL8<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3564685.95   | 0.69%             | 2054-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                         | District of Columbia, Series 2019                                                           | CUSIP: 25483VVN1<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2037599.00   | 0.39%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand Parkway Transportation Corp.                                           | Grand Parkway Transportation Corp.                                                          | CUSIP: 38611TBR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4564929.15   | 0.88%             | 2048-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                     | Metropolitan Pier & Exposition Authority, Series 2022 A                                     | CUSIP: 592250EY6<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   2900000 | PA      | $2440253.72   | 0.47%             | 2052-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                            | Philadelphia Authority for Industrial Development, Series 2019                              | CUSIP: 71781XFY4<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    175000 | PA      | $172312.70    | 0.03%             | 2029-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                   | Utah Infrastructure Agency, Series 2021                                                     | CUSIP: 917467CB6<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    300000 | PA      | $290790.18    | 0.06%             | 2036-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                               | Lower Colorado River Authority, Series 2022 A                                               | CUSIP: 54811BZT1<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3516242.60   | 0.68%             | 2052-05-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                             | Pennsylvania Turnpike Commission, Series A                                                  | CUSIP: 709224DV8<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5041610.50   | 0.97%             | 2044-12-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Alaska Industrial Development & Export Authority                             | Alaska Industrial Development & Export Authority                                            | CUSIP: 011903GK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6930000 | PA      | $6276694.35   | 1.21%             | 2044-10-01      | Fixed         | 4.00%                 | 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        |    525000 | PA      | $535960.48    | 0.10%             | 2056-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Henrico County Economic Development Authority                                | Henrico County Economic Development Authority, Series 1992                                  | CUSIP: 426063JU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3550000 | PA      | $3707376.47   | 0.72%             | 2027-08-23      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles CA Community Facilities District                         | City of Los Angeles, Series 2021                                                            | CUSIP: 544386DX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1460000 | PA      | $1282781.70   | 0.25%             | 2046-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Galveston TX Wharves & Terminal Revenue                              | City of Galveston, Series 2024 A                                                            | CUSIP: 364568KD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $526336.30    | 0.10%             | 2042-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                             | Maricopa County Industrial Development Authority, Series 2016                               | CUSIP: 56681NAS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250082.93    | 0.05%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FW Texas Street Public Facility Corp.                                        | FW Texas Street Public Facility Corp., Series 2025                                          | CUSIP: 30322SAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1518542.10   | 0.29%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Seminole County Industrial Development Authority                             | Seminole County Industrial Development Authority, Series 2021 A                             | CUSIP: 816686AJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $295522.10    | 0.06%             | 2036-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                     | Public Finance Authority, Series 2025                                                       | CUSIP: 74448UAC2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $547427.20    | 0.11%             | 2065-12-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                      | Port Authority of New York & New Jersey, Series 207th                                       | CUSIP: 73358WR97<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   3525000 | PA      | $3698186.42   | 0.71%             | 2029-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp.                                               | Empire State Development Corp., Series 2023 A                                               | CUSIP: 64985TEL1<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10519499.00  | 2.03%             | 2044-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                   | Utah Infrastructure Agency, Series 2021                                                     | CUSIP: 917467CC4<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    500000 | PA      | $474418.60    | 0.09%             | 2038-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                     | Public Finance Authority, Series 2022                                                       | CUSIP: 74442PZX6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     20000 | PA      | $21389.07     | 0.00%             | 2042-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana County Industrial Development Authority                              | Indiana County Industrial Development Authority, Series 2022                                | CUSIP: 45469NEZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $906109.90    | 0.17%             | 2054-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                      | New York City Housing Development Corp., Series 2020 D 1-B                                  | CUSIP: 64972ESG5<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $2548779.20   | 0.49%             | 2050-11-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| N/A                                                                          | U.S. Treasury Ultra Bonds                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -58 | NC      | $-221239.32   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                  | Connecticut State Health & Educational Facilities Authority, Series M                       | CUSIP: 20775DPE6<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    600000 | PA      | $649786.50    | 0.13%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                | State of Ohio, Series 2017 A                                                                | CUSIP: 677561LF7<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15502.21     | 0.00%             | 2043-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                   | Michigan Finance Authority, Series 2017                                                     | CUSIP: 594479DB0<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1855000 | PA      | $1876949.47   | 0.36%             | 2032-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| St Clair County Community Unit School District No. 187 Cahokia               | St. Clair County Community Unit School District No. 187 Cahokia, Series 2024 A              | CUSIP: 788550MP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024468.40   | 0.20%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                           | Port of Seattle, Series 2022 B                                                              | CUSIP: 735389V39<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1605877.80   | 0.31%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                     | Arlington Higher Education Finance Corp., Series 2025                                       | CUSIP: 041807ML9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $955383.20    | 0.18%             | 2060-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Delaware State Economic Development Authority                                | Delaware State Economic Development Authority, Series 2022 A                                | CUSIP: 246372BB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    730000 | PA      | $610564.26    | 0.12%             | 2042-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                      | Municipal Electric Authority of Georgia, Series 2024 A                                      | CUSIP: 62620HJZ6<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1823200.40   | 0.35%             | 2054-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                      | South Carolina Public Service Authority, Series 2016 A                                      | CUSIP: 837151PS2<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4036912.00   | 0.78%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                         | Colorado Health Facilities Authority, Series 2015                                           | CUSIP: 19648A5G6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000180.20   | 0.19%             | 2045-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                     | Public Finance Authority, Series 2025                                                       | CUSIP: 74442EMS6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    250000 | PA      | $237493.88    | 0.05%             | 2065-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                     | Arizona Industrial Development Authority, Series 2021 B                                     | CUSIP: 04052BQV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1634302.60   | 0.32%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                      | Puerto Rico Sales Tax Financing Corp., Series A-1                                           | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   2900000 | PA      | $2729375.89   | 0.53%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Capital Trust Authority                                                      | Capital Trust Authority, Series 2025 A                                                      | CUSIP: 14054WBW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $320379.76    | 0.06%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                             | Pennsylvania Turnpike Commission, Series 2019 A                                             | CUSIP: 709224P78<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2160000 | PA      | $1944652.54   | 0.38%             | 2049-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Irving TX                                                            | City of Irving, Series 2019                                                                 | CUSIP: 463805DF5<br>LEI: 5493002R7BX8XPQ92O37 | Long             | DBT              | MUN               | US        |    430000 | PA      | $437113.10    | 0.08%             | 2036-08-15      | Fixed         | 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        |   1125000 | PA      | $1102992.75   | 0.21%             | 2055-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority                                   | Metropolitan Washington Airports Authority, Series 2019 B                                   | CUSIP: 592643DD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2055000 | PA      | $1856515.77   | 0.36%             | 2044-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Tampa FL                                                             | City of Tampa, Series 2020 A                                                                | CUSIP: 875146BA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    830000 | PA      | $362479.68    | 0.07%             | 2042-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Kentwood Economic Development Corp.                                          | Kentwood Economic Development Corp., Series 2022                                            | CUSIP: 491740FB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    695000 | PA      | $579403.29    | 0.11%             | 2043-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                     | Public Finance Authority, Series 2025 A-1                                                   | CUSIP: 74441XJJ9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    900000 | PA      | $910885.68    | 0.18%             | 2060-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Lake Houston Redevelopment Authority                                         | Lake Houston Redevelopment Authority, Series 2021                                           | CUSIP: 51001QAQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $165172.00    | 0.03%             | 2038-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Irving TX                                                            | City of Irving, Series 2019                                                                 | CUSIP: 463805DD0<br>LEI: 5493002R7BX8XPQ92O37 | Long             | DBT              | MUN               | US        |    300000 | PA      | $308083.59    | 0.06%             | 2034-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                      | New York City Housing Development Corp., Series 2020 I-1                                    | CUSIP: 64972ETS8<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   3075000 | PA      | $2205976.40   | 0.43%             | 2045-11-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue          | Metropolitan Washington Airports Authority, Series 2019 B                                   | CUSIP: 592643DA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3140000 | PA      | $3140047.10   | 0.61%             | 2037-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                      | New York City Housing Development Corp., Series 2019 J                                      | CUSIP: 64972ELG2<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   5670000 | PA      | $4315142.16   | 0.83%             | 2065-11-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Salt Verde Financial Corp.                                                   | Salt Verde Financial Corp., Series 2007-1                                                   | CUSIP: 79575EAS7<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |    500000 | PA      | $537140.35    | 0.10%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** Putnam Tax Exempt Income Fund

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer