# EDGAR Filing Document

**Accession Number:** 0001722388
**File Stem:** 0002000324-25-004792
**Filing Date:** 2025-12
**Character Count:** 128133
**Document Hash:** 4a9fe916c821c1185019cd7f7728f202
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-25-004792.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0002000324-25-004792

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**PERIOD START**: 20260731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Tidal Trust III
- **CENTRAL INDEX KEY:** 0001722388

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23312
- **FILM NUMBER:** 251607672

**BUSINESS ADDRESS:**
- **STREET 1:** CORPORATION TRUST CENTER 1209 ORANGE ST
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19801
- **BUSINESS PHONE:** 4694428424

**MAIL ADDRESS:**
- **STREET 1:** CORPORATION TRUST CENTER 1209 ORANGE ST
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19801

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Impact Shares Trust I
- **DATE OF NAME CHANGE:** 20180319

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Impact Shares Funds I Trust
- **DATE OF NAME CHANGE:** 20171113

## Series and Classes Contracts Data

### Rockefeller Opportunistic Municipal Bond ETF (Series ID: S000086370)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000251864 | Rockefeller Opportunistic Municipal Bond ETF | RMOP            |

## Nport-Ex

**Rockefeller Opportunistic Municipal Bond ETF**

**Schedule of Investments**

**October 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MUNICIPAL BONDS & NOTES - 112.6%** | **Interest <br>Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Value** |
| **Arizona - 2.0%** |  |  |  |  |
| Arizona Industrial Development Authority, Call 07/01/27<sup>(a)(b)(c)</sup> | 5.75% | 07/01/2047 | $110000 | $105974 |
| Arizona Industrial Development Authority, Call 02/01/32<sup>(a)(b)(c)</sup> | 6.88% | 02/01/2065 | 1000000 | 1001321 |
| Arizona Industrial Development Authority, INTER. APPRECIATION, OID, Call 07/01/27<sup>(a)(b)(c)</sup> | 5.88% | 07/01/2052 | 105000 | 100852 |
| Industrial Development Authority of the County of Pima, Call 11/01/27<sup>(a)(c)</sup> | 6.50% | 11/01/2047 | 970000 | 934208 |
| La Paz County Industrial Development Authority, Call 02/15/28<sup>(a)</sup> | 5.00% | 02/15/2048 | 50000 | 48608 |
| Maricopa County & Phoenix Industrial Development Authorities, GNMA, FNMA, FHLMC, Call 03/01/33<sup>(a)</sup> | 6.25% | 03/01/2055 | 300000 | 334910 |
| Sierra Vista Industrial Development Authority, Call 06/15/31<sup>(a)(b)(c)</sup> | 5.75% | 06/15/2064 | 1850000 | 1769578 |
|  |  |  |  | 4295451 |
| **Arkansas - 0.6%** |  |  |  |  |
| Arkansas Development Finance Authority, GNMA, FNMA, FHLMC, Call 07/01/33<sup>(a)</sup> | 5.00% | 01/01/2055 | 990000 | 1044159 |
| Pulaski County Public Facilities Board, Call 12/01/25 | 5.00% | 12/01/2031 | 5000 | 5005 |
| Pulaski County Public Facilities Board, Call 12/01/25<sup>(a)</sup> | 5.00% | 12/01/2042 | 210000 | 210120 |
|  |  |  |  | 1259284 |
| **California - 10.2%** |  |  |  |  |
| California County Tobacco Securitization Agency, Call 11/16/25<sup>(d)</sup> | 0.00% | 06/01/2046 | 3750000 | 1009531 |
| California County Tobacco Securitization Agency, Call 12/01/25<sup>(b)</sup> | 6.00% | 06/01/2042 | 265000 | 267012 |
| California Infrastructure & Economic Development Bank, Call 07/01/31<sup>(a)(b)(c)</sup> | 5.13% | 07/01/2054 | 1200000 | 1117686 |
| California Infrastructure & Economic Development Bank, Call 07/01/31<sup>(a)(b)(c)</sup> | 5.25% | 07/01/2064 | 500000 | 464144 |
| California Municipal Finance Authority, Call 01/01/32<sup>(a)(b)(c)</sup> | 5.38% | 01/01/2055 | 450000 | 440355 |
| California Municipal Finance Authority, Call 11/01/34<sup>(a)(c)</sup> | 5.38% | 11/01/2045 | 775000 | 792044 |
| California Public Finance Authority, Call 06/01/31<sup>(a)(b)</sup> | 6.38% | 06/01/2059 | 1500000 | 1412050 |
| California Public Finance Authority, Call 03/01/32<sup>(a)(b)(c)</sup> | 6.63% | 03/01/2065 | 2465000 | 2465306 |
| California Public Finance Authority, Call 06/01/32<sup>(a)(b)(c)</sup> | 6.63% | 06/01/2065 | 1430000 | 1481267 |
| California Statewide Financing Authority, Call 12/01/25<sup>(b)</sup> | 6.00% | 05/01/2043 | 200000 | 200449 |
| City of Los Angeles Department of Airports, Call 05/15/35<sup>(a)(c)(e)(h)</sup> | 7.97% | 05/15/2055 | 8000000 | 8398320 |
| San Francisco City & County Airport Comm-San Francisco International Airport, Call 05/01/35<sup>(a)</sup> | 5.25% | 05/01/2055 | 1000000 | 1048650 |
| San Francisco City & County Redevelopment Agency Successor Agency, TAR, Call 12/01/25<sup>(a)</sup> | 5.00% | 08/01/2043 | 60000 | 60034 |
| Silicon Valley Tobacco Securitization Authority, Call 12/01/25<sup>(d)</sup> | 0.00% | 06/01/2036 | 4000000 | 2224469 |
| Washington Township Health Care District, GO, Call 11/21/25<sup>(a)(b)</sup> | 5.00% | 08/01/2043 | 105000 | 105026 |
|  |  |  |  | 21486343 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Colorado - 8.4%** |  |  |  |  |
| Baseline Metropolitan District No. 1, GO, Call 12/01/29 | 6.75% | 12/15/2054 | 1000000.0 | 1015200 |
| Bent Grass Metropolitan District, GO, Call 12/01/30<sup>(a)(c)</sup> | 5.75% | 12/01/2054 | 1000000.0 | 1028844 |
| Canyons Metropolitan District No. 5, GO, Call 12/01/29 | 6.5% | 12/15/2054 | 750000.0 | 754776 |
| Colorado Educational & Cultural Facilities Authority, Call 07/01/35<sup>(a)(b)(c)</sup> | 6.0% | 07/01/2055 | 2525000.0 | 2560197 |
| Colorado Health Facilities Authority, Call 12/01/25<sup>(a)</sup> | 5.0% | 05/15/2045 | 135000.0 | 135050 |
| Cottonwood Creek Metropolitan District No. 5, GO, Call 09/01/30<sup>(a)(c)</sup> | 0.0% | 12/01/2055 | 1000000.0 | 760688 |
| Creekwalk Marketplace Business Improvement District, Call 12/01/29<sup>(a)</sup> | 6.0% | 12/01/2054 | 875000.0 | 871087 |
| Crowfoot Valley Ranch Metropolitan District No. 2, GO, Call 12/01/29 | 6.13% | 12/15/2054 | 1000000.0 | 978954 |
| Dominion Water & Sanitation District, Call 12/01/28<sup>(a)</sup> | 5.88% | 12/01/2052 | 1600000.0 | 1639473 |
| Palisade Metropolitan District No. 2, Call 12/01/29<sup>(a)(c)</sup> | 0.0% | 12/15/2054 | 1000000.0 | 948449 |
| Pinnacle Farms Metropolitan District No. 1, GO, Call 09/01/30<sup>(c)</sup> | 8.75% | 12/15/2055 | 1051000.0 | 1052691 |
| Sky Dance Metropolitan District No. 2, GO, Call 12/01/29<sup>(a)</sup> | 6.0% | 12/01/2054 | 750000.0 | 764995 |
| Sky Ranch Community Authority Board, GO, Call 12/01/29 | 6.5% | 12/15/2054 | 550000.0 | 553502 |
| St. Vrain Lakes Metropolitan District No. 2, GO, Call 12/01/29 | 6.38% | 11/15/2054 | 500000.0 | 500292 |
| St. Vrain Lakes Metropolitan District No. 4, GO, Call 09/01/29<sup>(a)(c)</sup> | 0.0% | 09/20/2054 | 1000000.0 | 702133 |
| Sterling Ranch Community Authority Board, Call 12/01/30 | 6.88% | 12/15/2055 | 550000.0 | 555721 |
| Trevenna Metropolitan District, GO, Call 12/01/29<sup>(a)</sup> | 5.75% | 12/01/2054 | 505000.0 | 495714 |
| Vail Home Partners Corp, Call 04/01/35<sup>(a)(b)(c)</sup> | 5.88% | 10/01/2055 | 500000.0 | 510633 |
| Village Metropolitan District, GO, Call 09/01/30<sup>(a)(b)</sup> | 5.75% | 12/01/2055 | 1000000.0 | 1009222 |
| Weems Neighborhood Metropolitan District, GO, Call 06/01/30<sup>(a)(c)</sup> | 5.88% | 12/01/2055 | 800000.0 | 821764 |
|  |  |  |  | 17659385 |
| **Connecticut - 0.8%** |  |  |  |  |
| Stamford Housing Authority, Call 10/01/32<sup>(a)</sup> | 6.5% | 10/01/2055 | 1000000.0 | 1020875 |
| Stamford Housing Authority, Call 10/01/32<sup>(a)(b)</sup> | 6.25% | 10/01/2060 | 750000.0 | 750889 |
|  |  |  |  | 1771764 |
| **Delaware - 2.1%** |  |  |  |  |
| Delaware State Economic Development Authority, AG, Call 12/01/25<sup>(a)</sup> | 5.0% | 10/01/2039 | 50000.0 | 50063 |
| Delaware State Economic Development Authority, Call 12/01/25<sup>(a)</sup> | 5.0% | 10/01/2036 | 305000.0 | 302398 |
| Delaware State Economic Development Authority, Call 07/01/32<sup>(a)(b)(c)</sup> | 6.0% | 07/01/2065 | 1465000.0 | 1474307 |
| University of Delaware, Call 10/31/25, Put 10/31/25<sup>(e)</sup> | 4.0% | 11/01/2035 | 2500000.0 | 2500000 |
|  |  |  |  | 4326768 |
| **District of Columbia - 5.3%** |  |  |  |  |
| Washington Metropolitan Area Transit Authority, Call 07/15/33<sup>(a)(c)(e)(h)</sup> | 7.11% | 07/15/2053 | 10640000.0 | 11217433 |
| **Florida - 12.3%** |  |  |  |  |
| Alachua County Health Facilities Authority, Call 12/01/25<sup>(a)</sup> | 5.0% | 12/01/2044 | 710000.0 | 710247 |
| Babcock Ranch Community Independent Special District, SA, Call 05/01/35<sup>(a)(c)</sup> | 5.25% | 05/01/2055 | 1000000.0 | 1006947 |
| Capital Projects Finance Authority, Call 06/15/29<sup>(a)(c)</sup> | 5.0% | 06/15/2054 | 500000.0 | 461578 |
| Capital Projects Finance Authority, Call 06/15/30<sup>(a)(b)(c)</sup> | 6.75% | 06/15/2065 | 2000000.0 | 2013041 |
| Capital Projects Finance Authority, Call 03/01/32<sup>(a)(b)(c)</sup> | 7.13% | 01/01/2065 | 2000000.0 | 2011012 |
| Capital Trust Authority, Call 12/01/29<sup>(a)(c)</sup> | 6.88% | 12/01/2044 | 1000000.0 | 1001029 |
| Capital Trust Authority, Call 06/15/30<sup>(a)(b)(c)</sup> | 5.25% | 06/15/2059 | 500000.0 | 456650 |
| Capital Trust Authority, Call 07/01/31<sup>(a)(c)</sup> | 5.25% | 07/01/2054 | 1500000.0 | 1377777 |
| Capital Trust Authority, Call 07/01/31<sup>(a)(c)</sup> | 5.25% | 07/01/2059 | 1000000.0 | 905115 |
| Capital Trust Authority, Call 06/01/32<sup>(a)(c)</sup> | 5.0% | 06/01/2054 | 250000.0 | 219481 |
| Charlotte County Industrial Development Authority, Call 10/01/33<sup>(a)(c)</sup> | 6.13% | 10/01/2055 | 500000.0 | 520754 |
| City of Venice, Call 01/01/32<sup>(a)(c)</sup> | 5.63% | 01/01/2060 | 750000.0 | 742468 |
| Edgewater West Community Development District, SA, Call 11/01/34<sup>(a)(b)</sup> | 5.5% | 05/01/2054 | 1000000.0 | 979338 |
| Florida Higher Educational Facilities Financing Authority, Call 07/01/33<sup>(a)(c)</sup> | 6.25% | 07/01/2055 | 2000000.0 | 1978979 |
| Florida Local Government Finance Commission, Call 06/15/32<sup>(a)(b)(c)</sup> | 6.13% | 06/15/2065 | 1500000.0 | 1514216 |
| Florida Local Government Finance Commission, Call 07/01/32<sup>(a)(b)(c)</sup> | 6.0% | 07/01/2060 | 1000000.0 | 1010017 |
| Florida Local Government Finance Commission, Call 11/15/32<sup>(a)(b)(c)</sup> | 6.88% | 11/15/2064 | 1165000.0 | 1214100 |
| Gas Worx Community Development District, SA, Call 11/01/35<sup>(a)(c)</sup> | 6.0% | 05/01/2057 | 1195000.0 | 1225555 |
| Highlands County School Board, BAM, Call 12/01/25<sup>(a)</sup> | 5.0% | 09/01/2041 | 50000.0 | 50073 |
| Hillsborough County Industrial Development Authority, Call 10/31/25, Put 10/31/25<sup>(a)(e)</sup> | 3.96% | 11/15/2042 | 1700000.0 | 1700000 |
| Miami-Dade County Expressway Authority, Call 12/01/25<sup>(a)(b)</sup> | 5.0% | 07/01/2040 | 480000.0 | 482045 |
| Miami-Dade County Industrial Development Authority, Call 07/01/29<sup>(a)(b)(c)</sup> | 5.5% | 07/01/2061 | 1185000.0 | 1081783 |
| Normandy Community Development District, SA, Call 11/01/34<sup>(a)(b)(c)</sup> | 5.55% | 05/01/2054 | 100000.0 | 96986 |
| Palm Beach County Health Facilities Authority, Call 05/15/30<sup>(a)(b)</sup> | 7.5% | 05/15/2053 | 135000.0 | 149864 |
| Palm Beach County Health Facilities Authority, Call 05/15/30<sup>(a)(b)</sup> | 7.63% | 05/15/2058 | 185000.0 | 205938 |
| Parrish Lakes II Community Development District, SA, Call 11/01/34<sup>(a)(c)</sup> | 5.45% | 05/01/2054 | 1000000.0 | 986236 |
| Pioneer Ranch Community Development District, SA, Call 11/01/34<sup>(a)(c)</sup> | 5.3% | 05/01/2055 | 980000.0 | 949261 |
| Poitras East Community Development District, SA, Call 05/01/35<sup>(a)</sup> | 6.1% | 05/01/2055 | 855000.0 | 880028 |
|  |  |  |  | 25930518 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Georgia - 1.0%** |  |  |  |  |
| Atlanta Development Authority, TAR, Call 04/01/29<sup>(c)</sup> | 5.5% | 04/01/2039 | 1000000 | 1028363 |
| Development Authority for Fulton County, Call 12/01/25<sup>(a)</sup> | 5.0% | 07/01/2044 | 1000000 | 1000435 |
|  |  |  |  | 2028798 |
| **Idaho - 0.5%** |  |  |  |  |
| Avimor Community Infrastructure District No. 1, SA, Call 12/01/29<sup>(a)(c)</sup> | 5.5% | 09/01/2053 | 1000000 | 1008675 |
| **Illinois - 3.7%** |  |  |  |  |
| Chicago Board of Education, GO, Call 12/01/25<sup>(a)(b)</sup> | 7.0% | 12/01/2044 | 3000000 | 3007667 |
| County of Cook, Call 01/01/35<sup>(a)</sup> | 6.5% | 01/01/2045 | 1500000 | 1511783 |
| Illinois Finance Authority, Call 12/01/25 | 5.0% | 11/15/2027 | 10000 | 10010 |
| Illinois Finance Authority, Call 08/01/32<sup>(a)(b)(c)</sup> | 6.38% | 08/01/2055 | 1900000 | 1940072 |
| Illinois State Toll Highway Authority, Call 12/01/25 | 5.0% | 01/01/2031 | 120000 | 120190 |
| Upper Illinois River Valley Development Authority, Call 12/01/34<sup>(a)(c)</sup> | 6.0% | 12/01/2055 | 1000000 | 1008191 |
| West Chicago Fire Protection District, GO, Call 12/01/25 | 5.0% | 01/01/2033 | 100000 | 100081 |
|  |  |  |  | 7697994 |
| **Indiana - 2.0%** |  |  |  |  |
| City of Evansville, Call 12/06/25<sup>(a)</sup> | 5.45% | 01/01/2038 | 1070000 | 1016305 |
| City of Fort Wayne, Call 12/01/25<sup>(a)</sup> | 5.35% | 01/01/2038 | 715000 | 674788 |
| City of Mishawaka, Call 12/01/25<sup>(a)(c)</sup> | 5.38% | 01/01/2038 | 920000 | 898093 |
| City of Valparaiso, Call 12/01/28<sup>(a)(c)</sup> | 5.38% | 12/01/2041 | 750000 | 680182 |
| Town of Merrillville, Call 12/01/25<sup>(a)</sup> | 5.75% | 04/01/2036 | 945000 | 941705 |
|  |  |  |  | 4211073 |
| **Iowa - 0.7%** |  |  |  |  |
| Iowa Finance Authority, Call 05/15/26<sup>(a)</sup> | 5.0% | 05/15/2047 | 90000 | 86106 |
| Iowa Finance Authority, Call 05/15/30<sup>(a)(b)</sup> | 7.5% | 05/15/2053 | 875000 | 971342 |
| Iowa Finance Authority, Call 11/01/41<sup>(a)(c)</sup> | 6.0% | 11/01/2042 | 500000 | 493455 |
|  |  |  |  | 1550903 |
| **Kansas - 0.1%** |  |  |  |  |
| City of Wichita KS, Call 05/15/31<sup>(a)</sup> | 5.75% | 05/15/2045 | 225000 | 219385 |
| **Maryland - 0.0%<sup>(f)</sup>** |  |  |  |  |
| Maryland Health & Higher Educational Facilities Authority, Call 10/02/25<sup>(a)</sup> | 5.0% | 08/15/2041 | 100000 | 100033 |
| **Massachusetts - 1.6%** |  |  |  |  |
| Massachusetts Development Finance Agency, Call 12/01/31<sup>(a)(b)(c)</sup> | 5.88% | 12/01/2060 | 2730000 | 2515741 |
| Massachusetts Development Finance Agency, Call 07/01/34<sup>(a)(b)(c)</sup> | 5.0% | 07/01/2060 | 1000000 | 943287 |
|  |  |  |  | 3459028 |
| **Michigan - 1.3%** |  |  |  |  |
| Michigan Strategic Fund, Call 12/01/25<sup>(a)</sup> | 6.25% | 11/15/2043 | 2000000 | 2000728 |
| Michigan Tobacco Settlement Finance Authority, Call 06/01/33<sup>(d)</sup> | 0.0% | 06/01/2058 | 28500000 | 722837 |
|  |  |  |  | 2723565 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Minnesota - 2.0%** |  |  |  |  |
| City of Apple Valley MN, Call 09/01/33<sup>(a)(b)</sup> | 5.5% | 09/01/2055 | 525000.0 | 530524 |
| City of Coon Rapids MN, Call 06/15/35<sup>(a)(b)</sup> | 6.5% | 06/15/2065 | 1500000.0 | 1510359 |
| City of Eagan, Call 02/01/32<sup>(a)(b)(c)</sup> | 6.25% | 02/01/2045 | 250000.0 | 248335 |
| City of Eagan, Call 02/01/32<sup>(a)(b)(c)</sup> | 6.38% | 02/01/2055 | 350000.0 | 341845 |
| City of Eagan, Call 02/01/32<sup>(a)(b)(c)</sup> | 6.5% | 02/01/2065 | 625000.0 | 611779 |
| City of Minneapolis, Call 07/01/31<sup>(a)</sup> | 4.0% | 07/01/2051 | 100000.0 | 67535 |
| City of Shakopee MN Senior Housing Revenue, Call 11/01/32<sup>(a)(b)</sup> | 5.75% | 11/01/2055 | 500000.0 | 500296 |
| City of Shakopee MN Senior Housing Revenue, Call 11/01/32<sup>(a)</sup> | 5.88% | 11/01/2065 | 500000.0 | 503940 |
|  |  |  |  | 4314613 |
| **Missouri - 1.4%** |  |  |  |  |
| Health & Educational Facilities Authority of the State of Missouri, Call 11/10/25<sup>(a)</sup> | 5.0% | 11/15/2038 | 20000.0 | 20008 |
| Health & Educational Facilities Authority of the State of Missouri, Call 12/01/25<sup>(a)</sup> | 5.0% | 11/15/2045 | 245000.0 | 245102 |
| Health & Educational Facilities Authority of the State of Missouri, Call 12/01/25<sup>(a)</sup> | 5.0% | 11/15/2048 | 70000.0 | 70021 |
| Missouri Development Finance Board, Call 12/01/25 | 5.0% | 06/01/2027 | 20000.0 | 20026 |
| Missouri Housing Development Commission, GNMA, FNMA, FHLMC, Call 05/01/33<sup>(a)</sup> | 5.0% | 11/01/2055 | 2500000.0 | 2523098 |
|  |  |  |  | 2878255 |
| **New Hampshire - 2.0%** |  |  |  |  |
| New Hampshire Business Finance Authority, Call 12/01/26<sup>(c)</sup> | 5.38% | 12/01/2031 | 1000000.0 | 1002875 |
| New Hampshire Business Finance Authority, Call 04/01/33<sup>(a)(b)</sup> | 5.63% | 04/01/2045 | 500000.0 | 516010 |
| New Hampshire Business Finance Authority, Call 04/01/33<sup>(a)(b)</sup> | 5.75% | 04/01/2055 | 625000.0 | 640263 |
| New Hampshire Health and Education Facilities Authority Act, Call 12/01/25 | 5.0% | 07/01/2036 | 2000000.0 | 2002030 |
| New Hampshire Health and Education Facilities Authority, Call 12/01/25<sup>(a)(b)</sup> | 5.0% | 08/01/2043 | 120000.0 | 120043 |
|  |  |  |  | 4281221 |
| **New York - 12.1%** |  |  |  |  |
| Build NYC Resource Corp., Call 12/01/25<sup>(a)(b)</sup> | 5.88% | 07/01/2038 | 940000.0 | 885454 |
| Dobbs Ferry Local Development Corp., Call 12/01/25<sup>(a)</sup> | 5.0% | 07/01/2039 | 350000.0 | 350218 |
| Dobbs Ferry Local Development Corp., Call 12/01/25<sup>(a)</sup> | 5.0% | 07/01/2044 | 55000.0 | 55018 |
| Hempstead Town Local Development Corp., Call 12/01/25<sup>(a)</sup> | 5.0% | 07/01/2044 | 2200000.0 | 2200564 |
| Monroe County Industrial Development Corp., Call 07/01/34<sup>(a)(c)</sup> | 5.0% | 07/01/2059 | 1000000.0 | 891352 |
| New York City Housing Development Corp., Call 05/01/33<sup>(a)</sup> | 5.05% | 11/01/2045 | 200000.0 | 209295 |
| New York City Housing Development Corp., Call 05/01/33<sup>(a)</sup> | 5.25% | 11/01/2055 | 700000.0 | 726256 |
| New York City Transitional Finance Authority, Call 11/01/35<sup>(a)(c)(e)(h)</sup> | 7.86% | 05/01/2050 | 8000000.0 | 8773120 |
| New York Counties Tobacco Trust VI, Call 06/01/26(b) | 3.75% | 06/01/2045 | 195000.0 | 145955 |
| New York Transportation Development Corp., AG, Call 12/31/44<sup>(a)</sup> | 0.0% | 12/31/2054 | 300000.0 | 195328 |
| New York Transportation Development Corp., Call 12/01/25<sup>(a)</sup> | 5.25% | 01/01/2050 | 735000.0 | 734992 |
| New York Transportation Development Corp., Call 10/01/30<sup>(a)(b)</sup> | 4.38% | 10/01/2045 | 945000.0 | 884616 |
| New York Transportation Development Corp., Call 06/30/33<sup>(a)</sup> | 5.0% | 06/30/2060 | 1100000.0 | 1064511 |
| New York Transportation Development Corp., Call 06/30/34<sup>(a)</sup> | 6.0% | 06/30/2059 | 1500000.0 | 1596511 |
| New York Transportation Development Corp., Call 12/31/34<sup>(a)</sup> | 5.5% | 12/31/2060 | 2000000.0 | 2044380 |
| Ontario County Local Development Corp., Call 12/01/33<sup>(a)(c)</sup> | 6.5% | 12/01/2045 | 4000000.0 | 4037145 |
| St Lawrence County Industrial Development Agency, Call 12/01/25<sup>(a)</sup> | 5.0% | 07/01/2043 | 20000.0 | 20012 |
| Suffolk Regional Off-Track Betting Corp., Call 06/01/29<sup>(a)(b)</sup> | 6.0% | 12/01/2053 | 750000.0 | 761199 |
|  |  |  |  | 25575926 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **North Carolina - 4.7%** |  |  |  |  |
| City of Charlotte NC Airport Revenue, Call 07/01/33<sup>(a)(c)(e)(h)</sup> | 6.95% | 07/01/2053 | 8000000.0 | 8349520 |
| North Carolina Medical Care Commission, Call 09/01/31<sup>(a)</sup> | 5.5% | 09/01/2054 | 1665000.0 | 1660103 |
|  |  |  |  | 10009623 |
| **Ohio - 13.0%** |  |  |  |  |
| Buckeye Tobacco Settlement Financing Authority, Call 06/01/30 | 5.0% | 06/01/2055 | 3200000.0 | 2686028 |
| Buckeye Tobacco Settlement Financing Authority, Call 06/01/30<sup>(d)</sup> | 0.0% | 06/01/2057 | 15000000.0 | 1421744 |
| Cleveland-Cuyahoga County Port Authority, Call 01/01/32<sup>(a)(b)(c)</sup> | 5.88% | 01/01/2049 | 500000.0 | 497363 |
| Dayton-Montgomery County Port Authority, Call 01/01/31<sup>(a)(c)</sup> | 6.63% | 01/01/2045 | 1150000.0 | 1197418 |
| Ohio Housing Finance Agency, Call 12/01/25<sup>(a)(c)</sup> | 5.13% | 01/01/2032 | 545000.0 | 546883 |
| Ohio Housing Finance Agency, Call 01/01/30<sup>(a)(c)</sup> | 6.0% | 01/01/2045 | 1000000.0 | 1001732 |
| Ohio Housing Finance Agency, Call 07/01/30<sup>(a)(c)</sup> | 6.38% | 01/01/2045 | 1500000.0 | 1549097 |
| Ohio Housing Finance Agency, Call 01/01/31<sup>(a)(c)</sup> | 6.25% | 01/01/2045 | 1500000.0 | 1536808 |
| Ohio Housing Finance Agency, Call 01/01/31<sup>(a)</sup> | 6.3% | 01/01/2045 | 1500000.0 | 1516230 |
| Ohio Housing Finance Agency, Call 01/01/31<sup>(a)(c)</sup> | 6.5% | 01/01/2045 | 1500000.0 | 1537503 |
| Port of Greater Cincinnati Development Authority, Call 07/01/30<sup>(a)(c)</sup> | 6.5% | 01/01/2045 | 1500000.0 | 1552698 |
| State of Ohio, AG, Call 12/01/25<sup>(a)</sup> | 5.0% | 12/31/2035 | 1575000.0 | 1577198 |
| Worthington City School District, GO, Call 12/01/32<sup>(a)</sup> | 5.5% | 12/01/2054 | 10000000.0 | 10704840 |
|  |  |  |  | 27325542 |
| **Oregon - 0.1%** |  |  |  |  |
| Oregon State Facilities Authority, Call 11/21/25 | 5.0% | 11/15/2028 | 20000.0 | 20088 |
| Oregon State Facilities Authority, Call 11/21/25 | 5.0% | 11/15/2029 | 110000.0 | 110488 |
|  |  |  |  | 130576 |
| **Pennsylvania - 6.1%** |  |  |  |  |
| Chester Water Authority, Call 12/01/25 | 5.0% | 12/01/2037 | 200000.0 | 200254 |
| Crawford County Hospital Authority, Call 06/01/26<sup>(a)</sup> | 6.0% | 06/01/2046 | 425000.0 | 426430 |
| Crawford County Hospital Authority, Call 06/01/26<sup>(a)(b)</sup> | 6.0% | 06/01/2051 | 500000.0 | 501005 |
| Lancaster County Hospital Authority, Call 12/01/25<sup>(a)(b)</sup> | 5.0% | 07/01/2045 | 50000.0 | 48619 |
| Lehigh County General Purpose Authority, Call 10/12/25<sup>(a)</sup> | 0.0% | 02/01/2044 | 2340853.0 | 1431639 |
| Lehigh County General Purpose Authority, Call 12/01/25<sup>(a)</sup> | 7.5% | 02/01/2044 | 1500000.0 | 1245145 |
| Lehigh County General Purpose Authority<sup>(g)</sup> | 0.0% | 02/01/2044 | 2318848.0 | 12926 |
| Monroeville Finance Authority, Call 12/01/25<sup>(a)</sup> | 5.0% | 02/01/2045 | 75000.0 | 75032 |
| Pennsylvania State University, Call 09/01/35<sup>(a)(c)(e)(h)</sup> | 7.88% | 09/01/2055 | 8000000.0 | 8908240 |
| West Shore Area Authority, Call 12/01/25 | 4.25% | 07/01/2035 | 15000.0 | 14120 |
|  |  |  |  | 12863410 |
| **Puerto Rico - 0.3%** |  |  |  |  |
| Children's Trust Fund, 5/3/2017, Call 12/01/25<sup>(b)</sup> | 5.5% | 05/15/2039 | 155000.0 | 157125 |
| Children's Trust Fund, 5/3/2017, Call 12/01/25<sup>(d)</sup> | 0.0% | 05/15/2057 | 8000000.0 | 379100 |
|  |  |  |  | 536225 |
| **Rhode Island - 0.2%** |  |  |  |  |
| Rhode Island Housing & Mortgage Finance Corp., FHA 542(C), Call 04/01/33<sup>(a)</sup> | 4.75% | 10/01/2059 | 500000.0 | 500555 |
| **South Carolina - 2.6%** |  |  |  |  |
| City of Goose Creek SC, SA, Call 10/01/30<sup>(a)(b)(c)</sup> | 5.5% | 10/01/2055 | 1000000.0 | 1008838 |
| South Carolina Jobs-Economic Development Authority, Call 10/01/27<sup>(a)</sup> | 7.75% | 10/01/2057 | 3000000.0 | 3045102 |
| South Carolina Jobs-Economic Development Authority, Call 06/15/29<sup>(a)(c)</sup> | 5.0% | 06/15/2051 | 705000.0 | 547479 |
| South Carolina Jobs-Economic Development Authority, Call 06/15/29<sup>(a)(c)</sup> | 5.0% | 06/15/2056 | 500000.0 | 379972 |
| South Carolina Jobs-Economic Development Authority, Call 11/15/34<sup>(a)</sup> | 5.75% | 11/15/2054 | 500000.0 | 518827 |
|  |  |  |  | 5500218 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Tennessee - 0.5%** |  |  |  |  |
| Shelby County Health Educational & Housing Facilities Board, 6/30/2024, Call 12/01/25<sup>(a)</sup> | 5.0% | 12/01/2034 | 85000 | 84710 |
| Shelby County Health Educational & Housing Facilities Board, 6/30/2024, Call 12/01/25<sup>(a)</sup> | 5.25% | 12/01/2044 | 1125000 | 1030030 |
|  |  |  |  | 1114740 |
| **Texas - 4.7%** |  |  |  |  |
| Arlington Higher Education Finance Corp., PSF-GTD, Call 06/15/34<sup>(a)(b)</sup> | 4.25% | 06/15/2059 | 850000 | 818822 |
| City of Austin Texas Airport System, Call 12/01/25<sup>(a)</sup> | 5.0% | 11/15/2044 | 100000 | 100014 |
| City of Friendswood, SA, Call 09/15/34<sup>(a)</sup> | 7.0% | 09/15/2054 | 1500000 | 1512585 |
| City of Royse City TX, SA, Call 09/15/33<sup>(a)</sup> | 6.0% | 09/15/2055 | 1000000 | 999874 |
| City of Terrell TX, SA, Call 09/15/35<sup>(a)(b)(c)</sup> | 7.0% | 09/15/2055 | 1000000 | 1024177 |
| Clifton Higher Education Finance Corp., Call 12/01/25<sup>(a)</sup> | 4.4% | 12/01/2047 | 120000 | 108849 |
| County of Medina, SA, Call 09/01/32<sup>(a)(c)</sup> | 5.35% | 09/01/2054 | 1000000 | 961607 |
| Edinburg Local Government Finance Corp., AG, Call 12/01/25 | 5.0% | 03/01/2027 | 40000 | 40048 |
| New Hope Cultural Education Facilities Finance Corp., AG, Call 11/21/25<sup>(a)</sup> | 5.0% | 04/01/2046 | 130000 | 130002 |
| New Hope Cultural Education Facilities Finance Corp., Call 07/01/32<sup>(a)</sup> | 6.75% | 07/01/2044 | 500000 | 512124 |
| New Hope Cultural Education Facilities Finance Corp., Call 07/01/32<sup>(a)(b)</sup> | 7.13% | 07/01/2056 | 250000 | 254919 |
| New Hope Cultural Education Facilities Finance Corp., Call 10/01/32<sup>(a)</sup> | 6.5% | 10/01/2055 | 1780000 | 1845563 |
| New Hope Cultural Education Facilities Finance Corp., Call 10/01/32<sup>(a)</sup> | 6.5% | 10/01/2060 | 1430000 | 1477192 |
| Tarrant County Cultural Education Facilities Finance Corp., Call 12/01/25<sup>(a)</sup> | 4.0% | 05/15/2031 | 45000 | 44802 |
|  |  |  |  | 9830578 |
| **Utah - 1.3%** |  |  |  |  |
| Mida Cormont Public Infrastructure District, GO, Call 06/01/30<sup>(a)(c)</sup> | 6.25% | 06/01/2055 | 650000 | 684708 |
| Mida Cormont Public Infrastructure District, GO, Call 06/01/30<sup>(a)(c)</sup> | 6.75% | 06/01/2055 | 1000000 | 846241 |
| Viridian Farm Public Infrastructure District No. 1, GO, Call 03/01/30<sup>(a)(c)</sup> | 5.88% | 03/01/2054 | 1130000 | 1147347 |
|  |  |  |  | 2678296 |
| **Virginia - 1.0%** |  |  |  |  |
| Virginia College Building Authority, Call 06/01/35<sup>(a)</sup> | 6.0% | 06/01/2055 | 1245000 | 1324990 |
| Virginia Small Business Financing Authority, Call 11/09/25<sup>(a)</sup> | 5.25% | 10/01/2029 | 815000 | 815314 |
|  |  |  |  | 2140304 |
| **Washington - 2.3%** |  |  |  |  |
| Washington Health Care Facilities Authority, Call 11/21/25 | 5.0% | 07/01/2029 | 30000 | 30015 |
| Washington Health Care Facilities Authority, Call 11/21/25<sup>(a)</sup> | 5.0% | 07/01/2038 | 500000 | 500125 |
| Washington Health Care Facilities Authority, Call 12/01/25<sup>(a)</sup> | 5.0% | 10/01/2038 | 525000 | 525579 |
| Washington Health Care Facilities Authority, Call 12/01/25<sup>(a)</sup> | 5.0% | 10/01/2041 | 530000 | 530422 |
| Washington Health Care Facilities Authority, Call 12/01/25<sup>(a)</sup> | 5.0% | 10/01/2042 | 125000 | 125040 |
| Washington Health Care Facilities Authority, Call 12/01/25<sup>(a)</sup> | 5.0% | 10/01/2044 | 410000 | 410215 |
| Washington State Housing Finance Commission, BAM, Call 07/01/35<sup>(a)(b)(c)</sup> | 5.25% | 07/01/2055 | 1000000 | 1019559 |
| Washington State Housing Finance Commission, Call 01/01/30<sup>(a)(b)</sup> | 5.88% | 01/01/2059 | 250000 | 243348 |
| Washington State Housing Finance Commission, Call 07/01/32<sup>(a)(b)(c)</sup> | 6.38% | 07/01/2060 | 1500000 | 1505582 |
|  |  |  |  | 4889885 |
| **West Virginia - 0.4%** |  |  |  |  |
| City of Huntington, TAR, Call 06/01/32<sup>(a)(b)</sup> | 5.5% | 06/01/2049 | 300000 | 300253 |
| City of Huntington, TAR, Call 06/01/32<sup>(a)(b)</sup> | 5.63% | 05/01/2050 | 475000 | 475321 |
|  |  |  |  | 775574 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Wisconsin - 5.3%** |  |  |  |  |
| Public Finance Authority, Call 06/15/26<sup>(a)(c)</sup> | 4.75% | 06/15/2056 | 995000.0 | 786620 |
| Public Finance Authority, Call 12/15/26<sup>(c)</sup> | 5.5% | 12/15/2032 | 192335.0 | 192214 |
| Public Finance Authority, Call 12/01/27<sup>(a)(c)</sup> | 5.0% | 12/01/2045 | 250000.0 | 229422 |
| Public Finance Authority, Call 09/01/28<sup>(a)(b)(c)</sup> | 5.75% | 09/01/2035 | 250000.0 | 262152 |
| Public Finance Authority, Call 09/01/28<sup>(a)(b)(c)</sup> | 6.25% | 09/01/2046 | 250000.0 | 259109 |
| Public Finance Authority, Call 06/15/29<sup>(a)</sup> | 5.0% | 06/15/2039 | 485000.0 | 493366 |
| Public Finance Authority, Call 06/15/29<sup>(a)(b)</sup> | 6.0% | 06/15/2064 | 1000000.0 | 989323 |
| Public Finance Authority, Call 06/15/32<sup>(a)(b)</sup> | 5.25% | 06/15/2065 | 1000000.0 | 956459 |
| Public Finance Authority, Call 06/15/33<sup>(a)(b)(c)</sup> | 6.75% | 06/15/2055 | 250000.0 | 249411 |
| Public Finance Authority, Call 06/15/33<sup>(a)(c)</sup> | 7.0% | 06/15/2065 | 550000.0 | 554081 |
| Public Finance Authority, Call 01/01/34<sup>(b)</sup> | 5.75% | 07/01/2062 | 1189196.0 | 1248158 |
| Public Finance Authority, Call 04/01/35<sup>(a)(c)</sup> | 6.45% | 04/01/2060 | 1000000.0 | 959820 |
| Public Finance Authority, Call 06/30/35<sup>(a)</sup> | 6.5% | 12/31/2065 | 3000000.0 | 3297365 |
| Wisconsin Health & Educational Facilities Authority, Call 07/01/34<sup>(a)</sup> | 6.63% | 07/01/2060 | 650000.0 | 677890 |
|  |  |  |  | 11155390 |
| **TOTAL MUNICIPAL BONDS & NOTES (Cost $234,634,219)** |  |  |  | 237447331 |
| **TOTAL INVESTMENTS - 112.6% (Cost $234,634,219)** |  |  |  | $237447331 |
| Floating Rate Note Obligations - (15.2)%<sup>(i)</sup> |  |  |  | (31980000) |
| Other Assets in Excess of Liabilities - 2.5% |  |  |  | 5324140 |
| **TOTAL NET ASSETS - 100.0%** |  |  |  | $210791471 |

---

Percentages are stated as a percent of net assets.

---

| | |
|:---|:---|
| AG | Assured Guaranty |
| BAM | Build America Mutual Assurance Co. |
| FHLMC | Federal Home Loan Mortgage Association |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| GTD | Guaranteed |
| PSF-GTD | Permanent School Fund-Guaranteed |
| PSF | Public School Fund-Guaranteed |
| SA | Special Assessment |
| TAR | Tax Allocation Receipt |

---

(a) Sinkable security.

(b) Fixed coupon bond issued at a discount.

(c) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933,as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(d) Zero coupon bond issued at a discount.

(e) Adjustable rate security. Rate disclosed is as of October 31, 2025.

(f) Does not round to 0.1% or (0.1)%, as applicable.

(g) At maturity security. Interest is paid in full at the maturity date.

(h) All or portion of the principal amount transferred to a Tender Option Bond ("TOB") Issuer in exchange for TOB Residuals and cash.<br>
and cash

(i) Face value of Floating Rate Notes issued in TOB transactions.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Tidal Trust III

- **b. Investment Company Act file number:** 811-23312

- **c. CIK number of Registrant:** 0001722388

- **d. LEI of Registrant:** 254900O7GV43AAUCM784

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

  - **Street Address 1:** 234 West Florida Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53204

  - **Telephone number:** 8449867676

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

- **a. Name of Series:** Rockefeller Opportunistic Municipal Bond ETF

- **b. EDGAR series identifier (if any):** S000086370

- **c. LEI of Series:** 254900YX2DQC4Q5NS210

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $210384812.15

**Total Liabilities:** $2103807.40

**Net Assets:** $208281004.75

**Delayed Delivery Securities:** $1000000.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -31.34 | **1-Year:** -1023.54 | **5-Year:** -11667.39 | **10-Year:** -104304 | **30-Year:** -49079.36

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

- **3-Month:** 0 | **1-Year:** 0 | **5-Year:** 0 | **10-Year:** -522.03 | **30-Year:** -14942.2

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000251864 | 0.61%                | 3.97%                | 1.39%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-253713.34              | $423054.09                                 |
| Month 2  | $-82171.95               | $6202132.79                                |
| Month 3  | $-22445.53               | $1826653.75                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Alachua County Health Facilities Authority         | Alachua County Health Facilities Authority                                   | CUSIP: 010685KF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    710000 | PA      | $710246.73    | 0.34%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority           | Arizona Industrial Development Authority                                     | CUSIP: 04052BBV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $105973.75    | 0.05%             | 2047-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority           | Arizona Industrial Development Authority                                     | CUSIP: 04052BBW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $100852.08    | 0.05%             | 2052-07-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R                     | Arizona Industrial Development Authority                                     | CUSIP: 04052BTR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001321.40   | 0.48%             | 2065-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority             | Arkansas Development Finance Authority                                       | CUSIP: 041083YA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    990000 | PA      | $1044158.35   | 0.50%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp            | Arlington Higher Education Finance Corp                                      | CUSIP: 041807KZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $818821.92    | 0.39%             | 2059-06-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Atlanta Development Authority/The                  | Atlanta Development Authority/The                                            | CUSIP: 04780NMX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028363.40   | 0.49%             | 2039-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Avimor Community Infrastructure District No 1      | Avimor Community Infrastructure District No 1                                | CUSIP: 05372AAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008675.50   | 0.48%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Babcock Ranch Community Independent Special Distri | Babcock Ranch Community Independent Special Distri                           | CUSIP: 05616KBV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006946.50   | 0.48%             | 2055-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Baseline Metropolitan District No 1                | Baseline Metropolitan District No 1                                          | CUSIP: 069826AY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015200.40   | 0.49%             | 2054-12-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Bent Grass Metropolitan District                   | Bent Grass Metropolitan District                                             | CUSIP: 082623AB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028843.90   | 0.49%             | 2054-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT                      | Buckeye Tobacco Settlement Financing Authority                               | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3200000 | PA      | $2686027.84   | 1.29%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority     | Buckeye Tobacco Settlement Financing Authority                               | CUSIP: 118217DA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15000000 | PA      | $1421743.50   | 0.68%             | 2057-06-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp                            | Build NYC Resource Corp                                                      | CUSIP: 12008EBJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    940000 | PA      | $885453.96    | 0.43%             | 2038-07-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CNTY CA TOBACCO SEC                     | California County Tobacco Securitization Agency                              | CUSIP: 13016NBY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $267011.72    | 0.13%             | 2042-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency    | California County Tobacco Securitization Agency                              | CUSIP: 13016NCX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3750000 | PA      | $1009530.75   | 0.48%             | 2046-06-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development B | California Infrastructure & Economic Development B                           | CUSIP: 13035CAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1117686.36   | 0.54%             | 2054-07-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development B | California Infrastructure & Economic Development B                           | CUSIP: 13035CAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $464143.65    | 0.22%             | 2064-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH STUDEN                     | California Municipal Finance Authority                                       | CUSIP: 13051EAJ9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    450000 | PA      | $440354.88    | 0.21%             | 2055-01-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority             | California Municipal Finance Authority                                       | CUSIP: 13048V3F3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $792044.58    | 0.38%             | 2045-11-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA PUBLIC FIN AUTH SEN                     | California Public Finance Authority                                          | CUSIP: 13057GAQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1412049.75   | 0.68%             | 2059-06-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA PUBLIC FIN AUTH SEN                     | California Public Finance Authority                                          | CUSIP: 13057GAY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2465000 | PA      | $2465305.66   | 1.18%             | 2065-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SE                     | California Public Finance Authority                                          | CUSIP: 13057TAG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1481266.79   | 0.71%             | 2065-06-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST STWD FING AUTH T                     | California Statewide Financing Authority                                     | CUSIP: 130923AR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200449.40    | 0.10%             | 2043-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Canyons Metropolitan District No 5                 | Canyons Metropolitan District No 5                                           | CUSIP: 139071AZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $754775.78    | 0.36%             | 2054-12-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Capital Projects Finance Authority/FL              | Capital Projects Finance Authority/FL                                        | CUSIP: 14043FAM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $461578.15    | 0.22%             | 2054-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL PROJS FIN AUTH FL EDUC                     | Capital Projects Finance Authority/FL                                        | CUSIP: 14043FAS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2013041.00   | 0.97%             | 2065-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CAPITAL PROJS FL FIN AUTH SENI                     | Capital Projects Finance Authority/FL                                        | CUSIP: 14043HAE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2011011.60   | 0.97%             | 2065-01-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AUTH FL EDUCTNL                      | Capital Trust Authority                                                      | CUSIP: 14054WBR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $456649.65    | 0.22%             | 2059-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Capital Trust Authority                            | Capital Trust Authority                                                      | CUSIP: 14054WBG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1377777.15   | 0.66%             | 2054-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Capital Trust Authority                            | Capital Trust Authority                                                      | CUSIP: 14054WBH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $905115.30    | 0.43%             | 2059-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Capital Trust Authority                            | Capital Trust Authority                                                      | CUSIP: 14054YAC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $219481.50    | 0.11%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Authority                            | Capital Trust Authority                                                      | CUSIP: 14055AAE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001029.50   | 0.48%             | 2044-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE CNTY FL INDL DEV AUT                     | Charlotte County Industrial Development Authority/FL                         | CUSIP: 16080TAL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $520754.15    | 0.25%             | 2055-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Chester Water Authority                            | Chester Water Authority                                                      | CUSIP: 166178QJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200253.72    | 0.10%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                              | Chicago Board of Education                                                   | CUSIP: 167505QY5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3007667.40   | 1.44%             | 2044-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Children's Trust Fund                              | Children's Trust Fund                                                        | CUSIP: 16876QBF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $157125.03    | 0.08%             | 2039-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Children's Trust Fund                              | Children's Trust Fund                                                        | CUSIP: 16876QBL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $379100.00    | 0.18%             | 2057-05-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Apple Valley MN                            | City of Apple Valley MN                                                      | CUSIP: 03800RBK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $530523.58    | 0.25%             | 2055-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Airport System Revenue           | City of Austin TX Airport System Revenue                                     | CUSIP: 052398ER1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100014.54    | 0.05%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fort Wayne IN                              | City of Fort Wayne IN                                                        | CUSIP: 34926RAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    715000 | PA      | $674787.61    | 0.32%             | 2038-01-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| City of Friendswood TX                             | City of Friendswood TX                                                       | CUSIP: 358591AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1512584.85   | 0.73%             | 2054-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| City of Goose Creek SC                             | City of Goose Creek SC                                                       | CUSIP: 38259TAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008837.70   | 0.48%             | 2055-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Huntington WV                              | City of Huntington WV                                                        | CUSIP: 446839AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300252.63    | 0.14%             | 2049-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Huntington WV                              | City of Huntington WV                                                        | CUSIP: 446839AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $475321.24    | 0.23%             | 2050-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                             | City of Minneapolis MN                                                       | CUSIP: 60375CBL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $67535.35     | 0.03%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Mishawaka IN                               | City of Mishawaka IN                                                         | CUSIP: 604786AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    920000 | PA      | $898092.78    | 0.43%             | 2038-01-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| City of Royse City TX                              | City of Royse City TX                                                        | CUSIP: 780870CC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999874.10    | 0.48%             | 2055-09-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| City of Shakopee MN Senior Housing Revenue         | City of Shakopee MN Senior Housing Revenue                                   | CUSIP: 81919TAE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500295.60    | 0.24%             | 2055-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of Shakopee MN Senior Housing Revenue         | City of Shakopee MN Senior Housing Revenue                                   | CUSIP: 81919TAF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503940.55    | 0.24%             | 2065-11-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| City of Venice FL                                  | City of Venice FL                                                            | CUSIP: 922687AE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $742468.50    | 0.36%             | 2060-01-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| City of Wichita KS                                 | City of Wichita KS                                                           | CUSIP: 967249RM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $219384.59    | 0.11%             | 2045-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cuyahoga County Port Authority           | Cleveland-Cuyahoga County Port Authority                                     | CUSIP: 18610RCG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $497363.10    | 0.24%             | 2049-01-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp              | Clifton Higher Education Finance Corp                                        | CUSIP: 187145BR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $108849.14    | 0.05%             | 2047-12-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authori | Colorado Educational & Cultural Facilities Authori                           | CUSIP: 19645UVP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2525000 | PA      | $2560196.99   | 1.23%             | 2055-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority               | Colorado Health Facilities Authority                                         | CUSIP: 19648A5G6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $135049.60    | 0.06%             | 2045-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COON RAPIDS MN CHRT SCH LEASE                      | City of Coon Rapids MN                                                       | CUSIP: 21657FAD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1510358.85   | 0.73%             | 2065-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| COTTONWOOD CREEK MET DIST #5 C                     | Cottonwood Creek Metropolitan District No 5                                  | CUSIP: 221841AA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $760688.10    | 0.37%             | 2055-12-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| County of Cook IL                                  | County of Cook IL                                                            | CUSIP: 213226AE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1511782.95   | 0.73%             | 2045-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| County of Medina TX                                | County of Medina TX                                                          | CUSIP: 584735AN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $961606.70    | 0.46%             | 2054-09-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Crawford County Hospital Authority                 | Crawford County Hospital Authority                                           | CUSIP: 225004AQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $426430.08    | 0.20%             | 2046-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Crawford County Hospital Authority                 | Crawford County Hospital Authority                                           | CUSIP: 225004AR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501005.25    | 0.24%             | 2051-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CREEKWALK MARKETPLACE BUSINESS                     | Creekwalk Marketplace Business Improvement District                          | CUSIP: 225515AJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $871087.00    | 0.42%             | 2054-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Crowfoot Valley Ranch Metropolitan District No 2   | Crowfoot Valley Ranch Metropolitan District No 2                             | CUSIP: 22802CAX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $978954.00    | 0.47%             | 2054-12-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| DAYTON-MONTGOMERY CNTY OH PORT                     | Dayton-Montgomery County Port Authority                                      | CUSIP: 23982CAM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1197418.07   | 0.57%             | 2045-01-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| DELAWARE ST ECON DEV AUTH CHRT                     | Delaware State Economic Development Authority                                | CUSIP: 246372BJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1465000 | PA      | $1474307.44   | 0.71%             | 2065-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE ST ECON DEV AUTH REVE                     | Delaware State Economic Development Authority                                | CUSIP: 246387QD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $302397.50    | 0.15%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware State Economic Development Authority      | Delaware State Economic Development Authority                                | CUSIP: 246387RK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50062.86     | 0.02%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority for Fulton County            | Development Authority for Fulton County                                      | CUSIP: 3599006J1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000434.40   | 0.48%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dobbs Ferry Local Development Corp                 | Dobbs Ferry Local Development Corp                                           | CUSIP: 256048AB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $350218.47    | 0.17%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dobbs Ferry Local Development Corp                 | Dobbs Ferry Local Development Corp                                           | CUSIP: 256048AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55018.52     | 0.03%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DOMINION WTR & SANTN DIST CO R                     | Dominion Water & Sanitation District                                         | CUSIP: 25755AAE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1639472.80   | 0.79%             | 2052-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| EAGAN MN CHRTR SCH LEASE REVEN                     | City of Eagan MN                                                             | CUSIP: 26940AAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $248334.68    | 0.12%             | 2045-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| EAGAN MN CHRTR SCH LEASE REVEN                     | City of Eagan MN                                                             | CUSIP: 26940AAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $341844.90    | 0.16%             | 2055-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| EAGAN MN CHRTR SCH LEASE REVEN                     | City of Eagan MN                                                             | CUSIP: 26940AAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $611779.31    | 0.29%             | 2065-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Edgewater West Community Development District      | Edgewater West Community Development District                                | CUSIP: 28035BAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $979337.90    | 0.47%             | 2054-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Edinburg Local Government Finance Corp             | Edinburg Local Government Finance Corp                                       | CUSIP: 280797AL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40047.58     | 0.02%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EVANSVILLE IN MF HSG REVENUE                       | City of Evansville IN                                                        | CUSIP: 299351AG1<br>LEI: 5493004FNKVUBIYGJO12 | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1016305.37   | 0.49%             | 2038-01-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| FLORIDA LOC GOVT FIN COMMISSIO                     | Florida Local Government Finance Commission                                  | CUSIP: 34077UAJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1214099.74   | 0.58%             | 2064-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Florida Local Government Finance Commission        | Florida Local Government Finance Commission                                  | CUSIP: 34077UAE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010017.20   | 0.48%             | 2060-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST LOCAL GOVT FIN COMM                     | Florida Local Government Finance Commission                                  | CUSIP: 34077EAE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1514215.80   | 0.73%             | 2065-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| GAS WORX CDD FL SPL ASSMNT                         | Gas Worx Community Development District                                      | CUSIP: 367200AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1225554.96   | 0.59%             | 2057-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the S | Health & Educational Facilities Authority of the S                           | CUSIP: 60637AEA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70020.69     | 0.03%             | 2048-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the S | Health & Educational Facilities Authority of the S                           | CUSIP: 60637AEC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20008.43     | 0.01%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hempstead Town Local Development Corp              | Hempstead Town Local Development Corp                                        | CUSIP: 424682GE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2200563.64   | 1.06%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HGR EDU FACS FING AUTH FL HGR                      | Florida Higher Educational Facilities Financing Authority                    | CUSIP: 42982GAC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1978978.80   | 0.95%             | 2055-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Highlands County School Board                      | Highlands County School Board                                                | CUSIP: 43102CAM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50073.35     | 0.02%             | 2041-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hillsborough County Industrial Development Authori | Hillsborough County Industrial Development Authori                           | CUSIP: 43233KAE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1700000.00   | 0.82%             | 2042-11-15      | Variable      | 4.04%                 | No            |                  2 | On Loan: No      |
| Idaho Health Facilities Authority                  | Idaho Health Facilities Authority                                            | CUSIP: 451295E47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1200000.00   | 0.58%             | 2060-03-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                         | Illinois Finance Authority                                                   | CUSIP: 45203HRN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10010.08     | 0.00%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH EDUCTNL F                     | Illinois Finance Authority                                                   | CUSIP: 452029AL5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1940071.95   | 0.93%             | 2055-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority              | Illinois State Toll Highway Authority                                        | CUSIP: 452252JN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $120189.79    | 0.06%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of  | Industrial Development Authority of the County of                            | CUSIP: 72177PBV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    970000 | PA      | $934207.87    | 0.45%             | 2047-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                             | Iowa Finance Authority                                                       | CUSIP: 46246K3P5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $86106.20     | 0.04%             | 2047-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                             | Iowa Finance Authority                                                       | CUSIP: 46247SFF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $971341.61    | 0.47%             | 2053-05-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH MF REVENUE                        | Iowa Finance Authority                                                       | CUSIP: 46246JNN1<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    500000 | PA      | $493455.00    | 0.24%             | 2042-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| La Paz County Industrial Development Authority     | La Paz County Industrial Development Authority                               | CUSIP: 50376FAS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $48607.79     | 0.02%             | 2048-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority/PA             | Lancaster County Hospital Authority/PA                                       | CUSIP: 514045J20<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $48618.42     | 0.02%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEHIGH CNTY PA GEN PURPOSE AUT                     | Lehigh County General Purpose Authority                                      | CUSIP: 52480RCF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1245145.35   | 0.60%             | 2044-02-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| LEHIGH CNTY PA GEN PURPOSE AUT                     | Lehigh County General Purpose Authority                                      | CUSIP: 52480RCG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2340853 | PA      | $1431639.24   | 0.69%             | 2044-02-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| LEHIGH CNTY PA GEN PURPOSE AUT                     | Lehigh County General Purpose Authority                                      | CUSIP: 52480RCH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2318848 | PA      | $12926.42     | 0.01%             | 2044-02-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County & Phoenix Industrial Development A | Maricopa County & Phoenix Industrial Development A                           | CUSIP: 566736HU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $334910.49    | 0.16%             | 2055-03-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Au | Maryland Health & Higher Educational Facilities Au                           | CUSIP: 574218NS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100033.08    | 0.05%             | 2041-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency           | Massachusetts Development Finance Agency                                     | CUSIP: 57585BBU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $943287.10    | 0.45%             | 2060-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                     | Massachusetts Development Finance Agency                                     | CUSIP: 57585BCX4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2730000 | PA      | $2515740.86   | 1.21%             | 2060-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MERRILLVILLE IN ECON DEV REVEN                     | Town of Merrillville IN                                                      | CUSIP: 590250AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    945000 | PA      | $941704.79    | 0.45%             | 2036-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL EXPRESSWAY                      | Miami-Dade County Expressway Authority                                       | CUSIP: 59334KFW3<br>LEI: 549300NSQPQSO55VM780 | Long             | DBT              | MUN               | US        |    480000 | PA      | $482044.61    | 0.23%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Industrial Development Authority | Miami-Dade County Industrial Development Authority                           | CUSIP: 59334GAN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1185000 | PA      | $1081782.83   | 0.52%             | 2061-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                            | Michigan Strategic Fund                                                      | CUSIP: 594698LE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000727.60   | 0.96%             | 2043-11-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Michigan Tobacco Settlement Finance Authority      | Michigan Tobacco Settlement Finance Authority                                | CUSIP: 594751AM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  28500000 | PA      | $722836.95    | 0.35%             | 2058-06-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MIDA CORMONT PUBLIC INFRASTRUC                     | Mida Cormont Public Infrastructure District                                  | CUSIP: 59561JAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $684708.31    | 0.33%             | 2055-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MIDA CORMONT PUBLIC INFRASTRUC                     | Mida Cormont Public Infrastructure District                                  | CUSIP: 59561JAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $846240.80    | 0.41%             | 2055-06-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Missouri Development Finance Board                 | Missouri Development Finance Board                                           | CUSIP: 60636SEK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20026.06     | 0.01%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri Housing Development Commission            | Missouri Housing Development Commission                                      | CUSIP: 60637GJJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2523097.75   | 1.21%             | 2055-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC                     | Health & Educational Facilities Authority of the State of Missouri           | CUSIP: 60637AGN6<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    245000 | PA      | $245102.09    | 0.12%             | 2045-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Monroe County Industrial Development Corp/NY       | Monroe County Industrial Development Corp/NY                                 | CUSIP: 61075TXW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $891352.30    | 0.43%             | 2059-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Monroeville Finance Authority                      | Monroeville Finance Authority                                                | CUSIP: 611530CU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75032.06     | 0.04%             | 2045-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority           | New Hampshire Business Finance Authority                                     | CUSIP: 63608TAK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002874.90   | 0.48%             | 2031-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority           | New Hampshire Business Finance Authority                                     | CUSIP: 644684HE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $516010.10    | 0.25%             | 2045-04-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority           | New Hampshire Business Finance Authority                                     | CUSIP: 644684HG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $640262.88    | 0.31%             | 2055-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Auth | New Hampshire Health and Education Facilities Auth                           | CUSIP: 6446142A6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $120043.68    | 0.06%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Auth | New Hampshire Health and Education Facilities Auth                           | CUSIP: 6446143A5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2002029.80   | 0.96%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN                      | New Hope Cultural Education Facilities Finance Corp                          | CUSIP: 64542UHF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1780000 | PA      | $1845562.56   | 0.89%             | 2055-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN                      | New Hope Cultural Education Facilities Finance Corp                          | CUSIP: 64542UHG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1477191.86   | 0.71%             | 2060-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN                      | New Hope Cultural Education Facilities Finance Corp                          | CUSIP: 64542UHM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $512123.80    | 0.25%             | 2044-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN                      | New Hope Cultural Education Facilities Finance Corp                          | CUSIP: 64542UHN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $254919.40    | 0.12%             | 2056-07-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Cor | New Hope Cultural Education Facilities Finance Cor                           | CUSIP: 64542RAY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $130002.09    | 0.06%             | 2046-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp             | New York City Housing Development Corp                                       | CUSIP: 64972KKD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $209295.04    | 0.10%             | 2045-11-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp             | New York City Housing Development Corp                                       | CUSIP: 64972KKF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $726256.02    | 0.35%             | 2055-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York Counties Tobacco Trust VI                 | New York Counties Tobacco Trust VI                                           | CUSIP: 64945JAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $145954.85    | 0.07%             | 2045-06-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                     | New York Transportation Development Corp                                     | CUSIP: 650116AV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    735000 | PA      | $734991.69    | 0.35%             | 2050-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                     | New York Transportation Development Corp                                     | CUSIP: 650116HS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1064511.14   | 0.51%             | 2060-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                     | New York Transportation Development Corp                                     | CUSIP: 650116JQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1596511.50   | 0.77%             | 2059-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp           | New York Transportation Development Corp                                     | CUSIP: 650116DA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    945000 | PA      | $884615.63    | 0.42%             | 2045-10-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp           | New York Transportation Development Corp                                     | CUSIP: 650116HW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2044380.00   | 0.98%             | 2060-12-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp           | New York Transportation Development Corp                                     | CUSIP: 650116HX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $195327.93    | 0.09%             | 2054-12-31      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Normandy Community Development District            | Normandy Community Development District                                      | CUSIP: 65618HAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $96986.11     | 0.05%             | 2054-05-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission             | North Carolina Medical Care Commission                                       | CUSIP: 65820YTP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1665000 | PA      | $1660102.57   | 0.80%             | 2054-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Ohio Housing Finance Agency                        | Ohio Housing Finance Agency                                                  | CUSIP: 676900UC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $546882.70    | 0.26%             | 2032-01-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| OHIO ST HSG FIN AGY MF HSG REV                     | Ohio Housing Finance Agency                                                  | CUSIP: 676900XJ7<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001731.60   | 0.48%             | 2045-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HSG FIN AGY MF HSG REV                     | Ohio Housing Finance Agency                                                  | CUSIP: 676900XS7<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1549097.40   | 0.74%             | 2045-01-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| OHIO ST HSG FIN AGY MF HSG REV                     | Ohio Housing Finance Agency                                                  | CUSIP: 676900XW8<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1537503.30   | 0.74%             | 2045-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| OHIO ST HSG FIN AGY MF HSG REV                     | Ohio Housing Finance Agency                                                  | CUSIP: 676900XZ1<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1536808.20   | 0.74%             | 2045-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| OHIO ST HSG FIN AGY MF HSG REV                     | Ohio Housing Finance Agency                                                  | CUSIP: 676900YF4<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1516230.30   | 0.73%             | 2045-01-01      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| OHIO ST PRIVATE ACTIVITY REVEN                     | State of Ohio                                                                | CUSIP: 67759YAN7<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1577198.07   | 0.76%             | 2035-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ONTARIO CNTY NY LOCAL DEV CORP                     | Ontario County Local Development Corp                                        | CUSIP: 683063AA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4037144.80   | 1.94%             | 2045-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                  | Oregon State Facilities Authority                                            | CUSIP: 68608JRZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20087.86     | 0.01%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                  | Oregon State Facilities Authority                                            | CUSIP: 68608JSA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $110488.08    | 0.05%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palisade Metropolitan District No 2                | Palisade Metropolitan District No 2                                          | CUSIP: 696392AD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $948449.00    | 0.46%             | 2054-12-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority      | Palm Beach County Health Facilities Authority                                | CUSIP: 696507VS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $149864.13    | 0.07%             | 2053-05-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority      | Palm Beach County Health Facilities Authority                                | CUSIP: 696507VT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $205937.67    | 0.10%             | 2058-05-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Parrish Lakes II Community Development District    | Parrish Lakes II Community Development District                              | CUSIP: 70183HAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $986235.80    | 0.47%             | 2054-05-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| PINNACLE FARMS MET DIST #1 CO                      | Pinnacle Farms Metropolitan District No 1                                    | CUSIP: 72347WAB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1051000 | PA      | $1052690.95   | 0.51%             | 2055-12-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Pioneer Ranch Community Development District       | Pioneer Ranch Community Development District                                 | CUSIP: 723846AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    980000 | PA      | $949261.22    | 0.46%             | 2055-05-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Poitras East Community Development District        | Poitras East Community Development District                                  | CUSIP: 73086BAG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    855000 | PA      | $880028.07    | 0.42%             | 2055-05-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| PORT OF GTR CINCINNATI DEV AUT                     | Port of Greater Cincinnati Development Authority                             | CUSIP: 73419RAE2<br>LEI: 549300IK2RCZBY62ST97 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1552698.30   | 0.75%             | 2045-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE                     | Public Finance Authority                                                     | CUSIP: 744396HF2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    995000 | PA      | $786620.23    | 0.38%             | 2056-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE                     | Public Finance Authority                                                     | CUSIP: 744396KR2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    250000 | PA      | $249410.78    | 0.12%             | 2055-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE                     | Public Finance Authority                                                     | CUSIP: 744396KS0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    550000 | PA      | $554081.22    | 0.27%             | 2065-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE                     | Public Finance Authority                                                     | CUSIP: 74442EML1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $959819.70    | 0.46%             | 2060-04-01      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDUCTNL REV                     | Public Finance Authority                                                     | CUSIP: 74445GAP7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    485000 | PA      | $493365.86    | 0.24%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI POOLED CHRT                     | Public Finance Authority                                                     | CUSIP: 74448GAA7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1189196 | PA      | $1248158.51   | 0.60%             | 2062-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI TOLL REVENU                     | Public Finance Authority                                                     | CUSIP: 74448UAC2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3297364.80   | 1.58%             | 2065-12-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                           | Public Finance Authority                                                     | CUSIP: 74442EMS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $956458.70    | 0.46%             | 2065-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                           | Public Finance Authority                                                     | CUSIP: 74442PD93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    192335 | PA      | $192214.43    | 0.09%             | 2032-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                           | Public Finance Authority                                                     | CUSIP: 74443DGA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $229421.63    | 0.11%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                           | Public Finance Authority                                                     | CUSIP: 74443DLE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $989322.90    | 0.47%             | 2064-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                           | Public Finance Authority                                                     | CUSIP: 74446DAL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $262152.08    | 0.13%             | 2035-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                           | Public Finance Authority                                                     | CUSIP: 74446DAM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $259109.00    | 0.12%             | 2046-09-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Pulaski County Public Facilities Board             | Pulaski County Public Facilities Board                                       | CUSIP: 74540HAK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5005.35      | 0.00%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pulaski County Public Facilities Board             | Pulaski County Public Facilities Board                                       | CUSIP: 74540HAM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $210119.95    | 0.10%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Housing & Mortgage Finance Corp       | Rhode Island Housing & Mortgage Finance Corp                                 | CUSIP: 76221SEU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500554.55    | 0.24%             | 2059-10-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY                     | San Francisco City & County Airport Comm-San Francisco International Airport | CUSIP: 79766DXP9<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048649.80   | 0.50%             | 2055-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Redevelopment Agency S | San Francisco City & County Redevelopment Agency S                           | CUSIP: 79770GAW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60033.72     | 0.03%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilit | Shelby County Health Educational & Housing Facilit                           | CUSIP: 82169JAM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $84710.60     | 0.04%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilit | Shelby County Health Educational & Housing Facilit                           | CUSIP: 82169JAN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1030029.86   | 0.49%             | 2044-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SIERRA VISTA AZ INDL DEV AUTH                      | Sierra Vista Industrial Development Authority                                | CUSIP: 82652UBA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1769578.10   | 0.85%             | 2064-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Silicon Valley Tobacco Securitization Authority    | Silicon Valley Tobacco Securitization Authority                              | CUSIP: 82706TAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $2224469.60   | 1.07%             | 2036-06-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Sky Dance Metropolitan District No 2               | Sky Dance Metropolitan District No 2                                         | CUSIP: 83086VAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $764995.35    | 0.37%             | 2054-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Sky Ranch Community Authority Board                | Sky Ranch Community Authority Board                                          | CUSIP: 83086FAR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $553502.24    | 0.27%             | 2054-12-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority | South Carolina Jobs-Economic Development Authority                           | CUSIP: 83704HAM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $518826.90    | 0.25%             | 2054-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE                     | South Carolina Jobs-Economic Development Authority                           | CUSIP: 837031WQ2<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3045101.70   | 1.46%             | 2057-10-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE                     | South Carolina Jobs-Economic Development Authority                           | CUSIP: 83704MBZ8<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    705000 | PA      | $547479.17    | 0.26%             | 2051-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE                     | South Carolina Jobs-Economic Development Authority                           | CUSIP: 83704MCA2<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    500000 | PA      | $379972.20    | 0.18%             | 2056-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| St Lawrence County Industrial Development Agency   | St Lawrence County Industrial Development Agency                             | CUSIP: 791078AZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20011.88     | 0.01%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| St Vrain Lakes Metropolitan District No 2          | St Vrain Lakes Metropolitan District No 2                                    | CUSIP: 85236GBA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500291.45    | 0.24%             | 2054-11-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| St Vrain Lakes Metropolitan District No 4          | St Vrain Lakes Metropolitan District No 4                                    | CUSIP: 85237KAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $702133.10    | 0.34%             | 2054-09-20      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| STAMFORD CT HSG AUTH                               | Stamford Housing Authority                                                   | CUSIP: 852640AK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020875.10   | 0.49%             | 2055-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| STAMFORD CT HSG AUTH                               | Stamford Housing Authority                                                   | CUSIP: 852640AL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $750889.13    | 0.36%             | 2060-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| STERLING RANCH CMNTY AUTH BRD                      | Sterling Ranch Community Authority Board                                     | CUSIP: 85950NCD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $555720.88    | 0.27%             | 2055-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Suffolk Regional Off-Track Betting Corp            | Suffolk Regional Off-Track Betting Corp                                      | CUSIP: 86480TAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $761198.78    | 0.37%             | 2053-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finan | Tarrant County Cultural Education Facilities Finan                           | CUSIP: 87638RHK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $44802.45     | 0.02%             | 2031-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates     | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035MB79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2604839.62   | 1.25%             | 2055-05-15      | Variable      | 7.97%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates     | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035PF52<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2764503.80   | 1.33%             | 2055-09-01      | Variable      | 7.88%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates     | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035PQ84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2329431.56   | 1.12%             | 2053-07-01      | Variable      | 6.95%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates     | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035PSJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2660000 | PA      | $3219393.29   | 1.55%             | 2053-07-15      | Variable      | 7.11%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates     | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035RCN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2739040.60   | 1.32%             | 2050-05-01      | Variable      | 7.86%                 | No            |                  2 | On Loan: No      |
| TERRELL TX SPL ASSMNT REVENUE                      | City of Terrell TX                                                           | CUSIP: 881435AE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024176.70   | 0.49%             | 2055-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Trevenna Metropolitan District                     | Trevenna Metropolitan District                                               | CUSIP: 89533MAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $495713.91    | 0.24%             | 2054-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| University of Delaware                             | University of Delaware                                                       | CUSIP: 91425MAZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2500000.00   | 1.20%             | 2035-11-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| UPPER IL RIVER VLY DEV AUTH                        | Upper Illinois River Valley Development Authority                            | CUSIP: 91588XAQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008191.40   | 0.48%             | 2055-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VAIL HOME PARTNERS CORP CO HSG                     | Vail Home Partners Corp                                                      | CUSIP: 91879VAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $510633.40    | 0.25%             | 2055-10-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| VALPARAISO IN MF HSG REVENUE                       | City of Valparaiso IN                                                        | CUSIP: 920286AA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $680182.58    | 0.33%             | 2041-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Village Metropolitan District/The                  | Village Metropolitan District/The                                            | CUSIP: 92708CAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009222.30   | 0.48%             | 2055-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                | Virginia College Building Authority                                          | CUSIP: 92778FLZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1245000 | PA      | $1324990.38   | 0.64%             | 2055-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN                     | Virginia Small Business Financing Authority                                  | CUSIP: 928104LZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    815000 | PA      | $815313.94    | 0.39%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Viridian Farm Public Infrastructure District No 1  | Viridian Farm Public Infrastructure District No 1                            | CUSIP: 92841PAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1130000 | PA      | $1147347.31   | 0.55%             | 2054-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority        | Washington Health Care Facilities Authority                                  | CUSIP: 93978HFW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $125040.21    | 0.06%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority        | Washington Health Care Facilities Authority                                  | CUSIP: 93978HKC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30014.93     | 0.01%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority        | Washington Health Care Facilities Authority                                  | CUSIP: 93978HKJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500125.30    | 0.24%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority        | Washington Health Care Facilities Authority                                  | CUSIP: 93978HKN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $525578.60    | 0.25%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority        | Washington Health Care Facilities Authority                                  | CUSIP: 93978HYK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $410214.68    | 0.20%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority        | Washington Health Care Facilities Authority                                  | CUSIP: 93978HYL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $530422.46    | 0.25%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI                     | Washington State Housing Finance Commission                                  | CUSIP: 939783Y26<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1505581.50   | 0.72%             | 2060-07-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI                     | Washington State Housing Finance Commission                                  | CUSIP: 93978LJN7<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019558.80   | 0.49%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission        | Washington State Housing Finance Commission                                  | CUSIP: 939783U61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $243348.30    | 0.12%             | 2059-01-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Washington Township Health Care District           | Washington Township Health Care District                                     | CUSIP: 940642CE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $105025.88    | 0.05%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WEEMS NEIGHBORHOOD MET DIST CO                     | Weems Neighborhood Metropolitan District                                     | CUSIP: 948572AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $821763.84    | 0.39%             | 2055-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| West Chicago Fire Protection District              | West Chicago Fire Protection District                                        | CUSIP: 952075BB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100080.48    | 0.05%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Shore Area Authority                          | West Shore Area Authority                                                    | CUSIP: 95581QAJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $14119.53     | 0.01%             | 2035-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| WISCONSIN HLTH EDL FACS AUTH S                     | Wisconsin Health & Educational Facilities Authority                          | CUSIP: 97671VCU7<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    650000 | PA      | $677890.01    | 0.33%             | 2060-07-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Worthington City School District                   | Worthington City School District                                             | CUSIP: 982038TL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10704840.00  | 5.14%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-29

**Name of Applicant:** Tidal Trust III

**Signature:** /s/ Aaron Perkovich

**Name of Signer:** Aaron Perkovich

**Title:** Treasurer/Principal Financial Officer