# EDGAR Filing Document

**Accession Number:** 0000900422
**File Stem:** 0001752724-25-153720
**Filing Date:** 2025-6
**Character Count:** 133621
**Document Hash:** 6ee88d245334661854210bc45cf16887
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-153720.hdr.sgml**: 20250624

**ACCESSION NUMBER**: 0001752724-25-153720

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250624

**DATE AS OF CHANGE**: 20250624

**PERIOD START**: 20250430

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07626
- **FILM NUMBER:** 251068680

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02110

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

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

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

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

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

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

- **b. Date as of which information is reported:** 2025-04-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $318850935.70

**Total Liabilities:** $12084124.23

**Net Assets:** $306766811.47

**Delayed Delivery Securities:** $572000.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 741.39000000 | **1-Year:** 10022.49000000 | **5-Year:** 55962.84000000 | **10-Year:** 180059.18000000 | **30-Year:** 88331.12000000

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

- **3-Month:** 128.70000000 | **1-Year:** 1762.76000000 | **5-Year:** 7968.82000000 | **10-Year:** 26377.42000000 | **30-Year:** 10771.76000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 2.33%                | -3.42%               | -1.48%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-512194.93              | $4825056.08                                |
| Month 2  | $-57306.88               | $-12326990.09                              |
| Month 3  | $-279820.50              | $-6200201.32                               |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                                                             | Title                                                                                                    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| California Community Housing Agency                                              | California Community Housing Agency, Series 2021 A-1                                                     | CUSIP: 13013FAR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $450879.11    | 0.15%             | 2056-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Knox County Health Educational & Housing Facility Board                          | Knox County Health Educational & Housing Facility Board, Series 2024 A-1                                 | CUSIP: 499526AU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3415000 | PA      | $3393146.05   | 1.11%             | 2064-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona (The)            | Industrial Development Authority of the City of Phoenix Arizona (The), Series 2015 A                     | CUSIP: 71885FDN4<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000336.10   | 0.33%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA Community Improvement Authority, Series 2021 A-2                                                   | CUSIP: 126292AW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1274071.03   | 0.42%             | 2057-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | California Municipal Finance Authority, Series 2021                                                      | CUSIP: 13048VXK9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2292193.35   | 0.75%             | 2049-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tangipahoa Parish Hospital Service District No. 1                                | Tangipahoa Parish Hospital Service District No. 1, Series 2021                                           | CUSIP: 875518FC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1129920.50   | 0.37%             | 2042-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act                      | New Hampshire Health and Education Facilities Authority Act, Series 2016                                 | CUSIP: 6446148D4<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500667.65    | 0.16%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                                              | Lakewood Ranch Stewardship District, Series 2023                                                         | CUSIP: 51265KFJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1386155.33   | 0.45%             | 2054-05-01      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Uptown Development Authority                                                     | Uptown Development Authority, Series 2021                                                                | CUSIP: 916856HT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $561265.35    | 0.18%             | 2040-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                | Florida Development Finance Corp., Series 2022 A                                                         | CUSIP: 34061QBU0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1401927.00   | 0.46%             | 2052-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                             | New Hope Cultural Education Facilities Finance Corp., Series 2018 B-1                                    | CUSIP: 64542YBG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $866791.50    | 0.28%             | 2053-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| FHLMC Structured Pass-Through Certificates                                       | FHLMC, Multi-family ML Pass-Through Certificates, Series 2024-ML22, Class A-US                           | CUSIP: 3137HCXR8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | MUN               | US        |   2235308 | PA      | $2294581.91   | 0.75%             | 2040-10-25      | Variable      | 4.27%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | Health & Educational Facilities Authority of the State of Missouri, Series 2023 B                        | CUSIP: 60636AWS8<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1950000 | PA      | $1453757.57   | 0.47%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                        | New York Transportation Development Corp., Series 2020                                                   | CUSIP: 650116CZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2004616.00   | 0.65%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Lincoln SD                                                             | County of Lincoln, Series 2021 A                                                                         | CUSIP: 53340EAD9<br>LEI: 549300USXDZ5FGJLUV88 | Long             | DBT              | MUN               | US        |   2355000 | PA      | $1773672.49   | 0.58%             | 2061-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | Philadelphia Authority for Industrial Development, Series 2017, Class III                                | CUSIP: 717908AL1<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1443391.18   | 0.47%             | 2047-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                         | Metropolitan Pier & Exposition Authority, Series 2017 B                                                  | CUSIP: 592250CW2<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $751120.30    | 0.24%             | 2037-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                    | Main Street Natural Gas, Inc., Series 2023 E-1                                                           | CUSIP: 56035DGB2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2670000 | PA      | $2801138.92   | 0.91%             | 2053-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Series 2025                                                    | CUSIP: 57585BJE9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2160000 | PA      | $2175935.83   | 0.71%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2024-1, Class B-1                                                       | CUSIP: 74448FAA9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1774584.53   | 0.58%             | 2036-04-28      | Fixed         | 6.81%                 | No            |                  2 | On Loan: No      |
| County of Washoe NV                                                              | County of Washoe, Series 2016 C                                                                          | CUSIP: 940865BG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1506259.05   | 0.49%             | 2036-03-01      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority/PA                                           | Lancaster County Hospital Authority, Series 2020                                                         | CUSIP: 514045V75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $396960.85    | 0.13%             | 2050-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Love Field Airport Modernization Corp.                                           | Love Field Airport Modernization Corp., Series 2015                                                      | CUSIP: 54714CAT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001375.90   | 0.33%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas City Industrial Development Authority                                     | Kansas City Industrial Development Authority, Series 2019 B                                              | CUSIP: 48504NAX7<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   5925000 | PA      | $6064227.43   | 1.98%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salem Hospital Facility Authority                                                | Salem Hospital Facility Authority, Series 2016 A                                                         | CUSIP: 794458ED7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1517549.10   | 0.49%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DeKalb County Housing Authority                                                  | DeKalb County Housing Authority, Series 2024                                                             | CUSIP: 240471PF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4872060.50   | 1.59%             | 2034-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health & Educational Facilities Authority, Series 2024 A                                       | CUSIP: 97712JKM4<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1692715.84   | 0.55%             | 2054-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | Health & Educational Facilities Authority of the State of Missouri, Series 2023 A                        | CUSIP: 60636AWD1<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $881827.25    | 0.29%             | 2043-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | North Carolina Medical Care Commission, Series 2020 A                                                    | CUSIP: 65820YRR9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $471425.30    | 0.15%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health & Educational Facilities Authority, Series 2022 A                                       | CUSIP: 97712D8N9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2924851.80   | 0.95%             | 2037-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp.                                           | Clifton Higher Education Finance Corp., Series 2023                                                      | CUSIP: 187145SA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1889593.00   | 0.62%             | 2048-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | Texas Water Development Board, Series 2023 A                                                             | CUSIP: 88285ADS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3087972.60   | 1.01%             | 2048-10-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Texas Public Finance Authority                                                   | Texas Public Finance Authority, Series 2023                                                              | CUSIP: 88277PBB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $417766.40    | 0.14%             | 2040-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2022 A                                                                  | CUSIP: 74447DAD9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    700000 | PA      | $671882.68    | 0.22%             | 2062-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                         | Arlington Higher Education Finance Corp., Series 2024                                                    | CUSIP: 041807JU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    915000 | PA      | $841055.28    | 0.27%             | 2049-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                               | New York Liberty Development Corp., Series 2021 A                                                        | CUSIP: 649519EH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $2437954.05   | 0.79%             | 2051-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Airport Authority                                               | Allegheny County Airport Authority, Series 2023 A                                                        | CUSIP: 01728LHD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5207396.00   | 1.70%             | 2048-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | New Hampshire Business Finance Authority, Series 2020 A                                                  | CUSIP: 63607YAL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1070000 | PA      | $931631.88    | 0.30%             | 2040-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series 2022 A                                                                      | CUSIP: 25483VA61<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1654881.30   | 0.54%             | 2037-02-28      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                       | Tarrant County Cultural Education Facilities Finance Corp., Series 2016 B                                | CUSIP: 87638RGZ4<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1976487.20   | 0.64%             | 2040-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                                | California Housing Finance Agency, Series 2021-1, Class A                                                | CUSIP: 13033DAE5<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   1967900 | PA      | $1873150.68   | 0.61%             | 2035-11-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2024                                                                    | CUSIP: 74441XHS1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005033.50   | 0.33%             | 2039-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Series 2016                                                                  | CUSIP: 45204ELG1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    500000 | PA      | $494409.60    | 0.16%             | 2034-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Volusia County Educational Facility Authority                                    | Volusia County Educational Facility Authority, Series 2020 A                                             | CUSIP: 928836NC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $587766.96    | 0.19%             | 2039-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii Harbor System Revenue                                            | State of Hawaii, Series 2020 A                                                                           | CUSIP: 41981THE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1557701.93   | 0.51%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act                      | New Hampshire Health and Education Facilities Authority Act, Series 2016                                 | CUSIP: 6446147E3<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2510691.75   | 0.82%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2023 A                                                                  | CUSIP: 74439YEU1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017026.90   | 0.33%             | 2063-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Hammond Multi-School Building Corp.                                              | Hammond Multi-School Building Corp., Series 2018                                                         | CUSIP: 408395SD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1788446.98   | 0.58%             | 2038-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | Metropolitan Transportation Authority, Series 2020 C-1                                                   | CUSIP: 59261AG43<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1505267.25   | 0.49%             | 2050-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | North Carolina Medical Care Commission, Series 2024 A                                                    | CUSIP: 65820YSW7<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    505000 | PA      | $505287.19    | 0.16%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority                                       | Metropolitan Washington Airports Authority                                                               | CUSIP: 592643DJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1290000 | PA      | $1085467.66   | 0.35%             | 2053-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Series 2015 A                                                                | CUSIP: 45203HV41<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1025021.22   | 0.33%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Jersey Transportation Authority                                            | South Jersey Transportation Authority, Series 2022 A                                                     | CUSIP: 838536MR8<br>LEI: 549300W8SZI2CAOKT956 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026913.80   | 0.33%             | 2052-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Cumberland County Municipal Authority                                            | Cumberland County Municipal Authority, Series 2016                                                       | CUSIP: 230614LD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200354.74    | 0.07%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                          | Municipal Electric Authority of Georgia, Series 2023 A                                                   | CUSIP: 62620HHN5<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1534653.15   | 0.50%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeastern Ohio Port Authority                                                 | Southeastern Ohio Port Authority, Series 2015                                                            | CUSIP: 841895AW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $109665.20    | 0.04%             | 2043-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                        | New York Transportation Development Corp., Series 2023                                                   | CUSIP: 650116GY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2517100.32   | 0.82%             | 2054-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Pima (The)                     | Industrial Development Authority of the County of Pima (The), Series 2022 A                              | CUSIP: 72178AAJ1<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    350000 | PA      | $369507.15    | 0.12%             | 2057-11-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Sterling Ranch Community Authority Board                                         | Sterling Ranch Community Authority Board, Series 2020 A                                                  | CUSIP: 85950NAM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $466784.40    | 0.15%             | 2050-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority Sales Tax Revenue                           | Triborough Bridge & Tunnel Authority, Series 2022 A                                                      | CUSIP: 896035BE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4400000 | PA      | $4578330.68   | 1.49%             | 2057-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | Port Authority of New York & New Jersey                                                                  | CUSIP: 73358W4C5<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2980000 | PA      | $2968097.58   | 0.97%             | 2049-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Series 2025 N-1                                                | CUSIP: 57585BEY0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   4800000 | PA      | $4470336.48   | 1.46%             | 2054-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No. 15                                    | Village Community Development District No. 15, Series 2024                                               | CUSIP: 92708KAJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $477963.05    | 0.16%             | 2044-05-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | California Municipal Finance Authority, Series 2024 A                                                    | CUSIP: 130489AB3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2885000 | PA      | $2796908.54   | 0.91%             | 2040-08-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                         | Metropolitan Pier & Exposition Authority, Series 2002 A                                                  | CUSIP: 592247J50<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |  12000000 | PA      | $9498316.80   | 3.10%             | 2030-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | Arizona Industrial Development Authority, Series 2017 D                                                  | CUSIP: 04052BCS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $476942.06    | 0.16%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                                   | Sales Tax Securitization Corp., Series 2020 A                                                            | CUSIP: 79467BCX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1149365.58   | 0.37%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority, Series 2022 B-1                                            | CUSIP: 64971XG51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5875000 | PA      | $4147214.79   | 1.35%             | 2048-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No. 13                                    | Village Community Development District No. 13, Series 2020                                               | CUSIP: 92708HAH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2103691.44   | 0.69%             | 2035-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | Maricopa County Industrial Development Authority, Series 2024                                            | CUSIP: 56681NJD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2050000 | PA      | $2130278.00   | 0.69%             | 2029-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2023-1, Class A                                                         | CUSIP: 74448GAA7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2617275 | PA      | $2651385.24   | 0.86%             | 2062-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                            | City of San Antonio, Series 2024 C                                                                       | CUSIP: 79625GLA9<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5391431.50   | 1.76%             | 2049-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Kansas City Industrial Development Authority                                     | Kansas City Industrial Development Authority, Series 2019 B                                              | CUSIP: 48504NBC2<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   3150000 | PA      | $3152167.20   | 1.03%             | 2046-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series 2022 A                                                                      | CUSIP: 25483VA46<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1370000 | PA      | $1511009.17   | 0.49%             | 2036-02-29      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | City & County of Denver, Series 2022 A                                                                   | CUSIP: 249182QL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1661386.95   | 0.54%             | 2035-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State of Michigan Trunk Line Revenue                                             | State of Michigan, Series 2021 A                                                                         | CUSIP: 5946953A4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3725000 | PA      | $3428296.67   | 1.12%             | 2046-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | Metropolitan Transportation Authority, Series 2017 C-1                                                   | CUSIP: 59261AQH3<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $982900.10    | 0.32%             | 2035-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Ramsey MN                                                                | City of Ramsey, Series 2022 A                                                                            | CUSIP: 751814AA2<br>LEI: 549300PYUDKBK3S78343 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1907322.20   | 0.62%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Public Finance Authority                                                   | Texas Public Finance Authority, Series 2023                                                              | CUSIP: 88277PBD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $413878.52    | 0.13%             | 2042-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Pima (The)                     | Industrial Development Authority of the County of Pima (The), Series 2022 A                              | CUSIP: 72178AAF9<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1841322.88   | 0.60%             | 2035-11-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| County of Palm Beach FL                                                          | County of Palm Beach, Series 2019 A                                                                      | CUSIP: 696547GJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1493417.28   | 0.49%             | 2039-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2012 B                                                                  | CUSIP: 74443CAB9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200098.40    | 0.07%             | 2028-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA Community Improvement Authority, Series 2021 A-2                                                   | CUSIP: 126292BG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1270000 | PA      | $895848.22    | 0.29%             | 2057-04-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                   | Metropolitan Nashville Airport Authority (The), Series 2022 B                                            | CUSIP: 592190QX3<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1191499.99   | 0.39%             | 2042-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Suffolk Regional Off-Track Betting Co.                                           | Suffolk Regional Off-Track Betting Co., Series 2024                                                      | CUSIP: 86480TAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2270000 | PA      | $2319774.06   | 0.76%             | 2053-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp.                                           | Clifton Higher Education Finance Corp., Series 2024 A                                                    | CUSIP: 187145SV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4800000 | PA      | $4430222.88   | 1.44%             | 2053-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                      | Virginia Small Business Financing Authority, Series 2022                                                 | CUSIP: 928104NX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $691604.85    | 0.23%             | 2039-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Detroit City School District                                                     | Detroit City School District, Series 2001 A                                                              | CUSIP: 251129ZY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $798616.43    | 0.26%             | 2029-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Series 2017 A                                                                | CUSIP: 45203KAP0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1889439.80   | 0.62%             | 2047-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Port Authority                                                     | Massachusetts Port Authority, Series 2016 B                                                              | CUSIP: 575896RS6<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2173262.50   | 0.71%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                              | Maryland Economic Development Corp., Series 2022 A                                                       | CUSIP: 57420VSP9<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1844055.53   | 0.60%             | 2058-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | Philadelphia Authority for Industrial Development, Series 2017                                           | CUSIP: 71781XGT4<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1487059 | PA      | $1159906.32   | 0.38%             | 2045-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Santa Fe NM                                                              | City of Santa Fe, Series 2012                                                                            | CUSIP: 802170AJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1460000 | PA      | $1406887.83   | 0.46%             | 2042-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | Arizona Industrial Development Authority, Series 2021 B                                                  | CUSIP: 04052BQU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    720000 | PA      | $643687.99    | 0.21%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series 2017 A                                                                      | CUSIP: 25483VSG0<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    500000 | PA      | $441913.95    | 0.14%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                | Florida Development Finance Corp., Series 2022 B                                                         | CUSIP: 34061UJS8<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    460000 | PA      | $457143.12    | 0.15%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | Washington State Housing Finance Commission, Series 2023-1, Class A                                      | CUSIP: 93978T4M8<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2565978 | PA      | $2312914.21   | 0.75%             | 2037-04-20      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                     | Michigan State Housing Development Authority, Series 2021 A                                              | CUSIP: 59465PBA5<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $939970.50    | 0.31%             | 2059-10-01      | Fixed         | 2.73%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | New Hampshire Business Finance Authority, Series 2021 B                                                  | CUSIP: 63609XAQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $811420.12    | 0.26%             | 2037-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA Community Improvement Authority, Series 2021 A-2                                                   | CUSIP: 126292AF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1425000 | PA      | $1037453.87   | 0.34%             | 2056-08-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                             | New Hope Cultural Education Facilities Finance Corp., Series 2018 A-1                                    | CUSIP: 64542YAM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $873593.60    | 0.28%             | 2053-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | Commonwealth of Massachusetts, Series 2022 C                                                             | CUSIP: 57582RY59<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6662621.55   | 2.17%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue              | Metropolitan Washington Airports Authority, Series 2010 A                                                | CUSIP: 592643BP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3700000 | PA      | $2000303.62   | 0.65%             | 2037-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                              | Maryland Economic Development Corp., Series 2020                                                         | CUSIP: 57420VRN5<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1167644.16   | 0.38%             | 2050-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                               | City of Detroit, Series B-1                                                                              | CUSIP: 251093S84<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |   1690341 | PA      | $1331359.23   | 0.43%             | 2044-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                    | Palm Beach County Health Facilities Authority, Series 2022                                               | CUSIP: 69651ACD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1515000 | PA      | $1486458.92   | 0.48%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Santa Fe NM                                                              | City of Santa Fe, Series 2019 A                                                                          | CUSIP: 802170AP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    975000 | PA      | $926577.99    | 0.30%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gainesville & Hall County Hospital Authority                                     | Gainesville & Hall County Hospital Authority, Series 2021 A                                              | CUSIP: 362762QQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2330000 | PA      | $1655779.55   | 0.54%             | 2051-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2020 A                                                                  | CUSIP: 74439YDR9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    700000 | PA      | $614013.75    | 0.20%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Series 2022                                                                  | CUSIP: 594479HP5<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    745000 | PA      | $636524.42    | 0.21%             | 2042-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Las Vegas NV Special Improvement District No. 818                        | City of Las Vegas, Series 2024                                                                           | CUSIP: 51779DAN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1130000 | PA      | $1064371.07   | 0.35%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | Chicago O'Hare International Airport, Series 2023                                                        | CUSIP: 1675934E9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1465000 | PA      | $1571411.15   | 0.51%             | 2042-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                | Florida Development Finance Corp., Series 2022 B                                                         | CUSIP: 34061UJT6<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1240400.98   | 0.40%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2020 A                                                                  | CUSIP: 74439YDM0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    435000 | PA      | $419164.74    | 0.14%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | Chicago Board of Education, Series 2015 C                                                                | CUSIP: 167505QR0<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2169291.38   | 0.71%             | 2039-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Austin-Bergstrom Landhost Enterprises, Inc.                                      | Austin-Bergstrom Landhost Enterprises, Inc., Series 2017                                                 | CUSIP: 052193AU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $534878.23    | 0.17%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | Washington State Housing Finance Commission, Series 2023 A                                               | CUSIP: 939783Q66<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2030000 | PA      | $2051375.29   | 0.67%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority Sewage Disposal System Revenue                       | Great Lakes Water Authority, Series 2023 C                                                               | CUSIP: 39081HFG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1789637.26   | 0.58%             | 2053-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Montgomery OH                                                          | County of Montgomery, Series 2016                                                                        | CUSIP: 613520LA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2642816.70   | 0.86%             | 2047-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | Maricopa County Industrial Development Authority, Series 2016                                            | CUSIP: 56681NAN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $751395.60    | 0.24%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bucks County Water and Sewer Authority                                           | Bucks County Water and Sewer Authority, Series 2022 A                                                    | CUSIP: 118683JZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2175000 | PA      | $2306642.53   | 0.75%             | 2047-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Port of Greater Cincinnati Development Authority                                 | Port of Greater Cincinnati Development Authority, Series 2024 A                                          | CUSIP: 734195DF4<br>LEI: 549300IK2RCZBY62ST97 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1258368.63   | 0.41%             | 2063-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oneida Indian Nation of New York                                                 | Oneida Indian Nation of New York, Series 2024 B                                                          | CUSIP: 682504AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $504200.10    | 0.16%             | 2043-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | U.S. Treasury Ultra Bonds                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -99 | NC      | $146473.47    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Matagorda County Navigation District No. 1                                       | Matagorda County Navigation District No. 1, Series 2005 A                                                | CUSIP: 576528CY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1512988.95   | 0.49%             | 2030-05-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | New Hampshire Business Finance Authority, Series 2024-2, Class A                                         | CUSIP: 63607WAU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2734626 | PA      | $2504743.68   | 0.82%             | 2039-08-20      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Austin-Bergstrom Landhost Enterprises, Inc.                                      | Austin-Bergstrom Landhost Enterprises, Inc., Series 2017                                                 | CUSIP: 052193AV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1053120.17   | 0.34%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | Washington State Housing Finance Commission, Series 2021-1, Class A                                      | CUSIP: 93978TS59<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2544057 | PA      | $2344025.09   | 0.76%             | 2035-12-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Oneida Indian Nation of New York                                                 | Oneida Indian Nation of New York, Series 2024 A                                                          | CUSIP: 682504AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $303688.17    | 0.10%             | 2040-09-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Airport Authority                                               | Allegheny County Airport Authority, Series 2021 A                                                        | CUSIP: 01728LFH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $661247.10    | 0.22%             | 2046-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                             | Chicago Midway International Airport, Series 2023 C                                                      | CUSIP: 167562TL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2300617.13   | 0.75%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Denton TX                                                              | County of Denton, Series 2025                                                                            | CUSIP: 24880GAN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $733650.03    | 0.24%             | 2055-12-31      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Paulding County Hospital Authority/GA                                            | Paulding County Hospital Authority, Series 2022 A                                                        | CUSIP: 703596EG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1429833.30   | 0.47%             | 2043-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2020 A                                                                  | CUSIP: 74439YDP3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $472690.45    | 0.15%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                               | New York Liberty Development Corp., Series 2022 A, Class 1                                               | CUSIP: 649519EY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2335000 | PA      | $1788846.07   | 0.58%             | 2043-09-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | Washington State Housing Finance Commission, Series 2024-1, Class A                                      | CUSIP: 93978UAA4<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    896881 | PA      | $825682.22    | 0.27%             | 2040-03-20      | Variable      | 3.81%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | City & County of Denver, Series 2022 A                                                                   | CUSIP: 249182QW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4511200.50   | 1.47%             | 2047-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles CA Community Facilities District                             | City of Los Angeles, Series 2021                                                                         | CUSIP: 544386DW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $933252.30    | 0.30%             | 2038-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Series 2025 N-1                                                | CUSIP: 57585BEX2<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5023106.50   | 1.64%             | 2050-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Passaic County Improvement Authority (The)                                       | Passaic County Improvement Authority (The), Series 2023                                                  | CUSIP: 70275QAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $558069.44    | 0.18%             | 2058-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                               | Tobacco Settlement Financing Corp., Series 2015 B                                                        | CUSIP: 888809BG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2749878.73   | 0.90%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Halifax Hospital Medical Center                                                  | Halifax Hospital Medical Center, Series 2016                                                             | CUSIP: 405815LG4<br>LEI: 549300H6HDJUXLEMUW23 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2256870.38   | 0.74%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clackamas County Hospital Facility Authority                                     | Clackamas County Hospital Facility Authority, Series 2020 A                                              | CUSIP: 179027YM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $933495.10    | 0.30%             | 2050-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                      | Virginia Small Business Financing Authority, Series 2022                                                 | CUSIP: 928104NU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $595111.42    | 0.19%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Palermo Community Development District                                           | Palermo Community Development District, Series 2025                                                      | CUSIP: 696280AF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $236739.68    | 0.08%             | 2055-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Salt Verde Financial Corp.                                                       | Salt Verde Financial Corp., Series 2007-1                                                                | CUSIP: 79575EAQ1<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1434045.33   | 0.47%             | 2029-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                          | Municipal Electric Authority of Georgia, Series 2021 A                                                   | CUSIP: 62620HAW2<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    500000 | PA      | $434893.55    | 0.14%             | 2051-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Gaithersburg MD                                                          | City of Gaithersburg, Series 2018 A                                                                      | CUSIP: 363128CU1<br>LEI: 549300UFHDHDCHDE0F65 | Long             | DBT              | MUN               | US        |    450000 | PA      | $452410.79    | 0.15%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County Public Hospital District No. 1                                       | King County Public Hospital District No. 1, Series 2018                                                  | CUSIP: 494782LE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2365000 | PA      | $2415264.05   | 0.79%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | Washington State Housing Finance Commission, Series 2023                                                 | CUSIP: 93978LGQ3<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2950572.90   | 0.96%             | 2059-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Texas Public Finance Authority                                                   | Texas Public Finance Authority, Series 2023                                                              | CUSIP: 88277PBC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $415592.04    | 0.14%             | 2041-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                   | Buckeye Tobacco Settlement Financing Authority, Series 2020 A-2, Class 1                                 | CUSIP: 118217CW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3560000 | PA      | $2470150.14   | 0.81%             | 2048-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Hospital Facilities Authority of Multnomah County Oregon                         | Hospital Facilities Authority of Multnomah County Oregon, Series 2016                                    | CUSIP: 62551PCW5<br>LEI: 549300GAP0JIG7V33754 | Long             | DBT              | MUN               | US        |    650000 | PA      | $639602.08    | 0.21%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Long Beach CA Airport System Revenue                                     | City of Long Beach, Series 2022 C                                                                        | CUSIP: 542403DR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1282461.38   | 0.42%             | 2047-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                      | Ohio Higher Educational Facility Commission, Series 2022                                                 | CUSIP: 677510CX5<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2778704.78   | 0.91%             | 2047-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2018 A                                                                         | CUSIP: 452152Y39<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1526081.55   | 0.50%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                        | Harris County Cultural Education Facilities Finance Corp., Series 2016                                   | CUSIP: 414009LD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004320.30   | 0.33%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States of America                                                         | U.S. Treasury Bills                                                                                      | CUSIP: 912797MS3<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    400000 | PA      | $393019.35    | 0.13%             | 2025-10-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | North Carolina Medical Care Commission, Series 2021 A                                                    | CUSIP: 65821DYG0<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1771583.40   | 0.58%             | 2051-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | New Hampshire Business Finance Authority, Series 2021 B                                                  | CUSIP: 63609XAT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1040000 | PA      | $967670.81    | 0.32%             | 2040-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Series 2023 A                                                                | CUSIP: 45203NAV1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2635935.25   | 0.86%             | 2053-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                   | Buckeye Tobacco Settlement Financing Authority, Series 2020 B-2, Class 2                                 | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2265000 | PA      | $1979462.78   | 0.65%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pinellas County Industrial Development Authority                                 | Pinellas County Industrial Development Authority, Series 2019                                            | CUSIP: 72316VAT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $488299.60    | 0.16%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Parish of St John the Baptist LA                                                 | Parish of St. John the Baptist, Series 2017 A-3                                                          | CUSIP: 79020FAY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3010000 | PA      | $2953936.94   | 0.96%             | 2037-06-01      | Variable      | 2.20%                 | No            |                  2 | On Loan: No      |
| New York Counties Tobacco Trust VI                                               | New York Counties Tobacco Trust VI, Series 2016 A-2B                                                     | CUSIP: 64945JAE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $879879.90    | 0.29%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA Community Improvement Authority, Series 2021 A                                                     | CUSIP: 126292AD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2815000 | PA      | $2408815.21   | 0.79%             | 2056-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Las Vegas NV Special Improvement District No. 816                        | City of Las Vegas, Series 2021                                                                           | CUSIP: 51779AAN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1288507.33   | 0.42%             | 2041-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | Health & Educational Facilities Authority of the State of Missouri, Series 2023 A                        | CUSIP: 60636AVW0<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1085000 | PA      | $954673.38    | 0.31%             | 2034-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | City & County of Denver, Series 2022 A                                                                   | CUSIP: 249182QP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1633659.30   | 0.53%             | 2038-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | City & County of Denver, Series 2022 A                                                                   | CUSIP: 249182QN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1066113.47   | 0.35%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health & Educational Facilities Authority, Series 2022 A                                       | CUSIP: 97712D8S8<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   4865000 | PA      | $4551564.10   | 1.48%             | 2041-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Louisville Regional Airport Authority                                            | Louisville Regional Airport Authority, Series 2014 A                                                     | CUSIP: 546850CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $385057.67    | 0.13%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cuyahoga County Port Authority                                         | Cleveland-Cuyahoga County Port Authority, Series 2018                                                    | CUSIP: 18610PAW8<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    500000 | PA      | $489190.45    | 0.16%             | 2053-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                          | New York City Housing Development Corp., Series 2020 I-1                                                 | CUSIP: 64972ETV1<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1240453.40   | 0.40%             | 2060-11-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA Community Improvement Authority, Series 2021 A-2                                                   | CUSIP: 126292BB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $785823.13    | 0.26%             | 2057-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp.                                           | Clifton Higher Education Finance Corp., Series 2018 D                                                    | CUSIP: 187145JT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1150205.51   | 0.37%             | 2048-08-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Central Texas Turnpike System                                                    | Central Texas Turnpike System, Series 2020 A                                                             | CUSIP: 88283KBJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2825000 | PA      | $2340091.01   | 0.76%             | 2040-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health & Educational Facilities Authority, Series 2020                                         | CUSIP: 97712D5Q5<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $946857.90    | 0.31%             | 2050-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority/PA                                           | Lancaster County Hospital Authority, Series 2023                                                         | CUSIP: 514045X81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2079116.00   | 0.68%             | 2038-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | Health & Educational Facilities Authority of the State of Missouri, Series 2023 A                        | CUSIP: 60636AWA7<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1439377.28   | 0.47%             | 2038-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority/PA                                           | Lancaster County Hospital Authority, Series 2020                                                         | CUSIP: 514045V59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $437827.00    | 0.14%             | 2040-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                          | Municipal Electric Authority of Georgia, Series 2024 A                                                   | CUSIP: 62620HJY9<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1052025.50   | 0.34%             | 2049-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority/PA                            | Montgomery County Industrial Development Authority, Series 2021 A                                        | CUSIP: 613609K96<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $419604.08    | 0.14%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southeast Overtown Park West Community Redevelopment Agency                      | Southeast Overtown Park West Community Redevelopment Agency, Series 2014 A-1                             | CUSIP: 841466AK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $305330.77    | 0.10%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2017 A                                                                  | CUSIP: 74443UAZ6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250131.53    | 0.08%             | 2037-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Washoe NV                                                              | County of Washoe, Series 2016 F                                                                          | CUSIP: 940865BH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4850000 | PA      | $4870237.60   | 1.59%             | 2036-03-01      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| City of Sparks NV                                                                | City of Sparks, Series 2019 A                                                                            | CUSIP: 846562AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    615000 | PA      | $593085.89    | 0.19%             | 2028-06-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | Pennsylvania Economic Development Financing Authority, Series 2022                                       | CUSIP: 70868YAZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1400043.96   | 0.46%             | 2062-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of Crandall TX                                                              | City of Crandall, Series 2025                                                                            | CUSIP: 224384AS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $367152.16    | 0.12%             | 2055-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA Community Improvement Authority, Series 2021 A-2                                                   | CUSIP: 126292AR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2635000 | PA      | $1741295.48   | 0.57%             | 2056-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | New Hampshire Business Finance Authority, Series 2023-2, Class A                                         | CUSIP: 63607WAN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1763812 | PA      | $1648290.40   | 0.54%             | 2038-01-20      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | New Hampshire Business Finance Authority, Series 2020 A                                                  | CUSIP: 63607YAN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2540000 | PA      | $2084550.82   | 0.68%             | 2055-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                        | Harris County Cultural Education Facilities Finance Corp., Series 2013 A                                 | CUSIP: 414009FB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1343822.25   | 0.44%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Desert Public Infrastructure District                                      | Black Desert Public Infrastructure District, Series 2024                                                 | CUSIP: 09204TAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $681722.02    | 0.22%             | 2053-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | New Hampshire Business Finance Authority, Series 2020 A                                                  | CUSIP: 63607YAM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1210000 | PA      | $1017780.97   | 0.33%             | 2046-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Putnam Funds Trust                                                               | Putnam Short Term Investment Fund, Class P                                                               | CUSIP: 74676P664<br>LEI: 549300S9JYWEMKQCLW53 | Long             |  | RF                | US        |   3700420 | NS      | $3700420.00   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Harbor Point Infrastructure Improvement District                                 | Harbor Point Infrastructure Improvement District, Series 2017                                            | CUSIP: 41154VAK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2002473.20   | 0.65%             | 2039-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp.                                                   | Empire State Development Corp., Series 2021 A                                                            | CUSIP: 64985TCX7<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   1060000 | PA      | $758437.63    | 0.25%             | 2050-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2021 A                                                                  | CUSIP: 74445QDX5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $667418.90    | 0.22%             | 2056-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                       | Utah Infrastructure Agency, Series 2023                                                                  | CUSIP: 917467CP5<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1768172.01   | 0.58%             | 2047-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                                 | Regional Transportation District, Series 2020 A                                                          | CUSIP: 759151BT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $729996.32    | 0.24%             | 2037-07-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Pontiac School District                                                          | Pontiac School District                                                                                  | CUSIP: 732538HL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4976470 | PA      | $4467266.14   | 1.46%             | 2050-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Higher Educational Facilities Financial Authority                        | Florida Higher Educational Facilities Financial Authority, Series 2019                                   | CUSIP: 34073TNA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $712753.36    | 0.23%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health & Educational Facilities Authority, Series 2018 A                                       | CUSIP: 97712DM86<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2922918.00   | 0.95%             | 2035-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Authority                                                          | Capital Trust Authority, Series 2025 A                                                                   | CUSIP: 14054WBX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $171252.58    | 0.06%             | 2065-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | Commonwealth of Puerto Rico, Series 2022 A-1                                                             | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |   1250000 | PA      | $1147229.75   | 0.37%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | Louisiana Public Facilities Authority, Series 2024                                                       | CUSIP: 546399SY3<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1789961.78   | 0.58%             | 2059-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| United States of America                                                         | U.S. Treasury Bills                                                                                      | CUSIP: 912797LB1<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    200000 | PA      | $199672.56    | 0.07%             | 2025-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                          | Municipal Electric Authority of Georgia, Series 2023 A                                                   | CUSIP: 62620HGQ9<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1739307.23   | 0.57%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Houston Higher Education Finance Corp.                                           | Houston Higher Education Finance Corp., Series 2025                                                      | CUSIP: 44237QAH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $620901.32    | 0.20%             | 2051-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Series 2019 A                                                                | CUSIP: 59447TXH1<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   3845000 | PA      | $3318694.48   | 1.08%             | 2049-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | Commonwealth of Puerto Rico, Series 2022 A-1                                                             | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |   5000000 | PA      | $4261815.00   | 1.39%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                         | Metropolitan Pier & Exposition Authority, Series 2020 A                                                  | CUSIP: 592250DN1<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4090900.50   | 1.33%             | 2050-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kansas City Industrial Development Authority                                     | Kansas City Industrial Development Authority, Series 2020 A                                              | CUSIP: 48504NCL1<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   8980000 | PA      | $8940818.46   | 2.91%             | 2057-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County Honolulu HI Wastewater System Revenue                              | City & County Honolulu, Series 2025 A                                                                    | CUSIP: 4387014N1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2228767.00   | 0.73%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                        | New York Transportation Development Corp., Series 2016 A                                                 | CUSIP: 650116AR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $489855.10    | 0.16%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | Chicago O'Hare International Airport, Series 2023                                                        | CUSIP: 1675934D1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1950000 | PA      | $2104066.38   | 0.69%             | 2041-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Lincoln SD                                                             | County of Lincoln, Series 2021 A                                                                         | CUSIP: 53340EAB3<br>LEI: 549300USXDZ5FGJLUV88 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1584231.80   | 0.52%             | 2051-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2020 A                                                                  | CUSIP: 74439YDH1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    300000 | PA      | $295896.48    | 0.10%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                           | Iowa Finance Authority, Series 2021 A                                                                    | CUSIP: 46247SBM5<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1727514.80   | 0.56%             | 2046-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Texas Community Housing & Economic Development Corp.                             | Texas Community Housing & Economic Development Corp., Series 2025 A-1                                    | CUSIP: 88231CAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $577371.50    | 0.19%             | 2065-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Cumberland County Municipal Authority                                            | Cumberland County Municipal Authority, Series 2016                                                       | CUSIP: 230614LC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001862.00   | 0.33%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series 2020                                                                        | CUSIP: 25483VXR0<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1371899.10   | 0.45%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mida Mountain Village Public Infrastructure District                             | Mida Mountain Village Public Infrastructure District, Series 2021                                        | CUSIP: 59561TAQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1290735.71   | 0.42%             | 2050-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Series 2016                                                        | CUSIP: 19648FAZ7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    550000 | PA      | $550343.37    | 0.18%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Airport Authority                                               | Allegheny County Airport Authority, Series 2021 A                                                        | CUSIP: 01728LEY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3480000 | PA      | $3638056.03   | 1.19%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2021 A                                                                  | CUSIP: 74445QDW7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    750000 | PA      | $517879.65    | 0.17%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                       | Utah Infrastructure Agency, Series 2022                                                                  | CUSIP: 917467CH3<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1233547.56   | 0.40%             | 2037-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport     | San Francisco City & County Airport Comm-San Francisco International Airport, Series 2023 C              | CUSIP: 79766DVT3<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   5765000 | PA      | $6214502.24   | 2.03%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Grays Harbor County Public Hospital District No. 1                               | Grays Harbor County Public Hospital District No. 1, Series 2023                                          | CUSIP: 389526AH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4413203.60   | 1.44%             | 2049-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                | Florida Development Finance Corp., Series 2021 A                                                         | CUSIP: 34061UHZ4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $402004.85    | 0.13%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series 2020                                                                        | CUSIP: 25483VXQ2<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1444501.50   | 0.47%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                          | Municipal Electric Authority of Georgia, Series 2021 A                                                   | CUSIP: 6262077J7<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    650000 | PA      | $639218.26    | 0.21%             | 2056-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | North Carolina Medical Care Commission, Series 2024 A                                                    | CUSIP: 65820YSX5<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $492586.35    | 0.16%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Higher Educational Facilities Financial Authority                        | Florida Higher Educational Facilities Financial Authority, Series 2019                                   | CUSIP: 34073TLN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1147422.00   | 0.37%             | 2044-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | City of Chicago, Series 2023 A                                                                           | CUSIP: 167486N96<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2583883.25   | 0.84%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand Parkway Transportation Corp.                                               | Grand Parkway Transportation Corp.                                                                       | CUSIP: 38611TBR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3532532.85   | 1.15%             | 2048-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                         | Metropolitan Pier & Exposition Authority, Series 2022 A                                                  | CUSIP: 592250EY6<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $805753.40    | 0.26%             | 2052-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | Arizona Industrial Development Authority, Series 2021 A                                                  | CUSIP: 04052FCS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2855000 | PA      | $2465184.30   | 0.80%             | 2046-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series 2020                                                                        | CUSIP: 25483VXU3<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1923933.00   | 0.63%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp.                                           | Clifton Higher Education Finance Corp., Series 2024 A                                                    | CUSIP: 187145SU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1142963.38   | 0.37%             | 2049-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                         | Arlington Higher Education Finance Corp., Series 2016 A                                                  | CUSIP: 041806HJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503008.15    | 0.16%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | Chicago Board of Education, Series 2017 H                                                                | CUSIP: 167505TJ5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    500000 | PA      | $484386.75    | 0.16%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alaska Industrial Development & Export Authority                                 | Alaska Industrial Development & Export Authority, Series 2019 A                                          | CUSIP: 011903GK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6050000 | PA      | $5338856.99   | 1.74%             | 2044-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2019 A                                                                  | CUSIP: 74442EEG1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1580000 | PA      | $1455300.87   | 0.47%             | 2049-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No. 15                                    | Village Community Development District No. 15, Series 2023                                               | CUSIP: 92708KAD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000402.60   | 0.33%             | 2043-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Long Beach CA Airport System Revenue                                     | City of Long Beach, Series 2022 C                                                                        | CUSIP: 542403DQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $760058.48    | 0.25%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2020 A                                                                  | CUSIP: 74439YDQ1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    600000 | PA      | $545935.14    | 0.18%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                | Florida Development Finance Corp., Series 2022 B                                                         | CUSIP: 34061UJU3<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    680000 | PA      | $641896.40    | 0.21%             | 2057-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | Metropolitan Transportation Authority, Series 2024 A                                                     | CUSIP: 59261A2G1<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8495629.60   | 2.77%             | 2047-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | Maricopa County Industrial Development Authority, Series 2016                                            | CUSIP: 56681NAS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $344355.27    | 0.11%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pontiac School District                                                          | Pontiac School District                                                                                  | CUSIP: 732538HK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4423530 | PA      | $4114027.11   | 1.34%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority Sewage Disposal System Revenue                       | Great Lakes Water Authority, Series 2023 C                                                               | CUSIP: 39081HFF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1455486.18   | 0.47%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Series 2017 A                                                                | CUSIP: 45203KAN5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $984519.30    | 0.32%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Silver Creek School Building Corp.                                               | Silver Creek School Building Corp., Series 2021                                                          | CUSIP: 827555BX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1276837.28   | 0.42%             | 2042-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | Port Authority of New York & New Jersey, Series 207th                                                    | CUSIP: 73358WR97<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2925000 | PA      | $2989194.68   | 0.97%             | 2029-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                        | Harris County Cultural Education Facilities Finance Corp., Series 2013 A                                 | CUSIP: 414009FA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $769505.20    | 0.25%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Woodcreek Community Development District                                         | Woodcreek Community Development District, Series 2025                                                    | CUSIP: 97925TAG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $187818.80    | 0.06%             | 2055-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Series 2020 A | CUSIP: 592041YV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1659219.53   | 0.54%             | 2055-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | Commonwealth of Massachusetts, Series 2024 E                                                             | CUSIP: 57582TAR3<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3362444.80   | 1.10%             | 2054-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | Chicago O'Hare International Airport, Series 2018 A                                                      | CUSIP: 167593K92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $305034.33    | 0.10%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Series 2015                                                    | CUSIP: 57584XCF6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999994.00    | 0.33%             | 2033-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Authority for Colorado Energy                                             | Public Authority for Colorado Energy, Series 2008                                                        | CUSIP: 744387AD3<br>LEI: 549300C6IJKXQOMRAB11 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2629261.13   | 0.86%             | 2038-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority/PA                                           | Lancaster County Hospital Authority, Series 2019 A                                                       | CUSIP: 51404PAJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $891758.10    | 0.29%             | 2044-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Providence Village TX                                                    | Town of Providence Village, Series 2025                                                                  | CUSIP: 743816AG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $360909.66    | 0.12%             | 2055-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp.                                           | Clifton Higher Education Finance Corp., Series 2016 B                                                    | CUSIP: 187145GE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $304879.53    | 0.10%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Uptown Development Authority                                                     | Uptown Development Authority, Series 2021                                                                | CUSIP: 916856HS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $554238.58    | 0.18%             | 2039-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | Port of Seattle, Series 2022 B                                                                           | CUSIP: 735389V62<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031467.40   | 0.34%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                          | New York City Housing Development Corp., Series 2020 I-1                                                 | CUSIP: 64972ETS8<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   2025000 | PA      | $1377411.28   | 0.45%             | 2045-11-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-30

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

**Signature:** Chris Berarducci

**Name of Signer:** Chris Berarducci

**Title:** Principal Financial Officer