# EDGAR Filing Document

**Accession Number:** 0001722388
**File Stem:** 0002000324-25-003770
**Filing Date:** 2025-9
**Character Count:** 100800
**Document Hash:** 84d3cfca6be897e928e6d8318b1683e4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-25-003770.hdr.sgml**: 20250929

**ACCESSION NUMBER**: 0002000324-25-003770

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250929

**DATE AS OF CHANGE**: 20250929

**PERIOD START**: 20250731

**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:** 251353858

**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            |

## 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:** 2025-07-31

- **b. Date as of which information is reported:** 2025-07-31

**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:** $201975777.01

**Total Liabilities:** $26385718.02

**Net Assets:** $175590058.99

**Delayed Delivery Securities:** $22912300.21

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -0.64 | **1-Year:** -318.22 | **5-Year:** -8843.67 | **10-Year:** -93693 | **30-Year:** -47201.91

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

- **3-Month:** 0 | **1-Year:** 0 | **5-Year:** 0 | **10-Year:** -372.82 | **30-Year:** -10294.89

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000251864 | -0.61%               | 1.11%                | -1.23%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-798506.04              | $-954088.37                                |
| Month 2  | $-295202.35              | $1414313.73                                |
| Month 3  | $-479763.79              | $-2476019.17                               |

**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      | $708417.48    | 0.40%             | 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      | $101455.30    | 0.06%             | 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      | $96607.96     | 0.06%             | 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      | $959709.00    | 0.55%             | 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      | $1047103.40   | 0.60%             | 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      | $733603.13    | 0.42%             | 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      | $998712.50    | 0.57%             | 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      | $961089.50    | 0.55%             | 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      | $935708.90    | 0.53%             | 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      | $992397.50    | 0.57%             | 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      | $999079.90    | 0.57%             | 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      | $2602980.16   | 1.48%             | 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      | $1315728.00   | 0.75%             | 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      | $844391.94    | 0.48%             | 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      | $267030.59    | 0.15%             | 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      | $993684.00    | 0.57%             | 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      | $1059417.24   | 0.60%             | 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      | $438124.10    | 0.25%             | 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      | $409217.27    | 0.23%             | 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      | $766781.44    | 0.44%             | 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      | $1324279.50   | 0.75%             | 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      | $2327824.48   | 1.33%             | 2065-03-01      | 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      | $200427.52    | 0.11%             | 2043-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Autho | California Statewide Communities Development Autho                           | CUSIP: 13077ERJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $94973.97     | 0.05%             | 2054-09-01      | Fixed         | 5.00%                 | 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      | $741313.35    | 0.42%             | 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      | $439763.40    | 0.25%             | 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      | $1968977.00   | 1.12%             | 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      | $1887721.80   | 1.08%             | 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      | $434710.05    | 0.25%             | 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      | $1305584.70   | 0.74%             | 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      | $856885.00    | 0.49%             | 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      | $216496.78    | 0.12%             | 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      | $952463.60    | 0.54%             | 2044-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Chandler Industrial Development Authority          | Chandler Industrial Development Authority                                    | CUSIP: 158862CA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $142417.90    | 0.08%             | 2042-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Chester Water Authority                            | Chester Water Authority                                                      | CUSIP: 166178QJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200295.50    | 0.11%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Children's Trust Fund                              | Children's Trust Fund                                                        | CUSIP: 16876QBF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5070.00      | 0.00%             | 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      | $447457.60    | 0.25%             | 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      | $502433.24    | 0.29%             | 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      | $98079.05     | 0.06%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Brooklyn Park MN                           | City of Brooklyn Park MN                                                     | CUSIP: 114224AH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $484657.25    | 0.28%             | 2030-07-01      | Fixed         | 5.25%                 | 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      | $645564.85    | 0.37%             | 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      | $1438245.45   | 0.82%             | 2054-09-15      | Fixed         | 7.00%                 | 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      | $281899.44    | 0.16%             | 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      | $446448.23    | 0.25%             | 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      | $65254.28     | 0.04%             | 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      | $852550.57    | 0.49%             | 2038-01-01      | Fixed         | 5.38%                 | 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      | $695559.60    | 0.40%             | 2060-01-01      | Fixed         | 5.62%                 | 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      | $473696.45    | 0.27%             | 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      | $100958.42    | 0.06%             | 2047-12-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| CLINTON CNTY NY CAPITAL RESOUR                     | Clinton County Capital Resource Corp                                         | CUSIP: 187469AG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $293905.80    | 0.17%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CO HIGH PERFORMANCE TRANSPRTN                      | Colorado High Performance Transportation Enterprise                          | CUSIP: 19648DAD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    915000 | PA      | $845183.58    | 0.48%             | 2056-12-31      | Fixed         | 5.00%                 | 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      | $131498.87    | 0.07%             | 2045-05-15      | Fixed         | 5.00%                 | 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      | $1443564.60   | 0.82%             | 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      | $899278.00    | 0.51%             | 2054-09-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade Seaport Department            | County of Miami-Dade Seaport Department                                      | CUSIP: 59335KDE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $705652.80    | 0.40%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Palm Beach FL Airport System Revenue     | County of Palm Beach FL Airport System Revenue                               | CUSIP: 696499FU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $508045.85    | 0.29%             | 2044-10-01      | Fixed         | 5.25%                 | 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      | $425798.28    | 0.24%             | 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      | $488654.70    | 0.28%             | 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      | $805520.28    | 0.46%             | 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      | $956399.70    | 0.54%             | 2054-12-15      | Fixed         | 6.12%                 | 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      | $1412698.91   | 0.80%             | 2065-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Delaware State Economic Development Authority      | Delaware State Economic Development Authority                                | CUSIP: 246371AA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $18658.17     | 0.01%             | 2048-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware State Economic Development Authority      | Delaware State Economic Development Authority                                | CUSIP: 246387QD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $288641.97    | 0.16%             | 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      | $50034.02     | 0.03%             | 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      | $987893.20    | 0.56%             | 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      | $347796.72    | 0.20%             | 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      | $53142.45     | 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      | $1600892.48   | 0.91%             | 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      | $238963.60    | 0.14%             | 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      | $327477.85    | 0.19%             | 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      | $583822.50    | 0.33%             | 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      | $909086.30    | 0.52%             | 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      | $40054.34     | 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      | $975110.58    | 0.56%             | 2038-01-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Florida Higher Educational Facilities Financing Au | Florida Higher Educational Facilities Financing Au                           | CUSIP: 34073TPN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $205752.33    | 0.12%             | 2054-12-01      | Fixed         | 4.12%                 | 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      | $957313.30    | 0.55%             | 2060-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST HSG FIN CORP REVENU                     | Florida Housing Finance Corp                                                 | CUSIP: 34074M7G0<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |    990000 | PA      | $1090430.75   | 0.62%             | 2055-01-01      | Fixed         | 6.25%                 | 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      | $1452498.60   | 0.83%             | 2065-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Fort Bend County Municipal Management District No  | Fort Bend County Municipal Management District No                            | CUSIP: 34677MCQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $9945.85      | 0.01%             | 2034-09-01      | Fixed         | 4.00%                 | 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      | $1161311.28   | 0.66%             | 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      | $68102.97     | 0.04%             | 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      | $19998.80     | 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      | $2176629.18   | 1.24%             | 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      | $1962066.20   | 1.12%             | 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      | $50084.15     | 0.03%             | 2041-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                         | Illinois Finance Authority                                                   | CUSIP: 452029AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100043.53    | 0.06%             | 2034-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                         | Illinois Finance Authority                                                   | CUSIP: 452029AD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $144794.80    | 0.08%             | 2045-02-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                         | Illinois Finance Authority                                                   | CUSIP: 45203HRN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10010.86     | 0.01%             | 2027-11-15      | Fixed         | 5.00%                 | 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      | $120183.83    | 0.07%             | 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      | $896575.07    | 0.51%             | 2047-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                             | Iowa Finance Authority                                                       | CUSIP: 462466ES8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.57%             | 2039-02-15      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                             | Iowa Finance Authority                                                       | CUSIP: 46246K3P5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $82725.69     | 0.05%             | 2047-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                             | Iowa Finance Authority                                                       | CUSIP: 46246SAE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $112105.14    | 0.06%             | 2042-08-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                             | Iowa Finance Authority                                                       | CUSIP: 46247SFF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $957127.68    | 0.55%             | 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      | $469860.30    | 0.27%             | 2042-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| KENTON CNTY KY ARPT BRD                            | Kenton County Airport Board                                                  | CUSIP: 491026WK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $496175.10    | 0.28%             | 2054-01-01      | Fixed         | 5.25%                 | 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      | $44443.20     | 0.03%             | 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      | $45351.98     | 0.03%             | 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      | $1228954.95   | 0.70%             | 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        |   1350000 | PA      | $791461.94    | 0.45%             | 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        |   1350000 | PA      | $6755.27      | 0.00%             | 2044-02-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Lompoc Unified School District                     | Lompoc Unified School District                                               | CUSIP: 541772LW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1089417.20   | 0.62%             | 2054-08-01      | Fixed         | 5.25%                 | 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      | $334014.00    | 0.19%             | 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      | $98008.53     | 0.06%             | 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      | $874932.70    | 0.50%             | 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        |   1050000 | PA      | $934040.00    | 0.53%             | 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      | $894530.48    | 0.51%             | 2036-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviatio | Metropolitan Washington Airports Authority Aviatio                           | CUSIP: 592647PE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2065360.20   | 1.18%             | 2055-10-01      | Fixed         | 5.50%                 | 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      | $480118.37    | 0.27%             | 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      | $1039594.58   | 0.59%             | 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      | $2003662.40   | 1.14%             | 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      | $747335.55    | 0.43%             | 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      | $663321.69    | 0.38%             | 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      | $814183.20    | 0.46%             | 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      | $20029.32     | 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      | $2479219.75   | 1.41%             | 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      | $243500.50    | 0.14%             | 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      | $830384.60    | 0.47%             | 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      | $73694.23     | 0.04%             | 2045-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MTA Hudson Rail Yards Trust Obligations            | MTA Hudson Rail Yards Trust Obligations                                      | CUSIP: 62476RAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $492370.16    | 0.28%             | 2056-11-15      | 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      | $999602.90    | 0.57%             | 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      | $491834.95    | 0.28%             | 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      | $609349.56    | 0.35%             | 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      | $115943.32    | 0.07%             | 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      | $2001493.60   | 1.14%             | 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      | $1722758.94   | 0.98%             | 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      | $1372745.95   | 0.78%             | 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      | $492571.85    | 0.28%             | 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      | $245135.93    | 0.14%             | 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      | $125150.75    | 0.07%             | 2046-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Orleans Aviation Board                         | New Orleans Aviation Board                                                   | CUSIP: 64763HNM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $751921.65    | 0.43%             | 2049-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Orleans Aviation Board                         | New Orleans Aviation Board                                                   | CUSIP: 64763HNN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $750161.55    | 0.43%             | 2051-01-01      | Fixed         | 5.25%                 | 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      | $200952.36    | 0.11%             | 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      | $702442.02    | 0.40%             | 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      | $141599.78    | 0.08%             | 2045-06-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                     | New York Transportation Development Corp                                     | CUSIP: 650116AQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $344988.58    | 0.20%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                     | New York Transportation Development Corp                                     | CUSIP: 650116AR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1065000 | PA      | $1013972.76   | 0.58%             | 2046-07-01      | Fixed         | 5.00%                 | 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      | $710128.78    | 0.40%             | 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      | $989426.68    | 0.56%             | 2060-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                     | New York Transportation Development Corp                                     | CUSIP: 650116HT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    660000 | PA      | $647166.70    | 0.37%             | 2054-12-31      | Fixed         | 5.25%                 | 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      | $1538033.85   | 0.88%             | 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      | $820643.01    | 0.47%             | 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      | $1935344.80   | 1.10%             | 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      | $181162.77    | 0.10%             | 2054-12-31      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Newark Higher Education Finance Corp               | Newark Higher Education Finance Corp                                         | CUSIP: 650346GM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $584647.74    | 0.33%             | 2054-08-15      | Fixed         | 4.25%                 | 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      | $91827.64     | 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      | $1550358.26   | 0.88%             | 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      | $545318.99    | 0.31%             | 2032-01-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REVENUE                               | State of Ohio                                                                | CUSIP: 67756CFH6<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.23%             | 2051-01-15      | Variable      | 2.55%                 | 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      | $925268.40    | 0.53%             | 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      | $1472476.05   | 0.84%             | 2045-01-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| OHIO ST PRIVATE ACTIVITY REVEN                     | State of Ohio                                                                | CUSIP: 67759YAN7<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1575982.33   | 0.90%             | 2035-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Capitol Improvement Authority             | Oklahoma Capitol Improvement Authority                                       | CUSIP: 678514EN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2055419.00   | 1.17%             | 2055-07-01      | Fixed         | 5.25%                 | 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      | $20097.58     | 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      | $110533.85    | 0.06%             | 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      | $926239.90    | 0.53%             | 2054-12-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority      | Palm Beach County Health Facilities Authority                                | CUSIP: 696507UM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $235719.66    | 0.13%             | 2037-05-15      | Fixed         | 5.00%                 | 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      | $147671.13    | 0.08%             | 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      | $202947.28    | 0.12%             | 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      | $913637.60    | 0.52%             | 2054-05-01      | Fixed         | 5.45%                 | 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        |   1000000 | PA      | $895643.90    | 0.51%             | 2055-05-01      | Fixed         | 5.30%                 | 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      | $1484800.20   | 0.85%             | 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      | $750095.38    | 0.43%             | 2056-06-15      | Fixed         | 4.75%                 | 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      | $913690.90    | 0.52%             | 2060-04-01      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE                     | Public Finance Authority                                                     | CUSIP: 74442EMS6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $914312.60    | 0.52%             | 2065-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                         | Public Finance Authority                                                     | CUSIP: 74442PN92<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $903862.10    | 0.51%             | 2054-12-01      | Fixed         | 5.25%                 | 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      | $3133329.90   | 1.78%             | 2065-12-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                           | Public Finance Authority                                                     | CUSIP: 74442PD93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    214832 | PA      | $209863.97    | 0.12%             | 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      | $219870.38    | 0.13%             | 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      | $942346.20    | 0.54%             | 2064-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                           | Public Finance Authority                                                     | CUSIP: 74445GAP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    485000 | PA      | $480719.54    | 0.27%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                           | Public Finance Authority                                                     | CUSIP: 74446DAL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $258125.83    | 0.15%             | 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      | $251018.18    | 0.14%             | 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      | $5003.56      | 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      | $208134.44    | 0.12%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Red Barn Metropolitan District                     | Red Barn Metropolitan District                                               | CUSIP: 75633SAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $767680.96    | 0.44%             | 2055-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Rhode Island Housing & Mortgage Finance Corp       | Rhode Island Housing & Mortgage Finance Corp                                 | CUSIP: 76221SET4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $467456.75    | 0.27%             | 2054-10-01      | Fixed         | 4.70%                 | 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      | $468467.55    | 0.27%             | 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      | $1009537.00   | 0.57%             | 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      | $59693.04     | 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      | $81605.66     | 0.05%             | 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      | $969406.54    | 0.55%             | 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      | $1684675.12   | 0.96%             | 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      | $2156803.20   | 1.23%             | 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      | $737137.28    | 0.42%             | 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      | $544331.48    | 0.31%             | 2054-12-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SkyRidge Pegasus Infrastructure Financing District | SkyRidge Pegasus Infrastructure Financing District                           | CUSIP: 83089AAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $936742.40    | 0.53%             | 2044-12-01      | Fixed         | 5.25%                 | 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      | $500232.45    | 0.28%             | 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      | $3012757.50   | 1.72%             | 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      | $523780.67    | 0.30%             | 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      | $362790.55    | 0.21%             | 2056-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTHORITY A C                     | Southeast Energy Authority A Cooperative District                            | CUSIP: 84136HBT9<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2076576.20   | 1.18%             | 2055-03-01      | Variable      | 5.25%                 | 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      | $19980.76     | 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      | $499768.45    | 0.28%             | 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      | $674882.40    | 0.38%             | 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      | $985142.10    | 0.56%             | 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      | $708024.15    | 0.40%             | 2060-10-01      | Fixed         | 6.25%                 | 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      | $763140.98    | 0.43%             | 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      | $43350.24     | 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      | $2291324.00   | 1.30%             | 2055-05-15      | Variable      | 12.63%                | 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      | $2519507.68   | 1.43%             | 2055-09-01      | Variable      | 12.52%                | 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      | $2050888.80   | 1.17%             | 2053-07-01      | Variable      | 11.32%                | 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      | $2874306.62   | 1.64%             | 2053-07-15      | Variable      | 11.62%                | 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      | $2437621.04   | 1.39%             | 2050-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Trevenna Metropolitan District                     | Trevenna Metropolitan District                                               | CUSIP: 89533MAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $464490.21    | 0.26%             | 2054-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| University of Delaware                             | University of Delaware                                                       | CUSIP: 91425MDV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $800000.00    | 0.46%             | 2037-11-01      | Variable      | 2.85%                 | 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      | $970919.00    | 0.55%             | 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      | $489688.15    | 0.28%             | 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      | $643189.43    | 0.37%             | 2041-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Virgin Islands Public Finance Authority            | Virgin Islands Public Finance Authority                                      | CUSIP: 927676NA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10029.58     | 0.01%             | 2029-10-01      | Fixed         | 4.25%                 | 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      | $1294234.02   | 0.74%             | 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        |   1000000 | PA      | $1002087.20   | 0.57%             | 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      | $1079983.38   | 0.62%             | 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      | $122238.56    | 0.07%             | 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      | $30016.60     | 0.02%             | 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      | $499969.20    | 0.28%             | 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      | $525083.00    | 0.30%             | 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      | $397547.07    | 0.23%             | 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      | $525482.23    | 0.30%             | 2041-10-01      | Fixed         | 5.00%                 | 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      | $228672.73    | 0.13%             | 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      | $101805.78    | 0.06%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Water Valley Metropolitan District No 3            | Water Valley Metropolitan District No 3                                      | CUSIP: 94114TAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $494702.84    | 0.28%             | 2054-12-01      | Fixed         | 5.25%                 | 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      | $796732.96    | 0.45%             | 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      | $100049.62    | 0.06%             | 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      | $13954.96     | 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      | $658743.41    | 0.38%             | 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      | $10363597.00  | 5.90%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-29

**Name of Applicant:** Tidal Trust III

**Signature:** /s/ Aaron Perkovich

**Name of Signer:** Aaron Perkovich

**Title:** Treasurer/Principal Financial Officer