# EDGAR Filing Document

**Accession Number:** 0000205802
**File Stem:** 0000869392-23-000355
**Filing Date:** 2023-2
**Character Count:** 233047
**Document Hash:** 51aeb773824a8d36677964676ef95f4d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000869392-23-000355.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0000869392-23-000355

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUTNAM TAX EXEMPT INCOME FUND
- **CENTRAL INDEX KEY:** 0000205802
- **IRS NUMBER:** 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:** 23666228

**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           |
| C000017919 | Class B Shares  | PTBEX           |
| C000060417 | CLASS Y         |  |
| C000202806 | Class R6 Shares |  |

## Nport-Ex

------

---

| |
|:---|
| **Putnam Tax Exempt Income Fund** |
| **The fund's portfolio** |
| **12/31/22 (Unaudited)** |
| **Key to holding's abbreviations** |
| AGM — Assured Guaranty Municipal Corporation |
| AMBAC — AMBAC Indemnity Corporation |
| BAM — Build America Mutual |
| COP — Certificates of Participation |
| FGIC — Financial Guaranty Insurance Company |
| FRB — Floating Rate Bonds: The rate shown is the current interest rate at the close of the reporting period. Rates may be subject to a cap or floor. For certain securities, the rate may represent a fixed rate currently in place at the close of the reporting period. |
| G.O. Bonds — General Obligation Bonds |
| NATL — National Public Finance Guarantee Corporation |
| PSFG — Permanent School Fund Guaranteed |
| Q-SBLF — Qualified School Board Loan Fund |
| U.S. Govt. Coll. — U.S. Government Collateralized |
| VRDN — Variable Rate Demand Notes, which are floating-rate securities with long-term maturities that carry coupons that reset and are payable upon demand either daily, weekly or monthly. The rate shown is the current interest rate at the close of the reporting period. Rates are set by remarketing agents and may take into consideration market supply and demand, credit quality and the current SIFMA Municipal Swap Index rate, which was 3.66% as of the close of the reporting period. |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **MUNICIPAL BONDS AND NOTES (101.1%)***<sup>(a)</sup>*** | **MUNICIPAL BONDS AND NOTES (101.1%)***<sup>(a)</sup>*** | **MUNICIPAL BONDS AND NOTES (101.1%)***<sup>(a)</sup>*** | **MUNICIPAL BONDS AND NOTES (101.1%)***<sup>(a)</sup>*** |
| | **Rating***<sup>(RAT)</sup>*** | **Principal amount** | **Value** |
| **Alabama (0.6%)** | **Alabama (0.6%)** | **Alabama (0.6%)** | **Alabama (0.6%)** |
| Jefferson Cnty., Swr. Rev. Bonds, Ser. D, 6.50%, 10/1/53 | BBB | $1000000 | $1068232 |
| Jefferson, Cnty. Rev. Bonds, (Refunding warrants) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/15/34 | AA | 2575000 | 2741644 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/15/33 | AA | 350000 | 374758 |
|  |  |  | **4184634** |
| **Alaska (1.3%)** | **Alaska (1.3%)** | **Alaska (1.3%)** | **Alaska (1.3%)** |
| AK State Indl. Dev. & Export Auth. Rev. Bonds, (Tanana Chiefs Conference), Ser. A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/49 | A+/F | 6750000 | 6040758 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/39 | A+/F | 2575000 | 2447996 |
|  |  |  | **8488754** |
| **Arizona (3.7%)** | **Arizona (3.7%)** | **Arizona (3.7%)** | **Arizona (3.7%)** |
| AZ State Indl. Dev. Auth. Charter School Rev. Bonds, (Equitable School Revolving Fund, LLC), 4.00%, 11/1/51 | A | 2200000 | 1869580 |
| AZ State Indl. Dev. Auth. Ed. Rev. Bonds, (KIPP New York, Inc., Jerome Fac.), Ser. B |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/61 | BBB- | 2120000 | 1631507 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/51 | BBB- | 2000000 | 1610562 |
| AZ State Indl. Dev. Auth. Ed. 144A Rev. Bonds, (Somerset Academy of Las Vegas), 4.00%, 12/15/51 | BB | 700000 | 521888 |
| AZ State Indl. Dev. Auth. National Charter School Revolving Loan Fund Rev. Bonds, (Equitable School Revolving Fund, LLC) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/47 | A | 5000000 | 5111037 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/1/37 | A | 1100000 | 1045331 |
| Glendale, Indl. Dev. Auth. Sr. Living Fac. Rev. Bonds, (Royal Oaks Life Care Cmnty.), 5.00%, 5/15/39 | BBB-/F | 3500000 | 3290939 |
| Lake Havasu City, Waste Wtr. Syst. Rev. Bonds, Ser. B, AGM, 5.00%, 7/1/43 | AA | 250000 | 258351 |
| Maricopa Cnty., Indl. Dev. Auth. Ed. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Great Hearts Academies), Ser. C, 5.00%, 7/1/48 | AA- | 600000 | 615452 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Reid Traditional Schools Painted Rock Academy), 5.00%, 7/1/36 | Baa3 | 250000 | 253952 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Horizon Cmnty. Learning Ctr.), 5.00%, 7/1/35 | BB+ | 350000 | 336837 |
| Northern AZ U. Rev. Bonds, 5.00%, 6/1/34 | A1 | 250000 | 254930 |
| Phoenix, Civic Impt. Corp. Dist. Rev. Bonds, (Civic Plaza), Ser. B, FGIC, NATL, 5.50%, 7/1/43 | Aa2 | 1000000 | 1215084 |
| Phoenix, Indl. Dev. Auth. Ed. Rev. Bonds, (Great Hearts Academies) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/44 | BBB- | 1000000 | 1003307 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 7/1/36 | BBB- | 1010000 | 1023068 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 7/1/24 | BBB- | 75000 | 74286 |
| Phoenix, Indl. Dev. Auth. Ed. 144A Rev. Bonds, (BASIS Schools, Inc.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/35 | BB | 100000 | 98993 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 7/1/35 | BB | 150000 | 148489 |
| Salt Verde, Fin. Corp. Gas Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/1/29 | A3 | 1900000 | 2035742 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/37 | A3 | 500000 | 508864 |
| U. of AZ Board of Regents Syst. Rev. Bonds, (Green Bond), Ser. A, 5.00%, 7/1/41 | Aa2 | 200000 | 207261 |
| Yavapai Cnty., Indl. Dev. Auth. Hosp. Fac. Rev. Bonds, (Yavapai Regl. Med. Ctr.), Ser. A, 5.25%, 8/1/33 | A2 | 100000 | 100791 |
| Yavapai Cnty., Indl. Dev. Ed. Auth. Rev. Bonds, (Agribusiness & Equine Ctr.), 5.00%, 3/1/32 | BB+ | 265000 | 260780 |
| Yuma, Indl. Dev. Auth. Hosp. Rev. Bonds, (Yuma Regl. Med. Ctr.), Ser. A, 5.25%, 8/1/32 | A | 400000 | 409629 |
|  |  |  | **23886660** |
| **California (12.5%)** | **California (12.5%)** | **California (12.5%)** | **California (12.5%)** |
| Bay Area Toll Auth. VRDN (San Francisco Bay Area), Ser. C, 2.91%, 4/1/53 | VMIG 1 | 12000000 | 12000000 |
| CA Cmnty. Hsg. Agcy. Essential Hsg. 144A Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Aster Apt.), Ser. A-1, 4.00%, 2/1/56 | BB+/P | 850000 | 704830 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Fountains at Emerald Park), 3.00%, 8/1/56 | BBB/P | 5975000 | 3996720 |
| CA Hsg. Fin. Agcy. Muni. Certif. Rev. Bonds, Ser. 21-1, Class A, 3.50%, 11/20/35 | BBB+ | 3118089 | 2822294 |
| CA Pub. Fin. Auth. VRDN, (Sharp Hlth. Care Oblig. Group), Ser. C, 1.95%, 8/1/52 | VMIG 1 | 1500000 | 1500000 |
| CA State Poll. Control Fin. Auth. Rev. Bonds, (San Jose Wtr. Co.), 4.75%, 11/1/46 | A | 1700000 | 1719034 |
| CA State Poll. Control Fin. Auth. 144A Rev. Bonds, (Wtr. Furnishing), 5.00%, 11/21/45 | Baa3 | 3500000 | 3406770 |
| CA Statewide Cmnty. Dev. Auth. Rev. Bonds, (Front Porch Cmnty. & Svcs. Oblig. Group), Ser. A, 3.00%, 4/1/51 | A- | 6700000 | 4464983 |
| CSCDA Cmnty. Impt. Auth. Rev. Bonds, (Pasadena Portfolio), Ser. A-2, 3.00%, 12/1/56 | BBB-/P | 3250000 | 2154285 |
| CSCDA Cmnty. Impt. Auth. 144A Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(City of Orange Portfolio), 3.00%, 3/1/57 | BBB-/P | 1250000 | 831878 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Essential Hsg.), Ser. A-2, 3.00%, 2/1/57 | BBB-/P | 4300000 | 2863058 |
| Los Angeles, Cmnty. Fac. Dist. No. 11 Special Tax Bonds, 4.00%, 9/1/46 | BB/P | 1460000 | 1262351 |
| Los Angeles, Dept. of Arpt. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. D, 5.00%, 5/15/46 | Aa3 | 1500000 | 1538819 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. C, 5.00%, 5/15/45 | Aa2 | 3700000 | 3819513 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 4.00%, 5/15/39 | Aa3 | 1350000 | 1291058 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/15/35 | Aa3 | 1500000 | 1462878 |
| Los Angeles, Dept. of Wtr. & Pwr. Rev. Bonds, Ser. C, 5.00%, 7/1/40 | Aa2 | 5000000 | 5592446 |
| M-S-R Energy Auth. Rev. Bonds, Ser. A, 6.50%, 11/1/39 | BBB+ | 2250000 | 2694879 |
| Menifee, Union School Dist. Cmnty. Fac. Special Tax Bonds, (Dist. No. 2011-1) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 9/1/45 | BB+/P | 860000 | 759115 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 9/1/41 | BB+/P | 800000 | 723336 |
| Mount Diablo Unified School Dist. G.O. Bonds, Ser. B |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/1/37 | Aa3 | 1625000 | 1658751 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/1/36 | Aa3 | 1375000 | 1417096 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/1/35 | Aa3 | 1500000 | 1559030 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/1/34 | Aa3 | 2000000 | 2126422 |
| San Bernardino Cnty., FRB, Ser. C, 4.35%, 8/1/23 | Aa1 | 2500000 | 2492420 |
| San Diego Cnty., COP, 5.00%, 10/1/46 | Aa1 | 2250000 | 2486144 |
| San Francisco, City & Cnty. Arpt. Comm. Intl. Arpt. Rev. Bonds, Ser. A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/1/35 | A1 | 3000000 | 3211657 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/1/30 | A1 | 6900000 | 7486414 |
| San Francisco, City & Cnty. Arpt. Comm. Intl. Arpt. VRDN, Ser. B, 3.10%, 5/1/58 | VMIG 1 | 1600000 | 1600000 |
| San Francisco, City & Cnty. Cmnty. Fac. Dist. No. 2016 144A Special Tax Bonds, (Impt. Area No. 2), Ser. A, 4.00%, 9/1/42 | BB-/P | 2000000 | 1797556 |
|  |  |  | **81443737** |
| **Colorado (3.8%)** | **Colorado (3.8%)** | **Colorado (3.8%)** | **Colorado (3.8%)** |
| CO State Hlth. Fac. Auth. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Valley View Hosp. Assn.), 5.00%, 5/15/45 | A | 1000000 | 1005042 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Covenant Retirement Cmnty.), Ser. A, 5.00%, 12/1/35 | A-/F | 1000000 | 1010816 |
| CO State Hlth. Fac. Auth. Hosp. Rev. Bonds, (Covenant Living Cmnty. and Svcs. Oblig. Group), 4.00%, 12/1/50 | A-/F | 4100000 | 3327287 |
| Denver City & Cnty., Arpt. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. D, 5.75%, 11/15/38***<sup>(T)</sup>*** | Aa3 | 3175000 | 3547421 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. D, 5.75%, 11/15/37***<sup>(T)</sup>*** | Aa3 | 2500000 | 2805582 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.50%, 11/15/38 | Aa3 | 2100000 | 2315111 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Sub. Syst.), Ser. A, 5.50%, 11/15/31 | A1 | 1925000 | 1953214 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 11/15/37 | Aa3 | 1450000 | 1547487 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 11/15/36 | Aa3 | 2250000 | 2414069 |
| E-470 CO Pub. Hwy. Auth. Rev. Bonds, Ser. A, NATL, zero %, 9/1/34 | A2 | 5000000 | 3224300 |
| Park Creek, Metro. Dist. Tax Alloc. Bonds, (Sr. Ltd. Property Tax Supported), Ser. A, 5.00%, 12/1/45 | A/F | 225000 | 229710 |
| Vauxmont, Metro. Dist. G.O. Bonds, AGM |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/31 | AA | 230000 | 254638 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 12/15/50 | AA | 1643000 | 1353503 |
|  |  |  | **24988180** |
| **Connecticut (1.7%)** | **Connecticut (1.7%)** | **Connecticut (1.7%)** | **Connecticut (1.7%)** |
| CT State Hlth. & Edl. Fac. Auth. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Masonicare Issue), Ser. F, 5.00%, 7/1/34 | BBB+/F | 1500000 | 1474283 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Stamford Hosp. Oblig. Group (The)), Ser. M, 5.00%, 7/1/33 | BBB+ | 1855000 | 2011919 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Stamford Hosp. Oblig. Group (The)), Ser. M, 5.00%, 7/1/32 | BBB+ | 600000 | 663067 |
| CT State Hlth. & Edl. Fac. Auth. VRDN, (Yale U.), Ser. V-2, 2.55%, 7/1/36 | VMIG 1 | 1500000 | 1500000 |
| CT State Hsg. Fin. Auth. Rev. Bonds, Ser. B-1 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.15%, 11/15/44 | Aaa | 4065000 | 3842500 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.10%, 11/15/39 | Aaa | 1685000 | 1633766 |
|  |  |  | **11125535** |
| **Delaware (0.1%)** | **Delaware (0.1%)** | **Delaware (0.1%)** | **Delaware (0.1%)** |
| DE State Econ. Dev. Auth. Charter School Rev. Bonds, (ASPIRA of Delaware Charter Operations, Inc.), 4.00%, 6/1/42 | BB | 730000 | 588341 |
|  |  |  | **588341** |
| **District of Columbia (3.8%)** | **District of Columbia (3.8%)** | **District of Columbia (3.8%)** | **District of Columbia (3.8%)** |
| DC Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Intl. School), 5.00%, 7/1/49 | BBB | 1670000 | 1639516 |
| &nbsp;&nbsp;&nbsp;&nbsp;(KIPP DC), Ser. A, 5.00%, 7/1/48 | BBB+ | 1250000 | 1255893 |
| &nbsp;&nbsp;&nbsp;&nbsp;(D.C. Intl. School), 5.00%, 7/1/39 | BBB | 2000000 | 2025852 |
| &nbsp;&nbsp;&nbsp;&nbsp;(KIPP DC), Ser. A, 5.00%, 7/1/37 | BBB+ | 2500000 | 2565279 |
| DC Ballpark Rev. Bonds, Ser. B-1, FGIC, NATL, 5.00%, 2/1/25 | A1 | 1035000 | 1036566 |
| Metro. DC Arpt. Auth. Rev. Bonds, Ser. A, 5.00%, 10/1/31 | Aa3 | 2500000 | 2740920 |
| Metro. Washington DC, Arpt. Auth. Dulles Toll Rd. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Dulles Metrorail & Cap. Impt. Proj.), 4.00%, 10/1/53***<sup>(T)</sup>*** | A- | 2050000 | 1742733 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Dulles Metrorail & Cap. Impt. Proj.), Ser. B, 4.00%, 10/1/44***<sup>(T)</sup>*** | A- | 2050000 | 1830705 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/37 | A- | 3140000 | 2994356 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/36 | A- | 1490000 | 1435787 |
| Metro. Washington, Arpt. Auth. Dulles Toll Rd. Rev. Bonds, (Metrorail), Ser. A, zero %, 10/1/37 | A- | 11000000 | 5260421 |
|  |  |  | **24528028** |
| **Florida (2.9%)** | **Florida (2.9%)** | **Florida (2.9%)** | **Florida (2.9%)** |
| Double Branch Cmnty. Dev. Dist. Special Assmt. Bonds, Ser. A-1, 4.25%, 5/1/34 | A | 890000 | 890543 |
| FL State Dev. Fin Corp. Sr. Living Rev. Bonds, (Glenridge on Palmer Ranch Oblig. Group), 5.00%, 6/1/51 | BB/P | 1300000 | 1041591 |
| FL State Dev. Fin. Corp. Ed. Fac. Rev. Bonds, (River City Ed. Oblig. Group) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/55 | Baa3 | 750000 | 592449 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/45 | Baa3 | 600000 | 501026 |
| FL State Dev. Fin. Corp. Hlth. Care Fac. Rev. Bonds, (Shands Jacksonville Medical Center, Inc.), 4.00%, 2/1/52 | Baa3 | 2250000 | 1740871 |
| Miami-Dade Cnty., Aviation Rev. Bonds, Ser. A, 5.00%, 10/1/38 | A | 1750000 | 1776315 |
| Orange Cnty., Hlth. Fac. Auth. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Presbyterian Retirement Cmntys.), 5.00%, 8/1/34 | A-/F | 1800000 | 1829384 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Orlando Hlth.), 4.00%, 10/1/52 | A+ | 1300000 | 1183173 |
| Palm Beach Cnty., Hlth. Fac. Auth. Rev. Bonds, (Acts Retirement-Life Cmnty., Inc.), 5.00%, 11/15/32 | A-/F | 5000000 | 5038101 |
| Seminole Cnty., 144A Rev. Bonds, (Galileo School Foundation, Inc. (The)) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/15/56 | Ba1 | 805000 | 572902 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/15/51 | Ba1 | 830000 | 612900 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/15/41 | Ba1 | 425000 | 342345 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/15/36 | Ba1 | 315000 | 267817 |
| Tampa, Cap. Impt. Cigarette Tax Rev. Bonds, (Cap. Appn.), Ser. A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;zero %, 9/1/49 | A1 | 2250000 | 602096 |
| &nbsp;&nbsp;&nbsp;&nbsp;zero %, 9/1/42 | A1 | 830000 | 325996 |
| Volusia Cnty., Edl. Fac. Auth. Rev. Bonds, (Embry-Riddle Aeronautical University, Inc.), Ser. A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/15/39 | A2 | 500000 | 484730 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/15/37 | A2 | 725000 | 712144 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/15/35 | A2 | 325000 | 324818 |
|  |  |  | **18839201** |
| **Georgia (2.0%)** | **Georgia (2.0%)** | **Georgia (2.0%)** | **Georgia (2.0%)** |
| Atlanta, Arpt. Rev. Bonds, (Dept. of Aviation), Ser. C |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/42 | AA- | 200000 | 184642 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/41 | AA- | 1000000 | 929160 |
| Cobb Cnty., Kennestone Hosp. Auth. Rev. Bonds, (WellStar Hlth. Syst. Oblig. Group) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/36 | A+ | 250000 | 248796 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/35 | A+ | 225000 | 225756 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/34 | A+ | 250000 | 252654 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/33 | A+ | 200000 | 203002 |
| Muni. Election Auth. of GA Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Plant Vogtle Units 3 & 4), 5.00%, 1/1/63 | BBB+ | 2000000 | 1925057 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Plant Vogtle Units 3&4), 5.00%, 7/1/60 | A | 3810000 | 3688336 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Plant Vogtle Units 3 & 4), 4.50%, 7/1/63 | A | 6000000 | 5665390 |
|  |  |  | **13322793** |
| **Hawaii (0.1%)** | **Hawaii (0.1%)** | **Hawaii (0.1%)** | **Hawaii (0.1%)** |
| HI State Harbor Syst. Rev. Bonds, Ser. A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/36 | Aa3 | 375000 | 375709 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/31 | Aa3 | 250000 | 258416 |
|  |  |  | **634125** |
| **Illinois (5.7%)** | **Illinois (5.7%)** | **Illinois (5.7%)** | **Illinois (5.7%)** |
| Chicago, G.O. Bonds, Ser. A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/30 | BBB+ | 3950000 | 4168162 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/36 | BBB+ | 3850000 | 3571646 |
| Chicago, Board of Ed. G.O. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. C, 5.25%, 12/1/39 | BB | 1500000 | 1496577 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 12/1/40 | BB | 1800000 | 1763139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 12/1/35 | BB | 1910000 | 1925579 |
| Chicago, Hsg. Auth. Rev. Bonds, Ser. A, 5.00%, 1/1/31 | AA- | 4540000 | 4905661 |
| Chicago, O'Hare Intl. Arpt. Rev. Bonds, Ser. A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AGM, 5.50%, 1/1/53 | AA | 3700000 | 3884180 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/38 | A+ | 200000 | 207336 |
| Chicago, Waste Wtr. Transmission Rev. Bonds, 5.00%, 1/1/44 | A | 3000000 | 3002069 |
| Chicago, Wtr. Wks Rev. Bonds, AGM, 5.00%, 11/1/25 | AA | 1420000 | 1450810 |
| IL State G.O. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. B, 5.00%, 10/1/32 | Baa1 | 2000000 | 2028738 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 12/1/31 | Baa1 | 2870000 | 2916027 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. D, 5.00%, 11/1/27 | Baa1 | 2800000 | 2895516 |
| IL State Fin. Auth. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Lawndale Edl & Regl. Network Charter School Oblig. Group), 4.00%, 11/1/56 | BBB | 750000 | 603907 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Lawndale Edl & Regl. Network Charter School Oblig. Group), 4.00%, 11/1/51 | BBB | 750000 | 622381 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Lawndale Edl & Regl. Network Charter School Oblig. Group), 4.00%, 11/1/41 | BBB | 725000 | 646836 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Riverside Hlth. Syst. Oblig. Group), 4.00%, 11/15/31 | A+ | 500000 | 509600 |
| IL State Fin. Auth. Student Hsg. & Academic Fac. Rev. Bonds, (U. of IL Chicago), 5.00%, 2/15/50 | Baa3 | 500000 | 441300 |
|  |  |  | **37039464** |
| **Indiana (1.2%)** | **Indiana (1.2%)** | **Indiana (1.2%)** | **Indiana (1.2%)** |
| IN State Fin. Auth. Waste Wtr. Util. Rev. Bonds, (CWA Authority, Inc.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/37 | AA | 1200000 | 1358944 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/36 | AA | 1100000 | 1255234 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/33 | AA | 1000000 | 1174541 |
| Indianapolis, Local Pub. Impt. Bond Bk. Rev. Bonds, Ser. A, 5.25%, 2/1/54 | Aa1 | 3500000 | 3694319 |
|  |  |  | **7483038** |
| **Iowa (0.4%)** | **Iowa (0.4%)** | **Iowa (0.4%)** | **Iowa (0.4%)** |
| IA State Fin. Auth. Rev. Bonds, (Lifespace Cmnty., Inc. Oblig. Group), Ser. A, 4.00%, 5/15/46 | BBB/F | 3850000 | 2719196 |
|  |  |  | **2719196** |
| **Kentucky (4.6%)** | **Kentucky (4.6%)** | **Kentucky (4.6%)** | **Kentucky (4.6%)** |
| KY Pub. Trans. Infrastructure Auth. Rev. Bonds, (1st Tier Downtown Crossing), Ser. A, 6.00%, 7/1/53 (Prerefunded 7/1/23) | Baa2 | 1400000 | 1416473 |
| KY State Property & Bldg. Comm. Rev. Bonds, (No. 127), Ser. A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 6/1/38 | A1 | 3290000 | 3659050 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 6/1/37 | A1 | 3000000 | 3361114 |
| KY State Pub. Energy Auth. Gas Supply |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mandatory Put Bonds (6/1/26), Ser. A, 4.00%, 12/1/50 | A2 | 5000000 | 4951050 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mandatory Put Bonds (6/1/25), Ser. C-1, 4.00%, 12/1/49 | A1 | 9750000 | 9662205 |
| KY State Tpk. Auth. Econ. Dev. Rev. Bonds, (Revitalization Projects), Ser. A-22, 5.00%, 7/1/32 | Aa3 | 3400000 | 3920739 |
| Louisville & Jefferson Cnty., Metro. Govt. Hlth. Syst. Rev. Bonds, (Norton Healthcare, Inc.), Ser. A, 5.00%, 10/1/30 | A | 1135000 | 1189776 |
| Louisville, Regl. Arpt. Auth. Syst. Rev. Bonds, Ser. A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/31 | A+ | 415000 | 422220 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/30 | A+ | 1000000 | 1017725 |
|  |  |  | **29600352** |
| **Louisiana (0.6%)** | **Louisiana (0.6%)** | **Louisiana (0.6%)** | **Louisiana (0.6%)** |
| St. John The Baptist Parish Mandatory Put Bonds (7/1/26), (Marathon Oil Corp.), Ser. A-3, 2.20%, 6/1/37 | Baa3 | 4000000 | 3685045 |
|  |  |  | **3685045** |
| **Maryland (0.3%)** | **Maryland (0.3%)** | **Maryland (0.3%)** | **Maryland (0.3%)** |
| Gaithersburg, Econ. Dev. Rev. Bonds, (Asbury, Oblig. Group), Ser. A, 5.00%, 1/1/36 | BBB/F | 750000 | 747869 |
| MD State Hlth. & Higher Ed. Fac. Auth. Rev. Bonds, (Adventist Hlth. Care Oblig. Group) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/30 | Baa3 | 285000 | 302342 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/29 | Baa3 | 290000 | 306328 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/28 | Baa3 | 300000 | 315217 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/27 | Baa3 | 430000 | 448684 |
|  |  |  | **2120440** |
| **Massachusetts (3.3%)** | **Massachusetts (3.3%)** | **Massachusetts (3.3%)** | **Massachusetts (3.3%)** |
| MA State Hlth. & Edl. Fac. Auth. VRDN (MA Inst. of Tech.), 3.55%, 7/1/31 | VMIG 1 | 3500000 | 3500000 |
| MA State Hsg. Fin. Agcy. Rev. Bonds, Ser. A, 5.10%, 12/1/30 | AA+ | 725000 | 730196 |
| MA State Port Auth. Rev. Bonds, Ser. E |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/51 | Aa2 | 10000000 | 10252035 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/46 | Aa2 | 2000000 | 2062831 |
| MA State Wtr. Resource Auth. VRDN, Ser. A-3, 3.12%, 8/1/37 | VMIG 1 | 5215000 | 5215000 |
|  |  |  | **21760062** |
| **Michigan (6.4%)** | **Michigan (6.4%)** | **Michigan (6.4%)** | **Michigan (6.4%)** |
| Belding Area School G.O. Bonds, Ser. A, Q-SBLF, 5.00%, 5/1/40 | AA | 300000 | 318331 |
| Chippewa, Valley School G.O. Bonds, Ser. A, Q-SBLF, 5.00%, 5/1/34 | Aa1 | 250000 | 261004 |
| Detroit, G.O. Bonds, AMBAC, 5.25%, 4/1/24 | A-/P | 77500 | 76646 |
| Detroit, Downtown Dev. Auth. Tax Alloc. Bonds, Ser. A, AGM, 5.00%, 7/1/38 | AA | 1000000 | 1011795 |
| Genesee Cnty., Wtr. Supply Syst. G.O. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BAM, 5.25%, 2/1/40 | AA | 200000 | 208954 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Wtr. Supply Syst.), Ser. B, BAM, 5.00%, 2/1/33 | AA | 250000 | 264950 |
| Grand Rapids, Wtr. Supply Syst. Rev. Bonds, 5.00%, 1/1/41 | Aa2 | 400000 | 415055 |
| Grand Valley, State U. Rev. Bonds, (MI State U.), Ser. A, U.S. Govt. Coll., 5.00%, 12/1/32 | A1 | 250000 | 264393 |
| Great Lakes, Wtr. Auth. Swr. Rev. Bonds, (Brazos Presbyterian Homes, Inc.), Ser. C, 5.00%, 7/1/36 | A+ | 7780000 | 8140745 |
| Karegnondi, Wtr. Auth. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Wtr. Supply Syst.), Ser. A, 5.25%, 11/1/31 | A1 | 250000 | 251955 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/36 | A | 1285000 | 1361611 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/34 | A | 1600000 | 1710146 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/31 | A | 1100000 | 1185673 |
| Kentwood, Econ. Dev. Corp. Rev. Bonds, (Holland Home Oblig. Group) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/43 | BBB-/F | 1820000 | 1466094 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/31 | BBB-/F | 495000 | 458203 |
| Kentwood, Pub. School G.O. Bonds, (School Bldg. & Site), 5.00%, 5/1/41 | AA- | 250000 | 265357 |
| Lansing, School Dist. G.O. Bonds, (School Bldg. & Site), Ser. I, Q-SBLF, 5.00%, 5/1/41 | AA | 225000 | 238822 |
| Lincoln, Cons. School Dist. G.O. Bonds, Ser. A, AGM, Q-SBLF, 5.00%, 5/1/40 | AA | 200000 | 211506 |
| Livonia, Pub. School Dist. G.O. Bonds, AGM, 5.00%, 5/1/45 | AA | 200000 | 211701 |
| MI State Fin. Auth. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. H-1, 5.00%, 10/1/39 (Prerefunded 10/1/24) | AA- | 5250000 | 5344749 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Local Govt. Loan Program - Detroit Wtr. & Swr. Dept. (DWSD)), Ser. D-2, 5.00%, 7/1/34 | A+ | 400000 | 412013 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Detroit Wtr. & Swr.), Ser. C-6, 5.00%, 7/1/33 | AA- | 270000 | 276326 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. H-1, 5.00%, 10/1/30 | AA- | 500000 | 511906 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Wayne Cnty.), BAM, 4.00%, 11/1/55 | AA | 4000000 | 3704726 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Trinity Health Corp. Oblig. Group), Ser. A, 4.00%, 12/1/49***<sup>(T)</sup>*** | AA- | 4100000 | 3700861 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Tobacco Settlement), Ser. A-1, 2.326%, 6/1/30 | A | 1742250 | 1574491 |
| MI State Fin. Auth. Ltd. Oblig. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Lawrence Technological U.), 5.25%, 2/1/32 | BBB- | 1855000 | 1886728 |
| &nbsp;&nbsp;&nbsp;&nbsp;(College for Creative Studies), 5.00%, 12/1/45 | BBB+ | 250000 | 248662 |
| MI State Hsg. Dev. Auth. Rev. Bonds, (Rental Hsg.), Ser. A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 10/1/39 | AA | 225000 | 225444 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.45%, 10/1/34 | AA | 100000 | 100282 |
| Oakland U. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/39 | A1 | 2000000 | 2028632 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 3/1/33 (Prerefunded 3/1/23) | A1 | 500000 | 501054 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/32 | A1 | 130000 | 132187 |
| Pontiac City, G.O. Bonds, (Pontiac School Dist.), Q-SBLF, 4.00%, 5/1/38 | Aa1 | 2000000 | 2044682 |
| Rochester, Cmnty. School Dist. G.O. Bonds, Ser. I, 5.00%, 5/1/36 | AA | 250000 | 262527 |
| Warren, Cons. School Dist. G.O. Bonds, Ser. A, Q-SBLF, 5.00%, 5/1/35 | AA | 350000 | 367763 |
|  |  |  | **41645974** |
| **Minnesota (0.7%)** | **Minnesota (0.7%)** | **Minnesota (0.7%)** | **Minnesota (0.7%)** |
| Duluth, Econ. Dev. Auth. Rev. Bonds, (Benedictine Hlth. Syst. Oblig. Group), Ser. A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/36 | BB/P | 1250000 | 1059200 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/31 | BB/P | 1000000 | 922344 |
| Rice Cnty., G.O. Bonds, Ser. A, 4.00%, 2/1/48 | AAA | 2700000 | 2690478 |
|  |  |  | **4672022** |
| **Mississippi (0.5%)** | **Mississippi (0.5%)** | **Mississippi (0.5%)** | **Mississippi (0.5%)** |
| MS State Bus. Fin. Corp. Rev. Bonds, (System Energy Resources, Inc.), 2.375%, 6/1/44 | A | 3075000 | 2040798 |
| MS State Bus. Fin. Corp. Sol. Waste Disp. Mandatory Put Bonds (6/3/24), (Waste Management, Inc.), 2.20%, 3/1/27 | A- | 1250000 | 1207708 |
|  |  |  | **3248506** |
| **Missouri (2.3%)** | **Missouri (2.3%)** | **Missouri (2.3%)** | **Missouri (2.3%)** |
| Kansas City, Indl. Dev. Auth. Arpt. Special Oblig. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Kansas City, Intl. Arpt.), AGM, 5.00%, 3/1/57 | AA | 6325000 | 6398847 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/46 | A2 | 3800000 | 3852041 |
| &nbsp;&nbsp;&nbsp;&nbsp;AGM, 4.00%, 3/1/57 | AA | 1700000 | 1419390 |
| St. Louis, Muni. Fin. Corp. Rev. Bonds, AGM |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/49 | AA | 2250000 | 2303975 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/40 | AA | 1000000 | 1049268 |
|  |  |  | **15023521** |
| **Montana (1.3%)** | **Montana (1.3%)** | **Montana (1.3%)** | **Montana (1.3%)** |
| MT State Board of Regents Higher Ed. Mandatory Put Bonds (11/15/23), U. of MT, AGM, 5.25%, 11/15/52***<sup>(T)</sup>*** | AA | 7360000 | 8151363 |
| MT State Fac. Fin. Auth. Rev. Bonds, (SCL Hlth. Syst.), Ser. A, 4.00%, 1/1/37 | Aa1 | 600000 | 607255 |
|  |  |  | **8758618** |
| **Nebraska (0.6%)** | **Nebraska (0.6%)** | **Nebraska (0.6%)** | **Nebraska (0.6%)** |
| Omaha, Pub. Pwr. Dist. Rev. Bonds, Ser. A, 5.25%, 2/1/52 | Aa2 | 3500000 | 3868184 |
|  |  |  | **3868184** |
| **Nevada (0.3%)** | **Nevada (0.3%)** | **Nevada (0.3%)** | **Nevada (0.3%)** |
| Sparks, Tourism Impt. Dist. No. 1 144A Rev. Bonds, Ser. A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.75%, 6/15/28 | Ba1 | 1800000 | 1608920 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 6/15/24 | Ba1 | 225000 | 218301 |
|  |  |  | **1827221** |
| **New Hampshire (1.3%)** | **New Hampshire (1.3%)** | **New Hampshire (1.3%)** | **New Hampshire (1.3%)** |
| National Fin. Auth. Hosp. Rev. Bonds, (St. Luke's Hosp. Oblig. Group) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/15/41 | A3 | 1000000 | 931448 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/15/39 | A3 | 1100000 | 1041498 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/15/38 | A3 | 1000000 | 964001 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/15/36 | A3 | 600000 | 597193 |
| NH State Hlth. & Ed. Fac. Auth. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Kendel at Hanover), 5.00%, 10/1/46 | BBB+/F | 625000 | 614351 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Southern NH Med. Ctr.), 5.00%, 10/1/37 | A- | 4500000 | 4574618 |
|  |  |  | **8723109** |
| **New Jersey (4.1%)** | **New Jersey (4.1%)** | **New Jersey (4.1%)** | **New Jersey (4.1%)** |
| NJ State Econ. Dev. Auth. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Portal North Bridge), 5.25%, 11/1/42 | A3 | 7085000 | 7531186 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Provident Group-Montclair State U. Student Hsg. & Properties), 5.00%, 6/1/37 | AA | 1250000 | 1291778 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. B, 5.00%, 11/1/26 | A3 | 5400000 | 5750085 |
| NJ State Econ. Dev. Auth. Special Fac. Rev. Bonds, (Port Newark Container Term., LLC), 5.00%, 10/1/37 | Baa2 | 3000000 | 3016111 |
| NJ State Trans. Trust Fund Auth. Rev. Bonds, Ser. AA, 5.00%, 6/15/35 | A3 | 3000000 | 3246677 |
| South Jersey, Trans. Auth. Syst. Rev. Bonds, Ser. A, BAM, 5.25%, 11/1/52 | AA | 1500000 | 1569723 |
| Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. A, 5.00%, 6/1/36 | A- | 4000000 | 4113703 |
|  |  |  | **26519263** |
| **New Mexico (0.6%)** | **New Mexico (0.6%)** | **New Mexico (0.6%)** | **New Mexico (0.6%)** |
| Farmington, Poll. Control Rev. Bonds, (Pub. Service Co. of NM), Ser. B, 2.15%, 4/1/33 | Baa2 | 2000000 | 1632035 |
| Sante Fe, Retirement Fac. Rev. Bonds, (El Castillo Retirement Res.), 5.00%, 5/15/32 | BB+/F | 2155000 | 2063133 |
|  |  |  | **3695168** |
| **New York (8.3%)** | **New York (8.3%)** | **New York (8.3%)** | **New York (8.3%)** |
| Brookhaven, Local Dev. Corp. Rev. Bonds, (Brookhaven Memorial Hosp. Med. Ctr., Inc. Oblig. Group), 4.50%, 10/1/25 | A- | 1740000 | 1710650 |
| NY City, VRDN |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. I-2, 3.25%, 3/1/40 | VMIG 1 | 4000000 | 4000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. I-8, 3.25%, 4/1/36 | VMIG 1 | 3655000 | 3655000 |
| NY City, Transitional Fin. Auth. Rev. Bonds, Ser. F-1 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/1/51 | AAA | 8950000 | 9556774 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/1/41 | AAA | 1855000 | 2018272 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/1/40 | AAA | 1000000 | 1093311 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/1/39 | AAA | 1000000 | 1098919 |
| NY State Hsg. Fin. Agcy. VRDN (8 East 102nd St., LLC), Ser. A, 3.18%, 5/1/44 | VMIG 1 | 5500000 | 5500000 |
| NY State Liberty Dev. Corp. Rev. Bonds, Ser. A, BAM, 3.00%, 11/15/51 | AA | 3500000 | 2536638 |
| NY State Thruway Auth. Personal Income Tax Rev. Bonds, Ser. C, 5.00%, 3/15/54***<sup>(T)</sup>*** | AA+ | 7200000 | 7622572 |
| NY State Trans. Dev. Corp. Exempt Fac. Rev. Bonds, (Empire State Thruway Partners, LLC) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/30/53 | BBB-/F | 3000000 | 2443979 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/31/46 | BBB-/F | 2000000 | 1688748 |
| NY State Trans. Special Fac. Dev. Corp. Rev. Bonds, (Laguardia Arpt. Term. B Redev. Program), Ser. A, 5.00%, 7/1/46 | Baa2 | 2000000 | 1917376 |
| NY State Urban Dev. Corp. Rev. Bonds, 5.00%, 3/15/47 | Aa1 | 5000000 | 5296164 |
| Port Auth. of NY & NJ Rev. Bonds, Ser. 207 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/15/32 | Aa3 | 3525000 | 3773060 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/15/31 | Aa3 | 300000 | 321977 |
|  |  |  | **54233440** |
| **North Carolina (0.5%)** | **North Carolina (0.5%)** | **North Carolina (0.5%)** | **North Carolina (0.5%)** |
| NC State Med. Care Comm. Hlth. Care Fac. Rev. Bonds, (Lutheran Svcs. for the Aging, Inc. Oblig. Group) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/1/51 | BB/P | 2000000 | 1409170 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/1/41 | BB/P | 1050000 | 821530 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/1/36 | BB/P | 900000 | 749334 |
|  |  |  | **2980034** |
| **North Dakota (0.2%)** | **North Dakota (0.2%)** | **North Dakota (0.2%)** | **North Dakota (0.2%)** |
| Grand Forks, Hlth. Care Syst. Rev. Bonds, (Altru Hlth. Syst. Oblig. Group), AGM, 3.00%, 12/1/46 | AA | 2000000 | 1479769 |
|  |  |  | **1479769** |
| **Ohio (2.7%)** | **Ohio (2.7%)** | **Ohio (2.7%)** | **Ohio (2.7%)** |
| Akron, Income Tax Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/41 | AA- | 750000 | 742867 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/38 | AA- | 770000 | 776384 |
| Cleveland-Cuyahoga Cnty., Port Auth. Cultural Fac. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Playhouse Square Foundation), 5.50%, 12/1/53 | BB+ | 2500000 | 2514877 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cleveland Museum of Natural History (The)), 5.00%, 7/1/36 | A3 | 300000 | 332450 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cleveland Museum of Natural History (The)), 5.00%, 7/1/35 | A3 | 200000 | 223070 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cleveland Museum of Natural History (The)), 5.00%, 7/1/34 | A3 | 300000 | 337281 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cleveland Museum of Natural History (The)), 4.00%, 7/1/46 | A3 | 950000 | 841180 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cleveland Museum of Natural History (The)), 4.00%, 7/1/41 | A3 | 230000 | 222794 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cleveland Museum of Natural History (The)), 4.00%, 7/1/40 | A3 | 250000 | 244789 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cleveland Museum of Natural History (The)), 4.00%, 7/1/39 | A3 | 200000 | 198639 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cleveland Museum of Natural History (The)), 4.00%, 7/1/38 | A3 | 250000 | 251250 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cleveland Museum of Natural History (The)), 4.00%, 7/1/37 | A3 | 200000 | 201968 |
| Confluence Cmnty. Auth. Rev. Bonds, (Stadium & Sports) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/1/39 | AA+ | 750000 | 752629 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/1/34 | AA+ | 1280000 | 1324086 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/1/33 | AA+ | 560000 | 581706 |
| Hamilton Cnty., Hlth. Care Rev. Bonds, (Life Enriching Cmntys.), 5.00%, 1/1/32 | BBB-/F | 920000 | 910814 |
| Montgomery Cnty., Hosp. VRDN (Premier Hlth. Partners Oblig. Group), 3.15%, 11/15/45 | VMIG 1 | 2000000 | 2000000 |
| OH State Higher Edl. Fac. Comm. Rev. Bonds, (Kenyon College), 5.00%, 7/1/37***<sup>(FWC)</sup>*** | A2 | 1725000 | 1829721 |
| OH State Hosp. Rev. Bonds, (Premier Hlth. Partners Oblig. Group), 4.00%, 11/15/41 | Baa1 | 455000 | 409528 |
| OH State Hosp. Fac. Rev. Bonds, (Cleveland Clinic Hlth. Syst.), Ser. A, U.S. Govt. Coll., 4.00%, 1/1/43 (Prerefunded 1/1/28) | AAA/P | 15000 | 15867 |
| OH State Private Activity Rev. Bonds, (Portsmouth Bypass), AGM, 5.00%, 12/31/35 | AA | 1750000 | 1784139 |
| Scioto Cnty., Hosp. Rev. Bonds, (Southern OH Med. Ctr.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/15/34 | A3 | 645000 | 658268 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/15/33 | A3 | 355000 | 362943 |
| Southeastern OH Port Auth. Hosp. Fac. Rev. Bonds, (Memorial Hlth. Syst. Oblig. Group), 5.50%, 12/1/43 | B+/F | 145000 | 145309 |
|  |  |  | **17662559** |
| **Pennsylvania (4.3%)** | **Pennsylvania (4.3%)** | **Pennsylvania (4.3%)** | **Pennsylvania (4.3%)** |
| Allegheny Cnty., Arpt. Auth. Rev. Bonds, Ser. A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/56 | AA | 1175000 | 1183132 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/51 | AA | 1800000 | 1819191 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/56 | AA | 3500000 | 2940080 |
| Centre Ctny., Hosp. Auth. Rev. Bonds, (Mount Nittany Med. Ctr.), Ser. A, 5.00%, 11/15/41 (Prerefunded 11/15/25) | A+ | 500000 | 531585 |
| Chester Cnty., Indl. Dev. Auth. Rev. Bonds, (University Student Hsg, LLC), 5.00%, 8/1/30 | Ba2 | 960000 | 960231 |
| Indiana Cnty., Indl. Dev. Auth. Rev. Bonds, (Foundation for Indiana U. of Pennsylvania (The)), BAM |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/1/47 | AA | 3000000 | 3121340 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/1/54 | AA | 1000000 | 915737 |
| PA State Econ. Dev. Fin. Auth. Rev. Bonds, (PennDOT Major Bridges), AGM, 5.75%, 12/31/62 | AA | 2250000 | 2359763 |
| PA State Tpk. Comm. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. 2nd, 5.00%, 12/1/36 | A3 | 2000000 | 2094022 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.90%, 12/1/44 | A1 | 5000000 | 5114380 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 4.00%, 12/1/49 | A3 | 2160000 | 1939343 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. B, 3.00%, 12/1/51 | A+ | 2000000 | 1428048 |
| Philadelphia, Auth. for Indl. Dev. Rev. Bonds, (Independence Charter School-West) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/39 | BB/P | 500000 | 468522 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/15/29 | BB/P | 350000 | 329614 |
| Philadelphia, Gas Wks. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/32 | A | 1000000 | 1037092 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/31 | A | 1000000 | 1039595 |
| Pittsburgh, School Dist. G.O. Bonds, 3.00%, 9/1/38 | Aa3 | 1000000 | 861077 |
|  |  |  | **28142752** |
| **Puerto Rico (0.4%)** | **Puerto Rico (0.4%)** | **Puerto Rico (0.4%)** | **Puerto Rico (0.4%)** |
| Cmnwlth. of PR, Sales Tax Fin. Corp. Rev. Bonds, Ser. A-1, 5.00%, 7/1/58 | BB-/P | 2900000 | 2640247 |
|  |  |  | **2640247** |
| **Rhode Island (0.5%)** | **Rhode Island (0.5%)** | **Rhode Island (0.5%)** | **Rhode Island (0.5%)** |
| Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. B, 5.00%, 6/1/50 | BBB-/P | 3250000 | 3217303 |
|  |  |  | **3217303** |
| **South Carolina (1.1%)** | **South Carolina (1.1%)** | **South Carolina (1.1%)** | **South Carolina (1.1%)** |
| Lexington Cnty., Hlth. Svcs. Dist. Rev. Bonds, (LexMed Oblig. Group) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/1/32 | A1 | 750000 | 763123 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/1/31 | A1 | 750000 | 767752 |
| Myrtle Beach, Tax Alloc. Bonds, (Myrtle Beach Air Force Base Redev.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/29 | A2 | 1000000 | 1069808 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/28 | A2 | 425000 | 454775 |
| SC State Pub. Svcs. Auth. Rev. Bonds, Ser. A, 5.00%, 12/1/36 | A3 | 4000000 | 4094548 |
|  |  |  | **7150006** |
| **South Dakota (0.2%)** | **South Dakota (0.2%)** | **South Dakota (0.2%)** | **South Dakota (0.2%)** |
| Lincoln Cnty., Econ. Dev. Rev. Bonds, (Augustana College Assn. (The)) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/1/56 | BBB- | 1000000 | 759684 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/1/41 | BBB- | 500000 | 424724 |
|  |  |  | **1184408** |
| **Tennessee (0.7%)** | **Tennessee (0.7%)** | **Tennessee (0.7%)** | **Tennessee (0.7%)** |
| Chattanooga, Hlth. Edl. & Hsg. Fac. Rev. Bonds, (CommonSpirit Health Oblig. Group) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A-1, 4.00%, 8/1/37***<sup>(T)</sup>*** | A- | 425000 | 396349 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A-1, 4.00%, 8/1/38***<sup>(T)</sup>*** | A- | 425000 | 391549 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A-2, 5.00%, 8/1/44***<sup>(T)</sup>*** | A- | 425000 | 425989 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A-1, 4.00%, 8/1/44***<sup>(T)</sup>*** | A- | 875000 | 755344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A-2, 5.00%, 8/1/49***<sup>(T)</sup>*** | A- | 775000 | 757505 |
| Memphis-Shelby Cnty., Arpt. Auth. Rev. Bonds, Ser. A, 5.00%, 7/1/45 | A2 | 2000000 | 2047327 |
|  |  |  | **4774063** |
| **Texas (6.2%)** | **Texas (6.2%)** | **Texas (6.2%)** | **Texas (6.2%)** |
| Arlington, Higher Ed. Fin. Corp. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Riverwalk Education Foundation, Inc.), PSFG, 4.00%, 8/15/44 | AAA | 4600000 | 4378907 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Uplift Ed.), Ser. A, PSFG, 4.00%, 12/1/31 | AAA | 365000 | 375195 |
| Clifton, Higher Ed. Fin. Corp. Rev. Bonds, (IDEA Pub. Schools) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. B, PSFG, 5.00%, 8/15/27 | A- | 375000 | 394966 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. T, PSFG, 4.00%, 8/15/47 | AAA | 1410000 | 1312591 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. T, PSFG, 4.00%, 8/15/40 | AAA | 1500000 | 1458923 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. T, PSFG, 4.00%, 8/15/39 | AAA | 1500000 | 1470305 |
| Clifton, Higher Ed. Fin. Corp. Ed. Rev. Bonds, (IDEA Pub. Schools), PSFG, 5.00%, 8/15/33 | AAA | 1000000 | 1047385 |
| Harris Cnty., Cultural Ed. Fac. Fin. Corp. Rev. Bonds, (YMCA of the Greater Houston Area), Ser. A, 5.00%, 6/1/28 | Ba1 | 1300000 | 1266919 |
| Houston, Util. Syst. Rev. Bonds, Ser. D, 5.00%, 11/15/39 | Aa2 | 2285000 | 2350666 |
| Irving, Hotel Occupancy Tax Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/39 | BBB+ | 600000 | 612972 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/36 | BBB+ | 430000 | 445778 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/34 | BBB+ | 300000 | 315246 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/33 | BBB+ | 240000 | 252812 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/31 | BBB+ | 100000 | 105972 |
| Lake Houston Redev. Auth. Rev. Bonds, (City of Houston, Reinvestment Zone No. 10) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 9/1/47 | BBB- | 600000 | 414214 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 9/1/44 | BBB- | 500000 | 359726 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 9/1/40 | BBB- | 225000 | 170294 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 9/1/39 | BBB- | 250000 | 193292 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 9/1/38 | BBB- | 200000 | 157301 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 9/1/37 | BBB- | 220000 | 176415 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 9/1/34 | BBB- | 150000 | 128539 |
| Lower CO River Auth. Transmission Svcs. Contract Corp. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 6.00%, 5/15/52 | A | 3250000 | 3735730 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/40 | A | 750000 | 764928 |
| Matagorda Cnty., Poll. Control Rev. Bonds, (Dist. No. 1), Ser. A, AMBAC, 4.40%, 5/1/30 | A- | 2250000 | 2314371 |
| New Hope, Cultural Ed. Fac. Fin. Corp. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Wesleyan Homes, Inc.), 5.50%, 1/1/43 | BB-/P | 750000 | 642592 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Westminster Manor), 4.00%, 11/1/55 | BBB/F | 1250000 | 914176 |
| &nbsp;&nbsp;&nbsp;&nbsp;(TX Woman's U. CHF-Collegiate Hsg. Dining), Ser. B-1, AGM, 4.00%, 7/1/48 | AA | 1705000 | 1474811 |
| North TX, Tollway Auth. Rev. Bonds, (1st Tier), Ser. I, 6.50%, 1/1/43 (Prerefunded 1/1/25) | AA- | 9700000 | 10384083 |
| SA Energy Acquisition Pub. Fac. Corp. Rev. Bonds, (Gas Supply), 5.50%, 8/1/25 | A2 | 250000 | 258769 |
| Tarrant Cnty., Cultural Ed. Fac. Fin. Corp. Retirement Fac. Rev. Bonds, (Buckner Retirement Svcs., Inc.), 5.00%, 11/15/37 | A/F | 2750000 | 2821231 |
|  |  |  | **40699109** |
| **Utah (1.2%)** | **Utah (1.2%)** | **Utah (1.2%)** | **Utah (1.2%)** |
| UT Infrastructure Agcy. Rev. Bonds, Ser. A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/15/41 | BBB-/F | 500000 | 424749 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/15/38 | BBB-/F | 500000 | 437428 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/15/36 | BBB-/F | 300000 | 269610 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/15/34 | BBB-/F | 800000 | 742650 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/15/32 | BBB-/F | 500000 | 474696 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/15/45 | BBB-/F | 1000000 | 660872 |
| UT State Bldg. Ownership Auth. Lease Rev. Bonds, (Master Lease), 5.00%, 5/15/41 | Aa1 | 2960000 | 3256733 |
| UT State Charter School Fin. Auth. Rev. Bonds, (UT Charter Academies, Inc.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/15/38 | AA | 720000 | 743754 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/15/33 | AA | 420000 | 441832 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/15/31 | AA | 530000 | 561802 |
|  |  |  | **8014126** |
| **Virginia (3.0%)** | **Virginia (3.0%)** | **Virginia (3.0%)** | **Virginia (3.0%)** |
| Fairfax Cnty., Econ. Dev. Auth. Res. Care Fac. Rev. Bonds, (Goodwin House, Inc.), Ser. A, 5.00%, 10/1/42 (Prerefunded 10/1/24) | AAA/P | 625000 | 657411 |
| Federal Home Loan Mortgage Corporation Rev. Bonds, Ser. M-053, Class A, 2.55%, 6/15/35 | AA+ | 7085000 | 5722125 |
| Henrico Cnty., Indl. Dev. Auth. Rev. Bonds, AGM, 5.929%, 8/23/27 (Escrowed to maturity) | A1 | 8000000 | 8644146 |
| Loudoun Cnty., Econ. Dev. Auth. Rev. Bonds, (Howard Hughes Med. Inst.), Ser. A, 4.00%, 10/1/52 | Aaa | 5000000 | 4786364 |
|  |  |  | **19810046** |
| **Washington (1.9%)** | **Washington (1.9%)** | **Washington (1.9%)** | **Washington (1.9%)** |
| Port of Seattle Rev. Bonds, Ser. B |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/47 | AA- | 1000000 | 1029557 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/41 | AA- | 2000000 | 2089433 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/38 | AA- | 5500000 | 5835304 |
| WA State Hsg. Fin. Comm. Rev. Bonds, (Social Certif.), Ser. A-1, 3.50%, 12/20/35 | BBB+ | 4001540 | 3528122 |
|  |  |  | **12482416** |
| **Wisconsin (3.2%)** | **Wisconsin (3.2%)** | **Wisconsin (3.2%)** | **Wisconsin (3.2%)** |
| Pub. Fin. Auth. Rev. Bonds, (Roseman U. of Hlth. Sciences), 4.00%, 4/1/42 | BB | 850000 | 678999 |
| Pub. Fin. Auth. Arpt. Fac. Rev. Bonds, (Sr. Oblig. Group), 5.25%, 7/1/28 | BBB+ | 1000000 | 1000287 |
| Pub. Fin. Auth. Conference Ctr. & Hotel Rev. Bonds, (U. of NC Charlotte Foundation), Ser. A, 4.00%, 9/1/56 | BB+/P | 2000000 | 1471124 |
| WI Pub. Fin. Auth. Hotel Rev. Bonds, (Grand Hyatt), 5.00%, 2/1/62 | BBB- | 2000000 | 1814987 |
| WI State Hlth. & Edl. Fac. Auth. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Hmong American Peace Academy, Ltd.), 5.00%, 3/15/50 | BBB | 1375000 | 1346682 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Froedtert Health, Inc.), Ser. A, 4.00%, 4/1/41 | AA | 6450000 | 6229204 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Froedtert Health, Inc.), Ser. A, 4.00%, 4/1/36 | AA | 7825000 | 7832850 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Hmong American Peace Academy, Ltd.), 4.00%, 3/15/30 | BBB | 400000 | 393470 |
|  |  |  | **20767603** |
| **Total municipal bonds and notes (cost $697,800,473)** | **Total municipal bonds and notes (cost $697,800,473)** | **Total municipal bonds and notes (cost $697,800,473)** | **$659657052** |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **SHORT-TERM INVESTMENTS (0.8%)***<sup>(a)</sup>*** | **SHORT-TERM INVESTMENTS (0.8%)***<sup>(a)</sup>*** | **SHORT-TERM INVESTMENTS (0.8%)***<sup>(a)</sup>*** | **SHORT-TERM INVESTMENTS (0.8%)***<sup>(a)</sup>*** |
| | | **Principal amount/shares** | **Value** |
| Putnam Short Term Investment Fund Class P 4.53%***<sup>(AFF)</sup>*** | Shares | 3719780 | $3719780 |
| U.S. Treasury Bills 4.004%, 1/10/23***<sup>(SEG)</sup>*** |  | $431000 | 430697 |
| U.S. Treasury Bills 3.652%, 1/12/23***<sup>(SEG)</sup>*** |  | 500000 | 499566 |
| U.S. Treasury Bills 3.686%, 1/24/23***<sup>(SEG)</sup>*** |  | 500000 | 498880 |
| **Total short-term investments (cost $5,148,654)** |  |  | **$5148923** |
| **TOTAL INVESTMENTS** | **TOTAL INVESTMENTS** | **TOTAL INVESTMENTS** | **TOTAL INVESTMENTS** |
| **Total investments (cost $702,949,127)** |  |  | **$664805975** |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS OUTSTANDING at 12/31/22 (Unaudited)** | **FUTURES CONTRACTS OUTSTANDING at 12/31/22 (Unaudited)** | **FUTURES CONTRACTS OUTSTANDING at 12/31/22 (Unaudited)** | **FUTURES CONTRACTS OUTSTANDING at 12/31/22 (Unaudited)** | **FUTURES CONTRACTS OUTSTANDING at 12/31/22 (Unaudited)** | **FUTURES CONTRACTS OUTSTANDING at 12/31/22 (Unaudited)** |
| | **Number of contracts** | **Notional<br>amount** | **Value** | &nbsp;&nbsp;&nbsp;**Expiration date** | **Unrealized<br>appreciation** |
| U.S. Treasury Bond Ultra 30 yr (Short) | 57 | $7655813 | $7655813 | &nbsp;&nbsp;&nbsp;Mar-23 | $56137 |
| U.S. Treasury Note Ultra 10 yr (Short) | 268 | 31699375 | 31699375 | &nbsp;&nbsp;&nbsp;Mar-23 | 223483 |
| **Unrealized appreciation** |  |  |  |  | **279620** |
| **Unrealized (depreciation)** |  |  |  |  | **—** |
| **Total** |  |  |  |  | **$279620** |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Notes to the fund's portfolio** | **Notes to the fund's portfolio** | **Notes to the fund's portfolio** |
|  | Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from October 1, 2022 through December 31, 2022 (the reporting period). Within the following notes to the portfolio, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC, references to "ASC 820" represent Accounting Standards Codification 820 *Fair Value Measurements and Disclosures* and references to "OTC", if any, represent over-the-counter. | Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from October 1, 2022 through December 31, 2022 (the reporting period). Within the following notes to the portfolio, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC, references to "ASC 820" represent Accounting Standards Codification 820 *Fair Value Measurements and Disclosures* and references to "OTC", if any, represent over-the-counter. | Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from October 1, 2022 through December 31, 2022 (the reporting period). Within the following notes to the portfolio, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC, references to "ASC 820" represent Accounting Standards Codification 820 *Fair Value Measurements and Disclosures* and references to "OTC", if any, represent over-the-counter. |
| ***<sup>(a)</sup>*** | Percentages indicated are based on net assets of $652,182,228. | Percentages indicated are based on net assets of $652,182,228. | Percentages indicated are based on net assets of $652,182,228. |
| ***<sup>(RAT)</sup>*** | The Moody's, Standard & Poor's or Fitch ratings indicated are believed to be the most recent ratings available at the close of the reporting period for the securities listed. Ratings are generally ascribed to securities at the time of issuance. While the agencies may from time to time revise such ratings, they undertake no obligation to do so, and the ratings do not necessarily represent what the agencies would ascribe to these securities at the close of the reporting period. Securities rated by Fitch are indicated by "/F." Securities rated by Putnam are indicated by "/P." The Putnam rating categories are comparable to the Standard & Poor's classifications. If a security is insured, it will usually be rated by the ratings organizations based on the financial strength of the insurer. For further details regarding security ratings, please see the Statement of Additional Information. | The Moody's, Standard & Poor's or Fitch ratings indicated are believed to be the most recent ratings available at the close of the reporting period for the securities listed. Ratings are generally ascribed to securities at the time of issuance. While the agencies may from time to time revise such ratings, they undertake no obligation to do so, and the ratings do not necessarily represent what the agencies would ascribe to these securities at the close of the reporting period. Securities rated by Fitch are indicated by "/F." Securities rated by Putnam are indicated by "/P." The Putnam rating categories are comparable to the Standard & Poor's classifications. If a security is insured, it will usually be rated by the ratings organizations based on the financial strength of the insurer. For further details regarding security ratings, please see the Statement of Additional Information. | The Moody's, Standard & Poor's or Fitch ratings indicated are believed to be the most recent ratings available at the close of the reporting period for the securities listed. Ratings are generally ascribed to securities at the time of issuance. While the agencies may from time to time revise such ratings, they undertake no obligation to do so, and the ratings do not necessarily represent what the agencies would ascribe to these securities at the close of the reporting period. Securities rated by Fitch are indicated by "/F." Securities rated by Putnam are indicated by "/P." The Putnam rating categories are comparable to the Standard & Poor's classifications. If a security is insured, it will usually be rated by the ratings organizations based on the financial strength of the insurer. For further details regarding security ratings, please see the Statement of Additional Information. |
| ***<sup>(AFF)</sup>*** | Affiliated company. For investments in Putnam Short Term Investment Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with any company which is under common ownership or control were as follows: | Affiliated company. For investments in Putnam Short Term Investment Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with any company which is under common ownership or control were as follows: | Affiliated company. For investments in Putnam Short Term Investment Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with any company which is under common ownership or control were as follows: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Name of affiliate** | **Fair value<br>as of<br>9/30/22** | **Shares outstanding<br>and fair<br>value as of<br>12/31/22** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Short-term investments** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Putnam Short Term Investment Fund\* | $415186 | $3719780 |
|  | **Total Short-term investments** | **$415186** | **$3719780** |
|  | \* Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management. There were no realized or unrealized gains or losses during the period. | \* Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management. There were no realized or unrealized gains or losses during the period. | \* Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management. There were no realized or unrealized gains or losses during the period. |
| ***<sup>(SEG)</sup>*** | This security, in part or in entirety, was pledged and segregated with the broker to cover margin requirements for futures contracts at the close of the reporting period. Collateral at period end totaled $1,428,676. | This security, in part or in entirety, was pledged and segregated with the broker to cover margin requirements for futures contracts at the close of the reporting period. Collateral at period end totaled $1,428,676. | This security, in part or in entirety, was pledged and segregated with the broker to cover margin requirements for futures contracts at the close of the reporting period. Collateral at period end totaled $1,428,676. |
| ***<sup>(FWC)</sup>*** | Forward commitment, in part or in entirety. | Forward commitment, in part or in entirety. | Forward commitment, in part or in entirety. |
| ***<sup>(T)</sup>*** | Underlying security in a tender option bond transaction. This security has been segregated as collateral for financing transactions. | Underlying security in a tender option bond transaction. This security has been segregated as collateral for financing transactions. | Underlying security in a tender option bond transaction. This security has been segregated as collateral for financing transactions. |
|  | Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity. | Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity. | Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity. |
|  | 144A after the name of an issuer represents securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. | 144A after the name of an issuer represents securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. | 144A after the name of an issuer represents securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
|  | On Mandatory Put Bonds, the rates shown are the current interest rates at the close of the reporting period and the dates shown represent the next mandatory put dates. Rates are set by remarketing agents and may take into consideration market supply and demand, credit quality and the current SIFMA Municipal Swap Index, 1 Month US LIBOR or 3 Month US LIBOR rates, which were 3.66%, 4.39% and 4.77%, respectively, as of the close of the reporting period. | On Mandatory Put Bonds, the rates shown are the current interest rates at the close of the reporting period and the dates shown represent the next mandatory put dates. Rates are set by remarketing agents and may take into consideration market supply and demand, credit quality and the current SIFMA Municipal Swap Index, 1 Month US LIBOR or 3 Month US LIBOR rates, which were 3.66%, 4.39% and 4.77%, respectively, as of the close of the reporting period. | On Mandatory Put Bonds, the rates shown are the current interest rates at the close of the reporting period and the dates shown represent the next mandatory put dates. Rates are set by remarketing agents and may take into consideration market supply and demand, credit quality and the current SIFMA Municipal Swap Index, 1 Month US LIBOR or 3 Month US LIBOR rates, which were 3.66%, 4.39% and 4.77%, respectively, as of the close of the reporting period. |
|  | The dates shown parenthetically on prerefunded bonds represent the next prerefunding dates. | The dates shown parenthetically on prerefunded bonds represent the next prerefunding dates. | The dates shown parenthetically on prerefunded bonds represent the next prerefunding dates. |
|  | The dates shown on debt obligations are the original maturity dates. | The dates shown on debt obligations are the original maturity dates. | The dates shown on debt obligations are the original maturity dates. |
|  | The fund had the following sector concentrations greater than 10% at the close of the reporting period (as a percentage of net assets): | The fund had the following sector concentrations greater than 10% at the close of the reporting period (as a percentage of net assets): | The fund had the following sector concentrations greater than 10% at the close of the reporting period (as a percentage of net assets): |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Transportation | 21.9% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Health care | 15.1 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 11.7 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Education | 11.5 |  |
|  | **Security valuation:** Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund's assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee. | **Security valuation:** Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund's assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee. | **Security valuation:** Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund's assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee. |
|  | Tax-exempt bonds and notes are generally valued on the basis of valuations provided by an independent pricing service approved by the Trustees. Such services use information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities and various relationships between securities in determining value. These securities will generally be categorized as Level 2. | Tax-exempt bonds and notes are generally valued on the basis of valuations provided by an independent pricing service approved by the Trustees. Such services use information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities and various relationships between securities in determining value. These securities will generally be categorized as Level 2. | Tax-exempt bonds and notes are generally valued on the basis of valuations provided by an independent pricing service approved by the Trustees. Such services use information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities and various relationships between securities in determining value. These securities will generally be categorized as Level 2. |
|  | Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares. | Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares. | Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares. |
|  | Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount. | Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount. | Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount. |
|  | **Futures contracts:** The fund used futures contracts for hedging municipal bond term structure risk and for yield curve positioning. | **Futures contracts:** The fund used futures contracts for hedging municipal bond term structure risk and for yield curve positioning. | **Futures contracts:** The fund used futures contracts for hedging municipal bond term structure risk and for yield curve positioning. |
|  | The potential risk to the fund is that the change in value of futures contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market for the contracts, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. With futures, there is minimal counterparty credit risk to the fund since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. When the contract is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. | The potential risk to the fund is that the change in value of futures contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market for the contracts, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. With futures, there is minimal counterparty credit risk to the fund since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. When the contract is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. | The potential risk to the fund is that the change in value of futures contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market for the contracts, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. With futures, there is minimal counterparty credit risk to the fund since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. When the contract is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. |
|  | Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. The fund and the broker agree to exchange an amount of cash equal to the daily fluctuation in the value of the futures contract. Such receipts or payments are known as "variation margin". | Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. The fund and the broker agree to exchange an amount of cash equal to the daily fluctuation in the value of the futures contract. Such receipts or payments are known as "variation margin". | Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. The fund and the broker agree to exchange an amount of cash equal to the daily fluctuation in the value of the futures contract. Such receipts or payments are known as "variation margin". |
|  | For the fund's average number of futures contracts, see the appropriate table at the end of these footnotes. | For the fund's average number of futures contracts, see the appropriate table at the end of these footnotes. | For the fund's average number of futures contracts, see the appropriate table at the end of these footnotes. |
|  | **Tender option bond transactions:** The fund may participate in transactions whereby a fixed-rate bond is transferred to a tender option bond trust (TOB trust) sponsored by a broker. The TOB trust funds the purchase of the fixed rate bonds by issuing floating-rate bonds issued to third parties and allowing the fund to retain the residual interest in the TOB trust's assets and cash flows, which are in the form of inverse floating rate bonds. The inverse floating rate bonds held by the fund give the fund the right to (1) cause the holders of the floating rate bonds to tender their notes at par, and (2) to have the fixed-rate bond held by the TOB trust transferred to the fund, causing the TOB trust to collapse. The fund accounts for the transfer of the fixed-rate bond to the TOB trust as a secured borrowing by including the fixed-rate bond in The fund's portfolio and including the floating rate bond as a liability in the Statement of assets and liabilities. At the close of the reporting period, the fund's investments with a value of $32,127,973 were held by the TOB trust and served as collateral for $20,749,369 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $120,217 for these investments based on an average interest rate of 2.57%. | **Tender option bond transactions:** The fund may participate in transactions whereby a fixed-rate bond is transferred to a tender option bond trust (TOB trust) sponsored by a broker. The TOB trust funds the purchase of the fixed rate bonds by issuing floating-rate bonds issued to third parties and allowing the fund to retain the residual interest in the TOB trust's assets and cash flows, which are in the form of inverse floating rate bonds. The inverse floating rate bonds held by the fund give the fund the right to (1) cause the holders of the floating rate bonds to tender their notes at par, and (2) to have the fixed-rate bond held by the TOB trust transferred to the fund, causing the TOB trust to collapse. The fund accounts for the transfer of the fixed-rate bond to the TOB trust as a secured borrowing by including the fixed-rate bond in The fund's portfolio and including the floating rate bond as a liability in the Statement of assets and liabilities. At the close of the reporting period, the fund's investments with a value of $32,127,973 were held by the TOB trust and served as collateral for $20,749,369 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $120,217 for these investments based on an average interest rate of 2.57%. | **Tender option bond transactions:** The fund may participate in transactions whereby a fixed-rate bond is transferred to a tender option bond trust (TOB trust) sponsored by a broker. The TOB trust funds the purchase of the fixed rate bonds by issuing floating-rate bonds issued to third parties and allowing the fund to retain the residual interest in the TOB trust's assets and cash flows, which are in the form of inverse floating rate bonds. The inverse floating rate bonds held by the fund give the fund the right to (1) cause the holders of the floating rate bonds to tender their notes at par, and (2) to have the fixed-rate bond held by the TOB trust transferred to the fund, causing the TOB trust to collapse. The fund accounts for the transfer of the fixed-rate bond to the TOB trust as a secured borrowing by including the fixed-rate bond in The fund's portfolio and including the floating rate bond as a liability in the Statement of assets and liabilities. At the close of the reporting period, the fund's investments with a value of $32,127,973 were held by the TOB trust and served as collateral for $20,749,369 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $120,217 for these investments based on an average interest rate of 2.57%. |

---

------

---

| | | | |
|:---|:---|:---|:---|
| ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows: | ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows: | ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows: | ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows: |
| &nbsp;&nbsp;&nbsp;&nbsp;**Level 1:** Valuations based on quoted prices for identical securities in active markets. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 1:** Valuations based on quoted prices for identical securities in active markets. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 1:** Valuations based on quoted prices for identical securities in active markets. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 1:** Valuations based on quoted prices for identical securities in active markets. |
| &nbsp;&nbsp;&nbsp;&nbsp;**Level 2:** Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2:** Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2:** Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2:** Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. |
| &nbsp;&nbsp;&nbsp;&nbsp;**Level 3:** Valuations based on inputs that are unobservable and significant to the fair value measurement. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3:** Valuations based on inputs that are unobservable and significant to the fair value measurement. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3:** Valuations based on inputs that are unobservable and significant to the fair value measurement. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3:** Valuations based on inputs that are unobservable and significant to the fair value measurement. |
| The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period: | The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period: | The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period: | The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period: |
|  | **Valuation inputs** | **Valuation inputs** | **Valuation inputs** |
| **Investments in securities:** | **Level 1** | **Level 2** | **Level 3** |
| Municipal bonds and notes | $— | $659657052 | $— |
| Short-term investments |  | 5148923 |  |
| **Totals by level** | **$—** | **$664805975** | **$—** |
|  | **Valuation inputs** | **Valuation inputs** | **Valuation inputs** |
| **Other financial instruments:** | **Level 1** | **Level 2** | **Level 3** |
| Futures contracts | $279620 | $— | $— |
| **Totals by level** | **$279620** | **$—** | **$—** |
| The volume of activity for the reporting period for any derivative type that was held at the close of the period is listed below and was based on an average of the holdings of that derivative at the end of each fiscal quarter in the reporting period: | The volume of activity for the reporting period for any derivative type that was held at the close of the period is listed below and was based on an average of the holdings of that derivative at the end of each fiscal quarter in the reporting period: | The volume of activity for the reporting period for any derivative type that was held at the close of the period is listed below and was based on an average of the holdings of that derivative at the end of each fiscal quarter in the reporting period: | The volume of activity for the reporting period for any derivative type that was held at the close of the period is listed below and was based on an average of the holdings of that derivative at the end of each fiscal quarter in the reporting period: |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts (number of contracts) | 300 |  |  |
| For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com | For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com | For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com | For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Putnam 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:** 1-800-225-1581

**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:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $689999110.32

**Total Liabilities:** $36184700.24

**Net Assets:** $653814410.08

**Delayed Delivery Securities:** $10371865.00

**Cash Not Reported:** $2195948.48

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1566.25 | **1-Year:** 22396.7 | **5-Year:** 98209.63 | **10-Year:** 245902.7 | **30-Year:** 153256.23

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

- **3-Month:** 107.34 | **1-Year:** 874.48 | **5-Year:** 5378.22 | **10-Year:** 15965.86 | **30-Year:** 13429.84

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000060417 | 0.04%                | 5.98%                | -1.50%               |
| Class ID C000202806 | 0.18%                | 5.84%                | -1.37%               |
| Class ID C000017919 | 0.10%                | 5.78%                | -1.58%               |
| Class ID C000017917 | -0.05%               | 5.89%                | -1.59%               |
| Class ID C000017918 | 0.02%                | 5.97%                | -1.53%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $190192.06               | $-1579068.33                               |
| Month 2  | $-2256975.32             | $38389974.19                               |
| Month 3  | $-1487379.06             | $-10345578.00                              |

**Designated Index Information**

- **Index Name:** Bloomberg Municipal Bond Index

- **Index Identifier:** IDX01566

### Schedule of Portfolio Investments

| Name                                                                             | Title                   | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| DISTRICT OF COLUMBIA                                                             | FX.RT. MUNI BOND        | CUSIP: 25476WBB6<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1035000 | PA      | $1036566.16   | 0.16%             | 2025-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALT VERDE FINANCIAL CORP                                                        | FX.RT. MUNI BOND        | CUSIP: 79575EAQ1<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $2035741.51   | 0.31%             | 2029-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MATAGORDA COUNTY NAVIGATION DISTRICT NO 1                                        | FX.RT. MUNI BOND        | CUSIP: 576528CY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2314371.15   | 0.35%             | 2030-05-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| SA ENERGY ACQUISITION PUBLIC FACILITY CORP                                       | FX.RT. MUNI BOND        | CUSIP: 785138AT5<br>LEI: 5493006HRL5XH4QOE746 | Long             | DBT              | MUN               | US        |    250000 | PA      | $258768.80    | 0.04%             | 2025-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS HOUSING FINANCE AGENCY                                             | FX.RT. MUNI BOND        | CUSIP: 57586NGX3<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |    725000 | PA      | $730196.29    | 0.11%             | 2030-12-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                         | FX.RT. MUNI BOND        | CUSIP: 74443CAB9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000287.30   | 0.15%             | 2028-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COUNTY OF HAMILTON OH                                                            | FX.RT. MUNI BOND        | CUSIP: 40727RBC1<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |    920000 | PA      | $910813.89    | 0.14%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF YAVAPAI/THE                    | FX.RT. MUNI BOND        | CUSIP: 98521VAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $260779.82    | 0.04%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF SANTA FE NM                                                              | FX.RT. MUNI BOND        | CUSIP: 802170AH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2155000 | PA      | $2063133.21   | 0.32%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA POLLUTION CONTROL FINANCING AUTHORITY                                 | FX.RT. MUNI BOND        | CUSIP: 13054WAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3406769.80   | 0.52%             | 2045-11-21      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS COUNTY CULTURAL EDUCATION FACILITIES FINANCE CORP                         | FX.RT. MUNI BOND        | CUSIP: 414009EZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1266919.03   | 0.19%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHESTER COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY                                  | FX.RT. MUNI BOND        | CUSIP: 16559PAR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    960000 | PA      | $960231.36    | 0.15%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OAKLAND UNIVERSITY                                                               | FX.RT. MUNI BOND        | CUSIP: 673588FK0<br>LEI: 549300O12XLW6O082V10 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501054.40    | 0.08%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY  AND  COUNTY OF DENVER CO AIRPORT SYSTEM REVENUE                            | FX.RT. MUNI BOND        | CUSIP: 249182HL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1925000 | PA      | $1953214.34   | 0.30%             | 2031-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| YUMA INDUSTRIAL DEVELOPMENT AUTHORITY                                            | FX.RT. MUNI BOND        | CUSIP: 988514CE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $409628.84    | 0.06%             | 2032-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| KAREGNONDI WATER AUTHORITY                                                       | FX.RT. MUNI BOND        | CUSIP: 48563UAK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $251954.80    | 0.04%             | 2031-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MICHIGAN STATE HOUSING DEVELOPMENT AUTHORITY                                     | FX.RT. MUNI BOND        | CUSIP: 59465MM28<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100281.57    | 0.02%             | 2034-10-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| MICHIGAN STATE HOUSING DEVELOPMENT AUTHORITY                                     | FX.RT. MUNI BOND        | CUSIP: 59465MM36<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |    225000 | PA      | $225444.06    | 0.03%             | 2039-10-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| NORTHERN ARIZONA UNIVERSITY                                                      | FX.RT. MUNI BOND        | CUSIP: 6647542Q0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $254929.70    | 0.04%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ORANGE COUNTY HEALTH FACILITIES AUTHORITY                                        | FX.RT. MUNI BOND        | CUSIP: 68450LCY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1829384.46   | 0.28%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE REGIONAL AIRPORT AUTHORITY                                            | FX.RT. MUNI BOND        | CUSIP: 546850CW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017725.40   | 0.16%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE REGIONAL AIRPORT AUTHORITY                                            | FX.RT. MUNI BOND        | CUSIP: 546850CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $422220.17    | 0.06%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF HOUSTON TX COMBINED UTILITY SYSTEM REVENUE                               | FX.RT. MUNI BOND        | CUSIP: 4424355Z2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2285000 | PA      | $2350666.33   | 0.36%             | 2039-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FINANCE AUTHORITY                                                       | FX.RT. MUNI BOND        | CUSIP: 59447PJ28<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    270000 | PA      | $276326.24    | 0.04%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF CHICAGO IL WASTEWATER TRANSMISSION REVENUE                               | FX.RT. MUNI BOND        | CUSIP: 167727VK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3002069.10   | 0.46%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PHOENIX ARIZONA/THE              | FX.RT. MUNI BOND        | CUSIP: 71885FDH7<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |     75000 | PA      | $74286.37     | 0.01%             | 2024-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PHOENIX ARIZONA/THE              | FX.RT. MUNI BOND        | CUSIP: 71885FDK0<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003306.80   | 0.15%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OAKLAND UNIVERSITY                                                               | FX.RT. MUNI BOND        | CUSIP: 673588GF0<br>LEI: 549300O12XLW6O082V10 | Long             | DBT              | MUN               | US        |    130000 | PA      | $132186.72    | 0.02%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OAKLAND UNIVERSITY                                                               | FX.RT. MUNI BOND        | CUSIP: 673588GJ2<br>LEI: 549300O12XLW6O082V10 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2028632.20   | 0.31%             | 2039-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FINANCE AUTHORITY                                                       | FX.RT. MUNI BOND        | CUSIP: 59447PL25<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    500000 | PA      | $511906.05    | 0.08%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FINANCE AUTHORITY                                                       | FX.RT. MUNI BOND        | CUSIP: 59447PL74<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5344749.38   | 0.82%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDUCATION FACILITIES FINANCE CORP                              | FX.RT. MUNI BOND        | CUSIP: 64542UAF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $642592.05    | 0.10%             | 2043-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CITY OF DETROIT MI                                                               | FX.RT. MUNI BOND        | CUSIP: 251093Y20<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |     77500 | PA      | $76645.65     | 0.01%             | 2024-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ARIZONA STATE UNIVERSITY                                                         | FX.RT. MUNI BOND        | CUSIP: 04048RLR5<br>LEI: 254900BLZ1MCZ5JLK411 | Long             | DBT              | MUN               | US        |    200000 | PA      | $207260.52    | 0.03%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FINANCING CORP/RI                                             | FX.RT. MUNI BOND        | CUSIP: 888809BG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3217302.73   | 0.49%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEASTERN OHIO PORT AUTHORITY                                                 | FX.RT. MUNI BOND        | CUSIP: 841895AW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $145308.97    | 0.02%             | 2043-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACILITIES AUTHORITY                                             | FX.RT. MUNI BOND        | CUSIP: 19648AW27<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010815.70   | 0.15%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PHOENIX ARIZONA/THE              | FX.RT. MUNI BOND        | CUSIP: 71885FDN4<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    100000 | PA      | $98992.97     | 0.02%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF OHIO                                                                    | FX.RT. MUNI BOND        | CUSIP: 67759YAN7<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1784139.18   | 0.27%             | 2035-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF GENESEE MI                                                             | FX.RT. MUNI BOND        | CUSIP: 371608TV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $208954.22    | 0.03%             | 2040-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LOWER COLORADO RIVER AUTHORITY                                                   | FX.RT. MUNI BOND        | CUSIP: 54811BPX3<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |    750000 | PA      | $764928.08    | 0.12%             | 2040-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF MIAMI-DADE FL AVIATION REVENUE                                         | FX.RT. MUNI BOND        | CUSIP: 59333PR75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1776315.45   | 0.27%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA GAS WORKS CO                                                        | FX.RT. MUNI BOND        | CUSIP: 7178237Q5<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037092.20   | 0.16%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA GAS WORKS CO                                                        | FX.RT. MUNI BOND        | CUSIP: 7178237P7<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039594.80   | 0.16%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNICIPAL ELECTRIC AUTHORITY OF GEORGIA                                          | FX.RT. MUNI BOND        | CUSIP: 626207H23<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   3810000 | PA      | $3688336.41   | 0.56%             | 2060-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF LAKE HAVASU CITY AZ WASTEWATER SYSTEM REVENUE                            | FX.RT. MUNI BOND        | CUSIP: 50989RAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $258350.78    | 0.04%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BELDING AREA SCHOOLS                                                             | FX.RT. MUNI BOND        | CUSIP: 077527KP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $318331.08    | 0.05%             | 2040-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACILITIES AUTHORITY                                             | FX.RT. MUNI BOND        | CUSIP: 19648A5G6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005041.50   | 0.15%             | 2045-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FINANCE AUTHORITY                                                       | FX.RT. MUNI BOND        | CUSIP: 59447TGA5<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    400000 | PA      | $412013.28    | 0.06%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PHOENIX ARIZONA/THE              | FX.RT. MUNI BOND        | CUSIP: 71885FEA1<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    150000 | PA      | $148489.46    | 0.02%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PARK CREEK METROPOLITAN DISTRICT                                                 | FX.RT. MUNI BOND        | CUSIP: 700387DM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $229710.17    | 0.04%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FINANCE AUTHORITY                                                       | FX.RT. MUNI BOND        | CUSIP: 594479CW5<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    250000 | PA      | $248661.65    | 0.04%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHIPPEWA VALLEY SCHOOLS                                                          | FX.RT. MUNI BOND        | CUSIP: 170016ZT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $261004.38    | 0.04%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA STATE PUBLIC SERVICE AUTHORITY                                    | FX.RT. MUNI BOND        | CUSIP: 837151PS2<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4094548.00   | 0.63%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTWOOD PUBLIC SCHOOLS                                                          | FX.RT. MUNI BOND        | CUSIP: 491746RS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $265357.25    | 0.04%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROCHESTER COMMUNITY SCHOOL DISTRICT                                              | FX.RT. MUNI BOND        | CUSIP: 771537VU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $262527.15    | 0.04%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WARREN CONSOLIDATED SCHOOLS                                                      | FX.RT. MUNI BOND        | CUSIP: 935341C39<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $367763.03    | 0.06%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LIVONIA PUBLIC SCHOOLS                                                           | FX.RT. MUNI BOND        | CUSIP: 539243UD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $211700.82    | 0.03%             | 2045-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PHOENIX ARIZONA/THE              | FX.RT. MUNI BOND        | CUSIP: 71885FEH6<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1023068.39   | 0.16%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LINCOLN CONSOLIDATED SCHOOL DISTRICT                                             | FX.RT. MUNI BOND        | CUSIP: 533883NE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $211506.26    | 0.03%             | 2040-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GRAND VALLEY STATE UNIVERSITY                                                    | FX.RT. MUNI BOND        | CUSIP: 386545LA3<br>LEI: 5493004492FRREYG5M95 | Long             | DBT              | MUN               | US        |    250000 | PA      | $264392.70    | 0.04%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRE COUNTY HOSPITAL AUTHORITY                                                 | FX.RT. MUNI BOND        | CUSIP: 156273FJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $531584.75    | 0.08%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE HEALTH AND EDUCATION FACILITIES AUTHORITY ACT                      | FX.RT. MUNI BOND        | CUSIP: 6446143Q0<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |    625000 | PA      | $614350.50    | 0.09%             | 2046-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY                                 | FX.RT. MUNI BOND        | CUSIP: 56681NAN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $336837.34    | 0.05%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF SCIOTO OH                                                              | FX.RT. MUNI BOND        | CUSIP: 808878GY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $362942.88    | 0.06%             | 2033-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF SCIOTO OH                                                              | FX.RT. MUNI BOND        | CUSIP: 808878GZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    645000 | PA      | $658267.78    | 0.10%             | 2034-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSPORTATION DEVELOPMENT CORP                                         | FX.RT. MUNI BOND        | CUSIP: 650116AR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1917375.80   | 0.29%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY                                 | FX.RT. MUNI BOND        | CUSIP: 56681NAS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $253952.20    | 0.04%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANSING SCHOOL DISTRICT                                                          | FX.RT. MUNI BOND        | CUSIP: 516444RR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $238821.53    | 0.04%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH COUNTY HEALTH FACILITIES AUTHORITY                                    | FX.RT. MUNI BOND        | CUSIP: 69650MAV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5038100.50   | 0.77%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE/JEFFERSON COUNTY METROPOLITAN GOVERNMENT                              | FX.RT. MUNI BOND        | CUSIP: 54659LBN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1135000 | PA      | $1189776.24   | 0.18%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF GENESEE MI                                                             | FX.RT. MUNI BOND        | CUSIP: 371608UP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $264949.68    | 0.04%             | 2033-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF GRAND RAPIDS MI WATER SUPPLY SYSTEM REVENUE                              | FX.RT. MUNI BOND        | CUSIP: 386316NE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $415055.04    | 0.06%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON HIGHER EDUCATION FINANCE CORP                                            | FX.RT. MUNI BOND        | CUSIP: 187145GD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $394966.35    | 0.06%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FINANCE AUTHORITY                                                       | FX.RT. MUNI BOND        | CUSIP: 45204ELD8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    500000 | PA      | $509600.15    | 0.08%             | 2031-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GLENDALE INDUSTRIAL DEVELOPMENT AUTHORITY                                        | FX.RT. MUNI BOND        | CUSIP: 378287AP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3290939.05   | 0.50%             | 2039-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF MYRTLE BEACH SC                                                          | FX.RT. MUNI BOND        | CUSIP: 628575BW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $454774.65    | 0.07%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF MYRTLE BEACH SC                                                          | FX.RT. MUNI BOND        | CUSIP: 628575BX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1069808.40   | 0.16%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FAIRFAX COUNTY ECONOMIC DEVELOPMENT AUTHORITY                                    | FX.RT. MUNI BOND        | CUSIP: 303826AQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $657411.44    | 0.10%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES WATER AUTHORITY                                                      | FX.RT. MUNI BOND        | CUSIP: 39081HAS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7780000 | PA      | $8140744.60   | 1.25%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE HEALTH AND EDUCATION FACILITIES AUTHORITY ACT                      | FX.RT. MUNI BOND        | CUSIP: 6446147E3<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4574618.10   | 0.70%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT STATE HEALTH  AND  EDUCATIONAL FACILITIES AUTHORITY                  | FX.RT. MUNI BOND        | CUSIP: 20774YW45<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1474282.50   | 0.23%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA POLLUTION CONTROL FINANCING AUTHORITY                                 | FX.RT. MUNI BOND        | CUSIP: 13053CAD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1719034.05   | 0.26%             | 2046-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY                                        | FX.RT. MUNI BOND        | CUSIP: 64577BE26<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   5400000 | PA      | $5750084.70   | 0.88%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON HIGHER EDUCATION FINANCE CORP                                          | FX.RT. MUNI BOND        | CUSIP: 041806MN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $375194.78    | 0.06%             | 2031-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF JEFFERSON AL                                                           | FX.RT. MUNI BOND        | CUSIP: 472628RD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2575000 | PA      | $2741643.96   | 0.42%             | 2034-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF JEFFERSON AL                                                           | FX.RT. MUNI BOND        | CUSIP: 472628RC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $374757.57    | 0.06%             | 2033-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT COUNTY CULTURAL EDUCATION FACILITIES FINANCE CORP                        | FX.RT. MUNI BOND        | CUSIP: 87638RKB2<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2821231.05   | 0.43%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FINANCE AUTHORITY                                                       | FX.RT. MUNI BOND        | CUSIP: 594479DB0<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1855000 | PA      | $1886728.48   | 0.29%             | 2032-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| STATE OF ILLINOIS                                                                | FX.RT. MUNI BOND        | CUSIP: 452152P96<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2895516.40   | 0.44%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA TURNPIKE COMMISSION                                                 | FX.RT. MUNI BOND        | CUSIP: 709224ZX0<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2094022.20   | 0.32%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY                                 | FX.RT. MUNI BOND        | CUSIP: 56681NCN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $615452.46    | 0.09%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF ILLINOIS                                                                | FX.RT. MUNI BOND        | CUSIP: 452152T27<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2870000 | PA      | $2916026.76   | 0.45%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEXINGTON COUNTY HEALTH SERVICES DISTRICT INC                                    | FX.RT. MUNI BOND        | CUSIP: 529050ES1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $767752.05    | 0.12%             | 2031-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LEXINGTON COUNTY HEALTH SERVICES DISTRICT INC                                    | FX.RT. MUNI BOND        | CUSIP: 529050ET9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $763123.20    | 0.12%             | 2032-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FINANCE AUTHORITY                                                       | FX.RT. MUNI BOND        | CUSIP: 45203KAQ8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    500000 | PA      | $441300.25    | 0.07%             | 2050-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY                                        | FX.RT. MUNI BOND        | CUSIP: 64578CCE9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3016111.20   | 0.46%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DISTRICT OF COLUMBIA                                                             | FX.RT. MUNI BOND        | CUSIP: 25483VTC8<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2565278.75   | 0.39%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY                                        | FX.RT. MUNI BOND        | CUSIP: 64577B4K7<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1291778.00   | 0.20%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DISTRICT OF COLUMBIA                                                             | FX.RT. MUNI BOND        | CUSIP: 25483VTE4<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1255893.00   | 0.19%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF CHICAGO IL WATERWORKS REVENUE                                            | FX.RT. MUNI BOND        | CUSIP: 167736R33<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1420000 | PA      | $1450810.02   | 0.22%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTHORITY OF NEW YORK  AND  NEW JERSEY                                      | FX.RT. MUNI BOND        | CUSIP: 73358WS47<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    300000 | PA      | $321976.53    | 0.05%             | 2031-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTHORITY OF NEW YORK  AND  NEW JERSEY                                      | FX.RT. MUNI BOND        | CUSIP: 73358WS54<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   3525000 | PA      | $3773059.54   | 0.58%             | 2032-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KAREGNONDI WATER AUTHORITY                                                       | FX.RT. MUNI BOND        | CUSIP: 48563UBS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1185672.62   | 0.18%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KAREGNONDI WATER AUTHORITY                                                       | FX.RT. MUNI BOND        | CUSIP: 48563UBV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1710146.40   | 0.26%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KAREGNONDI WATER AUTHORITY                                                       | FX.RT. MUNI BOND        | CUSIP: 48563UBX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1361611.44   | 0.21%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FINANCING CORP/NJ                                             | FX.RT. MUNI BOND        | CUSIP: 888808HM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4113703.20   | 0.63%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH CHARTER SCHOOL FINANCE AUTHORITY                                            | FX.RT. MUNI BOND        | CUSIP: 91754TWF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $561801.75    | 0.09%             | 2031-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH CHARTER SCHOOL FINANCE AUTHORITY                                            | FX.RT. MUNI BOND        | CUSIP: 91754TWH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    420000 | PA      | $441831.68    | 0.07%             | 2033-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH CHARTER SCHOOL FINANCE AUTHORITY                                            | FX.RT. MUNI BOND        | CUSIP: 91754TWJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    720000 | PA      | $743753.81    | 0.11%             | 2038-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON HIGHER EDUCATION FINANCE CORP                                            | FX.RT. MUNI BOND        | CUSIP: 187145EH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047385.10   | 0.16%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CUYAHOGA COUNTY PORT AUTHORITY                                         | FX.RT. MUNI BOND        | CUSIP: 18610PAW8<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2514877.00   | 0.38%             | 2053-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| STATE OF ILLINOIS                                                                | FX.RT. MUNI BOND        | CUSIP: 4521523E9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2028738.20   | 0.31%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO HOUSING AUTHORITY                                                        | FX.RT. MUNI BOND        | CUSIP: 16753QAL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4540000 | PA      | $4905660.68   | 0.75%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF GAITHERSBURG MD                                                          | FX.RT. MUNI BOND        | CUSIP: 363128CU1<br>LEI: 549300UFHDHDCHDE0F65 | Long             | DBT              | MUN               | US        |    750000 | PA      | $747869.03    | 0.11%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT HOUSING FINANCE AUTHORITY                                            | FX.RT. MUNI BOND        | CUSIP: 20775B2D7<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |   1685000 | PA      | $1633765.89   | 0.25%             | 2039-11-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT HOUSING FINANCE AUTHORITY                                            | FX.RT. MUNI BOND        | CUSIP: 20775B2E5<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |   4065000 | PA      | $3842500.19   | 0.59%             | 2044-11-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| DETROIT DOWNTOWN DEVELOPMENT AUTHORITY/MI                                        | FX.RT. MUNI BOND        | CUSIP: 251135GQ6<br>LEI: 549300WO3NSMP6FECO66 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011794.60   | 0.15%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO O'HARE INTERNATIONAL AIRPORT                                             | FX.RT. MUNI BOND        | CUSIP: 167593L26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $207335.60    | 0.03%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS LOCAL PUBLIC IMPROVEMENT BOND BANK                                  | FX.RT. MUNI BOND        | CUSIP: 45528UZL8<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3694319.30   | 0.57%             | 2054-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY INDUSTRIAL DEVELOPMENT AUTHORITY                                     | FX.RT. MUNI BOND        | CUSIP: 48504NBC2<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   3800000 | PA      | $3852041.38   | 0.59%             | 2046-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA TURNPIKE COMMISSION                                                 | FX.RT. MUNI BOND        | CUSIP: 709224P78<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2160000 | PA      | $1939342.61   | 0.30%             | 2049-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DISTRICT OF COLUMBIA                                                             | FX.RT. MUNI BOND        | CUSIP: 25483VVN1<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2025851.60   | 0.31%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DISTRICT OF COLUMBIA                                                             | FX.RT. MUNI BOND        | CUSIP: 25483VVP6<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1670000 | PA      | $1639516.32   | 0.25%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHATTANOOGA HEALTH EDUCATIONAL  AND  HOUSING FACILITY BOARD                      | FX.RT. MUNI BOND        | CUSIP: 162410EM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $755343.84    | 0.12%             | 2044-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHATTANOOGA HEALTH EDUCATIONAL  AND  HOUSING FACILITY BOARD                      | FX.RT. MUNI BOND        | CUSIP: 162410FE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $425989.48    | 0.07%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHATTANOOGA HEALTH EDUCATIONAL  AND  HOUSING FACILITY BOARD                      | FX.RT. MUNI BOND        | CUSIP: 162410FF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $757505.38    | 0.12%             | 2049-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHATTANOOGA HEALTH EDUCATIONAL  AND  HOUSING FACILITY BOARD                      | FX.RT. MUNI BOND        | CUSIP: 162410EJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $396348.54    | 0.06%             | 2037-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHATTANOOGA HEALTH EDUCATIONAL  AND  HOUSING FACILITY BOARD                      | FX.RT. MUNI BOND        | CUSIP: 162410EK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $391548.67    | 0.06%             | 2038-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FHLMC MULTIFAMILY VRD CERTIFICATES                                               | FX.RT. MUNI BOND        | CUSIP: 31350ACS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7085000 | PA      | $5722125.15   | 0.88%             | 2035-06-15      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| MONTANA FACILITY FINANCE AUTHORITY                                               | FX.RT. MUNI BOND        | CUSIP: 61204KMX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $607255.44    | 0.09%             | 2037-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALASKA INDUSTRIAL DEVELOPMENT  AND  EXPORT AUTHORITY                             | FX.RT. MUNI BOND        | CUSIP: 011903GJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2575000 | PA      | $2447995.59   | 0.37%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALASKA INDUSTRIAL DEVELOPMENT  AND  EXPORT AUTHORITY                             | FX.RT. MUNI BOND        | CUSIP: 011903GL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6750000 | PA      | $6040757.93   | 0.92%             | 2049-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF IRVING TX                                                                | FX.RT. MUNI BOND        | CUSIP: 463805DF5<br>LEI: 5493002R7BX8XPQ92O37 | Long             | DBT              | MUN               | US        |    430000 | PA      | $445777.65    | 0.07%             | 2036-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF IRVING TX                                                                | FX.RT. MUNI BOND        | CUSIP: 463805DJ7<br>LEI: 5493002R7BX8XPQ92O37 | Long             | DBT              | MUN               | US        |    600000 | PA      | $612971.70    | 0.09%             | 2039-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF IRVING TX                                                                | FX.RT. MUNI BOND        | CUSIP: 463805DC2<br>LEI: 5493002R7BX8XPQ92O37 | Long             | DBT              | MUN               | US        |    240000 | PA      | $252811.70    | 0.04%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF IRVING TX                                                                | FX.RT. MUNI BOND        | CUSIP: 463805DA6<br>LEI: 5493002R7BX8XPQ92O37 | Long             | DBT              | MUN               | US        |    100000 | PA      | $105971.64    | 0.02%             | 2031-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF IRVING TX                                                                | FX.RT. MUNI BOND        | CUSIP: 463805DD0<br>LEI: 5493002R7BX8XPQ92O37 | Long             | DBT              | MUN               | US        |    300000 | PA      | $315245.88    | 0.05%             | 2034-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF AKRON OH INCOME TAX REVENUE                                              | FX.RT. MUNI BOND        | CUSIP: 010056LR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    770000 | PA      | $776384.15    | 0.12%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF AKRON OH INCOME TAX REVENUE                                              | FX.RT. MUNI BOND        | CUSIP: 010056LU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $742866.68    | 0.11%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| STATE OF OHIO                                                                    | FX.RT. MUNI BOND        | CUSIP: 677561LF7<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15867.09     | 0.00%             | 2043-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON HIGHER EDUCATION FINANCE CORP                                          | FX.RT. MUNI BOND        | CUSIP: 041806XA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4600000 | PA      | $4378906.52   | 0.67%             | 2044-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN WASHINGTON AIRPORTS AUTHORITY DULLES TOLL ROAD REVENUE              | FX.RT. MUNI BOND        | CUSIP: 592643DD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2050000 | PA      | $1830705.15   | 0.28%             | 2044-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FINANCE AUTHORITY                                                       | FX.RT. MUNI BOND        | CUSIP: 59447TXH1<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   4100000 | PA      | $3700860.90   | 0.57%             | 2049-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN WASHINGTON AIRPORTS AUTHORITY DULLES TOLL ROAD REVENUE              | FX.RT. MUNI BOND        | CUSIP: 592643DJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2050000 | PA      | $1742732.88   | 0.27%             | 2053-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN WASHINGTON AIRPORTS AUTHORITY DULLES TOLL ROAD REVENUE              | FX.RT. MUNI BOND        | CUSIP: 592643DA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3140000 | PA      | $2994356.44   | 0.46%             | 2037-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN WASHINGTON AIRPORTS AUTHORITY DULLES TOLL ROAD REVENUE              | FX.RT. MUNI BOND        | CUSIP: 592643CZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1490000 | PA      | $1435786.50   | 0.22%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF SPARKS NV                                                                | FX.RT. MUNI BOND        | CUSIP: 846562AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1608919.74   | 0.25%             | 2028-06-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| CITY OF SPARKS NV                                                                | FX.RT. MUNI BOND        | CUSIP: 846562AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $218301.35    | 0.03%             | 2024-06-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CONFLUENCE COMMUNITY AUTHORITY                                                   | FX.RT. MUNI BOND        | CUSIP: 20715CAS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $752628.53    | 0.12%             | 2039-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CONFLUENCE COMMUNITY AUTHORITY                                                   | FX.RT. MUNI BOND        | CUSIP: 20715CAQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1280000 | PA      | $1324085.89   | 0.20%             | 2034-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CONFLUENCE COMMUNITY AUTHORITY                                                   | FX.RT. MUNI BOND        | CUSIP: 20715CAP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    560000 | PA      | $581706.22    | 0.09%             | 2033-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VAUXMONT METROPOLITAN DISTRICT                                                   | FX.RT. MUNI BOND        | CUSIP: 92242SAZ6<br>LEI: 549300M7XL6MB0OW8D56 | Long             | DBT              | MUN               | US        |    230000 | PA      | $254637.51    | 0.04%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VAUXMONT METROPOLITAN DISTRICT                                                   | FX.RT. MUNI BOND        | CUSIP: 92242SAN3<br>LEI: 549300M7XL6MB0OW8D56 | Long             | DBT              | MUN               | US        |   1643000 | PA      | $1353503.07   | 0.21%             | 2050-12-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| VOLUSIA COUNTY EDUCATIONAL FACILITY AUTHORITY                                    | FX.RT. MUNI BOND        | CUSIP: 928836NA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $712144.23    | 0.11%             | 2037-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VOLUSIA COUNTY EDUCATIONAL FACILITY AUTHORITY                                    | FX.RT. MUNI BOND        | CUSIP: 928836NC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $484730.35    | 0.07%             | 2039-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VOLUSIA COUNTY EDUCATIONAL FACILITY AUTHORITY                                    | FX.RT. MUNI BOND        | CUSIP: 928836MY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $324817.64    | 0.05%             | 2035-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA AUTHORITY FOR INDUSTRIAL DEVELOPMENT                                | FX.RT. MUNI BOND        | CUSIP: 71781XFY4<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    350000 | PA      | $329613.55    | 0.05%             | 2029-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA AUTHORITY FOR INDUSTRIAL DEVELOPMENT                                | FX.RT. MUNI BOND        | CUSIP: 71781XFZ1<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    500000 | PA      | $468521.70    | 0.07%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF CHICAGO IL                                                               | FX.RT. MUNI BOND        | CUSIP: 167486G45<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   3950000 | PA      | $4168161.66   | 0.64%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN HEALTH  AND  EDUCATIONAL FACILITIES AUTHORITY                          | FX.RT. MUNI BOND        | CUSIP: 97712D5N2<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    400000 | PA      | $393469.88    | 0.06%             | 2030-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN HEALTH  AND  EDUCATIONAL FACILITIES AUTHORITY                          | FX.RT. MUNI BOND        | CUSIP: 97712D5Q5<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1346682.43   | 0.21%             | 2050-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PONTIAC SCHOOL DISTRICT                                                          | FX.RT. MUNI BOND        | CUSIP: 732538HG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2044682.00   | 0.31%             | 2038-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK STATE URBAN DEVELOPMENT CORP                                            | FX.RT. MUNI BOND        | CUSIP: 650036CH7<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5296163.50   | 0.81%             | 2047-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COBB COUNTY KENNESTONE HOSPITAL AUTHORITY                                        | FX.RT. MUNI BOND        | CUSIP: 190813SQ9<br>LEI: 549300TB04LETJYNFR44 | Long             | DBT              | MUN               | US        |    200000 | PA      | $203002.20    | 0.03%             | 2033-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COBB COUNTY KENNESTONE HOSPITAL AUTHORITY                                        | FX.RT. MUNI BOND        | CUSIP: 190813SR7<br>LEI: 549300TB04LETJYNFR44 | Long             | DBT              | MUN               | US        |    250000 | PA      | $252654.18    | 0.04%             | 2034-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COBB COUNTY KENNESTONE HOSPITAL AUTHORITY                                        | FX.RT. MUNI BOND        | CUSIP: 190813SS5<br>LEI: 549300TB04LETJYNFR44 | Long             | DBT              | MUN               | US        |    225000 | PA      | $225755.69    | 0.03%             | 2035-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COBB COUNTY KENNESTONE HOSPITAL AUTHORITY                                        | FX.RT. MUNI BOND        | CUSIP: 190813ST3<br>LEI: 549300TB04LETJYNFR44 | Long             | DBT              | MUN               | US        |    250000 | PA      | $248795.75    | 0.04%             | 2036-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDUSTRIAL DEVELOPMENT AUTHORITY                                         | FX.RT. MUNI BOND        | CUSIP: 04052FBQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1045330.55   | 0.16%             | 2037-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF LOS ANGELES DEPARTMENT OF AIRPORTS                                       | FX.RT. MUNI BOND        | CUSIP: 544445RF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3700000 | PA      | $3819513.33   | 0.58%             | 2045-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF OHIO                                                                    | FX.RT. MUNI BOND        | CUSIP: 67756CFC7<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    455000 | PA      | $409528.16    | 0.06%             | 2041-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY INDUSTRIAL DEVELOPMENT AUTHORITY                                     | FX.RT. MUNI BOND        | CUSIP: 48504NCK3<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1419389.50   | 0.22%             | 2057-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ST LOUIS MUNICIPAL FINANCE CORP                                                  | FX.RT. MUNI BOND        | CUSIP: 79165TUD1<br>LEI: 549300CR13DAYKUKQN03 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2303974.58   | 0.35%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ST LOUIS MUNICIPAL FINANCE CORP                                                  | FX.RT. MUNI BOND        | CUSIP: 79165TUB5<br>LEI: 549300CR13DAYKUKQN03 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1049268.30   | 0.16%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACILITIES AUTHORITY                                             | FX.RT. MUNI BOND        | CUSIP: 19648FRW6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   4100000 | PA      | $3327287.35   | 0.51%             | 2050-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FINANCE AUTHORITY                                                       | FX.RT. MUNI BOND        | CUSIP: 59447TQ22<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3704726.40   | 0.57%             | 2055-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY INDUSTRIAL DEVELOPMENT AUTHORITY                                     | FX.RT. MUNI BOND        | CUSIP: 48504NCL1<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   6325000 | PA      | $6398846.91   | 0.98%             | 2057-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF HAWAII HARBOR SYSTEM REVENUE                                            | FX.RT. MUNI BOND        | CUSIP: 41981THG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $375709.05    | 0.06%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| STATE OF HAWAII HARBOR SYSTEM REVENUE                                            | FX.RT. MUNI BOND        | CUSIP: 41981THB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $258416.15    | 0.04%             | 2031-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FINANCE AUTHORITY                                                       | FX.RT. MUNI BOND        | CUSIP: 59447TH89<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1742250 | PA      | $1574491.02   | 0.24%             | 2030-06-01      | Fixed         | 2.33%                 | No            |                  2 | On Loan: No      |
| MARYLAND HEALTH  AND  HIGHER EDUCATIONAL FACILITIES AUTHORITY                    | FX.RT. MUNI BOND        | CUSIP: 57421CBS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $302342.02    | 0.05%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND HEALTH  AND  HIGHER EDUCATIONAL FACILITIES AUTHORITY                    | FX.RT. MUNI BOND        | CUSIP: 57421CBR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $306328.33    | 0.05%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND HEALTH  AND  HIGHER EDUCATIONAL FACILITIES AUTHORITY                    | FX.RT. MUNI BOND        | CUSIP: 57421CBQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $315217.23    | 0.05%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND HEALTH  AND  HIGHER EDUCATIONAL FACILITIES AUTHORITY                    | FX.RT. MUNI BOND        | CUSIP: 57421CBP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    430000 | PA      | $448683.80    | 0.07%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEVELOPMENT FINANCE CORP                                                 | FX.RT. MUNI BOND        | CUSIP: 34061UGS1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    750000 | PA      | $592449.08    | 0.09%             | 2055-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEVELOPMENT FINANCE CORP                                                 | FX.RT. MUNI BOND        | CUSIP: 34061UGR3<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    600000 | PA      | $501026.16    | 0.08%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGENCY                                                       | FX.RT. MUNI BOND        | CUSIP: 917467BX9<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    500000 | PA      | $474696.15    | 0.07%             | 2032-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGENCY                                                       | FX.RT. MUNI BOND        | CUSIP: 917467BZ4<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    800000 | PA      | $742650.16    | 0.11%             | 2034-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGENCY                                                       | FX.RT. MUNI BOND        | CUSIP: 917467CB6<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    300000 | PA      | $269609.97    | 0.04%             | 2036-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGENCY                                                       | FX.RT. MUNI BOND        | CUSIP: 917467CE0<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $660871.60    | 0.10%             | 2045-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGENCY                                                       | FX.RT. MUNI BOND        | CUSIP: 917467CC4<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    500000 | PA      | $437428.25    | 0.07%             | 2038-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGENCY                                                       | FX.RT. MUNI BOND        | CUSIP: 917467CD2<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    500000 | PA      | $424748.70    | 0.06%             | 2041-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO BOARD OF EDUCATION                                                       | FX.RT. MUNI BOND        | CUSIP: 167505XL5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1910000 | PA      | $1925579.30   | 0.29%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO BOARD OF EDUCATION                                                       | FX.RT. MUNI BOND        | CUSIP: 167505XR2<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1763138.70   | 0.27%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS PORT AUTHORITY                                                     | FX.RT. MUNI BOND        | CUSIP: 575896YK5<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10252035.00  | 1.57%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS PORT AUTHORITY                                                     | FX.RT. MUNI BOND        | CUSIP: 575896YJ8<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2062831.20   | 0.32%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CUYAHOGA COUNTY PORT AUTHORITY                                         | FX.RT. MUNI BOND        | CUSIP: 18610PBQ0<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    950000 | PA      | $841180.45    | 0.13%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CUYAHOGA COUNTY PORT AUTHORITY                                         | FX.RT. MUNI BOND        | CUSIP: 18610PBP2<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    230000 | PA      | $222794.10    | 0.03%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CUYAHOGA COUNTY PORT AUTHORITY                                         | FX.RT. MUNI BOND        | CUSIP: 18610PBH0<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    200000 | PA      | $223069.96    | 0.03%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CUYAHOGA COUNTY PORT AUTHORITY                                         | FX.RT. MUNI BOND        | CUSIP: 18610PBL1<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    250000 | PA      | $251250.30    | 0.04%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CUYAHOGA COUNTY PORT AUTHORITY                                         | FX.RT. MUNI BOND        | CUSIP: 18610PBJ6<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    300000 | PA      | $332450.34    | 0.05%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CUYAHOGA COUNTY PORT AUTHORITY                                         | FX.RT. MUNI BOND        | CUSIP: 18610PBG2<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    300000 | PA      | $337281.45    | 0.05%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CUYAHOGA COUNTY PORT AUTHORITY                                         | FX.RT. MUNI BOND        | CUSIP: 18610PBM9<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    200000 | PA      | $198638.76    | 0.03%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CUYAHOGA COUNTY PORT AUTHORITY                                         | FX.RT. MUNI BOND        | CUSIP: 18610PBN7<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    250000 | PA      | $244788.65    | 0.04%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CUYAHOGA COUNTY PORT AUTHORITY                                         | FX.RT. MUNI BOND        | CUSIP: 18610PBK3<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    200000 | PA      | $201968.04    | 0.03%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HOUSING FINANCE AGENCY                                                | FX.RT. MUNI BOND        | CUSIP: 13033DAE5<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   3118089 | PA      | $2822294.43   | 0.43%             | 2035-11-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSPORTATION DEVELOPMENT CORP                                         | FX.RT. MUNI BOND        | CUSIP: 650110AE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2443979.10   | 0.37%             | 2053-04-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSPORTATION DEVELOPMENT CORP                                         | FX.RT. MUNI BOND        | CUSIP: 650110AD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1688748.20   | 0.26%             | 2046-10-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MEMPHIS-SHELBY COUNTY AIRPORT AUTHORITY                                          | FX.RT. MUNI BOND        | CUSIP: 586111PM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2047327.40   | 0.31%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY  AND  COUNTY AIRPORT COMM-SAN FRANCISCO INTERNATIONAL AIRPORT | FX.RT. MUNI BOND        | CUSIP: 79766DTP4<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3211656.60   | 0.49%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY HOUSING AGENCY                                              | FX.RT. MUNI BOND        | CUSIP: 13013FAR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $704829.69    | 0.11%             | 2056-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDUSTRIAL DEVELOPMENT AUTHORITY                                         | FX.RT. MUNI BOND        | CUSIP: 04052BMT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $521888.22    | 0.08%             | 2051-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY                                   | FX.RT. MUNI BOND        | CUSIP: 64613CAT5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3246676.50   | 0.50%             | 2035-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF LINCOLN SD                                                             | FX.RT. MUNI BOND        | CUSIP: 53340EAC1<br>LEI: 549300USXDZ5FGJLUV88 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $759683.80    | 0.12%             | 2056-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF LINCOLN SD                                                             | FX.RT. MUNI BOND        | CUSIP: 53340EAA5<br>LEI: 549300USXDZ5FGJLUV88 | Long             | DBT              | MUN               | US        |    500000 | PA      | $424723.65    | 0.06%             | 2041-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON STATE HOUSING FINANCE COMMISSION                                      | FX.RT. MUNI BOND        | CUSIP: 93978TS59<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   4001540 | PA      | $3528122.42   | 0.54%             | 2035-12-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEVELOPMENT FINANCE CORP                                                 | FX.RT. MUNI BOND        | CUSIP: 34061WAY0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1041591.20   | 0.16%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA MEDICAL CARE COMMISSION                                           | FX.RT. MUNI BOND        | CUSIP: 65821DYU9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    900000 | PA      | $749334.24    | 0.11%             | 2036-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA MEDICAL CARE COMMISSION                                           | FX.RT. MUNI BOND        | CUSIP: 65821DYF2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $821529.87    | 0.13%             | 2041-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA MEDICAL CARE COMMISSION                                           | FX.RT. MUNI BOND        | CUSIP: 65821DYG0<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1409170.40   | 0.22%             | 2051-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI BUSINESS FINANCE CORP                                                | FX.RT. MUNI BOND        | CUSIP: 605279MK1<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   3075000 | PA      | $2040798.17   | 0.31%             | 2044-06-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| LAKE HOUSTON REDEVELOPMENT AUTHORITY                                             | FX.RT. MUNI BOND        | CUSIP: 51001QAL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $128538.78    | 0.02%             | 2034-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LAKE HOUSTON REDEVELOPMENT AUTHORITY                                             | FX.RT. MUNI BOND        | CUSIP: 51001QAP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $176415.38    | 0.03%             | 2037-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LAKE HOUSTON REDEVELOPMENT AUTHORITY                                             | FX.RT. MUNI BOND        | CUSIP: 51001QAQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $157301.32    | 0.02%             | 2038-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LAKE HOUSTON REDEVELOPMENT AUTHORITY                                             | FX.RT. MUNI BOND        | CUSIP: 51001QAR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $193292.05    | 0.03%             | 2039-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LAKE HOUSTON REDEVELOPMENT AUTHORITY                                             | FX.RT. MUNI BOND        | CUSIP: 51001QAS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $170294.42    | 0.03%             | 2040-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LAKE HOUSTON REDEVELOPMENT AUTHORITY                                             | FX.RT. MUNI BOND        | CUSIP: 51001QAU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $359726.25    | 0.06%             | 2044-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LAKE HOUSTON REDEVELOPMENT AUTHORITY                                             | FX.RT. MUNI BOND        | CUSIP: 51001QAV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $414213.66    | 0.06%             | 2047-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| KENTWOOD ECONOMIC DEVELOPMENT CORP                                               | FX.RT. MUNI BOND        | CUSIP: 491740FA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $458202.59    | 0.07%             | 2031-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTWOOD ECONOMIC DEVELOPMENT CORP                                               | FX.RT. MUNI BOND        | CUSIP: 491740FB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1820000 | PA      | $1466093.72   | 0.22%             | 2043-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN HEALTH  AND  EDUCATIONAL FACILITIES AUTHORITY                          | FX.RT. MUNI BOND        | CUSIP: 97712D8M1<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   7825000 | PA      | $7832850.04   | 1.20%             | 2036-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN HEALTH  AND  EDUCATIONAL FACILITIES AUTHORITY                          | FX.RT. MUNI BOND        | CUSIP: 97712D8S8<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   6450000 | PA      | $6229203.60   | 0.95%             | 2041-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDUCATION FACILITIES FINANCE CORP                              | FX.RT. MUNI BOND        | CUSIP: 64542UFN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $914175.63    | 0.14%             | 2055-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SEMINOLE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY                                 | FX.RT. MUNI BOND        | CUSIP: 816686AM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    805000 | PA      | $572902.08    | 0.09%             | 2056-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SEMINOLE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY                                 | FX.RT. MUNI BOND        | CUSIP: 816686AK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $342345.15    | 0.05%             | 2041-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SEMINOLE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY                                 | FX.RT. MUNI BOND        | CUSIP: 816686AJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $267816.53    | 0.04%             | 2036-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SEMINOLE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY                                 | FX.RT. MUNI BOND        | CUSIP: 816686AL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    830000 | PA      | $612899.89    | 0.09%             | 2051-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DULUTH ECONOMIC DEVELOPMENT AUTHORITY                                            | FX.RT. MUNI BOND        | CUSIP: 26444VAG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1059199.75   | 0.16%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DULUTH ECONOMIC DEVELOPMENT AUTHORITY                                            | FX.RT. MUNI BOND        | CUSIP: 26444VAF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $922344.30    | 0.14%             | 2031-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MUNICIPAL ELECTRIC AUTHORITY OF GEORGIA                                          | FX.RT. MUNI BOND        | CUSIP: 6262077K4<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1925057.00   | 0.29%             | 2063-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY HOUSING AGENCY                                              | FX.RT. MUNI BOND        | CUSIP: 13013FAU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5975000 | PA      | $3996720.52   | 0.61%             | 2056-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA TURNPIKE COMMISSION                                                 | FX.RT. MUNI BOND        | CUSIP: 709225EA0<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1428048.40   | 0.22%             | 2051-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FINANCE AUTHORITY                                                       | FX.RT. MUNI BOND        | CUSIP: 45204FLF0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    725000 | PA      | $646836.37    | 0.10%             | 2041-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FINANCE AUTHORITY                                                       | FX.RT. MUNI BOND        | CUSIP: 45204FLG8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    750000 | PA      | $622380.98    | 0.10%             | 2051-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FINANCE AUTHORITY                                                       | FX.RT. MUNI BOND        | CUSIP: 45204FLH6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    750000 | PA      | $603907.20    | 0.09%             | 2056-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY COUNTY AIRPORT AUTHORITY                                               | FX.RT. MUNI BOND        | CUSIP: 01728LFL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $2940080.15   | 0.45%             | 2056-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CSCDA COMMUNITY IMPROVEMENT AUTHORITY                                            | FX.RT. MUNI BOND        | CUSIP: 126292AW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4300000 | PA      | $2863058.25   | 0.44%             | 2057-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY COUNTY AIRPORT AUTHORITY                                               | FX.RT. MUNI BOND        | CUSIP: 01728LFJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1819191.42   | 0.28%             | 2051-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY COUNTY AIRPORT AUTHORITY                                               | FX.RT. MUNI BOND        | CUSIP: 01728LFK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1183132.06   | 0.18%             | 2056-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDUSTRIAL DEVELOPMENT AUTHORITY                                         | FX.RT. MUNI BOND        | CUSIP: 04052BQW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2120000 | PA      | $1631507.27   | 0.25%             | 2061-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDUSTRIAL DEVELOPMENT AUTHORITY                                         | FX.RT. MUNI BOND        | CUSIP: 04052BQV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1610561.80   | 0.25%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT STATE HEALTH  AND  EDUCATIONAL FACILITIES AUTHORITY                  | FX.RT. MUNI BOND        | CUSIP: 20775DPC0<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    600000 | PA      | $663066.90    | 0.10%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT STATE HEALTH  AND  EDUCATIONAL FACILITIES AUTHORITY                  | FX.RT. MUNI BOND        | CUSIP: 20775DPD8<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1855000 | PA      | $2011918.90   | 0.31%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY                           | FX.RT. MUNI BOND        | CUSIP: 13080SC85<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   6700000 | PA      | $4464982.51   | 0.68%             | 2051-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| IOWA FINANCE AUTHORITY                                                           | FX.RT. MUNI BOND        | CUSIP: 46247SBM5<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   3850000 | PA      | $2719196.10   | 0.42%             | 2046-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF GRAND FORKS ND                                                           | FX.RT. MUNI BOND        | CUSIP: 38546WDP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1479768.60   | 0.23%             | 2046-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CITY OF FARMINGTON NM                                                            | FX.RT. MUNI BOND        | CUSIP: 311450FW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1632034.60   | 0.25%             | 2033-04-01      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| CITY OF ATLANTA GA DEPARTMENT OF AVIATION                                        | FX.RT. MUNI BOND        | CUSIP: 04780MA33<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $184642.10    | 0.03%             | 2042-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF ATLANTA GA DEPARTMENT OF AVIATION                                        | FX.RT. MUNI BOND        | CUSIP: 04780MA25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $929159.80    | 0.14%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MOUNT DIABLO UNIFIED SCHOOL DISTRICT/CA                                          | FX.RT. MUNI BOND        | CUSIP: 621196P32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1658751.41   | 0.25%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MOUNT DIABLO UNIFIED SCHOOL DISTRICT/CA                                          | FX.RT. MUNI BOND        | CUSIP: 621196N75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2126421.80   | 0.33%             | 2034-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MOUNT DIABLO UNIFIED SCHOOL DISTRICT/CA                                          | FX.RT. MUNI BOND        | CUSIP: 621196N83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1559030.10   | 0.24%             | 2035-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MOUNT DIABLO UNIFIED SCHOOL DISTRICT/CA                                          | FX.RT. MUNI BOND        | CUSIP: 621196N91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1417096.45   | 0.22%             | 2036-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY TURNPIKE AUTHORITY                                                      | FX.RT. MUNI BOND        | CUSIP: 491552R98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3400000 | PA      | $3920739.24   | 0.60%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                         | FX.RT. MUNI BOND        | CUSIP: 74445QDX5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1471124.00   | 0.23%             | 2056-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF LOS ANGELES CA COMMUNITY FACILITIES DISTRICT                             | FX.RT. MUNI BOND        | CUSIP: 544386DX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1460000 | PA      | $1262350.60   | 0.19%             | 2046-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDUSTRIAL DEVELOPMENT AUTHORITY                                         | FX.RT. MUNI BOND        | CUSIP: 04052FCT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $1869580.46   | 0.29%             | 2051-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE BUSINESS FINANCE AUTHORITY                                         | FX.RT. MUNI BOND        | CUSIP: 63609XAP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $597192.60    | 0.09%             | 2036-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE BUSINESS FINANCE AUTHORITY                                         | FX.RT. MUNI BOND        | CUSIP: 63609XAR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $964000.90    | 0.15%             | 2038-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE BUSINESS FINANCE AUTHORITY                                         | FX.RT. MUNI BOND        | CUSIP: 63609XAS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1041498.48   | 0.16%             | 2039-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE BUSINESS FINANCE AUTHORITY                                         | FX.RT. MUNI BOND        | CUSIP: 63609XAU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $931447.60    | 0.14%             | 2041-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MENIFEE UNION SCHOOL DISTRICT                                                    | FX.RT. MUNI BOND        | CUSIP: 5868104A8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $723336.08    | 0.11%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MENIFEE UNION SCHOOL DISTRICT                                                    | FX.RT. MUNI BOND        | CUSIP: 5868104B6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    860000 | PA      | $759114.78    | 0.12%             | 2045-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF CHICAGO IL                                                               | FX.RT. MUNI BOND        | CUSIP: 167486M55<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   3850000 | PA      | $3571646.16   | 0.55%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF LOS ANGELES DEPARTMENT OF AIRPORTS                                       | FX.RT. MUNI BOND        | CUSIP: 544445WM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1291058.06   | 0.20%             | 2039-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEVELOPMENT FINANCE CORP                                                 | FX.RT. MUNI BOND        | CUSIP: 34061QBT3<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1740870.90   | 0.27%             | 2052-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE STATE ECONOMIC DEVELOPMENT AUTHORITY                                    | FX.RT. MUNI BOND        | CUSIP: 246372BB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    730000 | PA      | $588341.46    | 0.09%             | 2042-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                         | FX.RT. MUNI BOND        | CUSIP: 74442PVU6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    850000 | PA      | $678999.47    | 0.10%             | 2042-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY  AND  COUNTY AIRPORT COMM-SAN FRANCISCO INTERNATIONAL AIRPORT | FX.RT. MUNI BOND        | CUSIP: 79766DUD9<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   6900000 | PA      | $7486413.75   | 1.15%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY  AND  COUNTY OF SAN FRANCISCO CA COMMUNITY FACILITIES DISTRICT NO 2016-1    | FX.RT. MUNI BOND        | CUSIP: 79773LAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1797555.80   | 0.27%             | 2042-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF LOS ANGELES DEPARTMENT OF AIRPORTS                                       | FX.RT. MUNI BOND        | CUSIP: 544445XY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1462877.55   | 0.22%             | 2035-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON HIGHER EDUCATION FINANCE CORP                                            | FX.RT. MUNI BOND        | CUSIP: 187145QF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1312590.71   | 0.20%             | 2047-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON HIGHER EDUCATION FINANCE CORP                                            | FX.RT. MUNI BOND        | CUSIP: 187145QB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1470304.50   | 0.22%             | 2039-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON HIGHER EDUCATION FINANCE CORP                                            | FX.RT. MUNI BOND        | CUSIP: 187145QC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1458922.80   | 0.22%             | 2040-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ORANGE COUNTY HEALTH FACILITIES AUTHORITY                                        | FX.RT. MUNI BOND        | CUSIP: 68450LGQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1183173.42   | 0.18%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIBERTY DEVELOPMENT CORP                                                | FX.RT. MUNI BOND        | CUSIP: 649519EH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $2536638.30   | 0.39%             | 2051-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PITTSBURGH SCHOOL DISTRICT                                                       | FX.RT. MUNI BOND        | CUSIP: 725277RF6<br>LEI: 549300DCE2NGMJO6P377 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $861077.20    | 0.13%             | 2038-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| OHIO HIGHER EDUCATIONAL FACILITY COMMISSION                                      | FX.RT. MUNI BOND        | CUSIP: 67756DC79<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1829720.78   | 0.28%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY FUTURE TAX SECURED REVENUE          | FX.RT. MUNI BOND        | CUSIP: 64971XT99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1098919.20   | 0.17%             | 2039-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY FUTURE TAX SECURED REVENUE          | FX.RT. MUNI BOND        | CUSIP: 64971XU22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1093310.80   | 0.17%             | 2040-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY FUTURE TAX SECURED REVENUE          | FX.RT. MUNI BOND        | CUSIP: 64971XU30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1855000 | PA      | $2018271.72   | 0.31%             | 2041-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                         | FX.RT. MUNI BOND        | CUSIP: 74447DAD9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1814986.60   | 0.28%             | 2062-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY FUTURE TAX SECURED REVENUE          | FX.RT. MUNI BOND        | CUSIP: 64971XU97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8950000 | PA      | $9556774.20   | 1.46%             | 2051-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF SAN DIEGO CA                                                           | FX.RT. MUNI BOND        | CUSIP: 7973915D7<br>LEI: 254900MKIGRAYVDUZ926 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2486144.25   | 0.38%             | 2046-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REGENTS OF THE UNIVERSITY OF CALIFORNIA MEDICAL CENTER POOLED REVENUE            | FX.RT. MUNI BOND        | CUSIP: 913366KQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6581980.20   | 1.01%             | 2042-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA FINANCE AUTHORITY                                                        | FX.RT. MUNI BOND        | CUSIP: 45505MMF0<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1174541.20   | 0.18%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA FINANCE AUTHORITY                                                        | FX.RT. MUNI BOND        | CUSIP: 45505MMJ2<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1255233.54   | 0.19%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA FINANCE AUTHORITY                                                        | FX.RT. MUNI BOND        | CUSIP: 45505MMK9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1358944.32   | 0.21%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN WASHINGTON AIRPORTS AUTHORITY AVIATION REVENUE                      | FX.RT. MUNI BOND        | CUSIP: 592647LC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2740919.50   | 0.42%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES DEPARTMENT OF WATER  AND  POWER                                      | FX.RT. MUNI BOND        | CUSIP: 544532FR0<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5592446.00   | 0.86%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH STATE BUILDING OWNERSHIP AUTHORITY                                          | FX.RT. MUNI BOND        | CUSIP: 917547F97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2960000 | PA      | $3256733.19   | 0.50%             | 2041-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY  AND  COUNTY OF DENVER CO AIRPORT SYSTEM REVENUE                            | FX.RT. MUNI BOND        | CUSIP: 249182QP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2315111.19   | 0.35%             | 2038-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CITY  AND  COUNTY OF DENVER CO AIRPORT SYSTEM REVENUE                            | FX.RT. MUNI BOND        | CUSIP: 249182QN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1547486.55   | 0.24%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY  AND  COUNTY OF DENVER CO AIRPORT SYSTEM REVENUE                            | FX.RT. MUNI BOND        | CUSIP: 249182QM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2414069.33   | 0.37%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF RICE MN                                                                | FX.RT. MUNI BOND        | CUSIP: 762698LA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2690478.18   | 0.41%             | 2048-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MONTANA STATE BOARD OF REGENTS                                                   | FX.RT. MUNI BOND        | CUSIP: 61212LTN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7360000 | PA      | $8151362.66   | 1.25%             | 2052-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK STATE THRUWAY AUTHORITY                                                 | FX.RT. MUNI BOND        | CUSIP: 650028ZP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7200000 | PA      | $7622572.32   | 1.17%             | 2054-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY                                  | FX.RT. MUNI BOND        | CUSIP: 45469NEY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3121340.40   | 0.48%             | 2047-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA                                                               | FX.RT. MUNI BOND        | CUSIP: 735389V47<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5835304.20   | 0.89%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA                                                               | FX.RT. MUNI BOND        | CUSIP: 735389V96<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1029557.40   | 0.16%             | 2047-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA                                                               | FX.RT. MUNI BOND        | CUSIP: 735389V70<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2089432.80   | 0.32%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDUSTRIAL DEVELOPMENT AUTHORITY                                         | FX.RT. MUNI BOND        | CUSIP: 04052FDR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5111037.00   | 0.78%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO O'HARE INTERNATIONAL AIRPORT                                             | FX.RT. MUNI BOND        | CUSIP: 167593X98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3700000 | PA      | $3884180.08   | 0.59%             | 2053-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SOUTH JERSEY TRANSPORTATION AUTHORITY                                            | FX.RT. MUNI BOND        | CUSIP: 838536MQ0<br>LEI: 549300W8SZI2CAOKT956 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1569723.45   | 0.24%             | 2052-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| OMAHA PUBLIC POWER DISTRICT                                                      | FX.RT. MUNI BOND        | CUSIP: 682001HQ8<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3868183.90   | 0.59%             | 2052-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| KENTUCKY STATE PROPERTY  AND  BUILDING COMMISSION                                | FX.RT. MUNI BOND        | CUSIP: 49151FU99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3361114.20   | 0.51%             | 2037-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| KENTUCKY STATE PROPERTY  AND  BUILDING COMMISSION                                | FX.RT. MUNI BOND        | CUSIP: 49151FV31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3290000 | PA      | $3659050.49   | 0.56%             | 2038-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LOWER COLORADO RIVER AUTHORITY                                                   | FX.RT. MUNI BOND        | CUSIP: 54811BZT1<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3735730.05   | 0.57%             | 2052-05-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY                                        | FX.RT. MUNI BOND        | CUSIP: 64577XEC6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   7085000 | PA      | $7531185.67   | 1.15%             | 2042-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CITY  AND  COUNTY OF DENVER CO AIRPORT SYSTEM REVENUE                            | FX.RT. MUNI BOND        | CUSIP: 249182TF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2805582.25   | 0.43%             | 2037-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CITY  AND  COUNTY OF DENVER CO AIRPORT SYSTEM REVENUE                            | FX.RT. MUNI BOND        | CUSIP: 249182TG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3175000 | PA      | $3547421.15   | 0.54%             | 2038-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECONOMIC DEVELOPMENT FINANCING AUTHORITY                            | FX.RT. MUNI BOND        | CUSIP: 70868YAZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2359762.88   | 0.36%             | 2062-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CITY OF LOS ANGELES DEPARTMENT OF AIRPORTS                                       | FX.RT. MUNI BOND        | CUSIP: 544445S67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1495000 | PA      | $1533690.00   | 0.23%             | 2046-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF LOS ANGELES DEPARTMENT OF AIRPORTS                                       | FX.RT. MUNI BOND        | CUSIP: 544445Q77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5857.05      | 0.00%             | 2046-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HENRICO COUNTY ECONOMIC DEVELOPMENT AUTHORITY                                    | FX.RT. MUNI BOND        | CUSIP: 426063JU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8644146.40   | 1.32%             | 2027-08-23      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| CHICAGO BOARD OF TRADE                                                           | GOVERNMENT FUTURES      | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | N/A              | DIR              | CORP              | US        |        57 | NC      | $7655812.50   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO BOARD OF TRADE                                                           | GOVERNMENT FUTURES      | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | N/A              | DIR              | CORP              | US        |       268 | NC      | $31699375.00  | 4.85%             |  |  |  | No            |                  1 | On Loan: No      |
| INDIANA COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY                                  | MUNI ORIG ISSUE DISC    | CUSIP: 45469NEZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $915737.00    | 0.14%             | 2054-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CSCDA COMMUNITY IMPROVEMENT AUTHORITY                                            | MUNI ORIG ISSUE DISC    | CUSIP: 126292AR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $2154284.93   | 0.33%             | 2056-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LOUDOUN COUNTY ECONOMIC DEVELOPMENT AUTHORITY                                    | MUNI ORIG ISSUE DISC    | CUSIP: 54601TAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4786364.00   | 0.73%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BROOKHAVEN LOCAL DEVELOPMENT CORP                                                | MUNI ORIG ISSUE DISC    | CUSIP: 113168BH0<br>LEI: 549300384JET720NAQ98 | Long             | DBT              | MUN               | US        |   1740000 | PA      | $1710649.85   | 0.26%             | 2025-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FINANCING CORP SALES TAX REVENUE                           | MUNI ORIG ISSUE DISC    | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   2900000 | PA      | $2640247.00   | 0.40%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDUCATION FACILITIES FINANCE CORP                              | MUNI ORIG ISSUE DISC    | CUSIP: 64542YBF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1705000 | PA      | $1474810.85   | 0.23%             | 2048-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| M-S-R ENERGY AUTHORITY                                                           | MUNI ORIG ISSUE DISC    | CUSIP: 55374SAC4<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2694878.55   | 0.41%             | 2039-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO BOARD OF EDUCATION                                                       | MUNI ORIG ISSUE DISC    | CUSIP: 167505QR0<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1496576.55   | 0.23%             | 2039-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COUNTY OF JEFFERSON AL SEWER REVENUE                                             | MUNI ORIG ISSUE DISC    | CUSIP: 472682RM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1068231.70   | 0.16%             | 2053-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| KENTUCKY PUBLIC TRANSPORTATION INFRASTRUCTURE AUTHORITY                          | MUNI ORIG ISSUE DISC    | CUSIP: 491397AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1416472.96   | 0.22%             | 2053-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF YAVAPAI/THE                    | MUNI ORIG ISSUE DISC    | CUSIP: 985900DH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100790.96    | 0.02%             | 2033-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DOUBLE BRANCH COMMUNITY DEVELOPMENT DISTRICT                                     | MUNI ORIG ISSUE DISC    | CUSIP: 25856MAV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    890000 | PA      | $890543.26    | 0.14%             | 2034-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SALT VERDE FINANCIAL CORP                                                        | MUNI ORIG ISSUE DISC    | CUSIP: 79575EAS7<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |    500000 | PA      | $508864.25    | 0.08%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSCDA COMMUNITY IMPROVEMENT AUTHORITY                                            | MUNI ORIG ISSUE DISC    | CUSIP: 126292BB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $831877.63    | 0.13%             | 2057-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MUNICIPAL ELECTRIC AUTHORITY OF GEORGIA                                          | MUNI ORIG ISSUE DISC    | CUSIP: 62620HEM0<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5665389.60   | 0.87%             | 2063-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| KENTUCKY PUBLIC ENERGY AUTHORITY                                                 | MUNI PUT BOND ACT       | CUSIP: 74440DCZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4951050.00   | 0.76%             | 2050-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI BUSINESS FINANCE CORP                                                | MUNI PUT BOND ACT       | CUSIP: 60527MAM1<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1207707.88   | 0.18%             | 2027-03-01      | Variable      | 2.20%                 | No            |                  2 | On Loan: No      |
| PARISH OF ST JOHN THE BAPTIST LA                                                 | MUNI PUT BOND ACT       | CUSIP: 79020FAY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3685045.20   | 0.56%             | 2037-06-01      | Variable      | 2.20%                 | No            |                  2 | On Loan: No      |
| KENTUCKY PUBLIC ENERGY AUTHORITY                                                 | MUNI PUT BOND ACT       | CUSIP: 74440DBR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9750000 | PA      | $9662205.15   | 1.48%             | 2049-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH TEXAS TOLLWAY AUTHORITY                                                    | MUNI STEP UP BOND       | CUSIP: 66285WEF9<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   9700000 | PA      | $10384082.80  | 1.59%             | 2043-01-01      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA TURNPIKE COMMISSION                                                 | MUNI STEP UP BOND       | CUSIP: 709224DV8<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5114379.50   | 0.78%             | 2044-12-01      | Variable      | 4.90%                 | No            |                  2 | On Loan: No      |
| CITY OF PHOENIX CIVIC IMPROVEMENT CORP                                           | MUNI STEP UP BOND       | CUSIP: 71884WBH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1215084.20   | 0.19%             | 2043-07-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN WASHINGTON AIRPORTS AUTHORITY                                       | MUNI. ZERO              | CUSIP: 592643BP4<br>LEI: 7HERAVJJLN8J1DZ6AZ19 | Long             | DBT              | MUN               | US        |  11000000 | PA      | $5260421.10   | 0.80%             | 2037-10-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| E-470 PUBLIC HIGHWAY AUTHORITY                                                   | MUNI. ZERO              | CUSIP: 26822LEP5<br>LEI: 549300164ZV2301BC703 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $3224300.00   | 0.49%             | 2034-09-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CITY OF TAMPA FL                                                                 | MUNI. ZERO              | CUSIP: 875146BA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    830000 | PA      | $325996.11    | 0.05%             | 2042-09-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CITY OF TAMPA FL                                                                 | MUNI. ZERO              | CUSIP: 875146BC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $602095.73    | 0.09%             | 2049-09-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| PUTNAM SHORT TERM INVESTMENT FUND                                                | SHORT TERM INV FUND     | CUSIP: 74676P664<br>LEI: 5493003MK0Q7JP8CPP42 | Long             | STIV             | PF                | US        |   3719780 | NS      | $3719780.00   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED STATES OF AMERICA                                                         | U.S. T BILLS            | CUSIP: 912796ZL6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $498879.78    | 0.08%             | 2023-01-24      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| UNITED STATES OF AMERICA                                                         | U.S. T BILLS            | CUSIP: 912796ZJ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    431000 | PA      | $430696.82    | 0.07%             | 2023-01-10      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| UNITED STATES OF AMERICA                                                         | U.S. T BILLS            | CUSIP: 912796XR5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $499565.94    | 0.08%             | 2023-01-12      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF MONTGOMERY OH                                                          | VAR.RT.MUNI NOTE NT     | CUSIP: 613520LQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.31%             | 2045-11-15      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| BAY AREA TOLL AUTHORITY                                                          | VAR.RT.MUNI NOTE NT     | CUSIP: 072024VZ2<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |  12000000 | PA      | $12000000.00  | 1.84%             | 2053-04-01      | Variable      | 2.91%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS HEALTH  AND  EDUCATIONAL FACILITIES AUTHORITY                      | VAR.RT.MUNI NOTE NT     | CUSIP: 57585KSW9<br>LEI: 549300MV50RWQFTX5223 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3500000.00   | 0.54%             | 2031-07-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA PUBLIC FINANCE AUTHORITY                                              | VAR.RT.MUNI NOTE NT     | CUSIP: 13057EBE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500000.00   | 0.23%             | 2052-08-01      | Variable      | 2.20%                 | No            |                  2 | On Loan: No      |
| CITY OF NEW YORK NY                                                              | VAR.RT.MUNI NOTE NT     | CUSIP: 64966LLS8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4000000.00   | 0.61%             | 2040-03-01      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| NEW YORK STATE HOUSING FINANCE AGENCY                                            | VAR.RT.MUNI NOTE NT     | CUSIP: 64986UEB9<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5500000.00   | 0.84%             | 2044-05-01      | Variable      | 3.61%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS WATER RESOURCES AUTHORITY                                          | VAR.RT.MUNI NOTE NT     | CUSIP: 576051BY1<br>LEI: 549300GBS2G3YGHOYO19 | Long             | DBT              | MUN               | US        |   5215000 | PA      | $5215000.00   | 0.80%             | 2037-08-01      | Variable      | 3.58%                 | No            |                  2 | On Loan: No      |
| CITY OF NEW YORK NY                                                              | VAR.RT.MUNI NOTE NT     | CUSIP: 64966FB45<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   3655000 | PA      | $3655000.00   | 0.56%             | 2036-04-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY  AND  COUNTY AIRPORT COMM-SAN FRANCISCO INTERNATIONAL AIRPORT | VAR.RT.MUNI NOTE NT     | CUSIP: 79766DLB3<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1600000.00   | 0.24%             | 2058-05-01      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT STATE HEALTH  AND  EDUCATIONAL FACILITIES AUTHORITY                  | VAR.RT.MUNI NOTE NT     | CUSIP: 20774LRU1<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500000.00   | 0.23%             | 2036-07-01      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| COUNTY OF SAN BERNARDINO CA                                                      | VARIABLE RATE MUNI BOND | CUSIP: 796839AQ1<br>LEI: 254900RTS8DDNPA7MX91 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2492420.00   | 0.38%             | 2023-08-01      | Floating      | 4.35%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-24

**Name of Applicant:** Putnam Investments Inc

**Signature:** Janet C. Smith

**Name of Signer:** NPORT

**Title:** Principal Financial Officer