# EDGAR Filing Document

**Accession Number:** 0000844790
**File Stem:** 0002071691-25-009343
**Filing Date:** 2025-12
**Character Count:** 185784
**Document Hash:** eb08a8b5088487ca49866012ec2d45a7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-009343.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0002071691-25-009343

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251223

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUTNAM MANAGED MUNICIPAL INCOME TRUST
- **CENTRAL INDEX KEY:** 0000844790

**ORGANIZATION NAME:**
- **EIN:** 046608976
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05740
- **FILM NUMBER:** 251595241

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Putnam Managed Municipal Income Trust

- **b. Investment Company Act file number:** 811-05740

- **c. CIK number of Registrant:** 0000844790

- **d. LEI of Registrant:** 549300MCDIUT86HMWI73

- **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 Managed Municipal Income Trust

- **c. LEI of Series:** 549300MCDIUT86HMWI73

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

- **a. Date of fiscal year-end:** 2025-10-31

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $306171436.82

**Total Liabilities:** $18950820.83

**Net Assets:** $287220615.99

**Delayed Delivery Securities:** $1918274.50

**Cash Not Reported:** $194795.93

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** -397.65000000 | **5-Year:** -2204.07000000 | **10-Year:** -64867.31000000 | **30-Year:** -107808.75000000

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

- **3-Month:** 0.00000000 | **1-Year:** -81.60000000 | **5-Year:** 1223.00000000 | **10-Year:** -36400.32000000 | **30-Year:** -100663.36000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.90%                | 4.52%                | 2.22%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-661019.72              | $1709132.72                                |
| Month 2  | $-4299174.98             | $16412761.95                               |
| Month 3  | $-110863.85              | $5110338.34                                |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                                                             | Title                                                                                                    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, Series 2013                                                   | CUSIP: 6459182G7<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    850000 | PA      | $851511.47    | 0.30%             | 2033-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| California Community Housing Agency                                              | California Community Housing Agency, Series 2021 A-1                                                     | CUSIP: 13013FAR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $397968.87    | 0.14%             | 2056-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Millsboro DE                                                             | Town of Millsboro, Series 2018                                                                           | CUSIP: 601266AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $492742.53    | 0.17%             | 2038-07-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | City of Houston Airport System, Series 2015 B-1                                                          | CUSIP: 4423487S1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2500037.00   | 0.87%             | 2035-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona (The)            | Industrial Development Authority of the City of Phoenix Arizona (The), Series 2015 A                     | CUSIP: 71885FDN4<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    900000 | PA      | $900159.75    | 0.31%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northridge Community Development District                                        | Northridge Community Development District, Series 2025                                                   | CUSIP: 66668PAC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102594.71    | 0.04%             | 2055-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Cumberland County Municipal Authority                                            | Cumberland County Municipal Authority, Series 2019                                                       | CUSIP: 230614PN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $468678.50    | 0.16%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act                      | New Hampshire Health and Education Facilities Authority Act, Series 2016                                 | CUSIP: 6446148D4<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |    250000 | PA      | $252082.95    | 0.09%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                                              | Lakewood Ranch Stewardship District, Series 2023                                                         | CUSIP: 51265KFJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1204226.35   | 0.42%             | 2054-05-01      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                | Florida Development Finance Corp., Series 2022 A                                                         | CUSIP: 34061QBU0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1456835.25   | 0.51%             | 2052-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | New Hampshire Business Finance Authority, Series 2025                                                    | CUSIP: 63607EAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $680799.33    | 0.24%             | 2065-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | Chicago Board of Education, Series 2023 A                                                                | CUSIP: 167505ZF6<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1709280.47   | 0.60%             | 2047-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| City of Grand Forks ND                                                           | City of Grand Forks, Series 2023 A                                                                       | CUSIP: 38546WEQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2046382.60   | 0.71%             | 2053-12-01      | Fixed         | 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 B                        | CUSIP: 60636AWS8<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1436986.34   | 0.50%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pasadena Ridge Community Development District                                    | Pasadena Ridge Community Development District, Series 2025                                               | CUSIP: 702300AF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500129.75    | 0.17%             | 2055-05-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                        | New York Transportation Development Corp., Series 2020                                                   | CUSIP: 650116CZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1269904.25   | 0.44%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tolomato Community Development District                                          | Tolomato Community Development District, Series 2024                                                     | CUSIP: 889560FB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $512574.20    | 0.18%             | 2054-05-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2024                                                                    | CUSIP: 744396KG6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $909828.70    | 0.32%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster Municipal Authority                                                    | Lancaster Municipal Authority, Series 2024                                                               | CUSIP: 514350AM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $900321.30    | 0.31%             | 2049-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Series 2021                                                                  | CUSIP: 594479GQ4<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    500000 | PA      | $377431.95    | 0.13%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX                                                                | City of Austin, Series 2024                                                                              | CUSIP: 052466BD0<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |    750000 | PA      | $737918.33    | 0.26%             | 2053-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | Philadelphia Authority for Industrial Development, Series 2017, Class III                                | CUSIP: 717908AL1<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1331494.58   | 0.46%             | 2047-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                    | Main Street Natural Gas, Inc., Series 2023 E-1                                                           | CUSIP: 56035DGB2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2370314.54   | 0.83%             | 2053-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp.                                           | Clifton Higher Education Finance Corp., Series 2022 A                                                    | CUSIP: 187145PG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1053691.56   | 0.37%             | 2051-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                               | New York Liberty Development Corp., Series 2021 A                                                        | CUSIP: 649519DW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4215000 | PA      | $3052417.86   | 1.06%             | 2051-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | City of Chicago, Series 2020 A                                                                           | CUSIP: 167486G45<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1877906.34   | 0.65%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Baytown MN                                                           | Township of Baytown, Series 2016 A                                                                       | CUSIP: 073225AX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $329395.63    | 0.11%             | 2041-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2024-1, Class B-1                                                       | CUSIP: 74448FAA9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1425000 | PA      | $1468801.22   | 0.51%             | 2036-04-28      | Fixed         | 6.81%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | Washington State Housing Finance Commission, Series 2023 A                                               | CUSIP: 939783Q74<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1194505.56   | 0.42%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Series 2021 A                                                                | CUSIP: 45204FHV0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    815000 | PA      | $697314.16    | 0.24%             | 2056-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                         | Arlington Higher Education Finance Corp., Series 2021 A                                                  | CUSIP: 041806L65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    610000 | PA      | $521216.27    | 0.18%             | 2041-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| James City County Economic Development Authority                                 | James City County Economic Development Authority, Series 2021 A                                          | CUSIP: 47029WED5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1235000 | PA      | $964477.45    | 0.34%             | 2050-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                              | Maryland Economic Development Corp., Series 2020                                                         | CUSIP: 57422FAF3<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    750000 | PA      | $639654.83    | 0.22%             | 2050-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Brunswick MD                                                             | City of Brunswick, Series 2019                                                                           | CUSIP: 117250AE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    548000 | PA      | $558247.16    | 0.19%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sterling Ranch Community Authority Board                                         | Sterling Ranch Community Authority Board, Series 2024 A                                                  | CUSIP: 85950NAW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039852.20   | 0.36%             | 2054-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| City of Venice FL                                                                | City of Venice, Series 2024 A                                                                            | CUSIP: 922687AE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $371234.25    | 0.13%             | 2060-01-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Industrial Development Authority                               | Miami-Dade County Industrial Development Authority, Series 2014                                          | CUSIP: 59333ECQ4<br>LEI: 549300RM19LZY32DAU30 | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1225487.43   | 0.43%             | 2034-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                           | Iowa Finance Authority, Series 2024 A                                                                    | CUSIP: 46247SFV1<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1407438.30   | 0.49%             | 2059-05-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                         | Arlington Higher Education Finance Corp., Series 2022                                                    | CUSIP: 041807CE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1112478.95   | 0.39%             | 2062-06-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Yavapai (The)                  | Industrial Development Authority of the County of Yavapai (The), Series 2012                             | CUSIP: 98521VAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $750247.80    | 0.26%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Cobb County (The)                                       | Development Authority of Cobb County (The), Series C                                                     | CUSIP: 190778JV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $739990.45    | 0.26%             | 2038-07-15      | Fixed         | 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: 60636AWD1<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   2270000 | PA      | $1784170.74   | 0.62%             | 2043-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | North Carolina Medical Care Commission, Series 2020 A                                                    | CUSIP: 65820YRR9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $473302.55    | 0.16%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Series 2017                                                                  | CUSIP: 594479DD6<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    650000 | PA      | $613685.22    | 0.21%             | 2047-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Series 2015 D                                                  | CUSIP: 57583U6R4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    365000 | PA      | $360057.24    | 0.13%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                              | Maryland Economic Development Corp., Series 2020                                                         | CUSIP: 57422FAE6<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    755000 | PA      | $712469.19    | 0.25%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Berkeley SC                                                            | County of Berkeley, Series 2019                                                                          | CUSIP: 084220AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $893008.50    | 0.31%             | 2049-11-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| City of Goose Creek                                                              | City of Goose Creek, Series 2025                                                                         | CUSIP: 38259TAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $176546.60    | 0.06%             | 2055-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Kissimmee Park Community Development District                                    | Kissimmee Park Community Development District, Series 2025                                               | CUSIP: 497859AD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $384098.07    | 0.13%             | 2056-05-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                             | Colorado Educational & Cultural Facilities Authority, Series 2021                                        | CUSIP: 19645UGF5<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    175000 | PA      | $160508.78    | 0.06%             | 2041-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                               | New York Liberty Development Corp., Series 2021 A                                                        | CUSIP: 649519EH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2208289.50   | 0.77%             | 2051-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SkyRidge Pegasus Infrastructure Financing District                               | SkyRidge Pegasus Infrastructure Financing District, Series 2024                                          | CUSIP: 83089AAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $296835.69    | 0.10%             | 2044-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Rhode Island Health and Educational Building Corp.                               | Rhode Island Health and Educational Building Corp., Series 2025 A                                        | CUSIP: 762244PA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1514623.05   | 0.53%             | 2060-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Area Rapid Transit                                                        | Dallas Area Rapid Transit, Series 2020 A                                                                 | CUSIP: 235241UX2<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7262431.40   | 2.53%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency, Inc.                                                       | Capital Trust Agency, Inc., Series 2021 A-1                                                              | CUSIP: 14052WDT1<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1608244.74   | 0.56%             | 2056-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Las Vegas NV Special Improvement District No. 815                        | City of Las Vegas, Series 2020                                                                           | CUSIP: 51778VAQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    590000 | PA      | $594442.23    | 0.21%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northridge Community Development District                                        | Northridge Community Development District, Series 2025                                                   | CUSIP: 66668PAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102712.55    | 0.04%             | 2045-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of Hutto TX                                                                 | City of Hutto, Series 2025                                                                               | CUSIP: 448529AW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $380875.56    | 0.13%             | 2045-09-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Sarasota County Public Hospital District                                         | Sarasota County Public Hospital District, Series 2018                                                    | CUSIP: 803301DK3<br>LEI: 549300JY4SF4DU1YDF85 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1355084.25   | 0.47%             | 2048-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| St Johns County Industrial Development Authority                                 | St. Johns County Industrial Development Authority, Series 2021 A                                         | CUSIP: 79041LAN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $436045.55    | 0.15%             | 2041-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2024                                                                    | CUSIP: 74441XHS1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    800000 | PA      | $815797.28    | 0.28%             | 2039-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | Washington State Housing Finance Commission, Series 2016                                                 | CUSIP: 939783TQ9<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    580000 | PA      | $579564.54    | 0.20%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series 2019                                                                        | CUSIP: 25483VWC4<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    750000 | PA      | $670319.55    | 0.23%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | North Carolina Medical Care Commission, Series 2021 C                                                    | CUSIP: 65821DYS4<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2320000 | PA      | $2282679.09   | 0.79%             | 2036-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                             | Colorado Educational & Cultural Facilities Authority, Series 2021                                        | CUSIP: 19645UGE8<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    150000 | PA      | $148534.05    | 0.05%             | 2036-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mida Mountain Village Public Infrastructure District                             | MIDA Mountain Village Public Infrastructure District, Series 2020 A                                      | CUSIP: 59561TAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1031307.57   | 0.36%             | 2050-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cedar Crossings Community Development District                                   | Cedar Crossings Community Development District, Series 2025                                              | CUSIP: 15018WAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $158009.68    | 0.06%             | 2055-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Horace ND                                                                | City of Horace, Series 2024 C                                                                            | CUSIP: 440365JN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1095949.03   | 0.38%             | 2044-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2023 A                                                                  | CUSIP: 74439YEU1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002892.70   | 0.35%             | 2063-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of Las Vegas NV Special Improvement District No. 817                        | City of Las Vegas, Series 2023                                                                           | CUSIP: 51779BAM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $530437.90    | 0.18%             | 2043-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Du Page County Special Service Area No. 31                                       | Du Page County Special Service Area No. 31, Series 2006                                                  | CUSIP: 26350TAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    233000 | PA      | $233188.01    | 0.08%             | 2036-03-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority                                       | Metropolitan Washington Airports Authority                                                               | CUSIP: 592643DJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1065000 | PA      | $929996.34    | 0.32%             | 2053-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                   | Washington Metropolitan Area Transit Authority                                                           | CUSIP: 93878YDX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5203061.50   | 1.81%             | 2056-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Series 2025                                                        | CUSIP: 19648FZP2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    350000 | PA      | $351118.64    | 0.12%             | 2059-09-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | Chicago Board of Education, Series 2025 A                                                                | CUSIP: 167505ZM1<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    850000 | PA      | $845179.23    | 0.29%             | 2050-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Series 2007                                                    | CUSIP: 57585AAB6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    995000 | PA      | $9.95         | 0.00%             | 2028-10-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                      | Ohio Higher Educational Facility Commission, Series 2024                                                 | CUSIP: 67756DS72<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   1560000 | PA      | $1601407.55   | 0.56%             | 2049-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Grand Forks ND                                                           | City of Grand Forks, Series 2023 A                                                                       | CUSIP: 38546WEP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $360484.25    | 0.13%             | 2048-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | South Carolina Jobs-Economic Development Authority, Series 2018 A                                        | CUSIP: 83704MAM8<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $883952.60    | 0.31%             | 2049-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Cherry Hill Community Development Authority                                      | Cherry Hill Community Development Authority, Series 2015                                                 | CUSIP: 164631AC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    995000 | PA      | $995650.83    | 0.35%             | 2045-03-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                       | Tarrant County Cultural Education Facilities Finance Corp., Series 2024                                  | CUSIP: 87638TJK0<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $990972.90    | 0.35%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Tobacco Settlement Financing Corp.                          | District of Columbia, Series 2006 A                                                                      | CUSIP: 254842BB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $1741289.25   | 0.61%             | 2046-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| River Landing Community Development District                                     | River Landing Community Development District, Series 2025                                                | CUSIP: 76828JAM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $240766.42    | 0.08%             | 2055-05-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Sterling Ranch Community Authority Board                                         | Sterling Ranch Community Authority Board, Series 2020 A                                                  | CUSIP: 85950NAM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $459445.95    | 0.16%             | 2050-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona (The)            | Industrial Development Authority of the City of Phoenix Arizona (The), Series 2016 A                     | CUSIP: 71885FEB9<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    250000 | PA      | $239954.58    | 0.08%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | Port Authority of New York & New Jersey                                                                  | CUSIP: 73358W4C5<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2460000 | PA      | $2509253.38   | 0.87%             | 2049-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Dripping Springs TX                                                      | City of Dripping Springs, Series 2025                                                                    | CUSIP: 262062AJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $299334.03    | 0.10%             | 2055-09-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2025 B                                                                  | CUSIP: 74439YFZ9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    410000 | PA      | $421645.89    | 0.15%             | 2055-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                                              | Lakewood Ranch Stewardship District, Series 2020                                                         | CUSIP: 51265KEN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $208586.28    | 0.07%             | 2050-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Grays Harbor County Public Hospital District No. 1                               | Grays Harbor County Public Hospital District No. 1, Series 2023                                          | CUSIP: 389526AJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3325400.40   | 1.16%             | 2053-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CMFA Special Finance Agency VII                                                  | CMFA Special Finance Agency VII, Series 2021 A-1                                                         | CUSIP: 12574UAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $346118.15    | 0.12%             | 2056-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                                              | Lakewood Ranch Stewardship District, Series 2019                                                         | CUSIP: 51265KCW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $950952.40    | 0.33%             | 2040-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | Maricopa County Industrial Development Authority, Series 2024                                            | CUSIP: 56681NJD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1890186.30   | 0.66%             | 2029-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2023-1, Class A                                                         | CUSIP: 74448GAA7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2132025 | PA      | $2237734.37   | 0.78%             | 2062-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                                              | Lakewood Ranch Stewardship District, Series 2016                                                         | CUSIP: 51265KAW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $740478.85    | 0.26%             | 2046-05-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona (The)            | Industrial Development Authority of the City of Phoenix Arizona (The), Series 2014 A                     | CUSIP: 71885FDK0<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1700126.14   | 0.59%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | Louisiana Public Facilities Authority, Series 2024                                                       | CUSIP: 546399SZ0<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1556458.95   | 0.54%             | 2064-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | Metropolitan Transportation Authority, Series 2017 C-1                                                   | CUSIP: 59261AQH3<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3030054.60   | 1.05%             | 2035-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Texas Transportation Finance Corp                                                | Texas Transportation Finance Corp                                                                        | CUSIP: 88283PAP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7670940.90   | 2.67%             | 2055-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Ramsey MN                                                                | City of Ramsey, Series 2022 A                                                                            | CUSIP: 751814AA2<br>LEI: 549300PYUDKBK3S78343 | Long             | DBT              | MUN               | US        |    575000 | PA      | $576213.88    | 0.20%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | Arizona Industrial Development Authority, Series 2021 A                                                  | CUSIP: 04052BMS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $435052.95    | 0.15%             | 2041-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lower Magnolia Green Community Development Authority                             | Lower Magnolia Green Community Development Authority, Series 2015                                        | CUSIP: 548207AB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $455096.14    | 0.16%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport     | San Francisco City & County Airport Comm-San Francisco International Airport, Series 2019 A              | CUSIP: 79766DWE5<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   7420000 | PA      | $6698381.26   | 2.33%             | 2049-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                             | Colorado Educational & Cultural Facilities Authority, Series 2021                                        | CUSIP: 19645UGG3<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    350000 | PA      | $292277.48    | 0.10%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cypress Reserve Community Development District                                   | Cypress Reserve Community Development District, Series 2025                                              | CUSIP: 23280AAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $201940.50    | 0.07%             | 2056-05-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| City of Aubrey TX                                                                | City of Aubrey, Series 2025                                                                              | CUSIP: 050197BX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $110105.13    | 0.04%             | 2055-12-31      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| GIR East Community Development District                                          | GIR East Community Development District, Series 2025                                                     | CUSIP: 37611TAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $567847.29    | 0.20%             | 2055-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Lakeshore East Special Assessment Area                        | City of Chicago, Series 2022                                                                             | CUSIP: 167686AN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    341000 | PA      | $327817.32    | 0.11%             | 2031-12-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                               | New York Liberty Development Corp., Series 1WTC 2021                                                     | CUSIP: 649519EN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1835000 | PA      | $1383648.35   | 0.48%             | 2044-02-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Westview South Community Development District                                    | Westview South Community Development District, Series 2025                                               | CUSIP: 961566AJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $286717.17    | 0.10%             | 2055-05-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Series 2021                                                    | CUSIP: 57584YM97<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $886939.90    | 0.31%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health & Educational Facilities Authority, Series 2024                                         | CUSIP: 97712JJX2<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    300000 | PA      | $311096.16    | 0.11%             | 2059-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| County of Palm Beach FL                                                          | County of Palm Beach, Series 2019 A                                                                      | CUSIP: 696547GJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1608560.48   | 0.56%             | 2039-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No. 12                                    | Village Community Development District No. 12, Series 2018                                               | CUSIP: 92708FAG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    670000 | PA      | $674271.32    | 0.23%             | 2033-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Series 2023 A                                                                 | CUSIP: 45471FAG6<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501023.25    | 0.17%             | 2058-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Series 2016                                                        | CUSIP: 19648FAY0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500564.95    | 0.17%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | Washington State Housing Finance Commission, Series 2016 A                                               | CUSIP: 939783TH9<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1182160.92   | 0.41%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | California Municipal Finance Authority, Series 2024                                                      | CUSIP: 130497AX8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    800000 | PA      | $840603.84    | 0.29%             | 2054-06-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series 2022 A                                                                      | CUSIP: 25483VA53<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1365000 | PA      | $1566117.05   | 0.55%             | 2036-08-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Northeast Ohio Medical University                                                | Northeast Ohio Medical University, Series 2021 A                                                         | CUSIP: 66433RBE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $403533.14    | 0.14%             | 2045-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Suffolk Regional Off-Track Betting Co.                                           | Suffolk Regional Off-Track Betting Co., Series 2024                                                      | CUSIP: 86480TAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2029863.40   | 0.71%             | 2053-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Series 2021 A                                                                | CUSIP: 45204FHU2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $872238.90    | 0.30%             | 2051-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Baldwin County Industrial Development Authority                                  | Baldwin County Industrial Development Authority, Series 2025 A                                           | CUSIP: 05786PAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $515077.15    | 0.18%             | 2055-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MIDA Cormont Public Infrastructure District                                      | MIDA Cormont Public Infrastructure District, Series 2025 A-2                                             | CUSIP: 59561JAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $423120.40    | 0.15%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA Community Improvement Authority, Series 2021 B                                                     | CUSIP: 126292AX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $374177.65    | 0.13%             | 2057-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                         | Metropolitan Pier & Exposition Authority, Series 2017 B                                                  | CUSIP: 592250CY8<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1115374.95   | 0.39%             | 2047-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | California Municipal Finance Authority, Series 2025-1, Class B                                           | CUSIP: 13050WAC5<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    500000 | PA      | $317233.15    | 0.11%             | 2049-06-20      | Variable      | 3.54%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | Pennsylvania Economic Development Financing Authority, Series 2022                                       | CUSIP: 70868YAY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1058156.10   | 0.37%             | 2061-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| City of Manor TX                                                                 | City of Manor, Series 2025                                                                               | CUSIP: 564099AV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $154830.24    | 0.05%             | 2055-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Series 2017 A                                                                | CUSIP: 45203KAP0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1458460.35   | 0.51%             | 2047-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Prince George's MD                                                     | County of Prince George's, Series 2018                                                                   | CUSIP: 74172RBP1<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005776.10   | 0.35%             | 2039-07-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | Philadelphia Authority for Industrial Development, Series 2017                                           | CUSIP: 71781XGT4<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    807977 | PA      | $161595.49    | 0.06%             | 2045-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rampart Range Metropolitan District No. 5                                        | Rampart Range Metropolitan District No. 5, Series 2021                                                   | CUSIP: 75157WAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $907491.80    | 0.32%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | City of Houston Airport System, Series 2021 A                                                            | CUSIP: 442349FZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1148486.63   | 0.40%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series 2017 A                                                                      | CUSIP: 25483VSG0<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $927996.20    | 0.32%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Coweta County Development Authority                                              | Coweta County Development Authority, Series 2019 A                                                       | CUSIP: 223658QF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4098977.60   | 1.43%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | Washington State Housing Finance Commission, Series 2023-1, Class A                                      | CUSIP: 93978T4M8<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   3138316 | PA      | $2967711.05   | 1.03%             | 2037-04-20      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | Health & Educational Facilities Authority of the State of Missouri, Series 2017 A                        | CUSIP: 60637AMM1<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   5600000 | PA      | $5213878.32   | 1.82%             | 2048-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                     | Michigan State Housing Development Authority, Series 2021 A                                              | CUSIP: 59465PBA5<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $647830.20    | 0.23%             | 2059-10-01      | Fixed         | 2.73%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA Community Improvement Authority, Series 2021 A-2                                                   | CUSIP: 126292AF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7150000 | PA      | $5393165.64   | 1.88%             | 2056-08-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                             | New Hope Cultural Education Facilities Finance Corp., Series 2018 A-1                                    | CUSIP: 64542YAM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $890394.80    | 0.31%             | 2053-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | Puerto Rico Electric Power Authority, Series TT                                                          | CUSIP: 74526YDB8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |   2335000 | PA      | $1546937.50   | 0.54%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                         | Arlington Higher Education Finance Corp., Series 2024                                                    | CUSIP: 041807JX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1081131.96   | 0.38%             | 2064-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kalispel Tribe of Indians                                                        | Kalispel Tribe of Indians, Series 2018 A                                                                 | CUSIP: 48340PAS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $764860.58    | 0.27%             | 2038-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                               | City of Detroit, Series B-1                                                                              | CUSIP: 251093S84<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |   3952414 | PA      | $3154174.98   | 1.10%             | 2044-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Gainesville & Hall County Hospital Authority                                     | Gainesville & Hall County Hospital Authority, Series 2021 A                                              | CUSIP: 362762QQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1451486.60   | 0.51%             | 2051-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | Chicago Board of Education, Series 2021 A                                                                | CUSIP: 167505XR2<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    500000 | PA      | $484072.10    | 0.17%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mansfield TX                                                             | City of Mansfield, Series 2025                                                                           | CUSIP: 56439QAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $361937.17    | 0.13%             | 2055-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Central Parc Community Development District                                      | Central Parc Community Development District, Series 2024                                                 | CUSIP: 15477DAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $760615.65    | 0.26%             | 2054-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series 2021 A                                                                      | CUSIP: 25483VYC2<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    400000 | PA      | $349791.76    | 0.12%             | 2061-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Yavapai (The)                  | Industrial Development Authority of the County of Yavapai (The), Series 2015 A                           | CUSIP: 98521VAG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $460101.29    | 0.16%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeastern Ohio Port Authority                                                 | Southeastern Ohio Port Authority, Series 2015                                                            | CUSIP: 841895AV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $129899.06    | 0.05%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2019 A                                                                  | CUSIP: 74442EEH9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    910000 | PA      | $819633.18    | 0.29%             | 2054-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sarasota County Health Facilities Authority                                      | Sarasota County Health Facilities Authority, Series 2017 A                                               | CUSIP: 80329UAY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005034.80   | 0.35%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Municipal Loan Council                                                   | Florida Municipal Loan Council, Series 2024                                                              | CUSIP: 34281UAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $663887.90    | 0.23%             | 2044-05-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Cypress Bluff Community Development District                                     | Cypress Bluff Community Development District, Series 2025                                                | CUSIP: 23267AAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    660000 | PA      | $663551.79    | 0.23%             | 2055-05-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | Washington State Housing Finance Commission, Series 2023                                                 | CUSIP: 93978LGR1<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    560000 | PA      | $607129.66    | 0.21%             | 2063-07-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | Chicago Board of Education, Series 2015 C                                                                | CUSIP: 167505QR0<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1479297.90   | 0.52%             | 2039-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Delaware State Economic Development Authority                                    | Delaware State Economic Development Authority, Series 2016 A                                             | CUSIP: 246387RV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    705000 | PA      | $706136.95    | 0.25%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                       | Utah Infrastructure Agency, Series 2025                                                                  | CUSIP: 917467DF6<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    350000 | PA      | $352293.73    | 0.12%             | 2049-10-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                              | California Public Finance Authority, Series 2021 A                                                       | CUSIP: 13057GAD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $660044.10    | 0.23%             | 2056-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2016 C                                                                  | CUSIP: 74443QAD4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300151.32    | 0.10%             | 2030-11-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Chester County Industrial Development Authority                                  | Chester County Industrial Development Authority, Series 2017 A                                           | CUSIP: 165588DK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $735042.23    | 0.26%             | 2037-10-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | South Carolina Jobs-Economic Development Authority, Series 2018 A                                        | CUSIP: 83704MAL0<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    500000 | PA      | $470589.10    | 0.16%             | 2039-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2020                                                                    | CUSIP: 74442PZU2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1085000 | PA      | $1086964.07   | 0.38%             | 2040-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Palm Desert CA                                                           | City of Palm Desert, Series 2021                                                                         | CUSIP: 696627ER5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $432510.39    | 0.15%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | Maricopa County Industrial Development Authority, Series 2016                                            | CUSIP: 56681NAN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $752790.23    | 0.26%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Lancaster SC                                                           | County of Lancaster, Series 2025                                                                         | CUSIP: 514088BN2<br>LEI: 5493004EFQNI7UOCFI47 | Long             | DBT              | MUN               | US        |    120000 | PA      | $123919.64    | 0.04%             | 2055-06-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | Washington State Housing Finance Commission, Series 2021 A                                               | CUSIP: 93978LGH3<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1130000 | PA      | $951395.82    | 0.33%             | 2056-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2019                                                                    | CUSIP: 74445GAR3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1117775.62   | 0.39%             | 2053-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Matagorda County Navigation District No. 1                                       | Matagorda County Navigation District No. 1, Series 2005 A                                                | CUSIP: 576528CY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1305107.75   | 0.45%             | 2030-05-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | New Hampshire Business Finance Authority, Series 2024-2, Class A                                         | CUSIP: 63607WAU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2228108 | PA      | $2133367.67   | 0.74%             | 2039-08-20      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Town of Millsboro DE                                                             | Town of Millsboro, Series 2018                                                                           | CUSIP: 601266AD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    997000 | PA      | $977049.73    | 0.34%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | Washington State Housing Finance Commission, Series 2021-1, Class A                                      | CUSIP: 93978TS59<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |         0 | PA      | $0.02         | 0.00%             | 2035-12-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Verandah West Community Development District                                     | Verandah West Community Development District, Series 2013                                                | CUSIP: 922947AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $410336.57    | 0.14%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oneida Indian Nation of New York                                                 | Oneida Indian Nation of New York, Series 2024 A                                                          | CUSIP: 682504AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021762.10   | 0.36%             | 2040-09-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                             | Chicago Midway International Airport, Series 2023 C                                                      | CUSIP: 167562TL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1320561.88   | 0.46%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Area Municipal Authority                                                  | Dallas Area Municipal Authority, Series 2019                                                             | CUSIP: 235171AR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2040000 | PA      | $1840606.12   | 0.64%             | 2048-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Bridgeville DE                                                           | Town of Bridgeville, Series 2024                                                                         | CUSIP: 108588AN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $885781.84    | 0.31%             | 2044-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                           | Iowa Finance Authority, Series 2023 B                                                                    | CUSIP: 46247SFF6<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    600000 | PA      | $666062.82    | 0.23%             | 2053-05-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| West Port East Community Development District                                    | West Port East Community Development District, Series 2025                                               | CUSIP: 95549KAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $191593.05    | 0.07%             | 2045-05-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Passaic County Improvement Authority (The)                                       | Passaic County Improvement Authority (The), Series 2023                                                  | CUSIP: 70275QAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $460910.03    | 0.16%             | 2058-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Cypress Creek Reserve Community Development District                             | Cypress Creek Reserve Community Development District, Series 2025                                        | CUSIP: 23274FAD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $108738.37    | 0.04%             | 2056-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | Washington State Housing Finance Commission, Series 2024-1, Class A                                      | CUSIP: 93978UAA4<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    745070 | PA      | $729421.01    | 0.25%             | 2040-03-20      | Variable      | 4.22%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | New Hampshire Business Finance Authority, Series 2024-3, Class A                                         | CUSIP: 63607WAW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    992463 | PA      | $978050.26    | 0.34%             | 2041-10-20      | Variable      | 4.16%                 | No            |                  2 | On Loan: No      |
| City of Las Vegas NV Special Improvement District No. 817                        | City of Las Vegas, Series 2023                                                                           | CUSIP: 51779BAP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $526441.05    | 0.18%             | 2053-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA Community Improvement Authority, Series 2021 A-1                                                   | CUSIP: 126292AE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    835000 | PA      | $770957.84    | 0.27%             | 2041-08-01      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Salt Verde Financial Corp.                                                       | Salt Verde Financial Corp., Series 2007-1                                                                | CUSIP: 79575EAQ1<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2145529.80   | 0.75%             | 2029-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Sunrise Community Development District                                           | Sunrise Community Development District, Series 2025                                                      | CUSIP: 86771UAD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $494367.70    | 0.17%             | 2055-05-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Verano No. 4 Community Development District                                      | Verano No. 4 Community Development District, Series 2025                                                 | CUSIP: 92337SAF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $155631.24    | 0.05%             | 2055-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Bella Tara Community Development District                                        | Bella Tara Community Development District, Series 2025                                                   | CUSIP: 07820BAD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103810.29    | 0.04%             | 2056-05-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Kings Creek I Community Development District                                     | Kings Creek I Community Development District, Series 2025                                                | CUSIP: 495879AD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $128147.49    | 0.04%             | 2055-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health & Educational Facilities Authority, Series 2021                                         | CUSIP: 97712JEE9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    650000 | PA      | $505261.12    | 0.18%             | 2057-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                   | Buckeye Tobacco Settlement Financing Authority, Series 2020 A-2, Class 1                                 | CUSIP: 118217CW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $922536.16    | 0.32%             | 2048-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Auth | Louisiana Local Government Environmental Facilities & Community Development Authority, Series 2024       | CUSIP: 54628C3A8<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1221651.86   | 0.43%             | 2053-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Las Vegas NV Special Improvement District No. 817                        | City of Las Vegas, Series 2023                                                                           | CUSIP: 51779BAL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $403431.56    | 0.14%             | 2038-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Governors Park South Community Development District                              | Governors Park South Community Development District, Series 2025                                         | CUSIP: 383670AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $377283.56    | 0.13%             | 2055-05-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Maxatawny Township Municipal Authority                                           | Maxatawny Township Municipal Authority, Series 2022 A                                                    | CUSIP: 57778PAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1413039.60   | 0.49%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northeast Ohio Medical University                                                | Northeast Ohio Medical University, Series 2021 A                                                         | CUSIP: 66433RBD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1308284.15   | 0.46%             | 2040-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| La Paz County Industrial Development Authority                                   | La Paz County Industrial Development Authority, Series 2018 A                                            | CUSIP: 50376FAR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507728.05    | 0.18%             | 2038-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Hospital Finance Authority                                         | West Virginia Hospital Finance Authority, Series 2023 B                                                  | CUSIP: 956622W83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5745476.10   | 2.00%             | 2048-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2018 A                                                                         | CUSIP: 452152Y39<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1029745.00   | 0.36%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Authority                                                          | Capital Trust Authority, Series 2025 A                                                                   | CUSIP: 14054WCH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $834486.10    | 0.29%             | 2050-07-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                        | Harris County Cultural Education Facilities Finance Corp., Series 2016                                   | CUSIP: 414009LD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $252188.60    | 0.09%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Atlanta Development Authority (The)                                              | Atlanta Development Authority (The), Series 2025 A                                                       | CUSIP: 04777LDW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $118922.50    | 0.04%             | 2055-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                           | Iowa Finance Authority, Series 2025                                                                      | CUSIP: 46247CER6<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    300000 | PA      | $304986.18    | 0.11%             | 2055-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of Manor TX                                                                 | City of Manor, Series 2025                                                                               | CUSIP: 564099AY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $126658.46    | 0.04%             | 2055-09-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| City of Ennis TX                                                                 | City of Ennis, Series 2025                                                                               | CUSIP: 293470AC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $322138.08    | 0.11%             | 2055-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, Series 2000 B                                                 | CUSIP: 64578CBW0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500007.25    | 0.17%             | 2030-11-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | Washington State Housing Finance Commission, Series 2016                                                 | CUSIP: 939783TT3<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    500000 | PA      | $468941.25    | 0.16%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maxatawny Township Municipal Authority                                           | Maxatawny Township Municipal Authority, Series 2022 A                                                    | CUSIP: 57778PAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1453265.26   | 0.51%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Trails at Crowfoot Metropolitan District No. 3                                   | Trails at Crowfoot Metropolitan District No. 3, Series 2024 B                                            | CUSIP: 89286RAV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $303145.47    | 0.11%             | 2052-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| City of Austin TX                                                                | City of Austin, Series 2024                                                                              | CUSIP: 052466BC2<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |    555000 | PA      | $544784.34    | 0.19%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series 2023 A                                                                      | CUSIP: 25476FA40<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   6675000 | PA      | $7063081.16   | 2.46%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                        | New York Transportation Development Corp., Series 2023                                                   | CUSIP: 650116GP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050581.40   | 0.37%             | 2040-04-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2023 B                                                                         | CUSIP: 452153FG9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2258494.14   | 0.79%             | 2040-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chester County Industrial Development Authority                                  | Chester County Industrial Development Authority, Series 2013 A                                           | CUSIP: 16559PAT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $925248.50    | 0.32%             | 2045-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                | Florida Development Finance Corp., Series 2021                                                           | CUSIP: 34061WAY0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    700000 | PA      | $651936.32    | 0.23%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2025                                                                    | CUSIP: 74448UAD0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $518273.05    | 0.18%             | 2065-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| St Paul Port Authority                                                           | St. Paul Port Authority, Series 2007-1                                                                   | CUSIP: 79304NFW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    905000 | PA      | $905639.11    | 0.32%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                               | County of Clark, Series 2015                                                                             | CUSIP: 181003MW1<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |    370000 | PA      | $370250.49    | 0.13%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charlotte County Industrial Development Authority                                | Charlotte County Industrial Development Authority, Series 2021 A                                         | CUSIP: 16080TAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $935037.10    | 0.33%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                   | Buckeye Tobacco Settlement Financing Authority, Series 2020 B-2, Class 2                                 | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $394510.34    | 0.14%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pinellas County Industrial Development Authority                                 | Pinellas County Industrial Development Authority, Series 2019                                            | CUSIP: 72316VAT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1690000 | PA      | $1693910.66   | 0.59%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | South Carolina Jobs-Economic Development Authority, Series 2021 A                                        | CUSIP: 83704MBV7<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1020000 | PA      | $689999.20    | 0.24%             | 2056-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Counties Tobacco Trust VI                                               | New York Counties Tobacco Trust VI, Series 2016 A-2B                                                     | CUSIP: 64945JAE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2628902.10   | 0.92%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Del Webb Oak Creek Community Development District                                | Del Webb Oak Creek Community Development District, Series 2025                                           | CUSIP: 245509AF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $252827.43    | 0.09%             | 2055-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Collegiate Charter School of Lowell                                              | Collegiate Charter School of Lowell, Series 2019                                                         | CUSIP: 547649AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001311.30   | 0.35%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of San Francisco CA Special Tax District No. 2020-1                | City & County of San Francisco, Series 2021 A                                                            | CUSIP: 79771HAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $473971.95    | 0.17%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Okaloosa                                                               | County of Okaloosa, Series 2025                                                                          | CUSIP: 678226AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $391289.78    | 0.14%             | 2055-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of Ham Lake MN                                                              | City of Ham Lake, Series 2016 A                                                                          | CUSIP: 406511AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $432454.40    | 0.15%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Las Vegas NV Special Improvement District No. 816                        | City of Las Vegas, Series 2021                                                                           | CUSIP: 51779AAN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    645000 | PA      | $499587.59    | 0.17%             | 2041-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                               | New York Liberty Development Corp., Series 2014, Class 2                                                 | CUSIP: 649519DC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $750143.78    | 0.26%             | 2040-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health & Educational Facilities Authority, Series 2022 A                                       | CUSIP: 97712D8S8<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3928949.60   | 1.37%             | 2041-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Celina TX                                                                | City of Celina, Series 2025                                                                              | CUSIP: 15114CKU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150081.81    | 0.05%             | 2045-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Ranches at Lake Mcleod Community Development District                            | Ranches at Lake Mcleod Community Development District, Series 2025                                       | CUSIP: 752041AG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $252239.13    | 0.09%             | 2055-06-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Suffolk Economic Development Authority                                           | Suffolk Economic Development Authority, Series 2016                                                      | CUSIP: 86482NAJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500638.45    | 0.17%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health & Educational Facilities Authority, Series 2022                                         | CUSIP: 97712JCM3<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $982893.16    | 0.34%             | 2045-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cuyahoga County Port Authority                                         | Cleveland-Cuyahoga County Port Authority, Series 2018                                                    | CUSIP: 18610PAW8<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1502337.90   | 0.52%             | 2053-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2025 A-T                                                                | CUSIP: 74441XJK6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    650000 | PA      | $663654.68    | 0.23%             | 2060-12-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA Community Improvement Authority, Series 2021 A-2                                                   | CUSIP: 126292BB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1225000 | PA      | $837564.84    | 0.29%             | 2057-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | California Municipal Finance Authority, Series 2025-1, Class A-2                                         | CUSIP: 13050WAB7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2140653 | PA      | $1901573.44   | 0.66%             | 2041-02-20      | Variable      | 3.54%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | Health & Educational Facilities Authority of the State of Missouri, Series 2023 A                        | CUSIP: 60636AWA7<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    900000 | PA      | $769199.85    | 0.27%             | 2038-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Washington OH                                                          | County of Washington, Series 2022                                                                        | CUSIP: 938154DX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $518374.95    | 0.18%             | 2052-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Pontiac School District                                                          | Pontiac School District                                                                                  | CUSIP: 732538HK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      1470 | PA      | $1377.05      | 0.00%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Series 2021 A                                                                | CUSIP: 45204FHT5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    400000 | PA      | $385738.12    | 0.13%             | 2041-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cobb County Kennestone Hospital Authority                                        | Cobb County Kennestone Hospital Authority, Series 2020 A                                                 | CUSIP: 190813SB2<br>LEI: 549300TB04LETJYNFR44 | Long             | DBT              | MUN               | US        |   1785000 | PA      | $1413876.72   | 0.49%             | 2045-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2017 A                                                                  | CUSIP: 74443UAZ6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    380000 | PA      | $383604.68    | 0.13%             | 2037-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Las Vegas NV Special Improvement District No. 817                        | City of Las Vegas, Series 2023                                                                           | CUSIP: 51779BAN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $370671.67    | 0.13%             | 2048-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                                  | Kentucky Economic Development Finance Authority, Series 2016 A                                           | CUSIP: 49126PFG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $824176.70    | 0.29%             | 2046-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gas Worx Community Development District                                          | Gas Worx Community Development District, Series 2025                                                     | CUSIP: 367200AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102868.19    | 0.04%             | 2045-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Texas Transportation Commission State Highway 249 System                         | Texas Transportation Commission State Highway 249 System, Series 2019 A                                  | CUSIP: 88283NAJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $374784.55    | 0.13%             | 2039-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| County of Lake FL                                                                | County of Lake, Series 2020 A                                                                            | CUSIP: 50826FAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $717105.23    | 0.25%             | 2055-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Orange County Health Facilities Authority                                        | Orange County Health Facilities Authority                                                                | CUSIP: 68450LGQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2570000 | PA      | $2264320.09   | 0.79%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | California Municipal Finance Authority, Series 2024, Class I                                             | CUSIP: 13048VQ27<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    800000 | PA      | $831539.60    | 0.29%             | 2039-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Village Metropolitan District (The)                                              | Village Metropolitan District (The), Series 2025 A                                                       | CUSIP: 92708CAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504611.15    | 0.18%             | 2055-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of Las Vegas NV Special Improvement District No. 814                        | City of Las Vegas, Series 2019                                                                           | CUSIP: 51778UAS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    585000 | PA      | $516734.48    | 0.18%             | 2044-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA Community Improvement Authority, Series 2021 A-2                                                   | CUSIP: 126292AR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1782996.50   | 0.62%             | 2056-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of St Louis Missouri (The)          | Industrial Development Authority of the City of St. Louis Missouri (The), Series 2017 A                  | CUSIP: 85236BAC6<br>LEI: 549300WTUL8KX1FOUZ40 | Long             | DBT              | MUN               | US        |    875000 | PA      | $759560.64    | 0.26%             | 2047-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Sky Dance Metropolitan District No. 2                                            | Sky Dance Metropolitan District No. 2, Series 2024 A                                                     | CUSIP: 83086VAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $382497.68    | 0.13%             | 2054-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Angeline Community Development District                                          | Angeline Community Development District, Series 2025                                                     | CUSIP: 03473TAC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $303146.04    | 0.11%             | 2056-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| County of Frederick MD                                                           | County of Frederick, Series 2019                                                                         | CUSIP: 355612AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1315457.95   | 0.46%             | 2039-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Black Desert Public Infrastructure District                                      | Black Desert Public Infrastructure District, Series 2024                                                 | CUSIP: 09204TAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1314332.63   | 0.46%             | 2053-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Uptown Development Authority                                                     | Uptown Development Authority, Series 2021                                                                | CUSIP: 916856HQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $772033.68    | 0.27%             | 2037-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GIR East Community Development District                                          | GIR East Community Development District, Series 2025                                                     | CUSIP: 37611TAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $299086.56    | 0.10%             | 2045-05-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Putnam Funds Trust                                                               | Putnam Short Term Investment Fund, Class P                                                               | CUSIP: 74676P664<br>LEI: 549300S9JYWEMKQCLW53 | Long             |  | RF                | US        |    110154 | NS      | $110153.83    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Florida Municipal Loan Council                                                   | Florida Municipal Loan Council, Series 2024                                                              | CUSIP: 34281UAC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $836966.21    | 0.29%             | 2054-05-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Harbor Point Infrastructure Improvement District                                 | Harbor Point Infrastructure Improvement District, Series 2017                                            | CUSIP: 41154VAK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3550961.40   | 1.24%             | 2039-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Woodland Preserve Community Development District                                 | Woodland Preserve Community Development District, Series 2025                                            | CUSIP: 97966AAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $220700.96    | 0.08%             | 2055-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| St Louis County Industrial Development Authority                                 | St. Louis County Industrial Development Authority, Series 2018 A                                         | CUSIP: 791524CP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3212212.25   | 1.12%             | 2053-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | Philadelphia Authority for Industrial Development, Series 2017                                           | CUSIP: 71781XGR8<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |     40000 | PA      | $42184.68     | 0.01%             | 2045-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                       | Utah Infrastructure Agency, Series 2023                                                                  | CUSIP: 917467CP5<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1467603.90   | 0.51%             | 2047-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                                  | California County Tobacco Securitization Agency, Series 2020 B-2                                         | CUSIP: 13016NJB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5150000 | PA      | $1046761.19   | 0.36%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                            | California Infrastructure & Economic Development Bank, Series 2025 A                                     | CUSIP: 13034A6B1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    900000 | PA      | $720000.00    | 0.25%             | 2065-01-01      | Variable      | 9.50%                 | No            |                  2 | On Loan: No      |
| Stamford Housing Authority                                                       | Stamford Housing Authority, Series 2025 A                                                                | CUSIP: 852640AL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150177.83    | 0.05%             | 2060-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Pontiac School District                                                          | Pontiac School District, Series 2020                                                                     | CUSIP: 732538HL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4025000 | PA      | $3737051.50   | 1.30%             | 2050-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | Pennsylvania Economic Development Financing Authority, Series 2009 C                                     | CUSIP: 708686ET3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504523.90    | 0.18%             | 2037-12-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                                              | Lakewood Ranch Stewardship District, Series 2024                                                         | CUSIP: 51265KFY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    585000 | PA      | $595417.04    | 0.21%             | 2044-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CMFA Special Finance Agency I                                                    | CMFA Special Finance Agency I, Series 2021 A-2                                                           | CUSIP: 12574TAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1915378.25   | 0.67%             | 2056-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Authority                                                          | Capital Trust Authority, Series 2025 A                                                                   | CUSIP: 14054WBX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $161115.52    | 0.06%             | 2065-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | Commonwealth of Puerto Rico, Series 2022 A-1                                                             | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |   3000000 | PA      | $2873684.10   | 1.00%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| James City County Economic Development Authority                                 | James City County Economic Development Authority, Series 2021 A                                          | CUSIP: 47029WDR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $782906.50    | 0.27%             | 2047-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Sunnyvale CA                                                             | City of Sunnyvale, Series 2001                                                                           | CUSIP: 867587AC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    605000 | PA      | $607093.48    | 0.21%             | 2032-08-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| County of Denton TX                                                              | County of Denton, Series 2025                                                                            | CUSIP: 24880GAS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $259032.83    | 0.09%             | 2055-12-31      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| East Nassau Stewardship District                                                 | East Nassau Stewardship District, Series 2025                                                            | CUSIP: 273794AQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $442226.70    | 0.15%             | 2056-05-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2018                                                                    | CUSIP: 74444VAG5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    800000 | PA      | $766288.96    | 0.27%             | 2048-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lakeside at Satilla Community Development District                               | Lakeside at Satilla Community Development District, Series 2025                                          | CUSIP: 51210AAC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101207.72    | 0.04%             | 2055-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | Commonwealth of Puerto Rico, Series 2022 A-1                                                             | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |   3388447 | PA      | $3113221.75   | 1.08%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hobe-St Lucie Conservancy District                                               | Hobe-St. Lucie Conservancy District, Series 2024                                                         | CUSIP: 434043AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $512706.00    | 0.18%             | 2055-05-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Lee County Industrial Development Authority/FL                                   | Lee County Industrial Development Authority, Series 2024 C                                               | CUSIP: 52349EEV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $483495.45    | 0.17%             | 2054-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2020 A-1                                                                | CUSIP: 74442PPU3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1443768.35   | 0.50%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Stamford Housing Authority                                                       | Stamford Housing Authority, Series 2025 A                                                                | CUSIP: 852640AK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102087.51    | 0.04%             | 2055-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| City of Eagan MN                                                                 | City of Eagan, Series 2025 A                                                                             | CUSIP: 26940AAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $293654.07    | 0.10%             | 2065-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Southlands Metropolitan District No. 1                                           | Southlands Metropolitan District No. 1, Series 2017 A-1                                                  | CUSIP: 84454RAW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502645.05    | 0.18%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Health & Education Facilities Authority                                | Minnesota Health & Education Facilities Authority, Series 2016 A                                         | CUSIP: 60416H2R4<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $859014.25    | 0.30%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2018                                                                    | CUSIP: 74444VAF7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $994543.30    | 0.35%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Governors Park South Community Development District                              | Governors Park South Community Development District, Series 2025                                         | CUSIP: 383670AB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $252118.95    | 0.09%             | 2045-05-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| City of Justin TX                                                                | City of Justin, Series 2025                                                                              | CUSIP: 482184AW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504014.20    | 0.18%             | 2055-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency, Inc.                                                       | Capital Trust Agency, Inc., Series 2020 A-1                                                              | CUSIP: 14052WDJ3<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    740000 | PA      | $725394.62    | 0.25%             | 2035-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Texas Community Housing & Economic Development Corp.                             | Texas Community Housing & Economic Development Corp., Series 2025 A-1                                    | CUSIP: 88231CAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $539132.48    | 0.19%             | 2065-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Delaware State Economic Development Authority                                    | Delaware State Economic Development Authority, Series 2016 A                                             | CUSIP: 246387RX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1035000 | PA      | $921095.46    | 0.32%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lehigh County Industrial Development Authority                                   | Lehigh County Industrial Development Authority, Series 2021 A                                            | CUSIP: 52481MAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $769436.80    | 0.27%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MIDA Mountain Village Public Infrastructure District                             | MIDA Mountain Village Public Infrastructure District, Series 2021                                        | CUSIP: 59561TAQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $986727.60    | 0.34%             | 2050-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sierra Vista Industrial Development Authority                                    | Sierra Vista Industrial Development Authority, Series 2024                                               | CUSIP: 82652UAY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $268134.81    | 0.09%             | 2064-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DeKalb County Development Authority                                              | DeKalb County Development Authority, Series 2024 A                                                       | CUSIP: 240463KE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    515000 | PA      | $485805.99    | 0.17%             | 2063-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fox Branch Ranch Community Development District                                  | Fox Branch Ranch Community Development District, Series 2025                                             | CUSIP: 351322AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $210053.21    | 0.07%             | 2055-05-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| MIDA Mountain Village Public Infrastructure District                             | MIDA Mountain Village Public Infrastructure District, Series 2024-2                                      | CUSIP: 59561UAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $515120.95    | 0.18%             | 2054-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | South Carolina Public Service Authority, Series 2021 B                                                   | CUSIP: 837151YU7<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3915461.20   | 1.36%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Series 2016                                                        | CUSIP: 19648FAZ7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1250858.50   | 0.44%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                                  | Kentucky Economic Development Finance Authority, Series 2017 A                                           | CUSIP: 49126KKE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $126177.11    | 0.04%             | 2041-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Skagit County Public Hospital District No. 1                                     | Skagit County Public Hospital District No. 1, Series 2024                                                | CUSIP: 830227EP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030739.00   | 0.36%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport     | San Francisco City & County Airport Comm-San Francisco International Airport, Series 2019 A              | CUSIP: 79766DWB1<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |     80000 | PA      | $81306.30     | 0.03%             | 2049-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2021 A                                                                  | CUSIP: 74445QDW7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1514763.00   | 0.53%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| St Johns County Industrial Development Authority                                 | St. Johns County Industrial Development Authority, Series 2021 A                                         | CUSIP: 79041LAM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $332513.41    | 0.12%             | 2036-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                               | New York Liberty Development Corp., Series 2021 A                                                        | CUSIP: 649519DV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1860000 | PA      | $1374880.57   | 0.48%             | 2046-11-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                        | New York Transportation Development Corp., Series 2025                                                   | CUSIP: 650116JP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2137352.40   | 0.74%             | 2055-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | South Carolina Public Service Authority, Series 2021 B                                                   | CUSIP: 837151YY9<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2710521.60   | 0.94%             | 2051-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health & Educational Facilities Authority, Series 2022                                         | CUSIP: 97712JCL5<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    270000 | PA      | $246396.71    | 0.09%             | 2041-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Miami FL                                                                 | City of Miami, Series 2024 A                                                                             | CUSIP: 59338CAM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5475138.00   | 1.91%             | 2049-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series 2022 A                                                                      | CUSIP: 25483VA38<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1307963.95   | 0.46%             | 2035-08-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                   | Metropolitan Nashville Airport Authority (The), Series 2022 B                                            | CUSIP: 592190QU9<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1103402.90   | 0.38%             | 2039-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                | Florida Development Finance Corp., Series 2021 A                                                         | CUSIP: 34061UHZ4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $403082.90    | 0.14%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | City of Chicago, Series 2021 B                                                                           | CUSIP: 167486U49<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   2747000 | PA      | $2747017.58   | 0.96%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Las Vegas NV Special Improvement District No. 814                        | City of Las Vegas, Series 2019                                                                           | CUSIP: 51778UAR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $394672.40    | 0.14%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Cobb County (The)                                       | Development Authority of Cobb County (The), Series C                                                     | CUSIP: 190778JU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    685000 | PA      | $685407.51    | 0.24%             | 2030-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Lakeshore East Special Assessment Area                        | City of Chicago, Series 2022                                                                             | CUSIP: 167686AK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    241000 | PA      | $233707.34    | 0.08%             | 2028-12-01      | Fixed         | 3.04%                 | No            |                  2 | On Loan: No      |
| Waterset South Community Development District                                    | Waterset South Community Development District, Series 2025                                               | CUSIP: 94186HAL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $201728.66    | 0.07%             | 2056-05-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Florida Higher Educational Facilities Financing Authority                        | Florida Higher Educational Facilities Financing Authority, Series 2019                                   | CUSIP: 34073TLN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1370000 | PA      | $1066617.61   | 0.37%             | 2044-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County Public Hospital District No. 4                                       | King County Public Hospital District No. 4, Series 2025 A                                                | CUSIP: 494796AH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $357541.91    | 0.12%             | 2060-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| City of Celina TX                                                                | City of Celina, Series 2025                                                                              | CUSIP: 15114CKV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $270283.07    | 0.09%             | 2055-09-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series 2019                                                                        | CUSIP: 25483VVN1<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    400000 | PA      | $408805.20    | 0.14%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                         | Metropolitan Pier & Exposition Authority, Series 2022 A                                                  | CUSIP: 592250EY6<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $1800542.31   | 0.63%             | 2052-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Raindance Metropolitan District No. 1 Non-Potable Water System Revenue           | Raindance Metropolitan District No. 1, Series 2020                                                       | CUSIP: 75087GAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $853200.16    | 0.30%             | 2050-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Series 2024 A                                                  | CUSIP: 57585BBU1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $943287.10    | 0.33%             | 2060-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | Louisiana Public Facilities Authority, Series 2017 A                                                     | CUSIP: 546399NZ5<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20525.97     | 0.01%             | 2050-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | South Carolina Jobs-Economic Development Authority, Series 2024                                          | CUSIP: 83704HAM9<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037653.80   | 0.36%             | 2054-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series 2020                                                                        | CUSIP: 25483VXU3<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2460853.25   | 0.86%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gas Worx Community Development District                                          | Gas Worx Community Development District, Series 2025                                                     | CUSIP: 367200AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $107684.75    | 0.04%             | 2057-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Alaska Industrial Development & Export Authority                                 | Alaska Industrial Development & Export Authority                                                         | CUSIP: 011903GK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5125000 | PA      | $4765728.79   | 1.66%             | 2044-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Counties Tobacco Trust VI                                               | New York Counties Tobacco Trust VI, Series 2016 A-2B                                                     | CUSIP: 64945JAF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $591951.36    | 0.21%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | California Municipal Finance Authority, Series 2021                                                      | CUSIP: 13049YFR7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2410000 | PA      | $1790895.58   | 0.62%             | 2054-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2021 A-1                                                                | CUSIP: 74439YDX6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    600000 | PA      | $450130.92    | 0.16%             | 2061-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pontiac School District                                                          | Pontiac School District, Series 2020                                                                     | CUSIP: 732538HK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3575000 | PA      | $3348937.02   | 1.17%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Series 2017 A                                                                | CUSIP: 45203KAN5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1208098.68   | 0.42%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2025                                                                    | CUSIP: 74448UAC2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2308155.36   | 0.80%             | 2065-12-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Hospital Facilities Authority of Multnomah County Oregon                         | Hospital Facilities Authority of Multnomah County Oregon, Series 2012                                    | CUSIP: 62551PCA3<br>LEI: 549300GAP0JIG7V33754 | Long             | DBT              | MUN               | US        |    260000 | PA      | $260094.25    | 0.09%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Palm Beach FL                                                          | County of Palm Beach, Series 2021 A                                                                      | CUSIP: 696547HN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $543118.31    | 0.19%             | 2057-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2015 A                                                                  | CUSIP: 74442PAY1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    945000 | PA      | $945499.91    | 0.33%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                              | California School Finance Authority, Series 2021 A                                                       | CUSIP: 13058TPF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $373382.70    | 0.13%             | 2061-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                        | Harris County Cultural Education Facilities Finance Corp., Series 2013 A                                 | CUSIP: 414009FA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $981011.40    | 0.34%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Series 2020 A | CUSIP: 592041YV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1383389.18   | 0.48%             | 2055-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Starling Community Development District                                          | Starling Community Development District, Series 2025                                                     | CUSIP: 85553UAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $495557.80    | 0.17%             | 2056-05-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Pima (The)                     | Industrial Development Authority of the County of Pima (The), Series 2022 A                              | CUSIP: 72178AAH5<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1610263.50   | 0.56%             | 2052-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Plaza Metropolitan District No. 1                                                | Plaza Metropolitan District No. 1, Series 2013                                                           | CUSIP: 72818QAX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1650479.82   | 0.57%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2022 B                                                                  | CUSIP: 74447DAG2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028605.90   | 0.36%             | 2062-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Feed Mill Community Development District                                         | Feed Mill Community Development District, Series 2025                                                    | CUSIP: 31434PAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $278260.43    | 0.10%             | 2056-05-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                          | Puerto Rico Sales Tax Financing Corp., Series A-1                                                        | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   4700000 | PA      | $4451637.90   | 1.55%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | City of Chicago, Series 2019 A                                                                           | CUSIP: 167486E39<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $984941.60    | 0.34%             | 2049-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Beaumont Housing Authority                                                       | Beaumont Housing Authority, Series 2025 A                                                                | CUSIP: 07451AAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $572076.59    | 0.20%             | 2055-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | Commonwealth of Puerto Rico, Series 2022 A-1                                                             | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |   1920000 | PA      | $1899450.62   | 0.66%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Denton TX                                                              | County of Denton, Series 2025                                                                            | CUSIP: 24880GAR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $129110.19    | 0.04%             | 2045-12-31      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| La Paz County Industrial Development Authority                                   | La Paz County Industrial Development Authority, Series 2018 A                                            | CUSIP: 50376FAS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2330000 | PA      | $2265123.01   | 0.79%             | 2048-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Frederick MD                                                           | County of Frederick, Series 2017 A                                                                       | CUSIP: 355697CF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $478963.50    | 0.17%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Westminster MD                                                           | City of Westminster, Series 2014 A                                                                       | CUSIP: 960735AQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $230179.19    | 0.08%             | 2034-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Tulsa Municipal Airport Trust Trustees                                           | Tulsa Municipal Airport Trust Trustees, Series 2025                                                      | CUSIP: 899661EN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $533135.82    | 0.19%             | 2040-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency, Inc.                                                       | Capital Trust Agency, Inc., Series 2020 B                                                                | CUSIP: 14052WDH7<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $536989.80    | 0.19%             | 2060-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp. III                               | Texas Municipal Gas Acquisition & Supply Corp. III, Series 2021                                          | CUSIP: 88256HBF4<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1072259.80   | 0.37%             | 2030-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Greater Cincinnati Development Authority                                 | Port of Greater Cincinnati Development Authority, Series 2021                                            | CUSIP: 734195BR0<br>LEI: 549300IK2RCZBY62ST97 | Long             | DBT              | MUN               | US        |   1320000 | PA      | $1247354.99   | 0.43%             | 2050-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                            | California Infrastructure & Economic Development Bank, Series 2021 B                                     | CUSIP: 13034AR28<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   4245000 | PA      | $372500.87    | 0.13%             | 2061-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Tranquility Community Development District                                       | Tranquility Community Development District, Series 2025                                                  | CUSIP: 89300NAD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $299927.46    | 0.10%             | 2055-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                               | City of Detroit, Series 2018                                                                             | CUSIP: 2510933R9<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    750000 | PA      | $771299.18    | 0.27%             | 2037-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tempe Industrial Development Authority                                           | Tempe Industrial Development Authority, Series 2025 A                                                    | CUSIP: 87972MBZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $755904.90    | 0.26%             | 2055-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | Louisiana Public Facilities Authority, Series 2025                                                       | CUSIP: 546399UY0<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    140000 | PA      | $140723.11    | 0.05%             | 2059-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Canyons Metropolitan District No. 5                                              | Canyons Metropolitan District No. 5, Series 2024 B                                                       | CUSIP: 139071AZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $301910.31    | 0.11%             | 2054-12-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | South Carolina Public Service Authority, Series 2021 B                                                   | CUSIP: 837151YV5<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5051705.93   | 1.76%             | 2042-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Higher Educational Facilities Financing Authority                        | Florida Higher Educational Facilities Financing Authority, Series 2024                                   | CUSIP: 34073TPN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $914886.50    | 0.32%             | 2054-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Farms New Kent Community Development Authority                                   | Farms New Kent Community Development Authority, Series 2021 A                                            | CUSIP: 311551AD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $352343.45    | 0.12%             | 2036-03-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-01

**Name of Applicant:** Putnam Managed Municipal Income Trust

**Signature:** Chris Beararducci

**Name of Signer:** Chris Beararducci

**Title:** Principal Financial Officer