# EDGAR Filing Document

**Accession Number:** 0001005942
**File Stem:** 0002071691-25-003360
**Filing Date:** 2025-10
**Character Count:** 105536
**Document Hash:** fb1a3ad3ad8b6f2200729779e41abf5f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-003360.hdr.sgml**: 20251027

**ACCESSION NUMBER**: 0002071691-25-003360

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251027

**DATE AS OF CHANGE**: 20251027

**PERIOD START**: 20251130

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUTNAM FUNDS TRUST
- **CENTRAL INDEX KEY:** 0001005942

**ORGANIZATION NAME:**
- **EIN:** 043299786
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07513
- **FILM NUMBER:** 251418354

**BUSINESS ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 6177601000

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

## Series and Classes Contracts Data

### Putnam Short-Term Municipal Income Fund (Series ID: S000039833)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000123516 | CLASS A         |  |
| C000123518 | CLASS C         |  |
| C000123520 | CLASS Y         |  |
| C000202822 | Class R6 Shares |  |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Putnam Funds Trust

- **b. Investment Company Act file number:** 811-07513

- **c. CIK number of Registrant:** 0001005942

- **d. LEI of Registrant:** 549300S9JYWEMKQCLW53

- **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 Short-Term Municipal Income Fund

- **b. EDGAR series identifier (if any):** S000039833

- **c. LEI of Series:** 5493008N45N32KPI1M70

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

- **a. Date of fiscal year-end:** 2025-11-30

- **b. Date as of which information is reported:** 2025-08-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $182849749.29

**Total Liabilities:** $3244475.49

**Net Assets:** $179605273.80

**Delayed Delivery Securities:** $2595488.00

**Cash Not Reported:** $14482.08

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -205.76000000 | **1-Year:** -4741.42000000 | **5-Year:** -7295.49000000 | **10-Year:** -8768.33000000 | **30-Year:** -13665.44000000

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

- **3-Month:** -157.21000000 | **1-Year:** -872.39000000 | **5-Year:** -2007.83000000 | **10-Year:** -1148.66000000 | **30-Year:** -277.16000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000123518 | 0.60%                | 0.31%                | 0.51%                |
| Class ID C000123516 | 0.55%                | 0.47%                | 0.57%                |
| Class ID C000202822 | 0.58%                | 0.49%                | 0.60%                |
| Class ID C000123520 | 0.57%                | 0.49%                | 0.50%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $564057.26                                 |
| Month 2  | $-2424.92                | $297608.90                                 |
| Month 3  | $-6524.20                | $509014.88                                 |

**Designated Index Information**

- **Index Name:** Bloomberg Municipal Bond 3 Year (2-4 Y)   Index

- **Index Identifier:** BM6656

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| St Johns County Industrial Development Authority                                | St. Johns County Industrial Development Authority, Series 2021 A                             | CUSIP: 79041LAH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $196986.08    | 0.11%             | 2028-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | Massachusetts Development Finance Agency, Series 2024 A                                      | CUSIP: 57585BBR8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    450000 | PA      | $446248.85    | 0.25%             | 2034-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Salt Lake City UT Airport Revenue                                       | City of Salt Lake City, Series 2017 A                                                        | CUSIP: 795576FN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $516638.20    | 0.29%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Detroit Downtown Development Authority                                          | Detroit Downtown Development Authority, Series 2024                                          | CUSIP: 251135HU6<br>LEI: 549300WO3NSMP6FECO66 | Long             | DBT              | MUN               | US        |    890000 | PA      | $900387.72    | 0.50%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Jose CA                                                             | City of San Jose, Series 2023 F-2                                                            | CUSIP: 798165LF1<br>LEI: 549300QHIHSH68W22O38 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2032271.20   | 1.13%             | 2027-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| American Municipal Power, Inc.                                                  | American Municipal Power, Inc., Series 2025                                                  | CUSIP: 027651ZR2<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008504.50   | 0.56%             | 2026-06-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                     | Long Island Power Authority, Series 2021 B                                                   | CUSIP: 542691EX4<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |    200000 | PA      | $196999.10    | 0.11%             | 2051-09-01      | Variable      | 1.50%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority, Series 2019 A                                        | CUSIP: 13048VKQ0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    165000 | PA      | $166237.62    | 0.09%             | 2030-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                         | Port Authority of New York & New Jersey, Series 207th                                        | CUSIP: 73358WR55<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    960000 | PA      | $960789.31    | 0.53%             | 2025-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                             | Pennsylvania Housing Finance Agency, Series 2021-135 A                                       | CUSIP: 70879QLX9<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1185000 | PA      | $1179351.11   | 0.66%             | 2051-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                       | Indiana Finance Authority, Series 2025 B                                                     | CUSIP: 45506EMX8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    755000 | PA      | $782738.25    | 0.44%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                              | Port of Seattle, Series 2024 B                                                               | CUSIP: 735389Z92<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1591306.35   | 0.89%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cobb-Marietta Coliseum & Exhibit Hall Authority                                 | Cobb-Marietta Coliseum & Exhibit Hall Authority, Series 2025                                 | CUSIP: 190760HV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $107656.48    | 0.06%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Wadena MN                                                               | City of Wadena, Series 2024 A                                                                | CUSIP: 930256AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $200124.76    | 0.11%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                | California Health Facilities Financing Authority, Series 2024 A                              | CUSIP: 13032UJ82<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1501406.85   | 0.84%             | 2027-11-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Akron Bath Copley Joint Township Hospital District                              | Akron Bath Copley Joint Township Hospital District, Series 2020                              | CUSIP: 009730PJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $187403.81    | 0.10%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                             | Wisconsin Health & Educational Facilities Authority, Series 2025 A                           | CUSIP: 97712JNN9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    250000 | PA      | $266578.03    | 0.15%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                   | Main Street Natural Gas, Inc., Series 2024 D                                                 | CUSIP: 56035DHZ8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    500000 | PA      | $533007.75    | 0.30%             | 2054-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                      | Tarrant County Cultural Education Facilities Finance Corp., Series 2025 B                    | CUSIP: 87638TJT1<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1733802.72   | 0.97%             | 2064-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                     | Ohio Higher Educational Facility Commission, Series 2022                                     | CUSIP: 67756DD45<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    435000 | PA      | $442896.82    | 0.25%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Parish of St. John the Baptist                                                  | Parish of St. John the Baptist, Series 2017 C                                                | CUSIP: 79020FBB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2018242.00   | 1.12%             | 2037-06-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                              | Port of Seattle, Series 2018 B                                                               | CUSIP: 735389F52<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1033557.60   | 0.58%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Farmington NM                                                           | City of Farmington, Series 2010 B                                                            | CUSIP: 311450GD6<br>LEI: 5493000GWMTI2L4AZA61 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020496.30   | 0.57%             | 2040-06-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| City of Quincy MA                                                               | City of Quincy, Series 2025                                                                  | CUSIP: 748508Y93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022442.00   | 0.57%             | 2026-07-24      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp.                                                                  | Tennergy Corp., Series 2021 A                                                                | CUSIP: 880397BW3<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1523451.60   | 0.85%             | 2051-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                              | New York State Dormitory Authority, Series 2021                                              | CUSIP: 64990G4T6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     75000 | PA      | $76463.66     | 0.04%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Forney Independent School District                                              | Forney Independent School District, Series 2025                                              | CUSIP: 346425LP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $153702.65    | 0.09%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Downtown Revitalization Public Infrastructure District                          | Downtown Revitalization Public Infrastructure District, Series 2025 B                        | CUSIP: 26118TAY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $259190.67    | 0.14%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                      | Illinois Finance Authority, Series 2019                                                      | CUSIP: 45204E2L1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    500000 | PA      | $499767.30    | 0.28%             | 2034-11-01      | Floating      | 4.24%                 | No            |                  2 | On Loan: No      |
| County of Clark Department of Aviation                                          | County of Clark Department of Aviation, Series 2022 A                                        | CUSIP: 18085PSZ8<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |    500000 | PA      | $509501.05    | 0.28%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alaska Industrial Development & Export Authority                                | Alaska Industrial Development & Export Authority, Series 2019 A                              | CUSIP: 011903FX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1530000 | PA      | $1622803.53   | 0.90%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2024 B-1                                      | CUSIP: 65820YSZ0<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250103.10    | 0.14%             | 2028-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| County of Trimble KY                                                            | County of Trimble, Series 2023 A                                                             | CUSIP: 896221AF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012815.20   | 0.56%             | 2054-06-01      | Variable      | 4.70%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                | Kentucky Public Energy Authority, Series 2024 B                                              | CUSIP: 74440DFC3<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    750000 | PA      | $799656.53    | 0.45%             | 2055-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Cass County Joint Water Resource District                                       | Cass County Joint Water Resource District, Series 2024 A                                     | CUSIP: 14805PBA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001215.30   | 0.56%             | 2027-04-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| County of Hidalgo TX                                                            | County of Hidalgo, Series 2025                                                               | CUSIP: 429326W49<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $306976.05    | 0.17%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Whiting IN                                                              | City of Whiting, Series 2019 A                                                               | CUSIP: 96634RAU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012004.70   | 0.56%             | 2044-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| King County Housing Authority                                                   | King County Housing Authority, Series 2008                                                   | CUSIP: 494762KG1<br>LEI: 549300TZU8KSWALVD392 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2503192.25   | 1.39%             | 2038-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                     | Washington State Housing Finance Commission, Series 2025 A                                   | CUSIP: 93978LHZ2<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    300000 | PA      | $323431.29    | 0.18%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                | Kentucky Public Energy Authority, Series 2025 A                                              | CUSIP: 74440DFN9<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1065109.40   | 0.59%             | 2055-06-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                     | Long Island Power Authority, Series 2020 B                                                   | CUSIP: 542691DM9<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.28%             | 2050-09-01      | Variable      | 0.85%                 | No            |                  2 | On Loan: No      |
| Matching Fund Special Purpose Securitization Corp.                              | Matching Fund Special Purpose Securitization Corp., Series 2022 A                            | CUSIP: 57665NAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |    125000 | PA      | $125086.96    | 0.07%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas City Industrial Development Authority                                    | Kansas City Industrial Development Authority, Series 2020 A                                  | CUSIP: 48504NBR9<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |    500000 | PA      | $505194.40    | 0.28%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                   | Main Street Natural Gas, Inc., Series 2021 C                                                 | CUSIP: 56035DCZ3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014632.10   | 0.56%             | 2052-05-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Cook & Du Page Counties Combined School District No. 113A Lemont Bromberek      | Cook & DuPage Counties Combined School District No. 113A Lemont Bromberek, Series 2021       | CUSIP: 213035CR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $672100.38    | 0.37%             | 2035-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Cumberland County Industrial Facilities & Pollution Control Financing Authority | Cumberland County Industrial Facilities & Pollution Control Financing Authority, Series 2024 | CUSIP: 230589AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000645.00   | 1.67%             | 2027-12-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Flint Hospital Building Authority                                               | Flint Hospital Building Authority, Series 2013 B                                             | CUSIP: 339511FB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $319989.60    | 0.18%             | 2028-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                              | New York State Dormitory Authority, Series 2024 A                                            | CUSIP: 65000B4E5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    175000 | PA      | $181751.57    | 0.10%             | 2027-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | Massachusetts Development Finance Agency, Series 2025                                        | CUSIP: 57585BDF2<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1037009.93   | 0.58%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas Housing Finance Corp.                                            | City of Dallas Housing Finance Corp., Series 2023                                            | CUSIP: 235298BS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2763998.88   | 1.54%             | 2026-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Lancaster SC                                                          | County of Lancaster, Series 2025                                                             | CUSIP: 514088BL6<br>LEI: 5493004EFQNI7UOCFI47 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400844.48    | 0.22%             | 2030-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                | Kentucky Public Energy Authority, Series 2024 A                                              | CUSIP: 74440DEG5<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    525000 | PA      | $541283.82    | 0.30%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                     | Connecticut State Health & Educational Facilities Authority, Series 2014 A                   | CUSIP: 20775DUX8<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000246.40   | 0.56%             | 2048-07-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| Volusia County Educational Facility Authority                                   | Volusia County Educational Facility Authority, Series 2025                                   | CUSIP: 928836PN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $219781.86    | 0.12%             | 2029-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| James City County Economic Development Authority                                | James City County Economic Development Authority, Series 2024 C-2                            | CUSIP: 47029WEJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $170114.78    | 0.09%             | 2028-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                               | Southeast Energy Authority A Cooperative District, Series 2022 A-1                           | CUSIP: 84136FBL0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    500000 | PA      | $535924.20    | 0.30%             | 2053-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                             | Pennsylvania Housing Finance Agency, Series 2025-149 A                                       | CUSIP: 70879QS61<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    270000 | PA      | $273784.19    | 0.15%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westview South Community Development District                                   | Westview South Community Development District, Series 2025                                   | CUSIP: 961566AG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502233.30    | 0.28%             | 2030-05-01      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Alachua County Health Facilities Authority                                      | Alachua County Health Facilities Authority, Series 2025 B-3                                  | CUSIP: 010684BQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250643.83    | 0.14%             | 2030-10-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| County of Humboldt NV                                                           | County of Humboldt, Series 2016 B                                                            | CUSIP: 445199AR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016820.60   | 0.57%             | 2029-10-01      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                         | South Carolina Public Service Authority, Series 2022 C                                       | CUSIP: 837151P37<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    355000 | PA      | $357020.09    | 0.20%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                               | Southeast Energy Authority A Cooperative District, Series 2025 B                             | CUSIP: 84136HBT9<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1834418.60   | 1.02%             | 2055-03-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| California Enterprise Development Authority                                     | California Enterprise Development Authority, Series 2020 A                                   | CUSIP: 13069BAF3<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101653.29    | 0.06%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Housing Finance Corp.                                                   | Florida Housing Finance Corp., Series 2022-1                                                 | CUSIP: 34074MZA2<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |   1580000 | PA      | $1587874.09   | 0.88%             | 2052-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                               | State of Illinois, Series 2025 A                                                             | CUSIP: 452153NA3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1799625.78   | 1.00%             | 2026-09-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Knoxville's Community Development Corp.                                         | Knoxville's Community Development Corp., Series 2022                                         | CUSIP: 499743CS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1759863.35   | 0.98%             | 2027-12-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                               | Southeast Energy Authority A Cooperative District, Series 2021 B                             | CUSIP: 84136FAV9<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1992631.80   | 1.11%             | 2051-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Independent School District/TX                                      | San Antonio Independent School District, Series 2025                                         | CUSIP: 796269N38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $768226.80    | 0.43%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                             | Pennsylvania Housing Finance Agency, Series 2025-149 A                                       | CUSIP: 70879QS79<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    250000 | PA      | $256252.90    | 0.14%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chester County Industrial Development Authority                                 | Chester County Industrial Development Authority, Series 2024                                 | CUSIP: 165588FP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $811072.08    | 0.45%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Poplar Bluff Regional Transportation Development District Sales Tax Revenue     | Poplar Bluff Regional Transportation Development District, Series 2023 B                     | CUSIP: 733060AH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $336981.13    | 0.19%             | 2031-12-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Downtown Revitalization Public Infrastructure District                          | Downtown Revitalization Public Infrastructure District, Series 2025 B                        | CUSIP: 26118TAZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103838.61    | 0.06%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                       | New York Transportation Development Corp., Series 2020 A                                     | CUSIP: 650116DE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $226055.45    | 0.13%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pinellas County Industrial Development Authority                                | Pinellas County Industrial Development Authority, Series 2019                                | CUSIP: 72316VAS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $362407.18    | 0.20%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                         | Los Angeles Department of Water & Power, Series 2025 A                                       | CUSIP: 544532PA6<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1053464.50   | 0.59%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                     | Metropolitan Washington Airports Authority, Series 2018 A                                    | CUSIP: 592647FG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $518230.85    | 0.29%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fort Bend Independent School District                                           | Fort Bend Independent School District, Series 2025 A                                         | CUSIP: 346843WT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024875.30   | 0.57%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                     | Virginia Small Business Financing Authority, Series 2022                                     | CUSIP: 92810RAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000688.30   | 0.56%             | 2052-11-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri              | Health & Educational Facilities Authority of the State of Missouri, Series 2015 A            | CUSIP: 60637AHS4<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    725000 | PA      | $725625.89    | 0.40%             | 2039-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Knoxville's Community Development Corp.                                         | Knoxville's Community Development Corp., Series 2022                                         | CUSIP: 499743CQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3017087.40   | 1.68%             | 2027-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Broward County Housing Finance Authority                                        | Broward County Housing Finance Authority, Series 2023                                        | CUSIP: 115027RA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005978.90   | 0.56%             | 2056-09-01      | Variable      | 4.05%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                        | County of Miami-Dade, Series 2024 A                                                          | CUSIP: 59333P7G7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1366000.50   | 0.76%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                       | Indiana Finance Authority, Series 2025 B                                                     | CUSIP: 45506EMY6<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    795000 | PA      | $833318.05    | 0.46%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Monroe County (The)                                    | Development Authority of Monroe County (The), Series 2009-2                                  | CUSIP: 610530FY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502029.00    | 0.28%             | 2048-10-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                 | California Community Choice Financing Authority, Series 2024 G                               | CUSIP: 13013JFS0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2086546.40   | 1.16%             | 2055-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Plains Energy Project                                                   | Central Plains Energy Project, Series 2017 A                                                 | CUSIP: 154871CF2<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1064421.10   | 0.59%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Downtown Revitalization Public Infrastructure District                          | Downtown Revitalization Public Infrastructure District, Series 2025 A                        | CUSIP: 26118TAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101807.79    | 0.06%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                | Kentucky Public Energy Authority, Series 2020 A                                              | CUSIP: 74440DCZ5<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1046184.15   | 0.58%             | 2050-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Galveston TX Wharves & Terminal Revenue                                 | City of Galveston, Series 2024 A                                                             | CUSIP: 364568JP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $523283.20    | 0.29%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Mortgage Finance Authority                                           | New Mexico Mortgage Finance Authority, Series 2023                                           | CUSIP: 64719HEN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 1.11%             | 2042-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                              | New York State Dormitory Authority, Series 2024 A                                            | CUSIP: 65000B4F2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    300000 | PA      | $315280.38    | 0.18%             | 2028-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Forsyth MT                                                              | City of Forsyth, Series 2023                                                                 | CUSIP: 346668DN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1328679.69   | 0.74%             | 2028-07-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2024 B-2                                      | CUSIP: 65820YTA4<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500171.70    | 0.28%             | 2028-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles CA                                                          | City of Los Angeles, Series 2025                                                             | CUSIP: 544351SF7<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1536259.65   | 0.86%             | 2026-06-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Farmington NM                                                           | City of Farmington, Series 2016 B                                                            | CUSIP: 311450FW5<br>LEI: 5493000GWMTI2L4AZA61 | Long             | DBT              | MUN               | US        |    250000 | PA      | $212646.68    | 0.12%             | 2033-04-01      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                         | South Carolina Public Service Authority, Series 2022 E                                       | CUSIP: 837151R68<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    150000 | PA      | $150853.56    | 0.08%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Owen KY                                                               | County of Owen, Series 2020                                                                  | CUSIP: 69068WAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2214174.38   | 1.23%             | 2040-06-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| City of Pflugerville TX                                                         | City of Pflugerville, Series 2025                                                            | CUSIP: 717088CP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022542.10   | 0.57%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Water Works Board of the City of Birmingham (The)                               | Water Works Board of the City of Birmingham (The), Series 2024                               | CUSIP: 091097AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2500091.25   | 1.39%             | 2026-09-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| City of Horace ND                                                               | City of Horace, Series 2024 B                                                                | CUSIP: 440365JC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500206.55    | 0.28%             | 2026-08-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Youngstown State University                                                     | Youngstown State University, Series 2016                                                     | CUSIP: 987720EP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1535000 | PA      | $1573340.46   | 0.88%             | 2030-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State University                                                     | California State University, Series 2016 B-2                                                 | CUSIP: 13077C4K7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1948793.20   | 1.09%             | 2049-11-01      | Variable      | 0.55%                 | No            |                  2 | On Loan: No      |
| Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado           | Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado, Series 2025 A         | CUSIP: 844090AD2<br>LEI: 549300X0RZRBWLO0J697 | Long             | DBT              | MUN               | US        |    525000 | PA      | $557998.46    | 0.31%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine Governmental Facilities Authority                                         | Maine Governmental Facilities Authority, Series 2025 A                                       | CUSIP: 56041MXY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $538591.25    | 0.30%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                              | New York State Dormitory Authority, Series 2024 A                                            | CUSIP: 65000B4G0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    225000 | PA      | $239832.41    | 0.13%             | 2029-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Cobb-Marietta Coliseum & Exhibit Hall Authority                                 | Cobb-Marietta Coliseum & Exhibit Hall Authority, Series 2025                                 | CUSIP: 190760HU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $105240.43    | 0.06%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montana Board of Housing                                                        | Montana Board of Housing, Series 2014 A-2                                                    | CUSIP: 61212R5G7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $4989.24      | 0.00%             | 2043-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Forney Independent School District                                              | Forney Independent School District, Series 2025                                              | CUSIP: 346425LQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $524622.10    | 0.29%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                              | City of Detroit, Series 2023 B                                                               | CUSIP: 2510936D7<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    295000 | PA      | $304030.54    | 0.17%             | 2028-05-01      | Fixed         | 6.84%                 | No            |                  2 | On Loan: No      |
| City of Wadena MN                                                               | City of Wadena, Series 2024 A                                                                | CUSIP: 930256AE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $409321.43    | 0.23%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Akron Bath Copley Joint Township Hospital District                              | Akron Bath Copley Joint Township Hospital District, Series 2020                              | CUSIP: 009730PG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $255901.99    | 0.14%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority, Series 2018                                          | CUSIP: 13048VDJ4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    570000 | PA      | $581743.54    | 0.32%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Volusia County Educational Facility Authority                                   | Volusia County Educational Facility Authority, Series 2025                                   | CUSIP: 928836PM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $134480.94    | 0.07%             | 2028-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas City Industrial Development Authority                                    | Kansas City Industrial Development Authority, Series 2019 B                                  | CUSIP: 48504NAP4<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027961.20   | 0.57%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Downtown Revitalization Public Infrastructure District                          | Downtown Revitalization Public Infrastructure District, Series 2025 A                        | CUSIP: 26118TAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $234459.13    | 0.13%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                              | New York State Dormitory Authority, Series 2021                                              | CUSIP: 64990G4R0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    200000 | PA      | $201400.00    | 0.11%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                                             | Lakewood Ranch Stewardship District, Series 2023                                             | CUSIP: 51265KFF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $148413.45    | 0.08%             | 2028-05-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                | Kentucky Public Energy Authority, Series 2024 A                                              | CUSIP: 74440DEH3<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045299.30   | 0.58%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Houston Housing Finance Corp.                                                   | Houston Housing Finance Corp., Series 2023                                                   | CUSIP: 442396EL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $606894.30    | 0.34%             | 2041-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Matching Fund Special Purpose Securitization Corp.                              | Matching Fund Special Purpose Securitization Corp., Series 2022 A                            | CUSIP: 57665NAE5<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |   1000000 | PA      | $1031456.40   | 0.57%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salt Verde Financial Corp.                                                      | Salt Verde Financial Corp., Series 2007-1                                                    | CUSIP: 79575EAL2<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004725.10   | 0.56%             | 2025-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Galveston TX Wharves & Terminal Revenue                                 | City of Galveston, Series 2024 A                                                             | CUSIP: 364568JR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $533812.95    | 0.30%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                                          | City of Minneapolis, Series 2018 A                                                           | CUSIP: 60374VEB5<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    825000 | PA      | $839224.24    | 0.47%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Coconino County Pollution Control Corp.                                         | Coconino County Pollution Control Corp., Series 2017 B                                       | CUSIP: 191855BM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $751393.35    | 0.42%             | 2039-03-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Louisiana Offshore Terminal Authority                                           | Louisiana Offshore Terminal Authority, Series 2013 C                                         | CUSIP: 546510FU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1513534.35   | 0.84%             | 2034-09-01      | Variable      | 4.20%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                              | New York State Dormitory Authority, Series 2021                                              | CUSIP: 64990G4V1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     75000 | PA      | $76642.28     | 0.04%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                       | New Jersey Economic Development Authority, Series 2019 A                                     | CUSIP: 645780FL6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    500000 | PA      | $453837.10    | 0.25%             | 2039-10-01      | Variable      | 2.20%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                            | District of Columbia, Series 2019                                                            | CUSIP: 25483VVK7<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    300000 | PA      | $309575.25    | 0.17%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jersey City Municipal Utilities Authority                                       | Jersey City Municipal Utilities Authority, Series 2025 A                                     | CUSIP: 476624DQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2028351.60   | 1.13%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Trophy Club TX Public Improvement District No. 1                        | Town of Trophy Club, Series 2025                                                             | CUSIP: 89706PAV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $113342.08    | 0.06%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Housing Finance Agency                                                     | Ohio Housing Finance Agency, Series 2025                                                     | CUSIP: 676900XP3<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |    500000 | PA      | $505915.70    | 0.28%             | 2047-11-01      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                   | Main Street Natural Gas, Inc., Series 2021 A                                                 | CUSIP: 56035DDH2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014992.40   | 0.57%             | 2052-07-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                      | Utah Infrastructure Agency, Series 2019                                                      | CUSIP: 917467BB7<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    455000 | PA      | $471557.09    | 0.26%             | 2027-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                           | Pennsylvania Economic Development Financing Authority, Series 2022                           | CUSIP: 70868YAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $289978.76    | 0.16%             | 2029-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                                             | Lakewood Ranch Stewardship District, Series 2025                                             | CUSIP: 51265KGE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $295669.94    | 0.16%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority, Series 2022 A                                        | CUSIP: 130493CB3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    115000 | PA      | $121528.25    | 0.07%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas City Industrial Development Authority                                    | Kansas City Industrial Development Authority, Series 2019 B                                  | CUSIP: 48504NAS8<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1058522.10   | 0.59%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue                      | Pennsylvania Turnpike Commission, Series 2018 A                                              | CUSIP: 709221VF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1220995.42   | 0.68%             | 2048-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lavon TX                                                                | City of Lavon, Series 2025                                                                   | CUSIP: 51946PCJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    142000 | PA      | $142525.57    | 0.08%             | 2032-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Polk County Housing Finance Authority                                           | Polk County Housing Finance Authority, Series 2023                                           | CUSIP: 731903BN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3026144.70   | 1.68%             | 2040-12-01      | Variable      | 4.15%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                     | Commonwealth of Puerto Rico, Series 2022 A-1                                                 | CUSIP: 74514L3G0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |   1000000 | PA      | $1034240.30   | 0.58%             | 2027-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Municipal Light & Power Revenue                              | City of Seattle, Series 2021 B                                                               | CUSIP: 812643WU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1485803.70   | 0.83%             | 2045-05-01      | Floating      | 2.98%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority, Series 2022 A                                        | CUSIP: 130493CA5<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    100000 | PA      | $104065.44    | 0.06%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Energy Finance Development Corp.                                       | New York Energy Finance Development Corp., Series 2025                                       | CUSIP: 64947PAA4<br>LEI: 254900PRGXZMJ912RI65 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1839656.70   | 1.02%             | 2056-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Putnam Funds Trust                                                              | Putnam Short Term Investment Fund, Class P                                                   | CUSIP: 74676P664<br>LEI: 549300S9JYWEMKQCLW53 | Long             |  | RF                | US        |   6000871 | NS      | $6000870.65   | 3.34%             |  |  |  | No            |                  1 | On Loan: No      |
| California Housing Finance Agency                                               | California Housing Finance Agency, Series 2023 A-2                                           | CUSIP: 13032WBB9<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2507485.25   | 1.40%             | 2063-08-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| City of Fontana CA                                                              | City of Fontana, Series 2024                                                                 | CUSIP: 344630M39<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $263745.98    | 0.15%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                     | Metropolitan Washington Airports Authority, Series 2015 B                                    | CUSIP: 592647BG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1071992.23   | 0.60%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dayton-Montgomery County Port Authority                                         | Dayton-Montgomery County Port Authority, Series 2024                                         | CUSIP: 23981MBD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $400296.45    | 0.22%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                       | City of Houston, Series 2023 A                                                               | CUSIP: 442349GB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019583.30   | 0.57%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX                                                             | County of Harris, Series 2015 B                                                              | CUSIP: 414005VR6<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1100955.13   | 0.61%             | 2036-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                            | Triborough Bridge & Tunnel Authority, Series 2025 B-1                                        | CUSIP: 89602HJA6<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1559317.50   | 0.87%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Municipal Power Agency                                                 | Northern Municipal Power Agency, Series 2023                                                 | CUSIP: 665444LB9<br>LEI: 254900QIGSDY3UDQ9778 | Long             | DBT              | MUN               | US        |    255000 | PA      | $256948.20    | 0.14%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                      | Utah Infrastructure Agency, Series 2021                                                      | CUSIP: 917467BR2<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    250000 | PA      | $249205.60    | 0.14%             | 2026-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| University of Arizona (The)                                                     | Arizona Board of Regents, Series 2016 B                                                      | CUSIP: 040484QW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3265000 | PA      | $3305732.18   | 1.84%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Monroe County Industrial Development Corp.                                      | Monroe County Industrial Development Corp., Series 2024 A                                    | CUSIP: 61075TXT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $834128.46    | 0.46%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fontana CA                                                              | City of Fontana, Series 2024                                                                 | CUSIP: 344630M62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $429407.48    | 0.24%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sherman Independent School District/TX                                          | Sherman Independent School District, Series 2025                                             | CUSIP: 824178D79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $531157.36    | 0.30%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                     | Metropolitan Washington Airports Authority, Series 2025 A                                    | CUSIP: 592647NH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $230215.52    | 0.13%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                | California Health Facilities Financing Authority, Series 2013 A                              | CUSIP: 13033LS57<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    230000 | PA      | $187106.04    | 0.10%             | 2043-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily ML Certificates                                               | FHLMC, Multi-family ML Pass-Through Certificates, Series 2019-ML06, Class A-US               | CUSIP: 30312CAF0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    924708 | PA      | $802598.11    | 0.45%             | 2037-06-25      | Fixed         | 2.54%                 | No            |                  2 | On Loan: No      |
| City of Fontana CA                                                              | City of Fontana, Series 2024                                                                 | CUSIP: 344630M21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $252698.95    | 0.14%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                           | Louisiana Public Facilities Authority, Series 2025 B                                         | CUSIP: 546399UQ7<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1092987.70   | 0.61%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Downtown Revitalization Public Infrastructure District                          | Downtown Revitalization Public Infrastructure District, Series 2025 B                        | CUSIP: 26118TBA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $106161.58    | 0.06%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Newark NJ                                                               | City of Newark, Series 2025 B                                                                | CUSIP: 650367TD7<br>LEI: 5493008RBPM01QHRYX34 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009458.60   | 0.56%             | 2026-05-07      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                        | New Jersey Higher Education Student Assistance Authority, Series 2018 B                      | CUSIP: 646080TT8<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1036403.10   | 0.58%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                       | Maryland Health & Higher Educational Facilities Authority, Series 2021 A                     | CUSIP: 57421CBV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $211390.10    | 0.12%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Mortgage Finance Authority                                           | New Mexico Mortgage Finance Authority, Series 2023                                           | CUSIP: 64719HEP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001375.50   | 0.56%             | 2042-02-01      | Variable      | 3.73%                 | No            |                  2 | On Loan: No      |
| Montana Board of Housing                                                        | Montana Board of Housing, Series 2025                                                        | CUSIP: 61212VAZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $399956.28    | 0.22%             | 2028-12-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| Florida Housing Finance Corp.                                                   | Florida Housing Finance Corp., Series 2023 B                                                 | CUSIP: 34074HGZ9<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |   2295000 | PA      | $2315135.18   | 1.29%             | 2027-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hidalgo TX                                                            | County of Hidalgo, Series 2025                                                               | CUSIP: 429326W56<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $104729.01    | 0.06%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster Port Authority                                                        | Lancaster Port Authority, Series 2024 A                                                      | CUSIP: 514401BN7<br>LEI: 5493007EGWLFDZJFF129 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1329296.88   | 0.74%             | 2055-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public School Authority                                                | Virginia Public School Authority, Series 2014 B                                              | CUSIP: 92818HL90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1585000 | PA      | $1585486.28   | 0.88%             | 2026-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Municipal Bond Bank                                               | New Hampshire Municipal Bond Bank, Series 2025 B                                             | CUSIP: 64465QTD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $525699.55    | 0.29%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                         | Los Angeles Department of Water & Power, Series 2018 A                                       | CUSIP: 5444954M3<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1279845.54   | 0.71%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas State Affordable Housing Corp.                                            | Texas State Affordable Housing Corp., Series 2011 A                                          | CUSIP: 88271HEJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30655.92     | 0.02%             | 2028-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| University of North Texas System                                                | University of North Texas System, Series 2025 A                                              | CUSIP: 914729XD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    785000 | PA      | $837389.96    | 0.47%             | 2028-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                            | District of Columbia, Series 2025 A                                                          | CUSIP: 25484JDJ6<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    750000 | PA      | $815548.28    | 0.45%             | 2060-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                      | Utah Infrastructure Agency, Series 2019                                                      | CUSIP: 917467BD3<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    500000 | PA      | $531579.50    | 0.30%             | 2029-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Broward County Housing Finance Authority                                        | Broward County Housing Finance Authority, Series 2023                                        | CUSIP: 115027QZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000016.40   | 0.56%             | 2041-04-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Housing Finance Authority                                     | Miami-Dade County Housing Finance Authority, Series 2023                                     | CUSIP: 593344BN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.28%             | 2026-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                      | Tarrant County Cultural Education Facilities Finance Corp., Series 2022 E                    | CUSIP: 87638QSF7<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    650000 | PA      | $656663.35    | 0.37%             | 2052-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Virgin Islands Transportation & Infrastructure Corp.                            | Virgin Islands Transportation & Infrastructure Corp., Series 2025                            | CUSIP: 927686AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |    160000 | PA      | $166724.69    | 0.09%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                               | Philadelphia Authority for Industrial Development, Series 2019                               | CUSIP: 71781XFY4<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    305000 | PA      | $299848.28    | 0.17%             | 2029-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                  | Metropolitan Nashville Airport Authority (The), Series 2022 B                                | CUSIP: 592190QF2<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50908.64     | 0.03%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                     | Washington State Housing Finance Commission, Series 2025 A                                   | CUSIP: 93978LHY5<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    630000 | PA      | $672346.71    | 0.37%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Honolulu HI                                                    | City & County of Honolulu, Series 2023                                                       | CUSIP: 438697BQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $543512.81    | 0.30%             | 2027-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Galveston TX Wharves & Terminal Revenue                                 | City of Galveston, Series 2024 A                                                             | CUSIP: 364568JQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $370763.68    | 0.21%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grays Harbor County Public Hospital District No. 1                              | Grays Harbor County Public Hospital District No. 1, Series 2023                              | CUSIP: 389526AD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    660000 | PA      | $676001.57    | 0.38%             | 2026-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of Galveston TX Wharves & Terminal Revenue                                 | City of Galveston, Series 2024 A                                                             | CUSIP: 364568JS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1070292.00   | 0.60%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Downtown Revitalization Public Infrastructure District                          | Downtown Revitalization Public Infrastructure District, Series 2025 B                        | CUSIP: 26118TBB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $108036.67    | 0.06%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Housing Finance Authority                                     | Miami-Dade County Housing Finance Authority, Series 2023 B                                   | CUSIP: 593344BS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500000.00   | 0.84%             | 2026-09-01      | Variable      | 4.05%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                        | Public Finance Authority, Series 2018                                                        | CUSIP: 74442PJF3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500479.10    | 0.28%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| El Paso Independent School District                                             | El Paso Independent School District, Series 2020                                             | CUSIP: 283770PC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2522388.25   | 1.40%             | 2040-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                     | Commonwealth of Puerto Rico                                                                  | CUSIP: 74514L4G9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     12329 | PA      | $6827.26      | 0.00%             | 2051-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                       | New York Transportation Development Corp., Series 2025                                       | CUSIP: 650116HZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1064926.50   | 0.59%             | 2037-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Virgin Islands Transportation & Infrastructure Corp.                            | Virgin Islands Transportation & Infrastructure Corp., Series 2025                            | CUSIP: 927686AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |    200000 | PA      | $204200.24    | 0.11%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                     | Ohio Higher Educational Facility Commission, Series 2022                                     | CUSIP: 677510CE7<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100534.77    | 0.06%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                          | Ohio Air Quality Development Authority, Series 2022 B                                        | CUSIP: 677525WU7<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |    500000 | PA      | $509435.15    | 0.28%             | 2030-09-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                | Pennsylvania Turnpike Commission, Series 2016 A-3                                            | CUSIP: 709224RH4<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017566.50   | 0.57%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fort Bend Independent School District                                           | Fort Bend Independent School District, Series 2021 B                                         | CUSIP: 346843SZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $779971.20    | 0.43%             | 2051-08-01      | Variable      | 0.72%                 | No            |                  2 | On Loan: No      |
| Mountain View School District School Facilities Improvement District No. 2      | Mountain View School District, Series 2024                                                   | CUSIP: 62440CAY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $877125.40    | 0.49%             | 2029-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                            | Colorado Health Facilities Authority, Series 2019 B-2                                        | CUSIP: 19648FJJ4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007201.10   | 0.56%             | 2049-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| DeKalb County Housing Authority                                                 | DeKalb County Housing Authority, Series 2024                                                 | CUSIP: 240471PE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $773563.52    | 0.43%             | 2034-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Prosper Independent School District                                             | Prosper Independent School District, Series 2019 B                                           | CUSIP: 7436002V9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012765.20   | 0.56%             | 2050-02-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                              | New York State Dormitory Authority, Series 2021                                              | CUSIP: 64990G4U3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     75000 | PA      | $76742.96     | 0.04%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                             | Idaho Housing & Finance Association, Series 2016 H                                           | CUSIP: 45129WND8<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    383000 | PA      | $340626.65    | 0.19%             | 2046-09-21      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                   | State of Ohio, Series 2015                                                                   | CUSIP: 67759YAG2<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    940000 | PA      | $941156.20    | 0.52%             | 2025-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                            | Guam Government Waterworks Authority, Series 2025 A                                          | CUSIP: 40065FET7<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    270000 | PA      | $296155.33    | 0.16%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fontana CA                                                              | City of Fontana, Series 2024                                                                 | CUSIP: 344630M47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $280088.20    | 0.16%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily ML Certificates                                               | FHLMC, Multi-family ML Pass-Through Certificates, Series 2019-ML05, Class ACA                | CUSIP: 30309HAA5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    453147 | PA      | $434324.88    | 0.24%             | 2033-11-25      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                           | Louisiana Public Facilities Authority, Series 2023                                           | CUSIP: 54640TAK5<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002209.20   | 0.56%             | 2043-10-01      | Variable      | 5.00%                 | 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: 60636AVQ3<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    500000 | PA      | $505295.55    | 0.28%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| East Nassau Stewardship District                                                | East Nassau Stewardship District, Series 2025                                                | CUSIP: 273794AM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1605000 | PA      | $1613324.33   | 0.90%             | 2030-05-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Charlotte-Mecklenburg Hospital Authority (The)                                  | Charlotte-Mecklenburg Hospital Authority (The), Series 2018 E                                | CUSIP: 160853VG9<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1991593.80   | 1.11%             | 2048-01-15      | Variable      | 0.80%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-30

**Name of Applicant:** Putnam Funds Trust

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer