# EDGAR Filing Document

**Accession Number:** 0000778365
**File Stem:** 0001410368-25-043553
**Filing Date:** 2025-12
**Character Count:** 92341
**Document Hash:** 43d771001491e983a081ae33c71d9b13
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-043553.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0001410368-25-043553

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**PERIOD START**: 20260731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Eaton Vance Municipals Trust
- **CENTRAL INDEX KEY:** 0000778365

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04409
- **FILM NUMBER:** 251607283

**BUSINESS ADDRESS:**
- **STREET 1:** ONE POST OFFICE SQUARE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109
- **BUSINESS PHONE:** 617-482-8260

**MAIL ADDRESS:**
- **STREET 1:** ONE POST OFFICE SQUARE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EATON VANCE MUNICIPALS TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EATON VANCE HIGH YIELD MUNICIPALS TRUST
- **DATE OF NAME CHANGE:** 19910203

## Series and Classes Contracts Data

### Eaton Vance Minnesota Municipal Income Fund (Series ID: S000004843)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000013114 | Eaton Vance Minnesota Municipal Income Fund Class A | ETMNX           |
| C000013116 | Eaton Vance Minnesota Municipal Income Fund Class C | ECMNX           |
| C000092718 | Eaton Vance Minnesota Municipal Income Fund Class I | EIMNX           |

## Nport-Ex

Eaton Vance<br>

Minnesota Municipal Income Fund

October 31, 2025

Portfolio of Investments (Unaudited)

------

Tax-Exempt Municipal Obligations — 98.9%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education — 10.7% | Education — 10.7% | Education — 10.7% |
| Minneapolis, MN, (University Gateway): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/36 | $2000 | &nbsp;&nbsp;$2333639 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/45 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2697578 |
| Minnesota Higher Education Facilities Authority, (Carleton College): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 3/1/48 | 2750 | &nbsp;&nbsp;&nbsp;&nbsp; 2900682 |
| &nbsp;&nbsp;&nbsp;5.00%, 3/1/53 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1311232 |
| Minnesota Higher Education Facilities Authority, (Macalester College), 5.00%, 3/1/28 | 1010 | &nbsp;&nbsp;&nbsp;&nbsp; 1010982 |
| Minnesota Higher Education Facilities Authority, (St. Olaf College): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 10/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 42163 |
| &nbsp;&nbsp;&nbsp;4.00%, 10/1/50 | 1275 | &nbsp;&nbsp;&nbsp;&nbsp; 1163840 |
| Minnesota Higher Education Facilities Authority, (University of St. Thomas): |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, 10/1/53 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1821656 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/41 | 1635 | &nbsp;&nbsp;&nbsp;&nbsp; 1748019 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/47 | 2665 | &nbsp;&nbsp;&nbsp;&nbsp; 2722702 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/49 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1544423 |
| St. Paul Housing and Redevelopment Authority, MN, (Hmong College Prep Academy), 5.00%, 9/1/43 | 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1168810 |
| University of Minnesota: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/39 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1540750 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/40 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1025808 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/42 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2113370 |
|  |  | &nbsp;&nbsp;**$25145654** |
| Electric Utilities — 8.9% | Electric Utilities — 8.9% | Electric Utilities — 8.9% |
| Hutchinson, MN, Public Utility Revenue, 5.00%, 12/1/26 | $&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;$350568 |
| Minnesota Municipal Power Agency: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 10/1/41 | 2415 | &nbsp;&nbsp;&nbsp;&nbsp; 2415523 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 250313 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 250287 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 200206 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/47 | 3210 | &nbsp;&nbsp;&nbsp;&nbsp; 3214239 |
| Northern Municipal Power Agency, MN: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 376167 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;&nbsp;&nbsp; 654992 |
| Rochester, MN, Electric Utility Revenue, 5.00%, 12/1/42 | 3660 | &nbsp;&nbsp;&nbsp;&nbsp; 3713690 |
| Southern Minnesota Municipal Power Agency, 5.00%, 1/1/46 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1505060 |
| St. Paul Housing and Redevelopment Authority, MN, District Energy Revenue, 4.00%, 10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;885 | &nbsp;&nbsp;&nbsp;&nbsp; 897641 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Electric Utilities (continued) | Electric Utilities (continued) | Electric Utilities (continued) |
| St. Paul Port Authority, MN, District Energy Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-3, 4.00%, 10/1/42 | $1250 | &nbsp;&nbsp;$1201513 |
| &nbsp;&nbsp;&nbsp;Series 2017-4, (AMT), 4.00%, 10/1/40 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 936960 |
| &nbsp;&nbsp;&nbsp;Series 2021-2, (AMT), 4.00%, 10/1/40 | 1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1030656 |
| Western Minnesota Municipal Power Agency: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 821589 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 700090 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 880109 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 802699 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;695 | &nbsp;&nbsp;&nbsp;&nbsp; 817482 |
|  |  | &nbsp;&nbsp;**$21019784** |
| General Obligations — 37.5% | General Obligations — 37.5% | General Obligations — 37.5% |
| Apple Valley, MN, 4.00%, 12/15/44 | $1110 | &nbsp;&nbsp;$1098469 |
| Blue Earth County, MN, 5.00%, 12/1/36 | 1415 | &nbsp;&nbsp;&nbsp;&nbsp; 1649714 |
| Brooklyn Center Independent School District No. 286, MN, 4.00%, 2/1/40 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2008917 |
| Cass Lake-Bena Independent School District No. 115, MN, 4.00%, 2/1/38 | 1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1437298 |
| Eden Prairie, MN: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/39 | 1360 | &nbsp;&nbsp;&nbsp;&nbsp; 1557656 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/40 | 1425 | &nbsp;&nbsp;&nbsp;&nbsp; 1607408 |
| Edgerton Independent School District No. 581, MN, 4.00%, 2/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;&nbsp;&nbsp; 789966 |
| Edina, MN, 4.00%, 2/1/46 | 1065 | &nbsp;&nbsp;&nbsp;&nbsp; 1066362 |
| Fergus Falls, MN, 5.00%, 2/1/38 | 1290 | &nbsp;&nbsp;&nbsp;&nbsp; 1449625 |
| Forest Lake Independent School District No. 831, MN, 4.00%, 2/1/40 | 1285 | &nbsp;&nbsp;&nbsp;&nbsp; 1315149 |
| GFW Independent School District No. 2365, MN, 4.125%, 2/1/52 | 2050 | &nbsp;&nbsp;&nbsp;&nbsp; 2040380 |
| Hawley Independent School District No. 150, MN, 4.25%, 2/1/46 | 1650 | &nbsp;&nbsp;&nbsp;&nbsp; 1658926 |
| Hennepin County, MN: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/38 | 1915 | &nbsp;&nbsp;&nbsp;&nbsp; 2145408 |
| &nbsp;&nbsp;&nbsp;(SPA: TD Bank, N.A.), 3.15%, 12/1/38<sup>(1)</sup> | 2480 | &nbsp;&nbsp;&nbsp;&nbsp; 2480000 |
| Jordan Independent School District No. 717, MN, 4.00%, 2/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 402424 |
| Lakeville, MN, 4.00%, 2/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;810 | &nbsp;&nbsp;&nbsp;&nbsp; 823594 |
| Maple River Independent School District No. 2135, MN, 4.00%, 2/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 397107 |
| Martin County West Independent School District No. 2448, MN, 5.00%, 2/1/41 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1658702 |
| Minneapolis Special School District No. 1, MN: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 2/1/37 | 1255 | &nbsp;&nbsp;&nbsp;&nbsp; 1284303 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/43 | 1320 | &nbsp;&nbsp;&nbsp;&nbsp; 1402301 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/45 | 2515 | &nbsp;&nbsp;&nbsp;&nbsp; 2672447 |

---

------

Eaton Vance<br>

Minnesota Municipal Income Fund

October 31, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Minneapolis, MN: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 12/1/43 | $4870 | &nbsp;&nbsp;$4187740 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/40 | 3770 | &nbsp;&nbsp;&nbsp;&nbsp; 4105616 |
| Minneapolis-St. Paul Metropolitan Council, MN: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 3/1/44 | 2910 | &nbsp;&nbsp;&nbsp;&nbsp; 2928508 |
| &nbsp;&nbsp;&nbsp;Sustainability Bonds, 4.00%, 3/1/43 | 1970 | &nbsp;&nbsp;&nbsp;&nbsp; 1985825 |
| Minnesota: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/41 | 1690 | &nbsp;&nbsp;&nbsp;&nbsp; 1713542 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/40 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1609216 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/42 | 1410 | &nbsp;&nbsp;&nbsp;&nbsp; 1543130 |
| Moorhead, MN: |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 2/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp; 700144 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/31 | 1085 | &nbsp;&nbsp;&nbsp;&nbsp; 1213063 |
| Oakdale, MN, 4.00%, 2/1/49 | 1820 | &nbsp;&nbsp;&nbsp;&nbsp; 1767290 |
| Pequot Lakes Independent School District No. 186, MN, 5.00%, 2/1/43 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1079383 |
| Puerto Rico, 5.625%, 7/1/29 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1602480 |
| Ramsey County, MN, 4.00%, 2/1/43 | 2525 | &nbsp;&nbsp;&nbsp;&nbsp; 2553702 |
| Rice County, MN, 4.00%, 2/1/52 | 2725 | &nbsp;&nbsp;&nbsp;&nbsp; 2632711 |
| Rosemount, MN: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 2/1/44 | 2385 | &nbsp;&nbsp;&nbsp;&nbsp; 2375344 |
| &nbsp;&nbsp;&nbsp;4.00%, 2/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp; 445282 |
| Rosemount-Apple Valley-Eagan Independent School District No. 196, MN, 4.00%, 2/1/44 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1471112 |
| Round Lake-Brewster Independent School District No. 2907, MN, 4.00%, 2/1/46 | 2580 | &nbsp;&nbsp;&nbsp;&nbsp; 2575985 |
| Sartell-St. Stephen Independent School District No. 748, MN: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 2/1/32 | 1350 | &nbsp;&nbsp;&nbsp;&nbsp; 1067082 |
| &nbsp;&nbsp;&nbsp;0.00%, 2/1/37 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 926377 |
| &nbsp;&nbsp;&nbsp;4.50%, 2/1/44 | 1050 | &nbsp;&nbsp;&nbsp;&nbsp; 1075296 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;635 | &nbsp;&nbsp;&nbsp;&nbsp; 698902 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 876152 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 347312 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp; 474351 |
| South Washington County Independent School District No. 833, MN, 4.00%, 2/1/44 | 2150 | &nbsp;&nbsp;&nbsp;&nbsp; 2124865 |
| St. Cloud, MN, 5.00%, 2/1/36 | 1615 | &nbsp;&nbsp;&nbsp;&nbsp; 1858971 |
| St. Francis, MN: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 2/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;545 | &nbsp;&nbsp;&nbsp;&nbsp; 526207 |
| &nbsp;&nbsp;&nbsp;4.125%, 2/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;595 | &nbsp;&nbsp;&nbsp;&nbsp; 567848 |
| St. Louis County, MN: |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 12/1/42 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1026956 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/35 | 1815 | &nbsp;&nbsp;&nbsp;&nbsp; 2100432 |
| St. Paul Independent School District No. 625, MN, 4.00%, 2/1/44 | 2620 | &nbsp;&nbsp;&nbsp;&nbsp; 2572833 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| St. Peter Independent School District No. 508, MN: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 2/1/45 | $&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;$24819 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/41 | 1240 | &nbsp;&nbsp;&nbsp;&nbsp; 1324049 |
| Stillwater Independent School District No. 834, 4.00%, 2/1/43 | 1365 | &nbsp;&nbsp;&nbsp;&nbsp; 1374279 |
| Washington County, MN, 5.00%, 2/1/42 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1094178 |
| Watertown-Mayer Independent School District No. 111, MN, 0.00%, 2/1/36 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 656753 |
|  |  | &nbsp;&nbsp;**$88153891** |
| Hospital — 17.5% | Hospital — 17.5% | Hospital — 17.5% |
| Duluth Economic Development Authority, MN, (Essentia Health Obligated Group): |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 2/15/43 | $4095 | &nbsp;&nbsp;$3989485 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/48 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4045787 |
| Duluth Economic Development Authority, MN, (St. Luke's Hospital of Duluth Obligated Group): |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 6/15/47 | 1240 | &nbsp;&nbsp;&nbsp;&nbsp; 1295563 |
| &nbsp;&nbsp;&nbsp;5.25%, 6/15/52 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2077037 |
| Minneapolis, MN, (Allina Health System), 4.00%, 11/15/37 | 3085 | &nbsp;&nbsp;&nbsp;&nbsp; 3104303 |
| Minneapolis, MN, (Fairview Health Services), 5.00%, 11/15/34 | 1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1400857 |
| Minnesota Agricultural and Economic Development Board, (HealthPartners Obligated Group): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 1/1/49 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1818146 |
| &nbsp;&nbsp;&nbsp;5.25%, 1/1/47 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2635350 |
| Rochester, MN, (Mayo Clinic): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 11/15/48 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2859598 |
| &nbsp;&nbsp;&nbsp;4.25%, 11/15/50 | 2300 | &nbsp;&nbsp;&nbsp;&nbsp; 2247440 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/57 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2578953 |
| &nbsp;&nbsp;&nbsp;(LOC: Barclays Bank PLC), 2.90%, 11/15/64<sup>(2)</sup> | 4500 | &nbsp;&nbsp;&nbsp;&nbsp; 4500000 |
| St. Cloud, MN, (CentraCare Health System): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 5/1/50 | 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3146168 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/42 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2143799 |
| St. Paul Housing and Redevelopment Authority, MN, (Children's Health Care): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/15/42 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1605114 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/15/43 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1326448 |
| St. Paul Housing and Redevelopment Authority, MN, (Fairview Health Services), 5.00%, 11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 515862 |
|  |  | &nbsp;&nbsp;**$41289910** |
| Housing — 4.8% | Housing — 4.8% | Housing — 4.8% |
| Dakota County Community Development Agency, MN, (Heart of the City Apartments), (FNMA), 4.20%, 5/1/43 | $1620 | &nbsp;&nbsp;$1592601 |

---

------

Eaton Vance<br>

Minnesota Municipal Income Fund

October 31, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Housing (continued) | Housing (continued) | Housing (continued) |
| Minnesota Housing Finance Agency: |  |  |
| &nbsp;&nbsp;&nbsp;2.15%, 7/1/45 | $&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;$620934 |
| &nbsp;&nbsp;&nbsp;4.125%, 8/1/44 | 1205 | &nbsp;&nbsp;&nbsp;&nbsp; 1181154 |
| &nbsp;&nbsp;&nbsp;4.25%, 8/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 491679 |
| &nbsp;&nbsp;&nbsp;4.25%, 8/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 487993 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 2.40%, 1/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;605 | &nbsp;&nbsp;&nbsp;&nbsp; 534033 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 3.15%, 1/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 270529 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), (SPA: Royal Bank of Canada), 3.20%, 7/1/41<sup>(1)</sup> | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 4.55%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 511311 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 4.85%, 7/1/45 | 3150 | &nbsp;&nbsp;&nbsp;&nbsp; 3205736 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 6.00%, 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;895 | &nbsp;&nbsp;&nbsp;&nbsp; 959683 |
|  |  | &nbsp;&nbsp;**$11355653** |
| Insured - Electric Utilities — 1.4% | Insured - Electric Utilities — 1.4% | Insured - Electric Utilities — 1.4% |
| Northern Municipal Power Agency, MN: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 1/1/28 | $&nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;$497163 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 1/1/29 | 1025 | &nbsp;&nbsp;&nbsp;&nbsp; 1094383 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp; 637205 |
| Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/32 | 1150 | &nbsp;&nbsp;&nbsp;&nbsp; 1165485 |
|  |  | &nbsp;&nbsp;**$3394236** |
| Insured - Hospital — 0.9% | Insured - Hospital — 0.9% | Insured - Hospital — 0.9% |
| Minneapolis, MN, (Fairview Health Services), (AG), 5.00%, 11/15/44 | $2000 | &nbsp;&nbsp;$2000392 |
|  |  | &nbsp;&nbsp;**$2000392** |
| Lease Revenue/Certificates of Participation — 1.3% | Lease Revenue/Certificates of Participation — 1.3% | Lease Revenue/Certificates of Participation — 1.3% |
| Anoka-Hennepin Independent School District No. 11, MN, 5.00%, 2/1/34 | $1000 | &nbsp;&nbsp;$1006851 |
| Minnesota Housing Finance Agency, 4.00%, 8/1/39 | 2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2045525 |
|  |  | &nbsp;&nbsp;**$3052376** |
| Other Revenue — 2.2% | Other Revenue — 2.2% | Other Revenue — 2.2% |
| Center City, MN, (Hazelden Betty Ford Foundation), 5.00%, 11/1/47 | $1000 | &nbsp;&nbsp;$1022060 |
| Minnesota Municipal Gas Agency: |  |  |
| &nbsp;&nbsp;&nbsp;(Liq: Royal Bank of Canada), 3.861%, (67% of SOFR + 1.00%), 12/1/52<sup>(3)</sup> | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2005122 |
| &nbsp;&nbsp;&nbsp;(Liq: Royal Bank of Canada), 4.00% to 12/1/27 (Put Date), 12/1/52 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2032615 |
|  |  | &nbsp;&nbsp;**$5059797** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Senior Living/Life Care — 1.9% | Senior Living/Life Care — 1.9% | Senior Living/Life Care — 1.9% |
| Apple Valley, MN, (PHS Apple Valley Senior Housing, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 9/1/53 | $&nbsp;&nbsp;&nbsp;&nbsp;940 | &nbsp;&nbsp;$799672 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/43 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 983114 |
| &nbsp;&nbsp;&nbsp;5.375%, 9/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp; 480687 |
| &nbsp;&nbsp;&nbsp;5.50%, 9/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 606313 |
| North Oaks, MN, (Waverly Gardens), 4.00%, 10/1/26 | 1680 | &nbsp;&nbsp;&nbsp;&nbsp; 1679933 |
|  |  | &nbsp;&nbsp;**$4549719** |
| Special Tax Revenue — 3.7% | Special Tax Revenue — 3.7% | Special Tax Revenue — 3.7% |
| American Samoa Economic Development Authority, 5.00%, 9/1/38<sup>(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;$203886 |
| Bloomington, MN, Sales Tax Revenue, 5.00%, 2/1/43 | 1320 | &nbsp;&nbsp;&nbsp;&nbsp; 1423574 |
| Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2919109 |
| St. Paul, MN, Sales Tax Revenue, (Neighborhood and Economic Development): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/40 | 1840 | &nbsp;&nbsp;&nbsp;&nbsp; 2049019 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/42 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2183849 |
|  |  | &nbsp;&nbsp;**$8779437** |
| Student Loan — 1.4% | Student Loan — 1.4% | Student Loan — 1.4% |
| Minnesota Office of Higher Education, Supplemental Student Loan Program Revenue, (AMT), 4.00%, 11/1/42 | $3430 | &nbsp;&nbsp;$3313540 |
|  |  | &nbsp;&nbsp;**$3313540** |
| Transportation — 5.1% | Transportation — 5.1% | Transportation — 5.1% |
| Minneapolis-St. Paul Metropolitan Airports Commission, MN: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/52 | $1920 | &nbsp;&nbsp;$2003289 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 1/1/49 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3020009 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 1/1/42 | 3200 | &nbsp;&nbsp;&nbsp;&nbsp; 3447224 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 1/1/47 | 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3619423 |
|  |  | &nbsp;&nbsp;**$12089945** |
| Water and Sewer — 1.6% | Water and Sewer — 1.6% | Water and Sewer — 1.6% |
| St. Paul, MN, Water Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/47 | $2870 | &nbsp;&nbsp;$2849705 |

---

------

Eaton Vance<br>

Minnesota Municipal Income Fund

October 31, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Water and Sewer (continued) | Water and Sewer (continued) | Water and Sewer (continued) |
| St. Paul, MN, Water Revenue: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 4.50%, 12/1/44 | $&nbsp;&nbsp;&nbsp;&nbsp;760 | &nbsp;&nbsp;$788910 |
|  |  | &nbsp;&nbsp;**$3638615** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $231,989,694) |  | &nbsp;&nbsp;**$232842949** |
| Total Investments — 98.9%<br> (identified cost $231,989,694) |  | &nbsp;&nbsp;**$232842949** |
| Other Assets, Less Liabilities — 1.1% |  | &nbsp;&nbsp;**$2541685** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$235384634** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>(1)</sup> | Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at October 31, 2025. |
| <sup>(2)</sup> | Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at October 31, 2025. |
| <sup>(3)</sup> | Floating rate security. The stated interest rate represents the rate in effect at October 31, 2025. |

---

---

| | |
|:---|:---|
| <sup>(4)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At October 31, 2025, the aggregate value of these securities is $203,886 or 0.1% of the Fund's net assets. |
| The Fund invests primarily in debt securities issued by Minnesota municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At October 31, 2025, 2.3% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.5% to 1.8% of total investments. | The Fund invests primarily in debt securities issued by Minnesota municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At October 31, 2025, 2.3% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.5% to 1.8% of total investments. |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| AG | – Assured Guaranty, Inc. |
| AMT | – Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. |
| FHLMC | – Federal Home Loan Mortgage Corp. |
| FNMA | – Federal National Mortgage Association |
| GNMA | – Government National Mortgage Association |
| Liq | – Liquidity Provider |
| LOC | – Letter of Credit |
| NPFG | – National Public Finance Guarantee Corp. |
| SOFR | – Secured Overnight Financing Rate |
| SPA | – Standby Bond Purchase Agreement |

---

The Fund did not have any open derivative instruments at October 31, 2025.

Fair Value Measurements

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical investments

• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At October 31, 2025, the hierarchy of inputs used in valuing the Fund's investments, which are carried at fair value, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Tax-Exempt Municipal Obligations | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$232842949 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$232842949 |
| **Total Investments** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$232842949** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$232842949** |

---

------

Eaton Vance<br>

Minnesota Municipal Income Fund

October 31, 2025

Portfolio of Investments (Unaudited) — continued

------

For information on the Fund's policy regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent annual or semi-annual financial statements.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Eaton Vance Municipals Trust

- **b. Investment Company Act file number:** 811-04409

- **c. CIK number of Registrant:** 0000778365

- **d. LEI of Registrant:** 549300URENTSNA53MO13

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

  - **Street Address 1:** One Post Office Square

  - **City:** BOSTON

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02109

  - **Telephone number:** 617-482-8260

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

- **a. Name of Series:** Eaton Vance Minnesota Municipal Income Fund

- **b. EDGAR series identifier (if any):** S000004843

- **c. LEI of Series:** 549300BHOZ0I8HHJ1P48

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

- **a. Date of fiscal year-end:** 2026-07-31

- **b. Date as of which information is reported:** 2025-10-31

**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:** $236000752.88

**Total Liabilities:** $847533.83

**Net Assets:** $235153219.05

**Cash Not Reported:** $26033.04

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -307.03000000 | **1-Year:** -6802.83000000 | **5-Year:** -35139.47000000 | **10-Year:** -96381.20000000 | **30-Year:** -28991.35000000

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

- **3-Month:** -38.21000000 | **1-Year:** -720.03000000 | **5-Year:** -1810.63000000 | **10-Year:** -2866.37000000 | **30-Year:** -1605.09000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000013114 | 1.23%                | 3.19%                | 1.63%                |
| Class ID C000013116 | 1.10%                | 3.13%                | 1.47%                |
| Class ID C000092718 | 1.24%                | 3.20%                | 1.64%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-244290.24              | $2130963.31                                |
| Month 2  | $-113022.80              | $6606104.15                                |
| Month 3  | $-169247.46              | $3292374.61                                |

**Designated Index Information**

- **Index Name:** BB Barclays Municipal Bd

- **Index Identifier:** MBINDEX

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| American Samoa Economic Development Authority                      | AMERICAN SAMOA AS ECON DEV AUTH GEN REVENUE                 | CUSIP: 02936TAH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $203885.82    | 0.09%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Anoka-Hennepin Independent School District No 11                   | ANOKA-HENNEPIN MN INDEP SCH DIST #11 COPS                   | CUSIP: 036312AU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006851.00   | 0.43%             | 2034-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Apple Valley MN                                            | APPLE VLY MN                                                | CUSIP: 03788PVZ6<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1098469.32   | 0.47%             | 2044-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Apple Valley MN                                            | APPLE VY MN SENIOR HSG REVENUE                              | CUSIP: 03800RAR7<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $983113.80    | 0.42%             | 2043-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Apple Valley MN                                            | APPLE VY MN SENIOR HSG REVENUE                              | CUSIP: 03800RAT3<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |    940000 | PA      | $799672.19    | 0.34%             | 2053-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Apple Valley MN                                            | APPLE VY MN SENIOR HSG REVENUE                              | CUSIP: 03800RBJ4<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |    475000 | PA      | $480686.70    | 0.20%             | 2045-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| City of Apple Valley MN                                            | APPLE VY MN SENIOR HSG REVENUE                              | CUSIP: 03800RBK1<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |    600000 | PA      | $606312.66    | 0.26%             | 2055-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Bloomington MN Sales Tax Revenue                           | BLOOMINGTON MN SALES TAX REVENUE                            | CUSIP: 094814BP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1320000 | PA      | $1423574.06   | 0.61%             | 2043-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Blue Earth MN                                            | BLUE EARTH CNTY MN                                          | CUSIP: 095410RJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1415000 | PA      | $1649714.40   | 0.70%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Brooklyn Center Independent School District No 286                 | BROOKLYN CENTER MN INDEP SCH DIST #286                      | CUSIP: 113853MG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2008917.00   | 0.85%             | 2040-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cass Lake-Bena Independent School District No 115                  | CASS LAKE MN INDEP SCH DIST #115                            | CUSIP: 148087LG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1437297.54   | 0.61%             | 2038-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Center City MN                                             | CENTER CITY MN HLTH CARE FACSREVENUE                        | CUSIP: 151452CR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022060.40   | 0.43%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dakota County Community Development Agency                         | DAKOTA CNTY MN CMNTY DEV AGY MF HSG REVENUE                 | CUSIP: 23409VFP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1620000 | PA      | $1592600.78   | 0.68%             | 2043-05-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                              | DULUTH MN ECON DEV AUTH HLTH CARE FACS REVENUE              | CUSIP: 26444CGZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4095000 | PA      | $3989485.36   | 1.70%             | 2043-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                              | DULUTH MN ECON DEV AUTH HLTH CARE FACS REVENUE              | CUSIP: 26444CHC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4045787.20   | 1.72%             | 2048-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                              | DULUTH MN ECON DEV AUTH HLTH CARE FACS REVENUE              | CUSIP: 26444CKK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1295562.54   | 0.55%             | 2047-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                              | DULUTH MN ECON DEV AUTH HLTH CARE FACS REVENUE              | CUSIP: 26444CKL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2077036.60   | 0.88%             | 2052-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Eden Prairie MN                                            | EDEN PRAIRIE MN                                             | CUSIP: 279518HH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1360000 | PA      | $1557656.28   | 0.66%             | 2039-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Eden Prairie MN                                            | EDEN PRAIRIE MN                                             | CUSIP: 279518HJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1425000 | PA      | $1607408.27   | 0.68%             | 2040-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Edgerton Independent School District No 581                        | EDGERTON MN INDEP SCH DIST #581                             | CUSIP: 280191BQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $789965.75    | 0.34%             | 2041-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Edina MN                                                   | EDINA MN                                                    | CUSIP: 280606JU9<br>LEI: 549300V5XW2LPH6R4I43 | Long             | DBT              | MUN               | US        |   1065000 | PA      | $1066362.35   | 0.45%             | 2046-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Fergus Falls MN                                            | FERGUS FALLS MN                                             | CUSIP: 314766FZ4<br>LEI: 549300O0L2FC86K3O684 | Long             | DBT              | MUN               | US        |   1290000 | PA      | $1449624.60   | 0.62%             | 2038-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Forest Lake Independent School District No 831                     | FOREST LAKE MN INDEP SCH DIST#831                           | CUSIP: 345874VU2<br>LEI: 549300Z4NGDI34KH2446 | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1315148.67   | 0.56%             | 2040-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Gibbon Independent School District No 2365/MN                      | GIBBON MN INDEP SCH DIST #2365                              | CUSIP: 374627DH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2050000 | PA      | $2040380.38   | 0.87%             | 2052-02-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Hawley Independent School District No 150                          | HAWLEY MN INDEP SCH DIST #150                               | CUSIP: 420416GS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1658926.01   | 0.71%             | 2046-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| County of Hennepin MN                                              | HENNEPIN CNTY MN                                            | CUSIP: 425507GX2<br>LEI: 254900YDNULMQREFAU43 | Long             | DBT              | MUN               | US        |   2480000 | PA      | $2480000.00   | 1.05%             | 2038-12-01      | Floating      | 3.15%                 | No            |                  2 | On Loan: No      |
| County of Hennepin MN                                              | HENNEPIN CNTY MN                                            | CUSIP: 425507NP1<br>LEI: 254900YDNULMQREFAU43 | Long             | DBT              | MUN               | US        |   1915000 | PA      | $2145408.40   | 0.91%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hutchinson Utilities Commission                                    | HUTCHINSON MN PUBLIC UTILITY REVENUE                        | CUSIP: 44835ECE6<br>LEI: 5493006H504KBMJSAU33 | Long             | DBT              | MUN               | US        |    350000 | PA      | $350568.37    | 0.15%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jordan Independent School District No 717                          | JORDAN MN INDEP SCH DIST #717                               | CUSIP: 480718LJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $402424.04    | 0.17%             | 2042-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Lakeville MN                                               | LAKEVILLE MN                                                | CUSIP: 5124457L5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    810000 | PA      | $823594.23    | 0.35%             | 2042-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maple River Independent School District No 2135/MN                 | MAPLE RIVER MN INDEP SCH DIST#2135                          | CUSIP: 565323CL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $397107.24    | 0.17%             | 2045-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Martin County West Independent School District No 2448             | MARTIN CNTY MN W INDEP SCH DIST #2448                       | CUSIP: 573259CP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1658701.65   | 0.71%             | 2041-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Council                                               | MET COUNCIL MINNEAPOLIS-SAINT PAUL MN MET AREA              | CUSIP: 5918524L9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1970000 | PA      | $1985825.40   | 0.84%             | 2043-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Council                                               | MET COUNCIL MINNEAPOLIS-SAINT PAUL MN MET AREA              | CUSIP: 5918525L8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2910000 | PA      | $2928507.89   | 1.25%             | 2044-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN/St Paul Housing & Redevelopment Authority   | MINNEAPOLIS MN & SAINT PAUL MN HSG & REDEV AUTH HLTH CARE   | CUSIP: 603695KD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1605113.55   | 0.68%             | 2042-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN/St Paul Housing & Redevelopment Authority   | MINNEAPOLIS MN & SAINT PAUL MN HSG & REDEV AUTH HLTH CARE   | CUSIP: 603695KE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1326448.50   | 0.56%             | 2043-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                             | MINNEAPOLIS MN HLTH CARE SYS REVENUE                        | CUSIP: 60374VDT7<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1400856.80   | 0.60%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                             | MINNEAPOLIS MN HLTH CARE SYS REVENUE                        | CUSIP: 60374VEN9<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000391.60   | 0.85%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                             | MINNEAPOLIS MN HLTH CARE SYS REVENUE                        | CUSIP: 60374VES8<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   3085000 | PA      | $3104302.85   | 1.32%             | 2037-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                             | MINNEAPOLIS MN                                              | CUSIP: 60375BMP8<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   3770000 | PA      | $4105615.96   | 1.75%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                             | MINNEAPOLIS MN                                              | CUSIP: 60375BNM4<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   4870000 | PA      | $4187740.27   | 1.78%             | 2043-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                             | MINNEAPOLIS MN REVENUE                                      | CUSIP: 603786JX3<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2333639.40   | 0.99%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                             | MINNEAPOLIS MN REVENUE                                      | CUSIP: 603786JY1<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2697578.50   | 1.15%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis Special School District No 1                           | MINNEAPOLIS MN SPL SCH DIST #1                              | CUSIP: 603790QF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1255000 | PA      | $1284302.87   | 0.55%             | 2037-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis Special School District No 1                           | MINNEAPOLIS MN SPL SCH DIST #1                              | CUSIP: 603790WP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1320000 | PA      | $1402300.68   | 0.60%             | 2043-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis Special School District No 1                           | MINNEAPOLIS MN SPL SCH DIST #1                              | CUSIP: 603790ZB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2515000 | PA      | $2672446.80   | 1.14%             | 2045-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis-St Paul Metropolitan Airports Commission               | MINNEAPOLIS-SAINT PAUL MN MET ARPTS COMMISSION ARPT REVENUE | CUSIP: 603827F35<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3020009.10   | 1.28%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis-St Paul Metropolitan Airports Commission               | MINNEAPOLIS-SAINT PAUL MN MET ARPTS COMMISSION ARPT REVENUE | CUSIP: 603827L53<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3619422.45   | 1.54%             | 2047-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Minneapolis-St Paul Metropolitan Airports Commission               | MINNEAPOLIS-SAINT PAUL MN MET ARPTS COMMISSION ARPT REVENUE | CUSIP: 603827N36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1920000 | PA      | $2003289.22   | 0.85%             | 2052-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis-St Paul Metropolitan Airports Commission               | MINNEAPOLIS-SAINT PAUL MN MET ARPTS COMMISSION ARPT REVENUE | CUSIP: 603827Q58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3200000 | PA      | $3447224.00   | 1.47%             | 2042-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Minnesota Municipal Gas Agency                                     | MINNESOTA MUNI GAS AGY COMMODITY SPLY REVENUE               | CUSIP: 60406UAM9<br>LEI: 549300SISI6N1C6S3136 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2032614.40   | 0.86%             | 2052-12-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Municipal Gas Agency                                     | MINNESOTA MUNI GAS AGY COMMODITY SPLY REVENUE               | CUSIP: 60406UAN7<br>LEI: 549300SISI6N1C6S3136 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2005122.00   | 0.85%             | 2052-12-01      | Floating      | 3.86%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                 | MINNESOTA ST                                                | CUSIP: 60412AH48<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1543130.23   | 0.66%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                 | MINNESOTA ST                                                | CUSIP: 60412ATT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1609216.50   | 0.68%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                 | MINNESOTA ST                                                | CUSIP: 60412AWW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1690000 | PA      | $1713542.38   | 0.73%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Municipal Power Agency                                   | MINNESOTA ST MUNI PWR AGY ELEC REVENUE                      | CUSIP: 60412PDX5<br>LEI: 5493007DGBKI6ICBXO38 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250313.20    | 0.11%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Municipal Power Agency                                   | MINNESOTA ST MUNI PWR AGY ELEC REVENUE                      | CUSIP: 60412PEX4<br>LEI: 5493007DGBKI6ICBXO38 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250287.43    | 0.11%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Municipal Power Agency                                   | MINNESOTA ST MUNI PWR AGY ELEC REVENUE                      | CUSIP: 60412PEY2<br>LEI: 5493007DGBKI6ICBXO38 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200206.16    | 0.09%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Municipal Power Agency                                   | MINNESOTA ST MUNI PWR AGY ELEC REVENUE                      | CUSIP: 60412PFW5<br>LEI: 5493007DGBKI6ICBXO38 | Long             | DBT              | MUN               | US        |   2415000 | PA      | $2415523.33   | 1.03%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Municipal Power Agency                                   | MINNESOTA ST MUNI PWR AGY ELEC REVENUE                      | CUSIP: 60412PFX3<br>LEI: 5493007DGBKI6ICBXO38 | Long             | DBT              | MUN               | US        |   3210000 | PA      | $3214238.81   | 1.37%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Health & Education Facilities Authority                  | MINNESOTA ST HGR EDU FACS AUTH REVENUE                      | CUSIP: 60416HP57<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1010982.12   | 0.43%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Health & Education Facilities Authority                  | MINNESOTA ST HGR EDU FACS AUTH REVENUE                      | CUSIP: 60416JDA5<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |     45000 | PA      | $42162.77     | 0.02%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Health & Education Facilities Authority                  | MINNESOTA ST HGR EDU FACS AUTH REVENUE                      | CUSIP: 60416JDB3<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1163839.76   | 0.49%             | 2050-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Health & Education Facilities Authority                  | MINNESOTA ST HGR EDU FACS AUTH REVENUE                      | CUSIP: 60416JGF1<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   2665000 | PA      | $2722702.58   | 1.16%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Health & Education Facilities Authority                  | MINNESOTA ST HGR EDU FACS AUTH REVENUE                      | CUSIP: 60416JHM5<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2900681.85   | 1.23%             | 2048-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Health & Education Facilities Authority                  | MINNESOTA ST HGR EDU FACS AUTH REVENUE                      | CUSIP: 60416JHN3<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1311232.38   | 0.56%             | 2053-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Health & Education Facilities Authority                  | MINNESOTA ST HGR EDU FACS AUTH REVENUE                      | CUSIP: 60416JHV5<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1635000 | PA      | $1748018.72   | 0.74%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Health & Education Facilities Authority                  | MINNESOTA ST HGR EDU FACS AUTH REVENUE                      | CUSIP: 60416JHZ6<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1544422.80   | 0.66%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Health & Education Facilities Authority                  | MINNESOTA ST HGR EDU FACS AUTH REVENUE                      | CUSIP: 60416JJA9<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1821655.80   | 0.77%             | 2053-10-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Minnesota Office of Higher Education                               | MINNESOTA ST OFFICE OF HGR EDU REVENUE                      | CUSIP: 60416MCA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3430000 | PA      | $3313540.18   | 1.41%             | 2042-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                   | MINNESOTA ST HSG FIN AGY                                    | CUSIP: 60416S4B3<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    605000 | PA      | $534032.71    | 0.23%             | 2035-01-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                   | MINNESOTA ST HSG FIN AGY                                    | CUSIP: 60416S7K0<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   2030000 | PA      | $2045525.03   | 0.87%             | 2039-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                   | MINNESOTA ST HSG FIN AGY                                    | CUSIP: 60416SG61<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500000.00   | 0.64%             | 2041-07-01      | Floating      | 3.20%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                   | MINNESOTA ST HSG FIN AGY                                    | CUSIP: 60416SPL8<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    285000 | PA      | $270529.01    | 0.12%             | 2037-01-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                   | MINNESOTA ST HSG FIN AGY                                    | CUSIP: 60416T5P9<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    895000 | PA      | $959683.08    | 0.41%             | 2053-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                   | MINNESOTA ST HSG FIN AGY                                    | CUSIP: 60416TCP1<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    900000 | PA      | $620934.30    | 0.26%             | 2045-07-01      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                   | MINNESOTA ST HSG FIN AGY                                    | CUSIP: 60416UWQ4<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    500000 | PA      | $511311.40    | 0.22%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                   | MINNESOTA ST HSG FIN AGY                                    | CUSIP: 60416UWR2<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   3150000 | PA      | $3205736.42   | 1.36%             | 2045-07-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                   | MINNESOTA ST HSG FIN AGY                                    | CUSIP: 60416UYQ2<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1181153.53   | 0.50%             | 2044-08-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                   | MINNESOTA ST HSG FIN AGY                                    | CUSIP: 60416UYR0<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    500000 | PA      | $491679.35    | 0.21%             | 2045-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                   | MINNESOTA ST HSG FIN AGY                                    | CUSIP: 60416UYS8<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    500000 | PA      | $487992.75    | 0.21%             | 2047-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Minnesota Agricultural & Economic Development Board                | MINNESOTA ST AGRIC & ECON DEVBRD                            | CUSIP: 6049203C0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2635350.25   | 1.12%             | 2047-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Minnesota Agricultural & Economic Development Board                | MINNESOTA ST AGRIC & ECON DEVBRD                            | CUSIP: 6049203D8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1818146.20   | 0.77%             | 2049-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Moorhead MN                                                | MOORHEAD MN                                                 | CUSIP: 616142WY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1085000 | PA      | $1213062.88   | 0.52%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Moorhead MN                                                | MOORHEAD MN                                                 | CUSIP: 616142XL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $700143.62    | 0.30%             | 2043-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of North Oaks MN                                              | N OAKS MN SENIOR HSG REVENUE                                | CUSIP: 66126TAT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1680000 | PA      | $1679933.64   | 0.71%             | 2026-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Northern Municipal Power Agency                                    | NTHRN MN MUNI PWR AGY ELEC SYS REVENUE                      | CUSIP: 665444LB9<br>LEI: 254900QIGSDY3UDQ9778 | Long             | DBT              | MUN               | US        |    375000 | PA      | $376166.85    | 0.16%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Municipal Power Agency                                    | NTHRN MN MUNI PWR AGY ELEC SYS REVENUE                      | CUSIP: 665444LC7<br>LEI: 254900QIGSDY3UDQ9778 | Long             | DBT              | MUN               | US        |    640000 | PA      | $654991.68    | 0.28%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Municipal Power Agency                                    | NTHRN MN MUNI PWR AGY ELEC SYS REVENUE                      | CUSIP: 665444LD5<br>LEI: 254900QIGSDY3UDQ9778 | Long             | DBT              | MUN               | US        |    475000 | PA      | $497162.84    | 0.21%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Municipal Power Agency                                    | NTHRN MN MUNI PWR AGY ELEC SYS REVENUE                      | CUSIP: 665444LE3<br>LEI: 254900QIGSDY3UDQ9778 | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1094383.17   | 0.47%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Municipal Power Agency                                    | NTHRN MN MUNI PWR AGY ELEC SYS REVENUE                      | CUSIP: 665444LG8<br>LEI: 254900QIGSDY3UDQ9778 | Long             | DBT              | MUN               | US        |    575000 | PA      | $637204.54    | 0.27%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Oakdale MN                                                 | OAKDALE MN                                                  | CUSIP: 672088MX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1820000 | PA      | $1767289.89   | 0.75%             | 2049-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pequot Lakes Independent School District No 186                    | PEQUOT LAKES MN INDEP SCH DIST #186                         | CUSIP: 713567KD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1079382.80   | 0.46%             | 2043-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                        | PUERTO RICO CMWLTH                                          | CUSIP: 74514L3H8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1602480.45   | 0.68%             | 2029-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                               | PUERTO RICO ELEC PWR AUTH PWRREVENUE                        | CUSIP: 74526Q2R2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1165485.21   | 0.50%             | 2032-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue             | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE           | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2919108.90   | 1.24%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Ramsey MN                                                | RAMSEY CNTY MN                                              | CUSIP: 751622YA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2525000 | PA      | $2553701.93   | 1.09%             | 2043-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Rice MN                                                  | RICE CNTY MN                                                | CUSIP: 762698LE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2725000 | PA      | $2632711.06   | 1.12%             | 2052-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Rochester MN Electric Utility Revenue                      | ROCHESTER MN ELEC UTILITY REVENUE                           | CUSIP: 77158PGE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3660000 | PA      | $3713690.37   | 1.58%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Rochester MN                                               | ROCHESTER MN HLTH CARE FACS REVENUE                         | CUSIP: 771902HF3<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2859598.50   | 1.22%             | 2048-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Rochester MN                                               | ROCHESTER MN HLTH CARE FACS REVENUE                         | CUSIP: 771902HM8<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2578952.75   | 1.10%             | 2057-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Rochester MN                                               | ROCHESTER MN HLTH CARE FACS REVENUE                         | CUSIP: 771902HP1<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2247439.94   | 0.96%             | 2050-11-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Rochester MN                                               | ROCHESTER MN HLTH CARE FACS REVENUE                         | CUSIP: 771902HS5<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4500000.00   | 1.91%             | 2064-11-15      | Floating      | 2.90%                 | No            |                  2 | On Loan: No      |
| City of Rosemount MN                                               | ROSEMOUNT MN                                                | CUSIP: 7775773T2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2385000 | PA      | $2375343.61   | 1.01%             | 2044-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Rosemount MN                                               | ROSEMOUNT MN                                                | CUSIP: 7775773X3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $445281.89    | 0.19%             | 2048-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Rosemount-Apple Valley-Eagan Independent School District No 196    | ROSEMOUNT MN INDEP SCH DIST #196                            | CUSIP: 777594ZY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1471111.80   | 0.63%             | 2044-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Round Lake-Brewster Independent School District No 2907            | ROUND LAKE-BREWSTER INDPT SCH DIST #2907 MN                 | CUSIP: 779133CJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2580000 | PA      | $2575984.75   | 1.10%             | 2046-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of St Cloud MN                                                | SAINT CLOUD MN                                              | CUSIP: 78916CDY5<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |   1615000 | PA      | $1858971.43   | 0.79%             | 2036-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of St Cloud MN                                                | SAINT CLOUD MN HLTH CARE REVENUE                            | CUSIP: 78916VEQ9<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2143799.20   | 0.91%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of St Cloud MN                                                | SAINT CLOUD MN HLTH CARE REVENUE                            | CUSIP: 78916VET3<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3146167.85   | 1.34%             | 2050-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of St Francis MN                                              | SAINT FRANCIS MN                                            | CUSIP: 789457NS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $526206.77    | 0.22%             | 2047-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of St Francis MN                                              | SAINT FRANCIS MN                                            | CUSIP: 789457NY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $567847.89    | 0.24%             | 2053-02-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| County of St Louis MN                                              | SAINT LOUIS CNTY MN                                         | CUSIP: 791230YQ2<br>LEI: 5493003TZLKXNN2MGO51 | Long             | DBT              | MUN               | US        |   1815000 | PA      | $2100431.80   | 0.89%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of St Louis MN                                              | SAINT LOUIS CNTY MN                                         | CUSIP: 791230YX7<br>LEI: 5493003TZLKXNN2MGO51 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026955.90   | 0.44%             | 2042-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| St Paul Independent School District No 625                         | SAINT PAUL MN INDEP SCH DIST #625                           | CUSIP: 79289ACM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2620000 | PA      | $2572833.19   | 1.09%             | 2044-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Housing & Redevelopment Authority of The City of St Paul Minnesota | SAINT PAUL MN HSG & REDEV AUTH HLTH CARE REVENUE            | CUSIP: 792909FD0<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    500000 | PA      | $515862.25    | 0.22%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of St Paul MN Sewer Revenue                                   | SAINT PAUL MN SWR REVENUE                                   | CUSIP: 793071YE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $788910.70    | 0.34%             | 2044-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of St Paul MN Water Revenue                                   | SAINT PAUL MN WTR REVENUE                                   | CUSIP: 793073JH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2870000 | PA      | $2849704.80   | 1.21%             | 2047-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of St Paul MN Sales & Use Tax Revenue                         | SAINT PAUL MN SALES TAX REVENUE                             | CUSIP: 79307TEJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1840000 | PA      | $2049019.22   | 0.87%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of St Paul MN Sales & Use Tax Revenue                         | SAINT PAUL MN SALES TAX REVENUE                             | CUSIP: 79307TEL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2183849.00   | 0.93%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| St Paul Port Authority                                             | SAINT PAUL MN PORT AUTH DIST ENERGY REVENUE                 | CUSIP: 79308GAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1201513.25   | 0.51%             | 2042-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| St Paul Port Authority                                             | SAINT PAUL MN PORT AUTH DIST ENERGY REVENUE                 | CUSIP: 79308GAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $936960.20    | 0.40%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| St Paul Port Authority                                             | SAINT PAUL MN PORT AUTH DIST ENERGY REVENUE                 | CUSIP: 79308GAN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1030656.22   | 0.44%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| St Peter Independent School District No 508                        | SAINT PETER MN INDEP SCH DIST#508                           | CUSIP: 793181KJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1324049.31   | 0.56%             | 2041-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| St Peter Independent School District No 508                        | SAINT PETER MN INDEP SCH DIST#508                           | CUSIP: 793181KN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $24819.20     | 0.01%             | 2045-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sartell-St Stephen Independent School District No 748              | SARTELL MN INDEP SCH DIST #748                              | CUSIP: 803820LA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1067081.58   | 0.45%             | 2032-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Sartell-St Stephen Independent School District No 748              | SARTELL MN INDEP SCH DIST #748                              | CUSIP: 803820LF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $926376.60    | 0.39%             | 2037-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Sartell-St Stephen Independent School District No 748              | SARTELL MN INDEP SCH DIST #748                              | CUSIP: 803820LX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    635000 | PA      | $698901.83    | 0.30%             | 2040-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sartell-St Stephen Independent School District No 748              | SARTELL MN INDEP SCH DIST #748                              | CUSIP: 803820LY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $876151.92    | 0.37%             | 2041-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sartell-St Stephen Independent School District No 748              | SARTELL MN INDEP SCH DIST #748                              | CUSIP: 803820LZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $347312.32    | 0.15%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sartell-St Stephen Independent School District No 748              | SARTELL MN INDEP SCH DIST #748                              | CUSIP: 803820MA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $474350.76    | 0.20%             | 2043-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sartell-St Stephen Independent School District No 748              | SARTELL MN INDEP SCH DIST #748                              | CUSIP: 803820MB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1075296.08   | 0.46%             | 2044-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| South Washington County Independent School District No 833/MN      | SOUTH WASHINGTON CNTY MN INDEP SCH DIST #833                | CUSIP: 840610VH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2150000 | PA      | $2124864.57   | 0.90%             | 2044-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southern Minnesota Municipal Power Agency                          | STHRN MINNESOTA ST MUNI PWR AGY PWR SPLY SYS REVENUE        | CUSIP: 843375C38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1505059.95   | 0.64%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Housing & Redevelopment Authority of The City of St Paul Minnesota | SAINT PAUL MN HSG & REDEV AUTH CHRT SCH LEASE REVENUE       | CUSIP: 852297DA5<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1168810.44   | 0.50%             | 2043-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Housing & Redevelopment Authority of The City of St Paul Minnesota | SAINT PAUL MN HSG & REDEV AUTH ENERGY REVENUE               | CUSIP: 85236DAL2<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    885000 | PA      | $897640.46    | 0.38%             | 2031-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Stillwater Independent School District No 834                      | STILLWATER MN INDEP SCH DIST #834                           | CUSIP: 860758TD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1425000 | PA      | $1434686.58   | 0.61%             | 2043-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Minnesota                                            | UNIV OF MINNESOTA MN                                        | CUSIP: 914460QH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1540749.60   | 0.66%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Minnesota                                            | UNIV OF MINNESOTA MN                                        | CUSIP: 914460QJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025807.80   | 0.44%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Minnesota                                            | UNIV OF MINNESOTA MN                                        | CUSIP: 914460UV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2113369.80   | 0.90%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Washington MN                                            | WASHINGTON CNTY MN                                          | CUSIP: 937785WS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1094177.70   | 0.47%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Watertown-Mayer Independent School District No 111                 | WATERTOWN MN INDEP SCH DIST #111                            | CUSIP: 942078PF7<br>LEI: 54930063VDFCOT0H1836 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $656753.20    | 0.28%             | 2036-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Western Minnesota Municipal Power Agency                           | WSTRN MN MUNI PWR AGY                                       | CUSIP: 958697KE3<br>LEI: 549300LFJK9CQSN2NJ11 | Long             | DBT              | MUN               | US        |    800000 | PA      | $802698.64    | 0.34%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Western Minnesota Municipal Power Agency                           | WSTRN MN MUNI PWR AGY                                       | CUSIP: 958697LK8<br>LEI: 549300LFJK9CQSN2NJ11 | Long             | DBT              | MUN               | US        |    750000 | PA      | $821589.15    | 0.35%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Western Minnesota Municipal Power Agency                           | WSTRN MN MUNI PWR AGY                                       | CUSIP: 958697LP7<br>LEI: 549300LFJK9CQSN2NJ11 | Long             | DBT              | MUN               | US        |    600000 | PA      | $700089.60    | 0.30%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Western Minnesota Municipal Power Agency                           | WSTRN MN MUNI PWR AGY                                       | CUSIP: 958697LQ5<br>LEI: 549300LFJK9CQSN2NJ11 | Long             | DBT              | MUN               | US        |    750000 | PA      | $880108.43    | 0.37%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Western Minnesota Municipal Power Agency                           | WSTRN MN MUNI PWR AGY                                       | CUSIP: 958697LR3<br>LEI: 549300LFJK9CQSN2NJ11 | Long             | DBT              | MUN               | US        |    695000 | PA      | $817481.52    | 0.35%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-25

**Name of Applicant:** Eaton Vance Municipals Trust

**Signature:** James Kirchner

**Name of Signer:** James Kirchner

**Title:** Treasurer