# EDGAR Filing Document

**Accession Number:** 0001424212
**File Stem:** 0000940400-26-011445
**Filing Date:** 2026-3
**Character Count:** 720676
**Document Hash:** 505ae0af544853f4824868026642c9c8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-011445.hdr.sgml**: 20260325

**ACCESSION NUMBER**: 0000940400-26-011445

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260325

**DATE AS OF CHANGE**: 20260325

**PERIOD START**: 20261031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIRST TRUST EXCHANGE-TRADED FUND III
- **CENTRAL INDEX KEY:** 0001424212

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22245
- **FILM NUMBER:** 26792251

**BUSINESS ADDRESS:**
- **STREET 1:** 120 EAST LIBERTY DRIVE
- **STREET 2:** SUITE 400
- **CITY:** WHEATON
- **STATE:** IL
- **ZIP:** 60187
- **BUSINESS PHONE:** 630-765-8000

**MAIL ADDRESS:**
- **STREET 1:** 120 EAST LIBERTY DRIVE
- **STREET 2:** SUITE 400
- **CITY:** WHEATON
- **STATE:** IL
- **ZIP:** 60187

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** First Trust Exchange-Traded Fund III
- **DATE OF NAME CHANGE:** 20160419

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** First Trust Exchange Traded Fund III
- **DATE OF NAME CHANGE:** 20080116

## Series and Classes Contracts Data

### First Trust Managed Municipal ETF (Series ID: S000044373)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000138174 | First Trust Managed Municipal ETF | FMB             |

## Nport-Ex

**First Trust Managed Municipal ETF (FMB)**

**Portfolio of Investments**

**January 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Stated** <br>**Coupon**<br>| **Stated** <br>**Maturity**<br>| **Value** |
| **MUNICIPAL BONDS — 99.3%** | **MUNICIPAL BONDS — 99.3%** | **MUNICIPAL BONDS — 99.3%** | **MUNICIPAL BONDS — 99.3%** | **MUNICIPAL BONDS — 99.3%** |
|  | **Alabama — 5.7%** | **Alabama — 5.7%** | **Alabama — 5.7%** |  |
| $225000 | &nbsp;&nbsp;&nbsp; AL Cmnty Clg Sys Brd of Trustees Rev Bishop St Cmnty Clg, <br> BAM | 4.00% | 01/01/35 | $230405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Birmingham AL Spl Care Facs Fing Auth Hlth Care Fac Ref <br> Children's Hosp, Ser A | 5.25% | 06/01/42 | 1119720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Birmingham AL Spl Care Facs Fing Auth Hlth Care Fac Ref <br> Children's Hosp, Ser A | 5.25% | 06/01/43 | 1105310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Birmingham AL Spl Care Facs Fing Auth Hlth Care Fac Ref <br> Children's Hosp, Ser A | 5.25% | 06/01/44 | 1092485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Birmingham AL Spl Care Facs Fing Auth Hlth Care Fac Ref <br> Children's Hosp, Ser A | 5.25% | 06/01/45 | 1079411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7695000 | &nbsp;&nbsp;&nbsp; Black Belt Energy Gas Dist AL Gas Proj Rev Bonds Proj No 7, <br>Ser C-1 (Mandatory put 12/01/26) | 4.00% | 10/01/52 | 7779977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10070000 | &nbsp;&nbsp;&nbsp; Black Belt Energy Gas Dist AL Gas Proj Rev Proj No 6, Ser B <br> (Mandatory put 12/01/26) | 4.00% | 10/01/52 | 10181204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Black Belt Energy Gas Dist AL Gas Proj Rev Ref Gas Proj, Ser D <br> (Mandatory put 08/01/35) | 5.00% | 12/01/55 | 536579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Black Belt Energy Gas Dist AL Gas Proj Rev, Ser B (a) | 5.00% | 12/01/34 | 2175834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4150000 | &nbsp;&nbsp;&nbsp; Black Belt Energy Gas Dist AL Gas Proj Rev, Ser C (Mandatory <br> put 06/01/32) | 5.50% | 10/01/54 | 4575416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5300000 | &nbsp;&nbsp;&nbsp; Black Belt Energy Gas Dist AL Gas Proj Rev, Ser C-1 (Mandatory <br> put 06/01/29) | 5.25% | 02/01/53 | 5589251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; Black Belt Energy Gas Dist AL Gas Proj Rev, Ser F (Mandatory put <br> 12/01/28) | 5.50% | 11/01/53 | 1321865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | Black Belt Energy Gas Dist AL Gas Proj Rev, Ser G | 5.00% | 10/01/35 | 2689167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; Black Belt Energy Gas Dist AL Gas Sply Rev, Ser B (Mandatory <br> put 12/01/30) | 5.25% | 12/01/53 | 3236075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8600000 | &nbsp;&nbsp;&nbsp; Energy SE AL A Cooperative Dist Energy Sply Rev, Ser A-1 <br> (Mandatory put 01/01/31) | 5.50% | 11/01/53 | 9384173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp; Energy SE AL A Cooperative Dist Energy Sply Rev, Ser B-1 <br> (Mandatory put 11/01/31) | 5.75% | 04/01/54 | 4971189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; Homewood AL Eductnl Bldg Auth Rev Ref Samford Univ Proj, <br>Ser A | 4.00% | 12/01/33 | 401284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp; Homewood AL Eductnl Bldg Auth Rev Ref Samford Univ Proj, <br>Ser A | 4.00% | 12/01/34 | 950147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2605000 | &nbsp;&nbsp;&nbsp; Homewood AL Eductnl Bldg Auth Rev Stdt Hsg & Parking <br> Proj, Ser C | 5.50% | 10/01/49 | 2643718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2225000 | Jacksonville Pub Eductnl Bldg Auth JSU Fdtn Proj, Ser A, BAM | 5.13% | 08/01/44 | 2338237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | Jefferson Cnty AL Swr Rev Warrants Ref Warrants | 5.00% | 10/01/39 | 660790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2280000 | Jefferson Cnty AL Swr Rev Warrants Ref Warrants | 5.25% | 10/01/40 | 2531966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3050000 | Jefferson Cnty AL Swr Rev Warrants Ref Warrants | 5.25% | 10/01/42 | 3322071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Midcity Impt Dist AL Spl Assmnt Rev | 4.50% | 11/01/42 | 918397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1605000 | Prichard AL Wtrwks & Swr Brd Wtr & Swr Rev Ref (b) (c) | 4.00% | 11/01/32 | 1043250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1765000 | Prichard AL Wtrwks & Swr Brd Wtr & Swr Rev Ref (b) (c) | 4.00% | 11/01/34 | 1147250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | SE Energy Auth A Cooperative, Ser D | 5.00% | 09/01/35 | 5515118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | SE Energy Auth A Cooperative, Ser E | 5.00% | 10/01/30 | 4344727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8170000 | &nbsp;&nbsp;&nbsp; SE Energy Auth AL Cmdy Sply Rev Proj #1, Ser A (Mandatory put <br> 10/01/28) | 4.00% | 11/01/51 | 8327362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; SE Energy Auth AL Cmdy Sply Rev Var Proj No 3, Ser A-1 <br> (Mandatory put 12/01/29) | 5.50% | 01/01/53 | 1604376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp; SE Energy Auth AL Cooperative Dist Cmdy Sply Rev Proj #6, Ser <br> B (Mandatory put 06/01/30) | 5.00% | 01/01/54 | 4769932 |

---

------

**First Trust Managed Municipal ETF (FMB)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Alabama (Continued)** | **Alabama (Continued)** | **Alabama (Continued)** |  |
| $2000000 | &nbsp;&nbsp;&nbsp; SE Energy Auth AL Cooperative Dist Gas Sply Rev, Ser F <br> (Mandatory put 11/01/35) | 5.25% | 11/01/55 | $2198165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2920000 | SE Energy Auth AL Cooperative, Ser C (Mandatory put 11/01/32) | 5.00% | 10/01/55 | 3152804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1650000 | Univ of AL at Birmingham Gen Rev Brd of Trustees, Ser B | 3.00% | 10/01/41 | 1455252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp; Walker Cnty AL Econ & Indl Dev Auth Sol Wst Disp Rev Var AL <br> Pwr Co Plant Gorgas Proj, AMT (d) | 3.30% | 08/01/63 | 6000000 |
|  |  |  |  | 110392907 |
|  | **Arizona — 2.0%** | **Arizona — 2.0%** | **Arizona — 2.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | AZ St Indl Dev Auth Edu Rev Acads of Math & Science Proj (e) | 5.00% | 07/01/49 | 1836499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 925000 | AZ St Indl Dev Auth Edu Rev Cadence Cmps Proj, Ser A (e) | 4.00% | 07/15/40 | 874419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp; AZ St Indl Dev Auth Edu Rev Doral Acdmy NV Fire Mesa & Red <br> Rock Cmps Proj, Ser A | 5.00% | 07/15/39 | 175715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; AZ St Indl Dev Auth Edu Rev Macombs Fac Proj Sustainable <br> Bonds, Ser A | 4.00% | 07/01/41 | 471278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375000 | AZ St Indl Dev Auth Edu Rev Ref Basis Sch Projs, Ser D (e) | 5.00% | 07/01/37 | 377476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225000 | AZ St Indl Dev Auth Edu Rev Ref Basis Schs Projs, Ser A (e) | 5.00% | 07/01/26 | 226045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1030000 | AZ St Indl Dev Auth Edu Rev Ref Basis Schs Projs, Ser G (e) | 5.00% | 07/01/37 | 1036800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; AZ St Indl Dev Auth Edu Rev Ref Doral Acdmy of Northern NV <br> Proj, Ser A (e) | 4.00% | 07/15/51 | 389438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; AZ St Indl Dev Auth Edu Rev Ref Doral Acdmy of Northern NV <br> Proj, Ser A (e) | 4.00% | 07/15/56 | 831901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; AZ St Indl Dev Auth Edu Rev Somerset Acdmy of LV Aliante & <br> Skye Canyon Cmps Proj, Ser A (e) | 4.00% | 12/15/51 | 623396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp; AZ St Indl Dev Auth Natl Chrt Sch Revolving Loan Fd Equitable <br> Sch Revolving Fund Sustainable Bonds, Ser A | 5.00% | 11/01/41 | 345531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp; AZ St Indl Dev Auth Natl Chrt Sch Revolving Loan Fd Equitable <br> Sch Revolving Fund Sustainable Bonds, Ser A | 5.00% | 11/01/42 | 378215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; AZ St Indl Dev Auth Natl Chrt Sch Revolving Loan Fd Equitable <br> Sch Revolving Fund Sustainable Bonds, Ser A | 5.00% | 11/01/43 | 518888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1165000 | &nbsp;&nbsp;&nbsp; AZ St Indl Dev Auth Natl Chrt Sch Revolving Loan Fd Equitable <br> Sch Revolving Fund Sustainable Bonds, Ser A | 5.00% | 11/01/49 | 1180368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 595000 | &nbsp;&nbsp;&nbsp; AZ St Indl Dev Auth Natl Chrt Sch Revolving Loan Fd Sustainable <br> Bonds Equitable Sch Revolving Fund, Ser A | 4.00% | 11/01/38 | 591075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3800000 | &nbsp;&nbsp;&nbsp; AZ St Indl Dev Auth Natl Chrt Sch Revolving Loan Fd Sustainable <br> Bonds Equitable Sch Revolving Fund, Ser A | 4.00% | 11/01/46 | 3363021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Chandler AZ Indl Dev Auth Indl Dev Rev Var Intel Corp Proj, Ser <br> 2022-2, AMT (Mandatory put 09/01/27) | 5.00% | 09/01/52 | 2041315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; Glendale AZ Indl Dev Auth Sr Living Facs Rev Ref Sun Hlth <br> Svcs, Ser A | 5.00% | 11/15/42 | 4017190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 985000 | Maricopa Cnty AZ Indl Dev Auth Edu Rev Legacy Trad Schs Proj | 4.00% | 07/01/34 | 993520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Horizon Cmnty <br> Learning Ctr Proj | 5.00% | 07/01/35 | 501550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Legacy Trad Sch <br> Proj | 4.00% | 07/01/34 | 504165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Legacy Trad Schs <br> Proj Auth, Ser B (e) | 5.00% | 07/01/39 | 1020375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp; Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Legacy Trad Schs <br> Proj Auth, Ser B (e) | 5.00% | 07/01/49 | 2085860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Paradise Schs Projs <br> Paragon Mgmt Inc (e) | 4.00% | 07/01/26 | 99977 |

---

------

**First Trust Managed Municipal ETF (FMB)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Arizona (Continued)** | **Arizona (Continued)** | **Arizona (Continued)** |  |
| $1475000 | &nbsp;&nbsp;&nbsp; Maricopa Cnty AZ Indl Dev Auth Ref Banner Hlth Oblig Grp, <br>Ser A | 4.00% | 01/01/38 | $1477874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Phoenix AZ Civic Impt Corp Arpt Rev Ref Junior Lien | 5.00% | 07/01/39 | 1142657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; Phoenix AZ Indl Dev Auth Edu Rev Fac Legacy Trad Schs <br> Projs, Ser A (e) | 4.00% | 07/01/26 | 100325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3655000 | Phoenix AZ Indl Dev Auth Edu Rev Ref Basis Schs Projs, Ser A (e) | 5.00% | 07/01/35 | 3656636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; Phoenix AZ Indl Dev Auth Hotel Rev Sr Falcon Properties LLC <br> Proj, Ser A (f) | 4.00% | 12/01/41 | 1786999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; Phoenix AZ Indl Dev Auth Stdt Hsg Rev Downtown Phoenix Stdt <br> Hsg II LLC AZ St Univ Proj, Ser A | 5.00% | 07/01/33 | 311142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; Phoenix AZ Indl Dev Auth Stdt Hsg Rev Downtown Phoenix Stdt <br> Hsg II LLC AZ St Univ Proj, Ser A | 5.00% | 07/01/34 | 310375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; Phoenix AZ Indl Dev Auth Stdt Hsg Rev Downtown Phoenix Stdt <br> Hsg II LLC AZ St Univ Proj, Ser A | 5.00% | 07/01/35 | 876418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; Phoenix AZ Indl Dev Auth Stdt Hsg Rev Downtown Phoenix Stdt <br> Hsg II LLC AZ St Univ Proj, Ser A | 5.00% | 07/01/44 | 700423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; Phoenix AZ Indl Dev Auth Stdt Hsg Rev Ref Downtown Phoenix <br> Stdt Hsg LLC AZ St Univ Proj, Ser A | 5.00% | 07/01/26 | 201250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Salt River AZ Proj Agric Impt & Pwr Dist Elec Sys Rev Salt River <br> Proj, Ser C | 5.00% | 01/01/51 | 1569404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Tempe AZ Indl Dev Auth Rev Ref Friendship Vlg of Tempe <br> Proj, Ser A | 4.00% | 12/01/38 | 991818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2150000 | Yuma AZ Indl Dev Auth Hosp Rev Ref Yuma Regl Med Ctr, Ser A | 5.25% | 08/01/49 | 2231377 |
|  |  |  |  | 39840715 |
|  | **Arkansas — 0.1%** | **Arkansas — 0.1%** | **Arkansas — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; AR St Dev Fin Auth Res Recovery Rev Var Weyerhaeuser Co Proj, <br> AMT (Mandatory put 10/15/32) | 3.88% | 10/15/65 | 1000590 |
|  | **California — 5.6%** | **California — 5.6%** | **California — 5.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1245000 | Burbank CA Wtr & Pwr Elec Rev | 5.00% | 06/01/43 | 1334884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; CA Cmnty Choice Fing Auth Clean Energy Proj Rev Sustainable <br> Bond, Ser A-1 (Mandatory put 08/01/28) | 4.00% | 05/01/53 | 2037844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; CA Cmnty Choice Fing Auth Clean Energy Proj Rev Sustainable <br> Bond, Ser A-1 (Mandatory put 04/01/32) | 5.00% | 05/01/54 | 2146436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp; CA Cmnty Choice Fing Auth Clean Energy Proj Rev Sustainable <br> Bond, Ser B-1 (Mandatory put 08/01/31) | 4.00% | 02/01/52 | 2430342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; CA Cmnty Choice Fing Auth Clean Energy Proj Rev Sustainable <br> Bond, Ser B-1 (Mandatory put 08/01/29) | 5.00% | 07/01/53 | 3173809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; CA Cmnty Choice Fing Auth Clean Energy Proj Rev Sustainable <br> Bonds, Ser E (Mandatory put 05/01/35) | 5.00% | 10/01/56 | 2196103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; CA Cmnty Choice Fing Auth Clean Energy Proj Rev Var <br> Sustainable Bond Clean Energy Proj Rev Bonds, Ser B <br> (Mandatory put 11/01/35) | 5.00% | 03/01/56 | 3278936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; CA Sch Fin Auth Sch Fac Rev Alliance Clg Ready Pub Schs <br> Proj, Ser C (e) | 4.50% | 07/01/26 | 301252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | CA Sch Fin Auth Sch Fac Rev Granada Hills Chrt Oblig Grp (e) | 5.00% | 07/01/43 | 2000865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 455000 | CA Sch Fin Auth Sch Fac Rev Ref Hth Learning Proj, Ser A (e) | 4.00% | 07/01/26 | 455545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | CA Sch Fin Auth Sch Fac Rev Ref Hth Learning Proj, Ser A (e) | 5.00% | 07/01/32 | 811759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 655000 | CA Sch Fin Auth Sch Fac Rev, Ser A (e) | 5.00% | 07/01/40 | 666691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; CA St Enterprise Dev Auth Lease Rev Riverside Cnty Mead Vly <br> Wellness Vlg Proj, Ser A | 5.00% | 11/01/44 | 2174105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | CA St Hlth Facs Fing Auth Rev Ref El Camino Hlth, Ser A | 5.00% | 02/01/42 | 1417488 |

---

------

**First Trust Managed Municipal ETF (FMB)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **California (Continued)** | **California (Continued)** | **California (Continued)** |  |
| $445000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Chrt Sch Lease Rev Vista Chrt Middle Sch <br> Proj (b) | 5.38% | 07/01/34 | $445267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Chrt Sch Rev Palmdale Aerospace Acdmy <br> Proj (e) | 4.00% | 07/01/26 | 199627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Chrt Sch Rev Palmdale Aerospace Acdmy <br> Proj, Ser A (e) | 5.00% | 07/01/38 | 501771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1120000 | CA St Muni Fin Auth Rev Ref CA Baptist Univ, Ser A (e) | 5.00% | 11/01/35 | 1198505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | CA St Muni Fin Auth Rev Ref HumanGood Oblig Grp, Ser A | 4.00% | 10/01/34 | 602638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | CA St Muni Fin Auth Rev Ref HumanGood Oblig Grp, Ser A | 4.00% | 10/01/36 | 1003358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Sol Wst Disp Rev Var Wst Mgmt Inc <br> Remk, Ser A, AMT (Mandatory put 10/02/28) | 3.45% | 10/01/41 | 1007162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2750000 | CA St Muni Fin Auth Spl Fac Rev United Airls Inc Proj, AMT | 4.00% | 07/15/29 | 2774692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Stdt Hsg Rev Sustainable Bond Orchard Park <br> Stdt Hsg Proj, BAM | 4.00% | 05/15/40 | 1012127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5990000 | &nbsp;&nbsp;&nbsp; CA St Poll Control Fing Auth Wtr Furnishing Rev Plant Bonds, <br> AMT (e) | 5.00% | 07/01/37 | 6014218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | CA St Pub Wks Brd Lease Rev Various Capital Proj, Ser B | 4.00% | 05/01/37 | 1047814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; CA Stwd Cmntys Dev Auth Rev Loma Linda Univ Med Ctr, <br>Ser A (e) | 5.00% | 12/01/30 | 352199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; CA Stwd Cmntys Dev Auth Rev Loma Linda Univ Med Ctr, <br>Ser A (e) | 5.00% | 12/01/33 | 467542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | CA Stwd Cmntys Dev Auth Rev Ref CA Baptist Univ, Ser A (e) | 5.00% | 11/01/32 | 509743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp; CA Stwd Cmntys Dev Auth Rev Ref Front Porch Cmntys & <br> Svcs, Ser A | 5.00% | 04/01/31 | 199303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Centrl Vly CA Energy Auth Cmdy Sply Rev Var (Mandatory put <br> 08/01/35) | 5.00% | 12/01/55 | 2163213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 370000 | Chino CA Cmnty Facs Dist Spl Tax #2003-3 Impt Area #7 | 5.00% | 09/01/30 | 387826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; CSCDA Cmnty Impt Auth CA Essential Hsg Rev The Link <br> Glendale Sustainable Bonds, Ser A-2 (e) | 4.00% | 07/01/56 | 763442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; CSCDA Cmnty Impt Auth CA Essential Hsg Rev Union S Bay <br> Sustainable Bonds, Ser A-2 (e) | 4.00% | 07/01/56 | 825001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Elk Grove CA Fin Auth Spl Tax Rev Cmnty Facs Dt No 2005-1 <br> Laguna Ridge | 5.00% | 09/01/44 | 1033852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp; Folsom Ranch CA Fing Auth Spl Tax Rev White Rock Springs <br> Ranch | 4.00% | 09/01/39 | 165911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp; Folsom Ranch CA Fing Auth Spl Tax Rev White Rock Springs <br> Ranch | 4.00% | 09/01/40 | 168878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp; Folsom Ranch CA Fing Auth Spl Tax Rev White Rock Springs <br> Ranch | 4.00% | 09/01/41 | 170803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Fontana CA Spl Tax Cmnty Facs Dt #109 | 5.00% | 09/01/44 | 1028833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Fontana CA Spl Tax Spl Tax The Meadows | 4.00% | 09/01/27 | 254113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265000 | Fontana CA Spl Tax Spl Tax The Meadows | 4.00% | 09/01/28 | 271748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280000 | Fontana CA Spl Tax Spl Tax The Meadows | 4.00% | 09/01/29 | 289278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 535000 | Fontana CA Spl Tax Spl Tax The Meadows | 4.00% | 09/01/36 | 543100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Irvine CA Facs Fing Auth Lease Rev Gateway Preserve Land Acq <br> Proj, Ser A | 5.25% | 05/01/43 | 2008005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175000 | Irvine CA Unif Sch Dist Spl Tax Cmnty Facs Dist No 09-1, Ser A | 5.00% | 09/01/31 | 188033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 365000 | Irvine CA Unif Sch Dist Spl Tax Cmnty Facs Dist No 09-1, Ser A | 5.00% | 09/01/32 | 390498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 | Irvine CA Unif Sch Dist Spl Tax Cmnty Facs Dist No 09-1, Ser A | 5.00% | 09/01/34 | 132804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Kern CA Cmnty Clg Dist, Ser D | 5.25% | 08/01/40 | 1133827 |

---

------

**First Trust Managed Municipal ETF (FMB)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **California (Continued)** | **California (Continued)** | **California (Continued)** |  |
| $825000 | &nbsp;&nbsp;&nbsp; Lammersville CA Jt Unif Sch Dist Spl Tax Cmnty Facs Dist <br> #2014-1 Impt Area #1 Mountain House Sch Facs | 5.00% | 09/01/42 | $834095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp; Los Angeles CA Dept of Arpts Arpt Rev Prerefunded Subord <br> Ref, Ser D, AMT (Pre-refunded maturity 11/15/31) | 5.00% | 05/15/33 | 211001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1340000 | &nbsp;&nbsp;&nbsp; Los Angeles CA Dept of Arpts Arpt Rev Sr Bonds Priv <br> Activity, Ser H, AMT | 5.00% | 05/15/41 | 1437765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Los Angeles CA Dept of Arpts Arpt Rev Sr Bonds Sustainable <br> Bond Priv Activity, Ser G, AMT | 5.00% | 05/15/34 | 1671214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Los Angeles CA Dept of Arpts Arpt Rev Sr Bonds Sustainable <br> Bond Priv Activity, Ser G, AMT | 5.50% | 05/15/35 | 1703002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Los Angeles CA Dept of Arpts Arpt Rev Subord Los Angeles Intl <br> Arpt, Ser F, AMT | 5.00% | 05/15/36 | 2115152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Los Angeles CA Dept of Arpts Arpt Rev Sustainable Bond Ref <br> Subord Priv Activity, Ser A, AMT | 5.25% | 05/15/42 | 2181751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3645000 | &nbsp;&nbsp;&nbsp; Los Angeles CA Dept of Arpts Arpt Rev Unrefunded Subord <br> Ref, Ser D, AMT | 5.00% | 05/15/31 | 4068606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; Los Angeles CA Dept of Arpts Arpt Rev Unrefunded Subord <br> Ref, Ser D, AMT | 5.00% | 05/15/36 | 3292883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Marina CA Redev Agy Successor Agy Tax Allocation Hsg, Ser B | 5.00% | 09/01/33 | 103092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175000 | Menifee CA Union Sch Dist Spl Tax Cmnty Facs Dist #2011-1 | 5.00% | 09/01/30 | 182172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | Menifee CA Union Sch Dist Spl Tax Cmnty Facs Dist #2011-1 | 5.00% | 09/01/31 | 156098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145000 | Menifee CA Union Sch Dist Spl Tax Cmnty Facs Dist #2011-1 | 5.00% | 09/01/32 | 150825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165000 | Menifee CA Union Sch Dist Spl Tax Cmnty Facs Dist #2011-1 | 5.00% | 09/01/33 | 171501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp; Rancho Cordova CA Cmnty Facs Dist Spl Tax No 2018-1 Grantline <br> 208 | 5.00% | 09/01/26 | 111573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; Rancho Cordova CA Cmnty Facs Dist Spl Tax Rev Grantline 208 <br> Cmnty Fac Dt #2018-1 | 4.00% | 09/01/50 | 172221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; River Islands CA Pub Fing Auth Spl Tax Cmnty Facs Dist #2003-<br> 1, Ser A | 5.00% | 09/01/43 | 506803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; River Islands CA Pub Fing Auth Spl Tax Cmnty Facs Dist #2019-1 <br> Phase 2 Pub Impts | 4.00% | 09/01/33 | 508166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp; Riverside CA Unif Sch Dist Cmnty Facs Dt #33 Citrus Heights II <br> Spl Tax | 4.00% | 09/01/27 | 218437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; Riverside CA Unif Sch Dist Cmnty Facs Dt #33 Citrus Heights II <br> Spl Tax | 4.00% | 09/01/28 | 230617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315000 | Riverside CA Unif Sch Dist Impt Area No 2 | 5.00% | 09/01/39 | 333793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 480000 | Riverside CA Unif Sch Dist Impt Area No 2 | 5.00% | 09/01/44 | 494347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 | Roseville CA Spl Tax Fiddyment Ranch Cmnty Facs | 5.00% | 09/01/30 | 114469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Roseville CA Spl Tax Fiddyment Ranch Cmnty Facs | 5.00% | 09/01/31 | 104030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; Roseville CA Spl Tax Svsp Westpark Federico Cmnty Facs Dt <br>No 1 | 4.00% | 09/01/37 | 352536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 640000 | &nbsp;&nbsp;&nbsp; Roseville CA Spl Tax Svsp Westpark Federico Cmnty Facs Dt <br>No 1 | 4.00% | 09/01/46 | 574448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205000 | Roseville CA Spl Tax Vlg CFD #1 | 4.00% | 09/01/32 | 212999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310000 | Roseville CA Spl Tax Vlg CFD #1 | 4.00% | 09/01/41 | 302911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 520000 | Roseville CA Spl Tax Vlg CFD #1 | 4.00% | 09/01/46 | 466739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp; Sacramento CA Spl Tax Greenbriar Cmnty Facs Dist #2018-03 <br> Impt Area #1 | 4.00% | 09/01/30 | 271654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp; Sacramento CA Spl Tax Greenbriar Cmnty Facs Dist #2018-03 <br> Impt Area #1 | 4.00% | 09/01/31 | 229356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp;&nbsp; Sacramento CA Spl Tax Greenbriar Cmnty Facs Dist #2018-03 <br> Impt Area #1 | 4.00% | 09/01/32 | 327288 |

---

------

**First Trust Managed Municipal ETF (FMB)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **California (Continued)** | **California (Continued)** | **California (Continued)** |  |
| $515000 | &nbsp;&nbsp;&nbsp; Sacramento CA Spl Tax Greenbriar Cmnty Facs Dist #2018-03 <br> Impt Area #1 | 4.00% | 09/01/33 | $531972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 615000 | &nbsp;&nbsp;&nbsp; Sacramento CA Spl Tax Greenbriar Cmnty Facs Dist #2018-03 <br> Impt Area #1 | 4.00% | 09/01/35 | 628994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1435000 | &nbsp;&nbsp;&nbsp; San Diego Cnty CA Regl Arpt Auth Arpt Rev Sr Priv Activity, Ser <br> B, AMT | 5.25% | 07/01/35 | 1651704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; San Diego Cnty CA Regl Arpt Auth Arpt Rev Sr Priv Activity, Ser <br> B, AMT | 5.25% | 07/01/37 | 875052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; San Diego Cnty CA Regl Arpt Auth Arpt Rev Sr Priv Activity, Ser <br> B, AMT | 5.25% | 07/01/40 | 1703835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4285000 | &nbsp;&nbsp;&nbsp; San Francisco CA City & Cnty Arpts Commn Intl Arpt Rev Ref <br> Second Ser San Francisco Intl, Ser A, AMT | 5.25% | 05/01/40 | 4785696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; San Francisco CA City & Cnty Arpts Commn Intl Arpt Rev <br> Ref, Ser A, AMT | 5.00% | 05/01/34 | 1101388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp; San Francisco CA City & Cnty Arpts Commn Intl Arpt Rev, Ser A, <br> AMT | 5.00% | 05/01/39 | 7338260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; San Francisco CA City & Cnty Dev Spl Tax Dist No Mission Rock <br> Fac and Svcs, Ser A (e) | 4.00% | 09/01/41 | 672369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185000 | San Francisco City & Cnty CA Cmnty Facs Dist #2016-1 | 4.00% | 09/01/29 | 189486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145000 | San Francisco City & Cnty CA Cmnty Facs Dist #2016-1 | 4.00% | 09/01/30 | 149008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 335000 | San Francisco City & Cnty CA Cmnty Facs Dist #2016-1 | 4.00% | 09/01/31 | 343468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245000 | San Francisco City & Cnty CA Cmnty Facs Dist #2016-1 | 4.00% | 09/01/32 | 250347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | San Francisco City & Cnty CA Cmnty Facs Dist #2016-1 | 4.00% | 09/01/33 | 305528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525000 | San Francisco City & Cnty CA Cmnty Facs Dist #2016-1 | 4.00% | 09/01/42 | 491681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | San Luis Obispo CA Cmnty Facs Dist #2019-1 Spl Tax | 4.00% | 09/01/36 | 816128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2110000 | &nbsp;&nbsp;&nbsp; San Luis Obispo Cnty CA Fing Auth Lease Rev Multiple Capital <br> Projs Ref, Ser A | 5.25% | 11/15/40 | 2394465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1665000 | &nbsp;&nbsp;&nbsp; San Luis Obispo Cnty CA Fing Auth Lease Rev Multiple Capital <br> Projs Ref, Ser A | 5.25% | 11/15/41 | 1873670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Tobacco Securitization Auth Nthrn CA Tobacco Stlmt Rev Ref Sr <br> Bonds Sacramento Co Tobacco Secur Corp Class 1, Ser A | 4.00% | 06/01/37 | 1005417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Tobacco Securitization Auth Sthrn CA Tobacco Stlmt Rev Ref San <br> Diego Co Asset Securitization Corp, Class 1, Ser A | 5.00% | 06/01/34 | 1058747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Tobacco Securitization Auth Sthrn CA Tobacco Stlmt Rev Ref San <br> Diego Co Asset Securitization Corp, Class 1, Ser A | 5.00% | 06/01/35 | 1577186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp; Victor CA Elem Sch Dist Cmnty Facs Dist Spl Tax Ref 2005-1, <br> BAM | 5.00% | 09/01/46 | 1073199 |
|  |  |  |  | 108310334 |
|  | **Colorado — 5.4%** | **Colorado — 5.4%** | **Colorado — 5.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; Adams & Arapahoe Cntys Co Jt Sch Dist #28J Aurora, BAM, <br> COPS | 5.25% | 12/01/42 | 830396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | Adams & Weld Cntys Co Sch Dist #27J Brighton | 5.00% | 12/01/40 | 4001250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1640000 | Adams Cnty CO, COPS | 5.00% | 12/01/41 | 1814923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 880000 | Adams Cnty CO Sch Dist #14 | 5.50% | 12/01/38 | 1041865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1105000 | Allison Vly Met Dist #2 CO Ref | 4.70% | 12/01/47 | 1018808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | Aurora CO Animal Shelter Proj, COPS | 5.25% | 12/01/45 | 649716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Bennett Ranch Met Dist #1 Co, Ser A (b) | 5.00% | 12/01/51 | 834108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1340000 | Brighton Crossing Met Dist #6 CO, Ser A | 5.00% | 12/01/50 | 1271832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Broomfield CO, COPS | 5.00% | 02/01/43 | 275143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 | Broomfield CO, COPS | 5.00% | 02/01/44 | 706529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 | Broomfield CO, COPS | 5.00% | 02/01/45 | 590678 |

---

------

**First Trust Managed Municipal ETF (FMB)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Colorado (Continued)** | **Colorado (Continued)** | **Colorado (Continued)** |  |
| $1000000 | Broomfield CO City & Co Swr Activity Enterprise Swr Rev Ref | 5.00% | 12/01/43 | $1114785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 775000 | Broomfield CO City & Co Swr Activity Enterprise Swr Rev Ref | 5.00% | 12/01/44 | 853388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | Canyons Met Dist #5 CO Ref, Ser A, BAM | 5.00% | 12/01/44 | 156578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1010000 | Cathedral Pines CO Met Dist Ref | 5.00% | 12/01/37 | 1016705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 880000 | Centrl Weld Cnty CO Wtr Dist Rev, AG | 4.00% | 12/01/38 | 902433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2115000 | Cherry Creek CO Sch Dist #5 | 5.25% | 12/15/43 | 2381120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | CO Springs CO Sch Dist #11, BAM, COPS | 5.00% | 12/15/41 | 491267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | CO Springs CO Sch Dist #11, BAM, COPS | 5.00% | 12/15/42 | 538704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | CO Springs CO Sch Dist #11, BAM, COPS | 5.25% | 12/15/48 | 1052041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | CO St Bldg Excellent Schs Today Bldg Excellent Sch, Ser T, COPS | 5.00% | 03/15/44 | 1082165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1920000 | &nbsp;&nbsp;&nbsp; CO St Eductnl & Cultural Facs Auth Rev Chrt Sch Loveland <br> Classical Schs Proj (e) | 5.00% | 07/01/36 | 1927394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 660000 | &nbsp;&nbsp;&nbsp; CO St Eductnl & Cultural Facs Auth Rev Ref & Impt Chrt Sch <br> Univ Lab Bldg Corp (e) | 5.00% | 12/15/28 | 660708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2245000 | &nbsp;&nbsp;&nbsp; CO St Eductnl & Cultural Facs Auth Rev Ref & Impt Chrt Sch <br> Univ Lab Bldg Corp (e) | 5.00% | 12/15/35 | 2246429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; CO St Eductnl & Cultural Facs Auth Rev Ref & Impt Chrt Sch <br> Univ Lab Bldg Corp (e) | 5.00% | 12/15/45 | 3876736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | CO St Hlth Facs Auth Rev Craig Hosp Proj, Ser A | 5.00% | 12/01/44 | 1037999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4215000 | CO St Hlth Facs Auth Rev Ref Adventhealth Oblig, Ser A | 4.00% | 11/15/38 | 4291059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1245000 | &nbsp;&nbsp;&nbsp; CO St Hlth Facs Auth Rev Ref Christian Living Neighborhoods <br> Proj | 5.00% | 01/01/31 | 1246027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505000 | CO St Hlth Facs Auth Rev Ref Commonspirit Hlth, Ser A | 5.00% | 12/01/39 | 556238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4630000 | CO St Hlth Facs Auth Rev Ref Commonspirit Hlth, Ser A-1 | 4.00% | 08/01/39 | 4632479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | CO St Hlth Facs Auth Rev Ref Commonspirit Hlth, Ser A-2 | 5.00% | 08/01/34 | 1602780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2290000 | CO St Hlth Facs Auth Rev Ref Commonspirit Hlth, Ser A-2 | 5.00% | 08/01/44 | 2351212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | CO St Hlth Facs Auth Rev Ref Commonspirit Hlth, Ser A-2 | 4.00% | 08/01/49 | 1498982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | CO St Hlth Facs Auth Rev Ref Covenant Living Cmntys and Svcs | 5.00% | 12/01/35 | 1099495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1040000 | CO St Hlth Facs Auth Rev Ref Covenant Living Cmntys and Svcs | 5.13% | 12/01/45 | 1059439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; CO St Hlth Facs Auth Rev Ref Frasier Meadows Retmnt Cmnty <br> Proj, Ser A | 5.00% | 05/15/26 | 351763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1580000 | CO St Hlth Facs Auth Rev Ref Intermountain Hlth, Ser A | 5.00% | 05/15/44 | 1665465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1800000 | CO St Hlth Facs Auth Rev Ref Intermountain Hlth, Ser A | 5.00% | 05/15/45 | 1878600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7580000 | CO St Hlth Facs Auth Rev Ref Scl Hlth Sys, Ser B | 4.00% | 01/01/40 | 7621216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405000 | CO St Hlth Facs Auth Rev Ref, Ser A | 5.00% | 05/15/37 | 438782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | CO St Hlth Facs Auth Rev Ref, Ser A | 5.00% | 05/15/39 | 426895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325773 | &nbsp;&nbsp;&nbsp; CO St Hlth Facs Auth Rev Sr Living Ralston Creek Arvada <br> Proj, Ser A (b) (c) | 5.25% | 11/01/32 | 7600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | CO St Hlth Sciences Fac, Ser A, COPS | 5.00% | 11/01/44 | 542675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1755000 | CO St, Ser A, COPS | 3.00% | 12/15/36 | 1685197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | Denver City & Cnty CO Arpt Rev Ref Sub Sys, Ser A, AMT | 5.00% | 12/01/32 | 5272991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | Denver City & Cnty CO Arpt Rev Ref Sub Sys, Ser A, AMT | 5.00% | 12/01/34 | 5239505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | Denver City & Cnty CO Arpt Rev Ref Subord, Ser B, AMT | 5.25% | 11/15/36 | 846157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Denver City & Cnty CO Arpt Rev Ref Subord, Ser B, AMT | 5.50% | 11/15/41 | 557465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900000 | Denver City & Cnty CO Arpt Rev Ref, Ser D, AMT | 5.50% | 11/15/33 | 1042281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | Denver City & Cnty CO Arpt Rev Ref, Ser D, AMT | 5.75% | 11/15/41 | 1457631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Denver City & Cnty CO Arpt Rev, Ser A, AMT | 5.50% | 11/15/42 | 1645639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Denver City & Cnty CO Arpt Rev, Ser A, AMT | 5.00% | 11/15/47 | 2041883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1784000 | Denver CO Intl Busn Ctr CO Met Dist #1 Subord, Ser B | 6.00% | 12/01/48 | 1787822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Eagle Cnty CO, COPS | 5.25% | 12/01/39 | 286658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Eagle Cnty CO, COPS | 5.25% | 12/01/44 | 1092588 |

---

------

**First Trust Managed Municipal ETF (FMB)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Colorado (Continued)** | **Colorado (Continued)** | **Colorado (Continued)** |  |
| $350000 | El Paso Cnty CO Sch Dist #20 | 5.25% | 12/15/41 | $403638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 385000 | El Paso Cnty CO Sch Dist #20 | 5.25% | 12/15/42 | 437201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375000 | El Paso Cnty CO Sch Dist #20 | 5.25% | 12/15/43 | 420670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Elbert & Hwy 86 CO Comml Spl Rev & Tax Supported Ref Sr <br> Bonds, Ser A (e) | 5.00% | 12/01/51 | 1860395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Jefferson Ctr CO Met Dist #1 Spl Rev, Ser A-2 | 4.38% | 12/01/47 | 912867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170000 | Lorson Ranch Met Dist #2 CO | 5.00% | 12/01/27 | 172362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420000 | Park Creek CO Met Dist Rev Sr, Ser A | 5.00% | 12/01/30 | 447095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Park Creek Met Dist CO Ltd Property Tax Supported Rev Sr Ref, <br> AG | 5.00% | 12/01/41 | 540150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp; Park Creek Met Dist CO Ltd Property Tax Supported Rev Sr, Ser <br> A, AG | 5.00% | 12/01/43 | 1377351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Prairie Ctr CO Met Dist #3 Ltd Property Tax Supported Pri Ref, <br>Ser A (e) | 4.13% | 12/15/27 | 501834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; Prairie Ctr CO Met Dist #3 Ltd Property Tax Supported Pri Ref, <br>Ser A (e) | 5.00% | 12/15/41 | 2504129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Ravenna CO Met Dist Ref, AG | 5.00% | 12/01/38 | 546941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Sagebrush Farm Met Dist #1 CO Sr Bonds, Ser A | 6.38% | 12/01/42 | 1057187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Sand Creek CO Met Dist, AG | 5.00% | 12/01/36 | 277095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Sand Creek CO Met Dist, AG | 5.00% | 12/01/37 | 330344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Sand Creek CO Met Dist, AG | 5.00% | 12/01/38 | 328411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1650000 | Silverthorne CO, COPS | 5.00% | 12/01/44 | 1762200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175000 | Sterling Hills CO W Met Dist Ref | 5.00% | 12/01/32 | 181299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; Sterling Ranch Cmnty Auth Brd CO Spl Assmnt Rev Spl Impt Dist <br> No 1 | 5.63% | 12/01/43 | 719865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1800000 | Takoda CO Met Dist Ref | 6.00% | 12/01/36 | 1898826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Telluride CO, COPS | 5.00% | 12/01/43 | 534861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 825000 | Third Creek Met Dist #1 CO Sr Bonds, Ser A-1 (b) | 4.50% | 12/01/37 | 753235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 825000 | Third Creek Met Dist #1 CO Sr Bonds, Ser A-1 (b) | 4.50% | 12/01/42 | 698647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 625000 | Trails at Crowfoot Met Dist #3 Co Ref, Ser A, AG | 5.00% | 12/01/39 | 680893 |
|  |  |  |  | 105947720 |
|  | **Connecticut — 1.2%** | **Connecticut — 1.2%** | **Connecticut — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | CT St Hlth & Eductnl Facs Auth Rev Covenant Home Inc, Ser B | 5.00% | 12/01/40 | 2031435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp; CT St Hlth & Eductnl Facs Auth Rev Hartford Hlthcare Corp, Ser <br> A (a) | 5.00% | 07/01/39 | 2527969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 445000 | CT St Hlth & Eductnl Facs Auth Rev Hartford Hlthcare, Ser A | 5.00% | 07/01/34 | 479238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2445000 | CT St Spl Tax Oblig Rev, Ser A | 5.00% | 05/01/41 | 2635862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1680000 | CT St Spl Tax Oblig Rev, Ser A | 5.25% | 07/01/43 | 1865216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | CT St, Ser A | 5.00% | 03/15/37 | 584313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5695000 | CT St, Ser A | 4.00% | 01/15/38 | 5849168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | CT St, Ser A | 5.00% | 03/15/38 | 579226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 965000 | CT St, Ser A | 3.00% | 01/15/39 | 894073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Harbor Point CT Infra Impt Dist Spl Oblig Rev Ref Harbor Point <br> Proj Ltd (e) | 5.00% | 04/01/39 | 507046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | Stamford CT Hsg Auth Ref Mozaic Concierge Living Proj, Ser A | 6.00% | 10/01/40 | 1863191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | Univ of CT CT, Ser A | 5.00% | 02/15/39 | 4280871 |
|  |  |  |  | 24097608 |
|  | **Delaware — 0.6%** | **Delaware — 0.6%** | **Delaware — 0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3025000 | &nbsp;&nbsp;&nbsp; DE St Econ Dev Auth Retmnt Cmntys Rev Acts Retmnt Life <br> Cmntys Inc, Ser B | 5.00% | 11/15/43 | 3108025 |

---

------

**First Trust Managed Municipal ETF (FMB)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Delaware (Continued)** | **Delaware (Continued)** | **Delaware (Continued)** |  |
| $4335000 | &nbsp;&nbsp;&nbsp; DE St Hlth Facs Auth Rev Ref Christiana Hlth Care Sys Oblig <br> Grp, Ser A | 5.00% | 10/01/35 | $4649224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; DE St Hlth Facs Auth Rev Ref Christiana Hlth Care Sys Oblig <br> Grp, Ser A | 5.00% | 10/01/38 | 3182085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1320000 | Millsboro DE Spl Oblig Ref Plantation Lakes Spl Dev Dist (e) | 5.00% | 07/01/28 | 1343396 |
|  |  |  |  | 12282730 |
|  | **District of Columbia — 0.7%** | **District of Columbia — 0.7%** | **District of Columbia — 0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Met WA DC Arpts Auth Arpt Sys Rev Ref Arpt Sys Rev, Ser A, <br> AMT | 5.00% | 10/01/32 | 2142212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3175000 | Met WA DC Arpts Auth Arpt Sys Rev Ref, Ser A, AMT | 5.00% | 10/01/33 | 3449930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Met WA DC Arpts Auth Arpt Sys Rev Ref, Ser A, AMT | 5.00% | 10/01/35 | 1728343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1390000 | Met WA DC Arpts Auth Arpt Sys Rev Ref, Ser A, AMT | 5.25% | 10/01/40 | 1570825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | Met WA DC Arpts Auth Arpt Sys Rev Ref, Ser A, AMT | 5.25% | 10/01/42 | 753291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3250000 | Met WA DC Arpts Auth Arpt Sys Rev Ref, Ser A, AMT | 5.25% | 10/01/48 | 3361331 |
|  |  |  |  | 13005932 |
|  | **Florida — 7.2%** | **Florida — 7.2%** | **Florida — 7.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Academical Vlg CDD FL Spl Assmnt Rev CDD | 3.63% | 05/01/40 | 896775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp; Alachua Cnty FL Hlth Facs Auth CCRC Ref Oak Hammock at the <br> Univ of FL Inc Proj | 4.00% | 10/01/40 | 557745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2945000 | &nbsp;&nbsp;&nbsp; Alachua Cnty FL Hlth Facs Auth Ref Shands Teaching Hosp & <br> Clinics Inc, Ser B-1 | 5.00% | 12/01/37 | 3096397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1565000 | &nbsp;&nbsp;&nbsp; Ave Maria FL Stewardship Cmnty Dist Capital Impt Rev Phase 4 <br> Master Impt Proj (e) | 4.50% | 05/01/33 | 1610584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Beach Cmnty Dev Dist FL Capital Impt Rev Ref, AG | 5.25% | 05/01/44 | 1044180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1055000 | Berry Bay CDD FL Spl Assmnt Rev Assmnt Area One | 3.63% | 05/01/41 | 919271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Bexley CDD FL Spl Assmnt Rev | 4.10% | 05/01/26 | 100126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2725000 | Broward Cnty FL Arpt Sys Rev, Ser A, AMT | 5.00% | 10/01/38 | 2857696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Broward Cnty FL Port Facs Rev, AMT | 5.25% | 09/01/42 | 546550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | Broward Cnty FL Port Facs Rev, AMT | 5.25% | 09/01/43 | 810325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Broward Cnty FL Port Facs Rev, AMT | 5.25% | 09/01/44 | 1605010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 590000 | Buckhead Trails CDD FL Spl Assmnt | 5.60% | 05/01/44 | 599281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Centrl FL St Tourism Oversight Dist Utils Rev, Ser 1 | 5.00% | 10/01/43 | 1081611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1060000 | Centrl FL St Tourism Oversight Dist Utils Rev, Ser 1 | 5.00% | 10/01/44 | 1134478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Charlotte Cnty FL Indl Dev Auth Util Sys Rev Town & Country <br> Utils Proj (e) | 5.00% | 10/01/34 | 1530964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1490000 | Coco Palms FL CDD Spl Assmnt | 4.50% | 05/01/32 | 1505383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Collier Cnty FL Indl Dev Auth NCH Hlthcare Sys Projs, Ser A, AG | 5.00% | 10/01/40 | 553942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | Collier Cnty FL Indl Dev Auth NCH Hlthcare Sys Projs, Ser A, AG | 5.00% | 10/01/42 | 862618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170000 | Creekview CDD FL Spl Assmnt Rev Phase I Proj | 3.88% | 05/01/27 | 169612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Cross Creek N CDD FL Spl Assmnt, Ser 2022 | 4.50% | 05/01/52 | 922355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 925000 | Cypress Mill CDD FL Spl Assmnt CDD Assmnt Area Two Proj | 4.00% | 06/15/40 | 890804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 | Edgewater E CDD FL Spl Assmnt Rev Assmnt Area One | 2.50% | 05/01/26 | 109697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Edgewater E CDD FL Spl Assmnt Rev Assmnt Area One | 4.00% | 05/01/51 | 782299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | Epperson N CDD FL Capital Impt Rev Assmnt Area #2 | 2.50% | 05/01/26 | 44869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 580000 | Epperson N CDD FL Capital Impt Rev Assmnt Area 1, Ser A-1 (e) | 5.00% | 11/01/29 | 597470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1780000 | Epperson N CDD FL Capital Impt Rev Assmnt Area 1, Ser A-1 (e) | 5.50% | 11/01/39 | 1849275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | Epperson N CDD FL Capital Impt Rev Assmnt Area Three, Ser A | 3.40% | 11/01/41 | 685552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | Fallschase Cmnty Dev Dist FL Spl Assmnt | 3.38% | 05/01/41 | 1093955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; FL Dev Fin Corp Hlthcare Facs Rev Tampa General Hosp Proj, Ser <br> A (a) | 5.00% | 08/01/37 | 2831463 |

---

------

**First Trust Managed Municipal ETF (FMB)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Florida (Continued)** | **Florida (Continued)** | **Florida (Continued)** |  |
| $1060000 | &nbsp;&nbsp;&nbsp; FL Dev Fin Corp Hlthcare Facs Rev Tampa General Hosp Proj, Ser <br> A | 5.00% | 08/01/42 | $1112210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1380000 | &nbsp;&nbsp;&nbsp; FL Dev Fin Corp Hlthcare Facs Rev Tampa General Hosp Proj, Ser <br> A (a) | 5.00% | 08/01/44 | 1459404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp; FL St Dev Fin Corp Eductnl Facs Rev River City Science Acdmy <br> Projs, Ser A | 4.00% | 07/01/29 | 156114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; FL St Dev Fin Corp Eductnl Facs Rev River City Science Acdmy <br> Projs, Ser A | 4.00% | 07/01/45 | 376159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Fort Pierce FL Utils Auth Ref, Ser A, AG | 5.00% | 10/01/35 | 1117435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | GIR E CDD FL Capital Impt Rev Assmnt Area One | 5.30% | 05/01/45 | 997145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; Gtr Orlando Aviation Auth FL Spl Purp Arpt Facs Rev United Airls <br> Inc Proj, AMT | 5.50% | 11/01/37 | 1298049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Halifax FL Hosp Med Ctr Ref | 5.00% | 06/01/36 | 2008819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265000 | Hidden Creek N Cmnty Dev Dist FL Spl Assmnt, Ser A1 | 4.25% | 11/01/40 | 258786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Hillsborough Cnty FL Indl Dev Auth Hlth Sys Rev Ref Baycare <br> Hlth Sys, Ser C | 5.00% | 11/15/43 | 1596504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Hillsborough Cnty FL Indl Dev Auth Hlth Sys Rev Ref Baycare <br> Hlth Sys, Ser C | 5.25% | 11/15/49 | 2119434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2710000 | Hyde Park CDD #1 FL Spl Assmnt | 4.00% | 05/01/42 | 2465634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1825000 | JEA FL Elec Sys Rev Ref Sub, Ser III B | 5.00% | 10/01/31 | 1898101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Kingston One CDD FL Spl Assmnt Area One 2025 Proj Area | 5.00% | 05/01/35 | 2117601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Lakeland FL Energy Sys Rev Ref | 5.00% | 10/01/42 | 1082883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Lakeland FL Hosp Sys Rev Ref Lakeland Regl Hlth Sys | 5.00% | 11/15/41 | 2187986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Lakeland FL Hosp Sys Rev Ref Lakeland Regl Hlth Sys | 5.00% | 11/15/43 | 1067533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2145000 | &nbsp;&nbsp;&nbsp; Lakewood Ranch FL Stewardship Dist Spl Assmnt Rev Lakewood <br> Ranch SE Proj | 5.50% | 05/01/40 | 2291980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Lakewood Ranch FL Stewardship Dist Util Rev Sys Acq Proj, AG | 5.25% | 10/01/48 | 1569830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | Lee Cnty FL Arpt Rev, AMT | 5.25% | 10/01/41 | 3854853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Lee Cnty FL Arpt Rev, AMT | 5.25% | 10/01/44 | 1065136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2910000 | &nbsp;&nbsp;&nbsp; Lee Cnty FL Indl Dev Auth Hosp Rev Exchange Ref Lee Hlth <br> Sys, Ser 2019 A-1 | 5.00% | 04/01/44 | 2959446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Lee Cnty FL Loc Optional Gas Tax Rev | 5.00% | 08/01/40 | 324411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | Lee Cnty FL Loc Optional Gas Tax Rev | 5.00% | 08/01/41 | 1338200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1085000 | Liberty Cove CDD FL Spl Assmnt Rev Assmnt Area One Proj | 5.38% | 05/01/44 | 1089781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140000 | Miami World Ctr CDD FL Spl Assmnt | 4.75% | 11/01/27 | 142737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Miami World Ctr CDD FL Spl Assmnt | 5.13% | 11/01/39 | 2037115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Miami-Dade Cnty FL Aviation Rev Ref, Ser A, AMT | 5.00% | 10/01/36 | 2248202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2575000 | Miami-Dade Cnty FL Aviation Rev Ref, Ser A, AMT | 5.00% | 10/01/38 | 2579018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1650000 | &nbsp;&nbsp;&nbsp; Miami-Dade Cnty FL Eductnl Facs Auth Rev Ref Univ of <br> Miami, Ser A | 5.25% | 04/01/47 | 1755286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1155000 | &nbsp;&nbsp;&nbsp; Miami-Dade Cnty FL Eductnl Facs Auth Rev Ref Univ of <br> Miami, Ser A | 5.25% | 04/01/48 | 1224600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1790000 | &nbsp;&nbsp;&nbsp; Miami-Dade Cnty FL Eductnl Facs Auth Rev Ref Univ of <br> Miami, Ser B | 5.25% | 04/01/41 | 2032230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 | Miami-Dade Cnty FL Indl Dev Auth Doral Acdmy Proj | 5.00% | 01/15/32 | 564039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1210000 | Miami-Dade Cnty FL Indl Dev Auth Doral Acdmy Proj | 5.00% | 01/15/37 | 1228972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Miami-Dade Cnty FL Seaport Rev Ref Sr Bonds, Ser A, AMT | 5.00% | 10/01/42 | 2080833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1610000 | N Miami Beach FL Spl Oblig Parks Proj | 5.00% | 11/01/44 | 1697208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 605000 | N Park Isle Cmnty Dev Dist FL Spl Assmnt Rev Assmnt Area One | 4.00% | 05/01/30 | 612126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1375000 | N Park Isle Cmnty Dev Dist FL Spl Assmnt Rev Assmnt Area One | 4.50% | 05/01/40 | 1383518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | N River Ranch CDD FL Capital Impt Rev Phase 1 Proj, Ser A-1 | 4.25% | 05/01/51 | 1317203 |

---

------

**First Trust Managed Municipal ETF (FMB)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Florida (Continued)** | **Florida (Continued)** | **Florida (Continued)** |  |
| $780000 | &nbsp;&nbsp;&nbsp; N Sumter Cnty FL Util Dependent Dist Util Rev Sumter Wtr <br> Conservation Auth Proj, AG | 4.00% | 10/01/41 | $782970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355000 | Nthrn Palm Beach Cnty FL Impt Dist | 5.00% | 08/01/37 | 360059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp; Orange Cnty FL Hlth Facs Auth Rev Orlando Hlth Oblig Grp, <br>Ser A | 5.00% | 10/01/36 | 162821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Orange Cnty FL Hlth Facs Auth Rev Orlando Hlth Oblig Grp, <br>Ser A | 5.00% | 10/01/37 | 557425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Orange Cnty FL Hlth Facs Auth Rev Orlando Hlth Oblig Grp, <br>Ser A | 5.00% | 10/01/41 | 1623275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Orange Cnty FL Hlth Facs Auth Rev Ref Orlando Hlth Oblig Grp, <br>Ser A | 5.00% | 10/01/44 | 2125103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; Orange Cnty FL Hlth Facs Auth Rev Ref Orlando Hlth Oblig Grp, <br>Ser A | 5.00% | 10/01/45 | 1841523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Orange Cnty FL Hlth Facs Auth Rev Ref Orlando Hlth Oblig <br> Grp, Ser A | 5.00% | 10/01/46 | 2090111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1115000 | &nbsp;&nbsp;&nbsp; Palm Beach Cnty FL Hlth Facs Auth Ref Acts Retmnt Life Cmntys <br> Inc Oblig Grp, Ser B | 5.00% | 11/15/42 | 1180347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1880000 | Pasco Cnty FL Sch Brd, Ser C, AG, COPS | 5.00% | 08/01/34 | 2062006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4250000 | &nbsp;&nbsp;&nbsp; Polk Cnty FL Indl Dev Auth Mineral Dev LLC Secondary <br> Phosphate Tailings Recovery Proj (c) (f) | 5.88% | 01/01/33 | 850000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 605000 | Pompano Beach FL Rev John Knox Vlg Proj, Ser A | 4.00% | 09/01/41 | 576886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2290000 | Putnam Cnty FL Dev Auth Ref Seminole Proj, Ser A | 5.00% | 03/15/42 | 2344011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 815000 | Rhodine Road N CDD FL Spl Assmnt 2019 Assmnt Area | 4.50% | 05/01/40 | 823990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Ridge at Apopka CDD FL Spl Assmnt, Ser 22 | 5.38% | 05/01/42 | 514360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | Rivington CDD FL Spl Assmnt Rev 2022 Assmnt Area | 3.25% | 05/01/27 | 149449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp; Saint Johns Cnty FL Indl Dev Auth Sr Living Rev Ref Vicar's <br> Landing Proj, Ser A | 4.00% | 12/15/31 | 205666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Saint Johns Cnty FL Indl Dev Auth Sr Living Rev Ref Vicar's <br> Landing Proj, Ser A | 4.00% | 12/15/36 | 485672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1175000 | &nbsp;&nbsp;&nbsp; Saint Johns Cnty FL Indl Dev Auth Sr Living Rev Ref Vicar's <br> Landing Proj, Ser A | 4.00% | 12/15/41 | 1064427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Saint Johns Cnty FL Sch Brd, Ser A, AG, COPS | 5.25% | 07/01/46 | 1594032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 335000 | San Simeon Cmnty Dev Dist FL Spl Assmnt (e) | 4.13% | 06/15/39 | 325428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Sarasota Natl FL CDD Spl Assmnt Ref | 3.50% | 05/01/31 | 504688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1795000 | Sarasota Natl FL CDD Spl Assmnt Ref | 4.00% | 05/01/39 | 1797971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1615000 | Sawyers Landing CDD FL Spl Assmnt Rev | 4.13% | 05/01/41 | 1547546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3635000 | Sawyers Landing CDD FL Spl Assmnt Rev | 4.25% | 05/01/53 | 3103560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2515000 | Stoneybrook FL S CDD Spl Assmnt Rev Assmnt Area Two A Proj | 5.13% | 11/01/34 | 2676835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1245000 | Summer Woods CDD FL Spl Assmnt Area Two 2020 Proj | 4.00% | 05/01/50 | 1038200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 | Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B | 5.00% | 07/01/31 | 131602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B | 5.00% | 07/01/33 | 270882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B | 4.00% | 07/01/38 | 400872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B | 4.00% | 07/01/39 | 298934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230000 | Tampa FL Rev Ref The Univ of Tampa Proj, Ser A | 5.00% | 04/01/34 | 248264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420000 | Tern Bay CDD FL Spl Assmnt | 3.13% | 06/15/27 | 416593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2850000 | Tern Bay CDD FL Spl Assmnt | 4.00% | 06/15/42 | 2590885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | The Heights CDD FL Spl Assmnt Rev CDD | 4.00% | 01/01/28 | 451955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 775000 | Tolomato FL CDD Ref 2022A Assmnt Area, Ser A, AG | 3.00% | 05/01/26 | 775338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 825000 | Tolomato FL CDD Ref 2022A Assmnt Area, Ser A, AG | 3.00% | 05/01/28 | 829969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Triple Creek FL CDD Spl Assmnt Vlgs N&P Proj | 3.50% | 11/01/41 | 877149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 635000 | Trout Creek CDD FL Capital Impt Rev | 4.00% | 05/01/40 | 614066 |

---

------

**First Trust Managed Municipal ETF (FMB)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Florida (Continued)** | **Florida (Continued)** | **Florida (Continued)** |  |
| $750000 | Two Lakes CDD FL Spl Assmnt | 5.00% | 05/01/44 | $767286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | Two Rivers W CDD FL Spl Assmnt Proj, Ser 2024 | 5.63% | 05/01/44 | 772099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1745000 | &nbsp;&nbsp;&nbsp; Veranda CDD II FL Spl Assmnt Rev Ref Assmt Area 3 Preserve E <br> Proj | 5.13% | 05/01/44 | 1785494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Villamar CDD FL Spl Assmnt Area Six Proj | 5.50% | 05/01/44 | 1031999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Volusia Cnty FL Eductnl Fac Auth Ref Embry Riddle Aeronautical <br> Univ Inc Proj, Ser A | 4.00% | 10/15/36 | 510483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000 | Volusia Cnty FL Eductnl Fac Auth Stetson Univ Inc Proj | 5.25% | 06/01/41 | 905299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1315000 | Volusia Cnty FL Eductnl Fac Auth Stetson Univ Inc Proj | 5.25% | 06/01/42 | 1388512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 835000 | Westside FL CDD Spl Assmnt Rev Ref (e) | 4.10% | 05/01/37 | 831983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 920000 | Westview S CDD FL Spl Assmnt Area One 2023 Proj Area | 5.38% | 05/01/43 | 946763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 775000 | Yarborough Lane CDD FL Spl Assmnt Proj, Ser 2024 | 5.35% | 05/01/44 | 781931 |
|  |  |  |  | 140023527 |
|  | **Georgia — 3.8%** | **Georgia — 3.8%** | **Georgia — 3.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8980000 | &nbsp;&nbsp;&nbsp; Atlanta GA Arpt Passenger Fac Charge Rev Arpt Rev Subord, <br>Ser D, AMT | 4.00% | 07/01/37 | 9049454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Atlanta GA Arpt Rev Ref, Ser C, AMT | 4.00% | 07/01/39 | 1002868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Atlanta GA Arpt Rev Sustainable Bonds, Ser B-1, AMT | 5.25% | 07/01/42 | 1096085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | Atlanta GA Arpt Rev, Ser A | 5.00% | 07/01/42 | 3247660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp; Bartow Cnty GA Dev Auth Solid Wst Disp Fac Rev Var GA Pwr <br> Co Plt Bowen Proj, AMT (d) | 3.30% | 11/01/62 | 2400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; Bartow Cnty GA Dev Auth Var Ref GA Pwr Co Plt Bowen Proj <br> Remk, First Ser (Mandatory put 03/08/28) | 3.95% | 12/01/32 | 3569792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | Brookhaven Dev Auth GA Children's Hlthcare of Atlanta, Ser A | 5.00% | 07/01/35 | 1401902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Burke Cnty GA Dev Auth Poll Control Rev Var GA Pwr Co Plant <br> Vogtle Proj Remk, 2nd Ser (Mandatory put 03/12/27) | 3.38% | 11/01/48 | 1006788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp; Burke Cnty GA Dev Auth Poll Control Rev Var GA Pwr Co Plant <br> Vogtle Proj Remk, 5th Ser (Mandatory put 06/13/28) | 3.70% | 10/01/32 | 891475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp; Carroll City Cnty GA Hosp Auth Ref Tanner Med Ctr Inc Proj, <br> RANS | 5.00% | 07/01/41 | 1553957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Carroll City Cnty GA Hosp Auth Ref Tanner Med Ctr Inc Proj, <br> RANS | 5.00% | 07/01/42 | 1096769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; Columbia Cnty GA Hosp Auth Rev Anticipation Ctfs Wellstar Hlth <br> Sys Inc Proj, Ser B | 5.00% | 04/01/31 | 673402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Columbia Cnty GA Hosp Auth Rev Anticipation Ctfs Wellstar Hlth <br> Sys Inc Proj, Ser B | 5.00% | 04/01/36 | 282435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Columbia Cnty GA Hosp Auth Rev Anticipation Ctfs Wellstar Hlth <br> Sys Inc Proj, Ser B | 5.00% | 04/01/37 | 280154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Columbia Cnty GA Hosp Auth Rev Anticipation Ctfs Wellstar Hlth <br> Sys Inc Proj, Ser B | 5.00% | 04/01/38 | 278182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Commerce GA Sch Dist | 6.00% | 08/01/41 | 604253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 890000 | &nbsp;&nbsp;&nbsp; GA St Hgr Edu Facs Auth Rev Ref USG Real Estate Fdtn II LLC <br> Projs | 5.00% | 06/15/35 | 944849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | GA St Hsg & Fin Auth Rev Ref, Ser G | 4.15% | 12/01/40 | 1514663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp; Gainesville & Hall Cnty GA Hosp Auth Ref NE GA Hlth Sys Inc <br> Proj, Ser A | 5.00% | 02/15/26 | 40035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Geo L Smith II GA Congress Ctr Auth Convention Ctr Hotel First <br> Tier, Ser A | 4.00% | 01/01/36 | 252527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3875000 | Main Street Energy Inc Energy Proj Rev, Ser D | 5.00% | 12/01/33 | 4185012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3625000 | &nbsp;&nbsp;&nbsp; Main Street Nat Gas Inc GA Gas Sply Rev, Ser A (Mandatory put <br> 09/01/27) | 4.00% | 07/01/52 | 3683000 |

---

------

**First Trust Managed Municipal ETF (FMB)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Georgia (Continued)** | **Georgia (Continued)** | **Georgia (Continued)** |  |
| $14500000 | &nbsp;&nbsp;&nbsp; Main Street Nat Gas Inc GA Gas Sply Rev, Ser A (Mandatory put <br> 12/01/29) | 4.00% | 09/01/52 | $14823398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp; Main Street Nat Gas Inc GA Gas Sply Rev, Ser A (Mandatory put <br> 09/01/31) | 5.00% | 05/01/54 | 1838708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; Main Street Nat Gas Inc GA Gas Sply Rev, Ser A (Mandatory put <br> 06/01/32) | 5.00% | 06/01/55 | 2701073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2795000 | &nbsp;&nbsp;&nbsp; Main Street Nat Gas Inc GA Gas Sply Rev, Ser B (Mandatory put <br> 03/01/30) | 5.00% | 07/01/53 | 2960517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Main Street Nat Gas Inc GA Gas Sply Rev, Ser D (Mandatory put <br> 04/01/31) | 5.00% | 04/01/54 | 2143991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2265000 | &nbsp;&nbsp;&nbsp; Main Street Nat Gas Inc GA Gas Sply Rev, Ser D (Mandatory put <br> 12/01/30) | 5.00% | 05/01/54 | 2400580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; Monroe Cnty GA Dev Auth Poll Control Rev Var Ref GA Pwr Co <br> Plant Scherer Proj Remk, 2nd Ser (Mandatory put 03/06/26) | 3.88% | 12/01/41 | 2502509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; Muni Elec Auth of GA Plant Vogtle Units 3&4 Proj J Bonds, Ser A, <br> AG | 5.00% | 07/01/38 | 659207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | Muni Elec Auth of GA Ref Proj One Subord Bonds, Ser A | 5.00% | 01/01/42 | 853843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | Muni Elec Auth of GA Ref Proj One Subord Bonds, Ser A | 5.00% | 01/01/43 | 792477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | Muni Elec Auth of GA Ref Proj One Subord Bonds, Ser A | 5.25% | 01/01/49 | 1818504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp; Paulding Cnty GA Hosp Auth Ref Antic Ctfs Wellstar Hlth Sys <br> Inc, Ser A | 5.00% | 04/01/43 | 714927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275000 | Priv Clgs & Univs Auth GA Ref Mercer Univ Proj | 5.00% | 10/01/29 | 296748 |
|  |  |  |  | 73561744 |
|  | **Guam — 0.0%** | **Guam — 0.0%** | **Guam — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Guam Port Auth Port Rev, Ser B, AMT | 5.00% | 07/01/32 | 310682 |
|  | **Hawaii — 0.2%** | **Hawaii — 0.2%** | **Hawaii — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3460000 | HI St Arpts Sys Rev, Ser A, AMT | 5.00% | 07/01/43 | 3523388 |
|  | **Idaho — 0.3%** | **Idaho — 0.3%** | **Idaho — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1265000 | ID St Hlth Facs Auth Rev Ref Madison Memorial Hosp | 5.00% | 09/01/30 | 1271397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | ID St Hlth Facs Auth Rev Ref Madison Memorial Hosp | 5.00% | 09/01/37 | 1001978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | ID St Hlth Facs Auth Rev Ref St Luke's Hlth Sys Proj, Ser A | 5.00% | 03/01/34 | 2121131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; ID St Hsg & Fin Assn Sales Tax Rev Transprtn Expansion & <br> Congestion Mitigation Fund, Ser A | 5.00% | 08/15/48 | 2104956 |
|  |  |  |  | 6499462 |
|  | **Illinois — 5.0%** | **Illinois — 5.0%** | **Illinois — 5.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2895000 | Bloomingdale IL | 5.00% | 10/30/43 | 3106127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Bolingbrook IL Ref, Ser A, AG | 5.00% | 01/01/31 | 1045506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1210000 | Bolingbrook IL Ref, Ser A | 4.00% | 01/01/35 | 1195578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Chicago IL Brd of Edu Dedicated Capital Impt Tax | 5.25% | 04/01/36 | 1108867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | Chicago IL Brd of Edu Dedicated Capital Impt Tax | 5.25% | 04/01/37 | 1371717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1485000 | Chicago IL Brd of Edu Ref, Ser B | 5.00% | 12/01/30 | 1548293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Chicago IL Brd of Edu, Ser A | 5.50% | 12/01/37 | 526262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Chicago IL Brd of Edu, Ser A | 5.50% | 12/01/38 | 523181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | Chicago IL Chicago Wks, Ser A | 5.00% | 01/01/35 | 1373355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 560000 | Chicago IL ETM, Ser A | 5.00% | 01/01/27 | 573169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | Chicago IL Midway Arpt Rev Ref Sr Lien, Ser A, AMT | 5.25% | 01/01/43 | 639426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Chicago IL Midway Arpt Rev Ref Sr Lien, Ser A, AMT | 5.25% | 01/01/44 | 527470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Chicago IL Midway Arpt Rev Ref Sr Lien, Ser A, AMT | 5.25% | 01/01/45 | 1045289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Chicago IL Midway Arpt Rev Ref Sr Lien, Ser A, AMT | 5.25% | 01/01/46 | 1038117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | Chicago IL Midway Arpt Rev Sr Lien Ref, Ser A, AMT, BAM | 5.50% | 01/01/37 | 226606 |

---

------

**First Trust Managed Municipal ETF (FMB)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Illinois (Continued)** | **Illinois (Continued)** | **Illinois (Continued)** |  |
| $500000 | Chicago IL Midway Arpt Rev Sr Lien Ref, Ser A, AMT, BAM | 5.75% | 01/01/42 | $554002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp; Chicago IL O'Hare Intl Arpt Rev Ref Sr Lien O'Hare Intl Arpt, Ser <br> C, AMT | 5.00% | 01/01/34 | 357504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3320000 | Chicago IL O'Hare Intl Arpt Rev Ref Sr Lien, Ser A, AMT | 5.00% | 01/01/36 | 3461125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2100000 | Chicago IL O'Hare Intl Arpt Rev Ref Sr Lien, Ser A, AMT | 5.00% | 01/01/37 | 2181782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1455000 | Chicago IL O'Hare Intl Arpt Rev Ref, Ser C, AMT | 5.00% | 01/01/39 | 1599652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | Chicago IL O'Hare Intl Arpt Rev Ref, Ser C, AMT | 5.25% | 01/01/41 | 1377847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020000 | Chicago IL O'Hare Intl Arpt Rev Sr Lien, Ser E, AMT | 5.25% | 01/01/45 | 2128463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1350000 | Chicago IL Park Dist Ref, Ser A, BAM | 4.00% | 01/01/32 | 1395916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Chicago IL Ref, Ser A | 5.63% | 01/01/29 | 508829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Cook Cnty IL Sch Dist #81 Schiller Park, BAM | 3.00% | 12/01/35 | 984178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1650000 | DuPage Cnty IL Sch Dist #58 Downers Grove | 5.50% | 12/15/42 | 1869943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; IL St Fin Auth Acad Facs Lease Rev Univ of IL at Urbana <br> Champaign Proj, Ser A | 5.00% | 10/01/34 | 909264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 970000 | &nbsp;&nbsp;&nbsp; IL St Fin Auth Acad Facs Lease Rev Univ of IL at Urbana <br> Champaign Proj, Ser A | 5.00% | 10/01/35 | 1033354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 845000 | IL St Fin Auth Rev Ref Mercy Hlth Sys Oblig Grp | 5.00% | 12/01/33 | 852356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1775000 | IL St Fin Auth Rev Ref Moorings of Arlington Heights, Ser A | 5.00% | 11/01/36 | 1943776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4350000 | IL St Fin Auth Rev Township High Sch Dist #207 Proj | 4.00% | 12/01/38 | 4417732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; IL St Fin Auth Stdt Hsg & Acad Fac Rev CHF Chicago LLC Univ <br> IL Chicago Proj, Ser A | 5.00% | 02/15/27 | 507156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp; IL St Fin Auth Stdt Hsg & Acad Fac Rev CHF Chicago LLC Univ <br> IL Chicago Proj, Ser A | 5.00% | 02/15/31 | 96778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp; IL St Fin Auth Stdt Hsg & Acad Fac Rev CHF Chicago LLC Univ <br> IL Chicago Proj, Ser A | 5.00% | 02/15/32 | 473174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2170000 | &nbsp;&nbsp;&nbsp; IL St Hsg Dev Auth Mf Hsg Rev Var S Shore HHDC (Mandatory <br> put 02/01/26) | 5.00% | 02/01/27 | 2170000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3310000 | IL St Hsg Dev Auth Rev Ref Sustainable Bond, Ser A | 5.00% | 10/01/46 | 3440211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3175000 | IL St Sales Tax Rev Junior Oblig, Ser A, BAM | 3.00% | 06/15/34 | 3072395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | IL St Toll Hwy Auth Ref Sr, Ser A | 5.00% | 01/01/38 | 570249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | IL St, Ser A | 5.00% | 12/01/26 | 1530459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | IL St, Ser A | 4.00% | 03/01/38 | 2003962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | IL St, Ser A | 5.50% | 03/01/42 | 2709655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | IL St, Ser A | 5.50% | 03/01/47 | 1837837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | IL St, Ser B | 5.25% | 05/01/38 | 824426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | IL St, Ser B | 5.25% | 05/01/39 | 1090332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | IL St, Ser B | 5.25% | 05/01/45 | 1052975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4500000 | IL St, Ser C | 5.00% | 11/01/29 | 4678038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3460000 | Kane Cook & DuPage Cntys IL Cmnty Clg Dist #509 | 4.00% | 12/15/40 | 3569036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp; Lincolnwood IL Tax Incr Allocation Rev NTS Dist 1860 Dev <br> Proj, Ser A, COPS (e) | 4.82% | 01/01/41 | 1400526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1175000 | Madison Bond Etc Cntys IL Cmnty Unit Sch Dist #5, Ser B, AG | 5.50% | 02/01/39 | 1272956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | Madison Bond Etc Cntys IL Cmnty Unit Sch Dist #5, Ser B, AG | 5.50% | 02/01/40 | 755371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1160000 | &nbsp;&nbsp;&nbsp; McLean Cnty IL Cmnty Unit Sch Dist #19 Ridgeview Ref, Ser B, <br> BAM | 5.25% | 12/01/44 | 1238762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1140000 | &nbsp;&nbsp;&nbsp; Moultrie Shelby & Coles Cntys IL Cmnty Unit Sch Dist #300, <br> BAM | 5.00% | 12/01/43 | 1192011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp; Moultrie Shelby & Coles Cntys IL Cmnty Unit Sch Dist #300, <br> BAM | 5.00% | 12/01/44 | 915481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; S Wstrn IL Dev Auth Rev Ref Traid Cmnty USD #2 Proj, Ser B, <br> BAM | 5.50% | 04/01/42 | 2236287 |

---

------

**First Trust Managed Municipal ETF (FMB)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Illinois (Continued)** | **Illinois (Continued)** | **Illinois (Continued)** |  |
| $1000000 | &nbsp;&nbsp;&nbsp; S Wstrn IL Dev Auth Rev Ref Traid Cmnty USD #2 Proj, Ser B, <br> BAM | 5.50% | 04/01/43 | $1105133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Sales Tax Securitization Corp IL Ref Second Lien, Ser A, BAM | 4.00% | 01/01/40 | 1997853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3925000 | Sales Tax Securitization Corp IL Ref Second Lien, Ser A | 5.00% | 01/01/40 | 4334869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Sales Tax Securitization Corp IL Ref Sr Lien, Ser A | 5.00% | 01/01/40 | 2198406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Sales Tax Securitization Corp IL Ref Sr Lien, Ser A | 5.00% | 01/01/42 | 1075596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 950000 | Sales Tax Securitization Corp IL Ref, Ser C | 5.50% | 01/01/36 | 1006959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1025000 | Sales Tax Securitization Corp IL Ref, Ser C | 5.25% | 01/01/43 | 1053272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 885000 | Skokie IL Park Dist, Ser A | 5.00% | 12/01/34 | 987792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 510000 | Skokie IL Park Dist, Ser A | 5.00% | 12/01/35 | 567169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1295000 | Univ of IL IL Revs Auxiliary Facs Sys, Ser A, AG | 3.00% | 04/01/37 | 1222767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 510000 | Univ of IL IL Revs Auxiliary Facs Sys, Ser B, BAM | 3.50% | 04/01/41 | 484290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 630000 | Will Cnty IL Forest Preserve Dist | 5.00% | 12/15/41 | 688081 |
|  |  |  |  | 96784950 |
|  | **Indiana — 3.3%** | **Indiana — 3.3%** | **Indiana — 3.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3080000 | Borden Henryville Multi Sch Bldg Corp IN | 5.00% | 07/15/39 | 3334706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Brownsburg IN 1999 Sch Bldg Corp First Mtge, Ser A | 5.00% | 07/15/42 | 2169233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Carmel IN Redev Auth | 3.00% | 07/15/40 | 1866664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 925000 | Columbus IN Multi Sch Bldg Corp First Mtge | 5.00% | 07/15/39 | 1045045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Columbus IN Multi Sch Bldg Corp First Mtge | 5.00% | 01/15/45 | 1062573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4550000 | E Allen IN Multi Sch Bldg Corp First Mtgs | 5.00% | 07/15/43 | 4827860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | Fort Wayne IN Mf Hsg Rev Silver Birch at Cook Road (e) | 5.30% | 01/01/32 | 149475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2840000 | &nbsp;&nbsp;&nbsp; Fort Wayne IN Redev Auth Lease Rental Rev Riverfront Phase II <br> Proj | 5.00% | 12/15/41 | 3023550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | Franklin Twp IN Multi Sch Bldg Corp First Mtge | 5.00% | 07/15/40 | 830846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Franklin Twp IN Multi Sch Bldg Corp First Mtge | 5.00% | 07/15/41 | 1100373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1010000 | Franklin Twp IN Multi Sch Bldg Corp First Mtge | 5.00% | 07/15/42 | 1099268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1210000 | Franklin Twp IN Multi Sch Bldg Corp First Mtge | 5.00% | 07/15/43 | 1301207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2340000 | Hendricks Cnty IN Redev Auth Lease Rental Rev | 5.00% | 07/15/37 | 2617947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | IN Fin Auth Eductnl Facs Rev Taylor Univ Proj | 5.25% | 09/01/40 | 558593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 705000 | IN Fin Auth Eductnl Facs Rev Taylor Univ Proj | 5.25% | 09/01/42 | 774157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 740000 | IN Fin Auth Eductnl Facs Rev Taylor Univ Proj | 5.25% | 09/01/43 | 801948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 780000 | IN Fin Auth Eductnl Facs Rev Taylor Univ Proj | 5.25% | 09/01/44 | 835237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; IN Fin Auth Midwestern Disaster Relief Rev OH Vly Elec Corp <br> Proj Remk, Ser A | 4.25% | 11/01/30 | 3106371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; IN St Fin Auth Econ Dev Rev Var Ref Rep Svcs Inc Proj Remk, Ser <br> A, AMT (Mandatory put 03/02/26) | 3.45% | 05/01/28 | 1250286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; IN St Fin Auth Envrnmntl Rev Ref Var Duke Energy IN Inc Proj <br> Remk, Ser A-1, AMT (Mandatory put 06/01/32) | 4.50% | 05/01/35 | 1519142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1555000 | IN St Fin Auth Hlth Fac Rev Margaret Mary Hlth Proj, Ser A | 5.00% | 03/01/31 | 1669661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | IN St Fin Auth Hlth Fac Rev Margaret Mary Hlth Proj, Ser A | 5.50% | 03/01/39 | 1097824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | IN St Fin Auth Hlth Sys Rev IN Univ Hlth, Ser A | 5.00% | 10/01/43 | 2133419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1330000 | IN St Fin Auth Hosp Rev Goshen Hlth, Ser A | 4.00% | 11/01/37 | 1293463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | IN St Fin Auth Hosp Rev Reid Hlth, AG | 5.00% | 01/01/40 | 1065223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4250000 | IN St Hsg & Cmnty Dev Auth Sf Mtge Rev Var Remk, Ser C-3 (d) | 3.20% | 07/01/47 | 4250000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2800000 | IN St Muni Pwr Agy Ref, Ser A | 5.00% | 01/01/42 | 2817432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; Indianapolis IN Loc Pub Impt Bond Bank Ref Unlimited Ad <br> Valorem Property Tax Supported Proj, Ser D | 5.00% | 01/15/38 | 3411211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | IPS Multi Sch Bldg Corp IN Sustainable Bond First Mtge | 5.00% | 07/15/42 | 5396607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1080000 | Msd Warren Twp IN Vision 2005 Sch Bldg Corp Rev | 3.00% | 07/10/35 | 1060942 |

---

------

**First Trust Managed Municipal ETF (FMB)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Indiana (Continued)** | **Indiana (Continued)** | **Indiana (Continued)** |  |
| $2485000 | Northern IN Commuter Transprtn Dist Indl Rev | 5.25% | 01/01/49 | $2622727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Penn IN High Sch Bldg Corp 1st Mtge Bonds, Ser A | 5.00% | 07/15/42 | 1065197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Sunman Dearborn IN High Sch Bldg Corp First Mtge | 5.00% | 07/15/41 | 1624833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Whiting IN Envrnmntl Facs Rev Ref BP Products N America Inc <br> Proj, Ser A, AMT (Mandatory put 06/05/26) | 5.00% | 12/01/44 | 1511393 |
|  |  |  |  | 64294413 |
|  | **Iowa — 0.9%** | **Iowa — 0.9%** | **Iowa — 0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2385000 | Coralville IA Ref, Ser A | 5.00% | 05/01/38 | 2388978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Dallas Ctr IA Grimes Cmnty Sch Dist | 3.00% | 05/01/39 | 1846035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; IA St Brd Regents Hosp Rev Univ of IA Hlth Cares Hosp Sys, Ser <br> A | 5.00% | 09/01/40 | 4433152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; IA St Fin Auth Midwstrn Disaster Area Rev Ref IA Fertilizer Co <br> Proj (Pre-refunded maturity 12/01/32) | 5.00% | 12/01/50 | 3487997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | St Univ of IA Univ Rev Ref the St Univ of IA, Ser S.U.I. 2025 | 5.00% | 07/01/46 | 2628731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1060000 | Univ of IA IA Facs Corp Museum of Art Proj | 3.00% | 06/01/38 | 979300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1085000 | Univ of IA IA Facs Corp Museum of Art Proj | 3.00% | 06/01/39 | 980555 |
|  |  |  |  | 16744748 |
|  | **Kansas — 0.4%** | **Kansas — 0.4%** | **Kansas — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1120000 | Douglas Cnty KS, Ser A | 5.00% | 09/01/40 | 1243547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1025000 | Douglas Cnty KS, Ser A | 5.00% | 09/01/41 | 1126026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Leavenworth Cnty KS Unif Sch Dist #464 Ref, Ser A | 4.00% | 09/01/31 | 508939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 625000 | Leavenworth Cnty KS Unif Sch Dist #464 Ref, Ser A | 4.00% | 09/01/32 | 634783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575000 | Leavenworth Cnty KS Unif Sch Dist #464 Ref, Ser A | 4.00% | 09/01/33 | 581513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Leavenworth Cnty KS Unif Sch Dist #464 Ref, Ser A | 4.00% | 09/01/34 | 503529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525000 | Leavenworth Cnty KS Unif Sch Dist #464 Ref, Ser A | 4.00% | 09/01/35 | 526938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | Leavenworth Cnty KS Unif Sch Dist #464 Ref, Ser A | 4.00% | 09/01/36 | 599419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Wyandotte Cnty KS Kansas City Unif Govt Spl Oblg Rev Ref Vlg <br> E Proj Areas 2B 3 5 (e) | 5.75% | 09/01/39 | 2046941 |
|  |  |  |  | 7771635 |
|  | **Kentucky — 2.6%** | **Kentucky — 2.6%** | **Kentucky — 2.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp; Ashland KY Med Ctr Rev Ref Ashland Hosp Corp DBA Kings <br> Daughters Med Ctr, AG | 3.00% | 02/01/40 | 1240766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4100000 | Boyle Cnty KY Eductnl Facs Rev Ref Ctr Clg, Ser A | 5.25% | 06/01/43 | 4303160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Jefferson Cnty KY Sch Dist Fin Corp Sch Bldg Rev, Ser B | 3.00% | 12/01/38 | 1807674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2350000 | Kenton Cnty KY Arpt Brd, Ser A, AMT | 5.25% | 01/01/44 | 2475900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145000 | KY St Econ Dev Fin Auth Baptist Hlthcare Sys, Ser B | 5.00% | 08/15/28 | 150066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2950000 | KY St Econ Dev Fin Auth Baptist Hlthcare Sys, Ser B | 5.00% | 08/15/46 | 2977033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 625000 | KY St Econ Dev Fin Auth Ref Commonspirit Hlth, Ser A-1 | 4.00% | 08/01/38 | 628159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1480000 | KY St Hsg Corp Sf Mtge, Ser C | 4.00% | 07/01/39 | 1491698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4545000 | KY St Muni Energy Agy Pwr Sys Rev Energy Ctr I Proj | 5.00% | 01/01/44 | 4758068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; KY St Pub Energy Auth Gas Sply Rev Ref, Ser A-1 (Mandatory put <br> 02/01/32) | 5.25% | 04/01/54 | 1621970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; KY St Pub Energy Auth Gas Sply Rev Ref, Ser B (Mandatory put <br> 08/01/32) | 5.00% | 01/01/55 | 2155944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6300000 | &nbsp;&nbsp;&nbsp; KY St Pub Energy Auth Gas Sply Rev Var, Ser C (Mandatory put <br> 02/01/28) | 4.00% | 02/01/50 | 6399648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Louisville & Jefferson Cnty KY Met Govt Hlth Sys Rev Norton <br> Hlthcare Inc, Ser A | 4.00% | 10/01/39 | 1488751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp; Louisville & Jefferson Cnty KY Met Govt Hlth Sys Rev Ref Norton <br> Hlthcare Inc, Ser A | 5.00% | 10/01/40 | 1414490 |

---

------

**First Trust Managed Municipal ETF (FMB)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Kentucky (Continued)** | **Kentucky (Continued)** | **Kentucky (Continued)** |  |
| $1000000 | &nbsp;&nbsp;&nbsp; Louisville & Jefferson Cnty KY Met Govt Hlth Sys Rev Ref Norton <br> Hlthcare Inc, Ser A | 5.00% | 10/01/41 | $1076778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp; Louisville & Jefferson Cnty KY Met Swr Dist Swr & Drain Sys <br> Sustainable Bond, Ser A | 5.00% | 05/15/29 | 314501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16200000 | &nbsp;&nbsp;&nbsp; Meade Cnty KY Indl Bldg Rev Var Nucor Steel Brandenburg Proj <br> Sustainable Bond, Ser B-1 (d) | 3.65% | 08/01/61 | 16200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Trimble Cnty KY Envrnmntl Facs Rev Var Louisville Gas & Elec <br> Co Proj, Ser A, AMT (Mandatory put 06/01/27) | 4.70% | 06/01/54 | 1009788 |
|  |  |  |  | 51514394 |
|  | **Louisiana — 0.9%** | **Louisiana — 0.9%** | **Louisiana — 0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3690000 | E Baton Rouge Parish LA Capital Impts Dist Movebr Sales T | 5.00% | 08/01/48 | 3838856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6500000 | E Baton Rouge Parish LA Swr Commn Rev Ref, Ser A | 4.00% | 02/01/45 | 6329781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp; LA St Loc Govt Envrnmntl Facs & Cmnty Dev Auth Rev Ref Hosp <br> Womans Fdtn Proj, Ser A | 5.00% | 10/01/37 | 1734625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; LA St Loc Govt Envrnmntl Facs & Cmnty Dev Auth Rev Ref <br> Westlake Chemical Corp Proj Remk | 3.50% | 11/01/32 | 1502650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Lafayette LA Utils Rev Electric Projs, AG | 5.00% | 11/01/46 | 2086549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1330000 | Lafayette Parish LA Sch Brd Sales Tax Rev | 5.50% | 04/01/45 | 1466572 |
|  |  |  |  | 16959033 |
|  | **Maryland — 1.0%** | **Maryland — 1.0%** | **Maryland — 1.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 | Baltimore Cnty MD Rev Ref Oak Crest Vlg Inc Fac | 4.00% | 01/01/40 | 650685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 | Baltimore Cnty MD Rev Ref Riderwood Vlg Inc Proj | 4.00% | 01/01/36 | 660991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020000 | Baltimore MD Spl Oblig Ref E Baltimore Rsrch Park Proj, Ser A | 5.00% | 09/01/38 | 2042318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135000 | Baltimore MD Spl Oblig Ref Sr Lien Harbor Point Proj, Ser A (e) | 2.85% | 06/01/26 | 134606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Cmnty Dev Admin MD Mf Dev Rev Sustainable Bonds Vlgs at <br> Marley Station, Ser D-2 | 3.30% | 01/01/29 | 2031530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; MD St Dept of Transprtn BWI Thurgood Marshall Arpt Proj, Ser A, <br> AG, AMT | 5.25% | 08/01/41 | 835763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; MD St Dept of Transprtn BWI Thurgood Marshall Arpt Proj, Ser A, <br> AG, AMT | 5.25% | 08/01/42 | 825542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2660000 | &nbsp;&nbsp;&nbsp; MD St Econ Dev Corp Stdt Hsg Rev College Park Leonard Town <br> Proj, AG | 5.00% | 07/01/40 | 2847969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; MD St Hlth & Hgr Eductnl Facs Auth Rev Ref Kennedy Kriegern <br> Issue, Ser A | 5.00% | 07/01/40 | 752186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; MD St Hlth & Hgr Eductnl Facs Auth Rev Ref Kennedy Kriegern <br> Issue, Ser A | 5.25% | 07/01/44 | 368874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | MD St Hlth & Hgr Eductnl Facs Auth Rev Ref Meritus Hlth Issue | 5.00% | 07/01/38 | 3381042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; MD St Hlth & Hgr Eductnl Facs Auth Rev Ref Stevenson Univ <br> Proj, Ser A | 4.00% | 06/01/35 | 251489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; MD St Hlth & Hgr Eductnl Facs Auth Rev Ref Stevenson Univ <br> Proj, Ser A | 4.00% | 06/01/36 | 225139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; MD St Hlth & Hgr Eductnl Facs Auth Rev Ref Stevenson Univ <br> Proj, Ser A | 4.00% | 06/01/46 | 654247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; MD St Hlth & Hgr Eductnl Facs Auth Rev Ref Univ of MD Med <br> Sys Issue, Ser A | 5.00% | 07/01/40 | 1121128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; MD St Hlth & Hgr Eductnl Facs Auth Rev Ref Univ of MD Med <br> Sys Issue, Ser A | 5.00% | 07/01/41 | 1663645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1480000 | WA MD Suburban San Dist Consol Pub Impt | 3.00% | 06/01/39 | 1375361 |
|  |  |  |  | 19822515 |
|  | **Massachusetts — 0.9%** | **Massachusetts — 0.9%** | **Massachusetts — 0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | MA St Consolidated Loan, Ser G | 5.00% | 12/01/39 | 1164365 |

---

------

**First Trust Managed Municipal ETF (FMB)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Massachusetts (Continued)** | **Massachusetts (Continued)** | **Massachusetts (Continued)** |  |
| $1000000 | MA St Consolidated Loan, Ser G | 5.00% | 12/01/43 | $1111284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | MA St Dev Fin Agy Rev Lasell Vlg Inc | 5.25% | 07/01/45 | 1031102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | MA St Dev Fin Agy Rev Linden Ponds Inc Fac (e) | 5.00% | 11/15/28 | 103145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; MA St Dev Fin Agy Rev Ref UMass Memorial Hlth Care Oblig <br> Grp, Ser N-1 | 5.00% | 07/01/41 | 2147223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1935000 | &nbsp;&nbsp;&nbsp; MA St Dev Fin Agy Rev Ref UMass Memorial Hlth Care Oblig <br> Grp, Ser N-1 | 5.00% | 07/01/45 | 1987393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; MA St Dev Fin Agy Rev Tufts Univ Stdt Hsg Proj Prg Medford <br> Properties Inc | 5.25% | 06/01/41 | 558512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; MA St Dev Fin Agy Rev Var Amherst Clg Issue, Ser A (Mandatory <br> put 11/01/35) | 5.00% | 11/01/55 | 2975976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3920000 | MA St Port Auth Ref, Ser A, AMT | 5.00% | 07/01/32 | 4190318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1555000 | MA St Port Auth, Ser C, AMT | 5.00% | 07/01/31 | 1666230 |
|  |  |  |  | 16935548 |
|  | **Michigan — 2.3%** | **Michigan — 2.3%** | **Michigan — 2.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1620000 | Charles Stewart Mott MI Cmnty Clg Ref, AG | 5.00% | 05/01/41 | 1799598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | Grand Rapids MI Santn Swr Sys Rev | 5.00% | 01/01/43 | 2553510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Great Lakes MI Wtr Auth Sewage Disposal Sys Rev Ref Sr <br> Lien, Ser A | 5.00% | 07/01/37 | 2282043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1415000 | Great Lakes MI Wtr Auth Wtr Sply Sys Rev Ref Sr Lien, Ser A | 5.00% | 07/01/38 | 1616246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Great Lakes MI Wtr Auth Wtr Sply Sys Rev Ref Sr Lien, Ser C | 5.00% | 07/01/31 | 1010371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1070000 | Great Lakes MI Wtr Auth Wtr Sply Sys Rev Sr Lien, Ser C | 5.25% | 07/01/43 | 1184433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Great Lakes MI Wtr Auth Wtr Sply Sys Rev Sr Lien, Ser C | 5.25% | 07/01/44 | 1097701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 | Howell MI Pub Schs, Ser II | 5.00% | 05/01/39 | 741113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Howell MI Pub Schs, Ser II | 5.00% | 05/01/40 | 562190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4965000 | &nbsp;&nbsp;&nbsp; Kalamazoo MI Hosp Fin Auth Unrefunded Ref Bronson Hlthcare <br> Grp | 4.00% | 05/15/36 | 4968254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1325000 | Kentwood MI | 5.00% | 10/01/43 | 1423084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1195000 | Lake Shore MI Pub Schs, Ser I | 5.00% | 11/01/37 | 1327859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Lakeview MI Pub Sch Dist | 3.00% | 11/01/35 | 981235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | L'Anse Creuse MI Pub Schs, Ser I | 5.00% | 05/01/42 | 1099408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; MI St Fin Auth Act 38 Facs Sr Rev Sustainable Bonds Henry Ford <br> Hlth Detroit Util Plant Proj | 5.25% | 02/28/42 | 536890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 795000 | MI St Fin Auth Rev Multi Modal McLaren Hlth Care, Ser A | 5.00% | 02/15/37 | 837987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | MI St Fin Auth Rev Multi Modal McLaren Hlth Care, Ser A | 4.00% | 02/15/44 | 1864497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1070000 | MI St Fin Auth Rev Ref Beaumont Spectrum Consolidation, Ser A | 5.00% | 04/15/33 | 1211259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; MI St Fin Auth Rev Ref CHE Trinity Hlth Credit Grp Remk, Ser <br> 2013-2 | 4.00% | 12/01/35 | 1021760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | MI St Fin Auth Rev Ref Hosp McLaren Hlth Care, Ser B | 5.00% | 05/15/33 | 2008086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | MI St Fin Auth Rev Ref Sr Turbo, Ser A-2 | 5.00% | 06/01/40 | 2591058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3810000 | Troy MI City Sch Dist | 5.00% | 05/01/47 | 3959718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4500000 | Univ of MI MI, Ser A | 3.00% | 04/01/28 | 4501633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1435000 | &nbsp;&nbsp;&nbsp; Wayne Cnty MI Arpt Auth Rev Detroit Met Wayne Co Arpt, Ser B, <br> AG, AMT | 5.25% | 12/01/36 | 1619355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; Wayne Cnty MI Arpt Auth Rev Ref Detroit Met Wayne Cnty <br> Arpt, Ser D, AMT | 5.00% | 12/01/39 | 880749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; Wayne Cnty MI Arpt Auth Rev Ref Detroit Met Wayne Cnty <br> Arpt, Ser D, AMT | 5.00% | 12/01/43 | 477516 |
|  |  |  |  | 44157553 |

---

------

**First Trust Managed Municipal ETF (FMB)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Minnesota — 0.6%** | **Minnesota — 0.6%** | **Minnesota — 0.6%** |  |
| $1740000 | &nbsp;&nbsp;&nbsp; Minneapolis MN & Saint Paul MN Hsg & Redev Auth Hlth Care <br> Children's Hlth Care | 5.00% | 08/15/39 | $1943188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Minneapolis MN & Saint Paul MN Hsg & Redev Auth Hlth Care <br> Children's Hlth Care | 5.00% | 08/15/41 | 2175497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp; Minneapolis Saint Paul MN Met Arpts Commn Arpt Rev Ref <br> Sub, Ser B, AMT | 5.00% | 01/01/39 | 990130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; Minneapolis Saint Paul MN Met Arpts Commn Arpt Rev Subord <br> Priv Activity, Ser B, AMT | 5.25% | 01/01/42 | 3260839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1655000 | &nbsp;&nbsp;&nbsp; Minneapolis Saint Paul MN Met Arpts Commn Arpt Rev Subord <br> Priv Activity, Ser B, AMT | 5.25% | 01/01/49 | 1701028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 285000 | MN St Agric & Econ Devbrd HealthPartners Oblig Grp | 5.00% | 01/01/40 | 310211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Saint Paul MN Hsg & Redev Auth Hlth Care Rev Ref Sys Fairview <br> Hlth Svcs, Ser A | 4.00% | 11/15/43 | 232117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | Sthrn MN St Muni Pwr Agy Pwr Sply Sys Rev Ref, Ser A | 5.00% | 01/01/40 | 683462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Sthrn MN St Muni Pwr Agy Pwr Sply Sys Rev Ref, Ser A | 5.00% | 01/01/41 | 563190 |
|  |  |  |  | 11859662 |
|  | **Mississippi — 0.6%** | **Mississippi — 0.6%** | **Mississippi — 0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Gulfport MS Hosp Fac Rev Memorial Hosp at Gulfport Proj | 5.25% | 07/01/41 | 543244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Gulfport MS Hosp Fac Rev Memorial Hosp at Gulfport Proj | 5.25% | 07/01/42 | 537279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Gulfport MS Hosp Fac Rev Memorial Hosp at Gulfport Proj | 5.25% | 07/01/43 | 530769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 645000 | MS Dev Bk Spl Oblig Lamar Co Sch Dt Go Bond Proj | 5.25% | 06/01/41 | 726975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000 | MS Dev Bk Spl Oblig Lamar Co Sch Dt Go Bond Proj | 5.25% | 06/01/42 | 945384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp; MS St Busn Fin Corp Sol Wst Disp Rev Adj Ref MS Pwr Co Proj <br> Remk, AMT (d) | 3.30% | 05/01/28 | 2400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; MS St Hosp Equipment & Facs Auth Baptist Memorial Hlth <br> Care, Ser A | 5.00% | 09/01/41 | 5034797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | Warren Cnty MS Lease Pur Jail Proj, BAM, COPS | 6.00% | 09/01/43 | 1293286 |
|  |  |  |  | 12011734 |
|  | **Missouri — 1.9%** | **Missouri — 1.9%** | **Missouri — 1.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 735000 | Jackson Cnty MO Consol Sch Dist #4 | 5.75% | 03/01/39 | 874206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 690000 | Jackson Cnty MO Consol Sch Dist #4 | 5.75% | 03/01/42 | 790267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1610000 | Jackson Cnty MO Consol Sch Dist #4 | 5.75% | 03/01/43 | 1797931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1260000 | &nbsp;&nbsp;&nbsp; Kansas City MO Indl Dev Auth Arpt Spl Oblig Kansas City Intl <br> Arpt Terminal Mod Proj, Ser B, AMT | 5.00% | 03/01/46 | 1266094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4310000 | &nbsp;&nbsp;&nbsp; Kansas City MO Indl Dev Auth Arpt Spl Oblig Kansas City Intl <br> Arpt Terminal Mod, Ser A, AMT | 5.00% | 03/01/31 | 4566103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1550000 | Maryville MO Sch Dist #R-II | 5.00% | 03/01/41 | 1643558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530000 | &nbsp;&nbsp;&nbsp; MO Jt Muni Elec Util Commn Pwr Proj Rev Dogwood Energy Fac <br> Proj, Ser C, BAM | 5.00% | 06/01/38 | 603303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 555000 | &nbsp;&nbsp;&nbsp; MO Jt Muni Elec Util Commn Pwr Proj Rev Dogwood Energy Fac <br> Proj, Ser C, BAM | 5.00% | 06/01/39 | 627879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | MO Jt Muni Elec Util Commn Pwr Proj Rev Ref Prairie St Proj | 5.00% | 12/01/39 | 1131957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; MO St Hlth & Eductnl Facs Auth Hlth Facs Rev Cox Health & <br> Oblig Grp, Ser A | 5.00% | 11/15/37 | 524384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 | MO St Hlth & Eductnl Facs Auth Hlth Facs Rev Mercy Hlth | 5.50% | 12/01/42 | 610332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp; MO St Hlth & Eductnl Facs Auth Hlth Facs Rev Ref BJC Hlth <br> Sys, Ser A | 4.00% | 07/01/46 | 873606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; MO St Hlth & Eductnl Facs Auth Hlth Facs Rev Ref, Ser C <br> (Mandatory put 05/01/28) | 5.00% | 05/01/52 | 1054247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1575000 | &nbsp;&nbsp;&nbsp; MO St Hlth & Eductnl Facs Auth Hlth Facs Rev The Childrens <br> Mercy Hosp, Ser A | 4.00% | 05/15/48 | 1420140 |

---

------

**First Trust Managed Municipal ETF (FMB)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Missouri (Continued)** | **Missouri (Continued)** | **Missouri (Continued)** |  |
| $1960000 | MO St Hlth & Eductnl Facs Auth Lutheran Sr Svcs Projs | 4.00% | 02/01/29 | $1999290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2120000 | MO St Hlth & Eductnl Facs Auth Lutheran Sr Svcs Projs | 4.00% | 02/01/31 | 2182806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 555000 | MO St Hlth & Eductnl Facs Auth Lutheran Sr Svcs Projs | 4.00% | 02/01/32 | 572442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260000 | MO St Hlth & Eductnl Facs Auth Med Rsrch Lutheran Svcs, Ser A | 5.00% | 02/01/28 | 260350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | MO St Hlth & Eductnl Facs Auth Ref Lutheran Sr Svcs Projs, Ser A | 5.25% | 02/01/44 | 724494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2700000 | Phelps Cnty MO Hosp Rev Phelps Hlth | 5.75% | 12/01/45 | 2909660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2795000 | Springfield MO Pub Utils Brd, COPS | 5.00% | 11/01/38 | 3157490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | St Charles Cnty MO Pub Wtr Sply Dist #2, COPS | 5.00% | 12/01/47 | 2083292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2570000 | &nbsp;&nbsp;&nbsp; St Charles Cnty MO Pub Wtr Sply Dist #2 Pub Wtr Sply Dist No 2, <br> COPS | 5.25% | 12/01/46 | 2734020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1295000 | St Louis Cnty MO Spl Oblig Convention Ctr, Ser A | 5.25% | 12/01/38 | 1387590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1900000 | St Louis MO Muni Library Dist Ref, BAM, COPS | 3.00% | 03/15/39 | 1694674 |
|  |  |  |  | 37490115 |
|  | **Montana — 0.1%** | **Montana — 0.1%** | **Montana — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Forsyth MT Poll Control Rev Ref Puget Sound Energy Proj, Ser A | 3.90% | 03/01/31 | 2000755 |
|  | **Nebraska — 0.4%** | **Nebraska — 0.4%** | **Nebraska — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; Centrl Plains Energy Proj NE Gas Proj Rev Var Ref Proj #4, Ser A <br> (Mandatory put 11/01/29) | 5.00% | 05/01/54 | 3184451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Centrl Plains Energy Proj NE Gas Sply Rev, Subser A-1 <br> (Mandatory put 08/01/31) | 5.00% | 08/01/55 | 1612113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | Omaha NE Pub Pwr Dist Elec Rev, Ser B | 5.00% | 02/01/46 | 637383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | Omaha NE Pub Pwr Dist Elec Rev, Ser B | 5.00% | 02/01/47 | 1787167 |
|  |  |  |  | 7221114 |
|  | **Nevada — 0.5%** | **Nevada — 0.5%** | **Nevada — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2505000 | Clark Cnty NV Arpt Rev Ref, Ser B | 5.00% | 07/01/38 | 2649106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; Clark Cnty NV Poll Control Rev Var Ref NV Pwr CO Proj Remk <br> (Mandatory put 03/31/26) | 3.75% | 01/01/36 | 1752070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1035000 | Clark Cnty NV Ref Las Vegas Convention & Visitors Auth, Ser C | 3.00% | 07/01/33 | 1036054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245000 | Las Vegas NV Spl Impt Dist #816 Summerlin Vlg 22 | 2.25% | 06/01/27 | 240784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245000 | Las Vegas NV Spl Impt Dist #816 Summerlin Vlg 22 | 2.50% | 06/01/28 | 238345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Las Vegas NV Spl Impt Dist #818 Summerlin Vlg 27 | 5.00% | 12/01/39 | 1051679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp; Las Vegas NV Spl Impt Dist #819 Spl Impt Dt #819 Summerlin <br> Vlg 30A | 5.00% | 06/01/40 | 333444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165000 | N Las Vegas NV Loc Impt Vly Vista Spl Impt Dist #64 | 3.75% | 06/01/26 | 165070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220000 | N Las Vegas NV Loc Impt Vly Vista Spl Impt Dist #64 | 3.75% | 06/01/27 | 220319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260000 | NV Dept of Busn & Ind NV Doral Acdmy, Ser A | 5.00% | 07/15/27 | 260154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | Reno Tahoe NV Arpt Auth Arpt Rev Tahoe Intl Arpt, Ser B | 5.00% | 07/01/43 | 481122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | Reno Tahoe NV Arpt Auth Arpt Rev Tahoe Intl Arpt, Ser B | 5.00% | 07/01/49 | 1231242 |
|  |  |  |  | 9659389 |
|  | **New Hampshire — 0.6%** | **New Hampshire — 0.6%** | **New Hampshire — 0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320000 | Natl Fin Auth NH Rev Adventist Hlth Energy Proj, Ser C | 5.25% | 07/01/41 | 341170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1575000 | Natl Fin Auth NH Rev Adventist Hlth Energy Proj, Ser C | 5.25% | 07/01/43 | 1641874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5500000 | &nbsp;&nbsp;&nbsp; Natl Fin Auth NH Sol Wst Disp Rev Var Ref Wst Mgmt Inc Proj <br> Remk, Ser A- 3, AMT (Mandatory put 07/01/26) | 4.00% | 07/01/33 | 5506131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | Natl Fin Auth NH Spl Rev (e) | 5.88% | 12/15/33 | 1400595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Natl Fin Auth NH Spl Rev The Wildflower Proj, CABS (e) | (g) | 12/15/33 | 1210877 |

---

------

**First Trust Managed Municipal ETF (FMB)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **New Hampshire (Continued)** | **New Hampshire (Continued)** | **New Hampshire (Continued)** |  |
| $1000000 | &nbsp;&nbsp;&nbsp; NH St Hlth & Edu Facs Auth Rev Ref Dartmouth Hlth Oblig Grp <br> Issue | 5.00% | 08/01/36 | $1155089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; NH St Hlth & Edu Facs Auth Rev Ref Dartmouth Hlth Oblig Grp <br> Issue | 5.00% | 08/01/37 | 1144231 |
|  |  |  |  | 12399967 |
|  | **New Jersey — 1.3%** | **New Jersey — 1.3%** | **New Jersey — 1.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; NJ St Econ Dev Auth Mtr Vehcl Surcharge Rev Ref Sub, Ser A, <br> BAM | 5.00% | 07/01/28 | 463682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; NJ St Econ Dev Auth Rev Portal N Bridge Proj NJ Transit <br> Transprtn Proj Bonds, Ser A | 5.25% | 11/01/40 | 2215786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3250000 | NJ St Econ Dev Auth Rev Sch Facs Constr Prog, Ser LLL | 5.00% | 06/15/39 | 3446792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3880000 | NJ St Econ Dev Auth Rev Sch Facs Constr Prog, Ser LLL | 5.00% | 06/15/44 | 4015015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1050000 | NJ St Econ Dev Auth Rev Sustainable Bonds, Ser QQQ | 5.00% | 06/15/31 | 1172723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; NJ St Econ Dev Auth Wtr Facs Rev Var Ref NJ American Wtr Co <br> Inc Proj Remk, Ser B, AMT (Mandatory put 06/01/28) | 3.75% | 11/01/34 | 760739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; NJ St Transprtn Trust Fund Auth Fun Auth Transprtn Prog <br> Bonds, Ser CC | 5.25% | 06/15/41 | 2765487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140000 | NJ St Transprtn Trust Fund Auth Ref Transprtn Sys Bonds, Ser A | 5.00% | 12/15/39 | 148658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | NJ St Transprtn Trust Fund Auth Ref Transprtn Sys, Ser A | 5.00% | 12/15/30 | 536448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | NJ St Transprtn Trust Fund Auth Ref, Ser AA | 5.25% | 06/15/41 | 1132661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp; NJ St Transprtn Trust Fund Auth Transprtn Prog Bonds, Ser AA <br> (Pre-refunded maturity 12/15/28) | 5.00% | 06/15/31 | 2427209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | NJ St Transprtn Trust Fund Auth Transprtn Prog, Ser AA | 5.00% | 06/15/45 | 1814377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1080000 | NJ St Transprtn Trust Fund Auth Transprtn Prog, Ser CC | 5.00% | 06/15/44 | 1158371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | NJ St Transprtn Trust Fund Auth Transprtn Prog, Ser CC | 5.25% | 06/15/50 | 3172897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | NJ St Transprtn Trust Fund Auth, Ser BB | 5.00% | 06/15/34 | 1064694 |
|  |  |  |  | 26295539 |
|  | **New Mexico — 0.5%** | **New Mexico — 0.5%** | **New Mexico — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2555000 | Albuquerque NM, Ser A | 2.50% | 07/01/27 | 2550848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Farmington NM Poll Control Rev Var Ref Pub Svc Co NM San <br> Juan Proj Remk, Ser D (Mandatory put 06/01/28) | 3.90% | 06/01/40 | 2035652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 565000 | &nbsp;&nbsp;&nbsp; Los Ranchos De Albuquerque NM Eductnl Facs Rev Ref <br> Albuquerque Acdmy Proj | 4.00% | 09/01/33 | 585630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; Los Ranchos De Albuquerque NM Eductnl Facs Rev Ref <br> Albuquerque Acdmy Proj | 4.00% | 09/01/35 | 307753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Lower Petroglyphs Pub Impt Dist NM Spl Levy Rev Ref | 4.45% | 10/01/26 | 250721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260000 | Lower Petroglyphs Pub Impt Dist NM Spl Levy Rev Ref | 4.55% | 10/01/27 | 262396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 365000 | Lower Petroglyphs Pub Impt Dist NM Spl Levy Rev Ref | 5.00% | 10/01/33 | 366811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 825000 | NM St Hosp Equipment Loan Council Hosp Rev Ref | 5.00% | 06/01/32 | 873377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; NM St Muni Energy Acq Auth Gas Sply Ref (Mandatory put <br> 11/01/30) | 5.00% | 06/01/54 | 3200713 |
|  |  |  |  | 10433901 |
|  | **New York — 6.2%** | **New York — 6.2%** | **New York — 6.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | Albany NY Capital Res Corp Ref Albany Med Ctr Hosp Proj, Ser A | 5.25% | 05/01/43 | 884131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Albany NY Capital Res Corp Ref Albany Med Ctr Hosp Proj, Ser A | 5.25% | 05/01/44 | 1091922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Albany NY Capital Res Corp Ref Albany Med Ctr Hosp Proj, Ser A | 5.25% | 05/01/45 | 1076875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Battery Park City NY Auth Ref Sustainable Bonds Sr | 5.00% | 11/01/40 | 1164156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp; Build NYC Res Corp NY Rev Sustainable Bond Kipp NYC Pub <br> Sch Facs Canal W Proj | 5.00% | 07/01/36 | 443424 |

---

------

**First Trust Managed Municipal ETF (FMB)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **New York (Continued)** | **New York (Continued)** | **New York (Continued)** |  |
| $2000000 | &nbsp;&nbsp;&nbsp; Build NYC Res Corp NY Rev Sustainable Bond Kipp NYC Pub <br> Sch Facs Canal W Proj | 5.00% | 07/01/42 | $2050735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2700000 | &nbsp;&nbsp;&nbsp; Chautauqua Cnty NY Capital Res Corp Exempt Facs Rev Var Ref <br> NRG Energy Proj Remk (Mandatory put 04/03/28) | 4.25% | 04/01/42 | 2763330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Genesee Cnty NY Funding Corp Rochester Regl Hlth Energy <br> Proj, Ser A | 5.00% | 12/01/39 | 1089774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Genesee Cnty NY Funding Corp Rochester Regl Hlth Energy <br> Proj, Ser A | 5.00% | 12/01/45 | 1018511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 495000 | Hudson Yards Infra Corp NY 2nd Indenture Rev Ref, Ser A | 5.00% | 02/15/37 | 505249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Kings Park NY Centrl Sch Dist, Ser B | 3.00% | 07/15/31 | 1000084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | Long Island NY Pwr Auth Elec Sys Rev Ref, Ser A | 5.00% | 09/01/35 | 383133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Monroe Cnty NY Indl Dev Corp Rev Ref St John Fisher Univ Proj | 5.00% | 06/01/44 | 264578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 630000 | Monroe Cnty NY Indl Dev Corp Rev Ref St John Fisher Univ Proj | 5.25% | 06/01/49 | 663806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375000 | N Babylon NY Union Free Sch Dist | 3.00% | 07/01/35 | 373654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp; New York City NY Muni Wtr Fin Auth Wtr & Swr Sys Rev Ref <br> 2nd Gen Resolution, Subser EE-2 | 5.00% | 06/15/40 | 186373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; New York City NY Muni Wtr Fin Auth Wtr & Swr Sys Rev Ref <br> Fiscal 2025, Ser DD | 5.50% | 06/15/39 | 2400989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; New York City NY Muni Wtr Fin Auth Wtr & Swr Sys Rev Var <br> 2nd Gen Resolution, Subser CC (d) | 3.20% | 06/15/53 | 1500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; New York City NY Transitional Fin Auth Bldg Aid Rev Subord <br> Ref, Ser S-2A | 5.00% | 07/15/34 | 1059469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | New York City NY Transitional Fin Auth Rev Sub, Ser B-1 | 4.00% | 11/01/37 | 10183527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | New York City NY Transitional Fin Auth Rev Sub, Ser B-1 | 4.00% | 11/01/38 | 2535635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | New York City NY Transitional Fin Auth Rev Subord, Ser A-1 | 5.25% | 08/01/40 | 4418354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1375000 | NY Energy Fin Dev Corp Var (Mandatory put 12/01/33) | 5.00% | 07/01/56 | 1466756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4400000 | NY NY Adjustable Fiscal 2020, Subser B-3 (d) | 3.20% | 10/01/46 | 4400000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | NY NY Fiscal 2025 Multi Modal, Ser E | 5.00% | 08/01/41 | 276874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1665000 | NY NY Fiscal 2026, Ser D | 5.00% | 10/01/43 | 1803885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5690000 | NY NY, Ser A, Subser A-1 | 4.00% | 08/01/40 | 5725098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5730000 | NY NY, Ser B, Subser B-1 | 5.25% | 10/01/39 | 6369719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2925000 | NY NY, Ser B, Subser B-1 | 5.25% | 10/01/41 | 3217413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | NY NY, Ser C, Subser C-1 | 5.25% | 09/01/45 | 3224615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6015000 | NY NY, Ser F-1 | 5.00% | 03/01/42 | 6382850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | NY St Dorm Auth Revs Non St Supported Debt Pratt Institute Ref | 5.00% | 07/01/39 | 452607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; NY St Dorm Auth Revs Non St Supported Debt Ref Northwell Hlth <br> Oblig Grp, Ser A | 5.00% | 05/01/38 | 546372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; NY St Dorm Auth Revs Non St Supported Debt Var Memorial <br> Sloan Kettering Cancer Ctr, Ser 2-B (Mandatory put 07/01/32) | 5.00% | 07/01/49 | 1110318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; NY St Dorm Auth Revs Non St Supported Debt White Plains Hosp <br> Obligated Grp, AG | 5.25% | 10/01/43 | 1071604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8000000 | NY St Dorm Auth Sales Tax Rev Ref Grp 3, Ser E | 5.00% | 03/15/38 | 8449221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1925000 | NY St Dorm Auth St Personal Income Tax Rev Ref, Ser A | 3.00% | 03/15/42 | 1649252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | NY St Dorm Auth St Personal Income Tax Rev Ref, Ser C | 5.00% | 03/15/39 | 577989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | NY St Dorm Auth St Personal Income Tax Rev Ref, Ser C | 5.25% | 03/15/46 | 1622559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4625000 | &nbsp;&nbsp;&nbsp; NY St Hsg Fin Agy Affordable Hsg Rev Var 320 W 38th St Hsg <br> Remk, Ser A (Mandatory put 11/01/31) | 3.57% | 05/01/42 | 4728698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195000 | NY St Thruway Auth Gen Rev Jr Indebtedness Obl Subord, Ser B | 4.00% | 01/01/45 | 180986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2225000 | NY St Thruway Auth Personal Income Tax Rev Ref Bidding Grp 3 | 5.00% | 03/15/40 | 2439218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4185000 | NY St Thruway Auth Personal Income Tax Rev Ref Bidding Grp 3 | 5.00% | 03/15/41 | 4536501 |

---

------

**First Trust Managed Municipal ETF (FMB)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **New York (Continued)** | **New York (Continued)** | **New York (Continued)** |  |
| $1250000 | &nbsp;&nbsp;&nbsp; NY St Transprtn Dev Corp Spl Fac Rev Delta Airls Inc LaGuardia <br> Arpt Terminals C&D Redev, AMT | 4.00% | 10/01/30 | $1269096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2720000 | &nbsp;&nbsp;&nbsp; NY St Transprtn Dev Corp Spl Fac Rev Delta Airls Inc LaGuardia <br> Arpt Terminals C&D Redev, AMT | 5.00% | 10/01/35 | 2889213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; NY St Transprtn Dev Corp Spl Fac Rev LaGuardia Arpt Terminal <br> C&D Redev Proj, AMT | 6.00% | 04/01/35 | 1107028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; NY St Transprtn Dev Corp Spl Fac Rev Sustainable Bond JFK Intl <br> Arpt New Terminal, AMT | 5.25% | 06/30/40 | 1074168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; NY St Transprtn Dev Corp Spl Fac Rev Sustainable Bond JFK Intl <br> Arpt New Terminal, AMT | 5.25% | 06/30/43 | 1047906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1240000 | &nbsp;&nbsp;&nbsp; NY St Transprtn Dev Corp Spl Fac Rev Sustainable Bond JFK Intl <br> Arpt Terminal One Prj, AG, AMT | 5.50% | 06/30/42 | 1320403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; NY St Transprtn Dev Corp Spl Fac Rev Sustainable Bond JFK Intl <br> Arpt Terminal One Prj, AG, AMT | 5.50% | 06/30/43 | 528611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; NY St Transprtn Dev Corp Spl Fac Rev Sustainable Bond JFK Intl <br> Arpt Terminal One Prj, AG, AMT | 5.50% | 06/30/44 | 786766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2750000 | Port Auth of NY & NJ NY Ref, Ser 246, AMT | 5.00% | 09/01/44 | 2889005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | Rockland Cnty NY Sol Wst Mgmt Auth Animal Shelter Proj, Ser A | 6.25% | 12/15/49 | 1415050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | Suffolk Regl Off Track Betting Corp NY Rev | 5.75% | 12/01/44 | 4104910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | Syracuse Regl Arpt Auth NY Sr Arpt Rev Ref, AMT | 4.00% | 07/01/36 | 150601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2165000 | &nbsp;&nbsp;&nbsp; Util Debt Securitization Auth NY Ref Restructuring Bonds, <br>Ser TE-1 | 5.00% | 12/15/39 | 2416887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 675000 | &nbsp;&nbsp;&nbsp; Westchester Cnty NY Loc Dev Corp Rev Westchester Med Ctr <br> Oblig Grp Proj, AG | 5.75% | 11/01/48 | 729842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Westchester Cnty NY Loc Dev Corp Rev Westchester Med Ctr <br> Oblig Grp Proj, AG | 5.75% | 11/01/49 | 539701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000 | Yonkers NY, Ser F, BAM | 5.00% | 11/15/40 | 936965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Yonkers NY, Ser F, BAM | 5.00% | 11/15/41 | 545168 |
|  |  |  |  | 121041564 |
|  | **North Carolina — 0.8%** | **North Carolina — 0.8%** | **North Carolina — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 890000 | Charlotte NC Arpt Rev Charlotte Douglas Intl Arpt, Ser B, AMT | 5.00% | 07/01/29 | 957368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 925000 | Charlotte NC Arpt Rev, Ser A | 5.00% | 07/01/42 | 1010534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Charlotte NC Arpt Rev, Ser B, AMT | 5.00% | 07/01/40 | 541133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; NC St Med Care Commn Hlth Care Facs Rev Ref Duke Univ Hlth <br> Sys, Ser A | 5.00% | 06/01/38 | 1427039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375000 | NC St Med Care Commn Hosp Rev Caromont Hlth, Ser A | 5.00% | 02/01/32 | 415882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | NC St Med Care Commn Retmnt Facs Rev Carolina Meadows | 5.25% | 12/01/44 | 4179411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; NC St Med Care Commn Retmnt Facs Rev Deerfield Episcopal <br> Retmnt Cmnty Proj, Ser A | 5.00% | 11/01/40 | 1083804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; NC St Med Care Commn Retmnt Facs Rev Deerfield Episcopal <br> Retmnt Cmnty Proj, Ser A | 5.25% | 11/01/46 | 1546159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; NC St Med Care Commn Retmnt Facs Rev Pennybyrn at Maryfield <br> Proj, Ser A | 5.00% | 10/01/45 | 477905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; NC St Med Care Commn Retmnt Facs Rev United Methodist <br> Retmnt Homes Proj, Ser A | 5.00% | 10/01/39 | 791460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 915000 | &nbsp;&nbsp;&nbsp; NC St Med Care Commn Retmnt Facs Rev United Methodist <br> Retmnt Homes Proj, Ser A | 5.00% | 10/01/40 | 987150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; NC St Med Care Commn Retmnt Facs Rev United Methodist <br> Retmnt Homes, Ser 2024 B-1 | 4.25% | 10/01/28 | 250179 |

---

------

**First Trust Managed Municipal ETF (FMB)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **North Carolina (Continued)** | **North Carolina (Continued)** | **North Carolina (Continued)** |  |
| $1000000 | Raleigh Durham NC Arpt Auth Arpt Rev Ref, Ser A, AMT | 5.00% | 05/01/35 | $1019901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Sampson Cnty NC Ltd Oblig Ref | 5.00% | 12/01/34 | 349410 |
|  |  |  |  | 15037335 |
|  | **Ohio — 2.6%** | **Ohio — 2.6%** | **Ohio — 2.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | Bedford OH City Sch Dist, BAM | 5.50% | 12/01/40 | 1398365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1325000 | Bedford OH City Sch Dist, BAM | 5.50% | 12/01/41 | 1468699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Brunswick OH City Sch Dist, BAM | 5.25% | 12/01/53 | 1044187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Buckeye OH Tobacco Stlmt Fing Auth Ref Sr, Class 1, Ser A-2 | 4.00% | 06/01/48 | 1725318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1875000 | Buckeye OH Tobacco Stlmt Fing Auth Ref Sr, Class 2, Ser B-2 | 5.00% | 06/01/55 | 1544694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp; Butler Cnty OH Port Auth Econ Dev Lease Rev Ref Cmnty First <br> Solutions Oblg Grp Proj, Ser A | 4.00% | 05/15/46 | 315951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; Columbus OH Regl Arpt Auth Rev Ref John Glenn Columbus Intl <br> Arpt, Ser A, AMT | 5.00% | 01/01/39 | 3283928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; Columbus OH Regl Arpt Auth Rev Ref John Glenn Columbus Intl <br> Arpt, Ser A, AMT | 5.25% | 01/01/42 | 811562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; Columbus OH Regl Arpt Auth Rev Ref John Glenn Columbus Intl <br> Arpt, Ser A, AMT | 5.25% | 01/01/43 | 695673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1505000 | Dublin OH Spl Oblg Nontax Rev Ref | 5.00% | 12/01/41 | 1673958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 895000 | Ehove OH Jt Vocational Sch Dist | 5.50% | 12/01/39 | 1008256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Hamilton Cnty OH Hlth Care Rev Ref Life Enriching Cmntys Proj | 5.25% | 01/01/37 | 545346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340000 | Hamilton Cnty OH Hlth Care Rev Ref Life Enriching Cmntys Proj | 5.50% | 01/01/38 | 374306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp; Hamilton Cnty OH Hosp Facs Rev Ref Trihealth Inc Oblig Grp <br> Proj, Ser A | 5.00% | 08/15/31 | 342635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Hamilton Cnty OH Hosp Facs Rev Ref Trihealth Inc Oblig Grp <br> Proj, Ser A | 5.00% | 08/15/32 | 275101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp; Hamilton Cnty OH Hosp Facs Rev Ref Trihealth Inc Oblig Grp <br> Proj, Ser A | 5.00% | 08/15/33 | 416604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Hamilton Cnty OH Hosp Facs Rev UC Hlth | 4.00% | 09/15/50 | 819199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1580000 | &nbsp;&nbsp;&nbsp; Jobsohio Beverage Sys Stwd Liquor Profits Rev Ref Stwd Sr Lien <br> Liquor Profit, Ser A | 5.00% | 01/01/48 | 1662555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2860000 | Kings OH Loc Sch Dist | 5.25% | 12/01/49 | 2995703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 960000 | &nbsp;&nbsp;&nbsp; Miami Cnty OH Hosp Facs Rev Ref & Impt Kettering Hlth <br> Network Oblig Grp | 5.00% | 08/01/32 | 1009713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360000 | Montgomery Cnty OH Hlth Care Facs Rev Ref Solvita Proj | 5.25% | 09/01/42 | 385941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | Montgomery Cnty OH Hlth Care Facs Rev Ref Solvita Proj | 5.25% | 09/01/43 | 424581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | Montgomery Cnty OH Hlth Care Facs Rev Ref Solvita Proj | 5.25% | 09/01/44 | 421169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Montgomery Cnty OH Hlth Care Facs Rev Ref Solvita Proj | 5.25% | 09/01/49 | 510979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; Montgomery Cnty OH Hosp Rev Ref Kettering Hlth Network Oblig <br> Grp Proj | 4.00% | 08/01/37 | 401441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1375000 | &nbsp;&nbsp;&nbsp; Montgomery Cnty OH Hosp Rev Ref Kettering Hlth Network Oblig <br> Grp Proj | 4.00% | 08/01/41 | 1341530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; OH St Air Quality Dev Auth American Elec Pwr Co Proj Remk, Ser <br> A (Mandatory put 10/01/29) | 2.40% | 12/01/38 | 2401422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; OH St Air Quality Dev Auth OH Vly Electric Corp Proj Remk, Ser <br> B, AMT (Mandatory put 10/01/29) | 2.60% | 06/01/41 | 2907161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; OH St Air Quality Dev Auth Var Ref Duke Energy Corp Proj, <br>Ser A, AMT (Mandatory put 06/01/27) | 4.25% | 11/01/39 | 1016183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; OH St Air Quality Dev Auth Var Ref Duke Energy Corp Proj, Ser <br> B (Mandatory put 06/01/27) | 4.00% | 09/01/30 | 2033764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; OH St Hgr Eductnl Fac Commn Ref Rev Judson Oblig Grp 2020 <br> Proj, Ser A | 5.00% | 12/01/45 | 486055 |

---

------

**First Trust Managed Municipal ETF (FMB)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Ohio (Continued)** | **Ohio (Continued)** | **Ohio (Continued)** |  |
| $1300000 | OH St Hgr Eductnl Fac Commn Ref Univ of Dayton 2025 Proj | 5.00% | 02/01/41 | $1436536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | OH St Hosp Rev Ref, Ser A | 4.00% | 01/15/38 | 503381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | OH St Wtr Dev Auth Rev Sustainable Bond, Ser A | 5.00% | 12/01/39 | 779838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2275000 | OH St, Ser A | 5.00% | 02/01/34 | 2275000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp; Port of Gtr Cincinnati Dev Auth OH Rev Subord Ref Duke Energy <br> Convention Ctr Proj, Ser B | 5.00% | 12/01/42 | 630826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 685000 | &nbsp;&nbsp;&nbsp; Port of Gtr Cincinnati Dev Auth OH Rev Subord Ref Duke Energy <br> Convention Ctr Proj, Ser B | 5.00% | 12/01/43 | 735928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Univ of Cincinnati OH Recpts, Ser A | 5.25% | 06/01/49 | 2104628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1075000 | &nbsp;&nbsp;&nbsp; Warren Cnty OH Hlth Care Facs Rev Ref Otterbein Homes <br> Obligated Grp | 5.00% | 07/01/35 | 1200282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Warren Cnty OH Hlth Care Facs Rev Ref Otterbein Homes <br> Obligated Grp | 5.00% | 07/01/42 | 1046145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1950000 | &nbsp;&nbsp;&nbsp; Warren Cnty OH Hosp Facs Rev Ref Cmnty First Solutions <br> Obligated Grp, Ser A | 5.00% | 05/15/44 | 1983384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1930000 | Washington OH Loc Sch Dist Lucas Cnty, Ser A | 3.00% | 12/01/40 | 1689346 |
|  |  |  |  | 50127273 |
|  | **Oklahoma — 0.5%** | **Oklahoma — 0.5%** | **Oklahoma — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175000 | Catoosa OK Indl Auth Sales Tax Rev | 4.50% | 10/01/32 | 175178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3800000 | OK St Dev Fin Auth Sr OK Proton Ctr, Ser A1 (f) | 7.25% | 09/01/51 | 3756941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | OK St Turnpike Auth Sr Bonds, Ser A | 5.25% | 01/01/46 | 1616310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1600000 | OK St Wtr Res Brd St Loan Prog Rev St Loan Prog, Ser C | 5.00% | 10/01/46 | 1675750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2305000 | &nbsp;&nbsp;&nbsp; Oklahoma Cnty OK Fin Auth Eductnl Facs Lease Rev Midwest <br> City Del City Pub Schs Proj, BAM | 5.00% | 10/01/43 | 2468336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Tulsa Cnty OK Indl Auth Sr Living Cmnty Rev Ref Montereau Inc <br> Proj | 5.00% | 11/15/26 | 252299 |
|  |  |  |  | 9944814 |
|  | **Oregon — 0.8%** | **Oregon — 0.8%** | **Oregon — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | Astoria OR Hosp Facs Auth Columbia Memorial Hosp Proj | 5.25% | 08/01/40 | 809370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | Astoria OR Hosp Facs Auth Columbia Memorial Hosp Proj | 5.25% | 08/01/44 | 770734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Clackamas Cnty OR Hosp Fac Auth Rev Ref Rose Villa Proj, Ser A | 5.25% | 11/15/50 | 495063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp; Clackamas Cnty OR Hosp Fac Auth Rev Ref Sr Living Willamette <br> View Proj, Ser A | 4.00% | 05/15/26 | 169960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Clackamas Cnty OR Hosp Fac Auth Rev Ref Sr Living Willamette <br> View Proj, Ser A | 5.00% | 11/15/32 | 252460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | Medford OR Hosp Facs Auth Rev Ref Asante Proj, Ser A | 5.00% | 08/15/34 | 1357544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1820000 | OR St Ref Article XI-G Proj, Ser G | 5.00% | 08/01/44 | 1992884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1890000 | Port of Portland OR Arpt Rev Portland Intl Arpt, Ser 25B, AMT | 5.00% | 07/01/29 | 2033062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Port of Portland OR Arpt Rev Portland Intl Arpt, Ser 25B, AMT | 5.00% | 07/01/38 | 1043695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4950000 | Tri Cnty Met Transprtn Dist OR Rev, Ser A, GARVEE | 5.00% | 10/01/32 | 5175138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Union Cnty OR Hosp Fac Auth Grande Ronde Hosp | 5.00% | 07/01/47 | 988868 |
|  |  |  |  | 15088778 |
|  | **Pennsylvania — 5.3%** | **Pennsylvania — 5.3%** | **Pennsylvania — 5.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2245000 | &nbsp;&nbsp;&nbsp; Adams Cnty PA Gen Auth Rev Ref The Brethren Home Cmnty <br> Proj, Ser A | 5.00% | 06/01/44 | 2279453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Allegheny Cnty PA Arpt Auth Arpt Rev Pittsburgh Arpt, Ser A, <br> AG, AMT | 5.50% | 01/01/42 | 1639513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2300000 | &nbsp;&nbsp;&nbsp; Allegheny Cnty PA Arpt Auth Arpt Rev Pittsburgh Arpt, Ser A, <br> AG, AMT | 5.50% | 01/01/43 | 2491713 |

---

------

**First Trust Managed Municipal ETF (FMB)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Pennsylvania (Continued)** | **Pennsylvania (Continued)** | **Pennsylvania (Continued)** |  |
| $1500000 | &nbsp;&nbsp;&nbsp; Allegheny Cnty PA Hosp Dev Auth Ref Allegheny Hlth Network <br> Obligated Grp Issue, Ser A | 5.00% | 04/01/32 | $1569845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3050000 | &nbsp;&nbsp;&nbsp; Allegheny Cnty PA Hosp Dev Auth Ref Univ Pittsburgh Med <br> Ctr, Ser A | 4.00% | 07/15/35 | 3108624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2180000 | &nbsp;&nbsp;&nbsp; Allegheny Cnty PA Hosp Dev Auth Ref Univ Pittsburgh Med <br> Ctr, Ser A | 4.00% | 07/15/36 | 2207331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | Allegheny Cnty PA San Auth Ref | 5.00% | 12/01/39 | 854346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp; Berks Cnty PA Indl Dev Auth Hlthcare Facs Rev Ref Highlands at <br> Wyomissing, Ser A | 5.00% | 05/15/32 | 468896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp; Bucks Cnty PA Indl Dev Auth Hosp Rev St Luke's Univ Hlth <br> Network Proj | 4.00% | 08/15/44 | 955299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1185000 | Bucks Cnty PA Indl Dev Auth Ref Pennswood Vlg Proj, Ser A | 5.00% | 10/01/32 | 1209960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415000 | Bucks Cnty PA Indl Dev Auth Ref Pennswood Vlg Proj, Ser A | 5.00% | 10/01/33 | 423717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Chester Cnty PA Indl Dev Auth Nts Avon Grove Chrt Sch | 5.00% | 03/01/27 | 2016702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Cmwlth Fing Auth PA Tobacco Master Stlmt Payment Rev Bonds, <br> AG | 4.00% | 06/01/39 | 2000274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Cumberland Cnty PA Muni Auth Ref Diakon Lutheran Social <br> Ministries | 5.00% | 01/01/33 | 1001177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; Cumberland Cnty PA Muni Auth Unrefunded Ref Diakon Lutheran <br> Ministries Proj | 5.00% | 01/01/30 | 100135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp; Cumberland Cnty PA Muni Auth Unrefunded Ref Diakon Lutheran <br> Ministries Proj | 5.00% | 01/01/38 | 235173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5200000 | DE Vly PA Regl Fin Auth Var, Ser B (d) | 3.20% | 09/01/59 | 5200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Dubois PA Hosp Auth Penn Highlands Hlthcare | 5.00% | 07/15/32 | 101744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115000 | Dubois PA Hosp Auth Penn Highlands Hlthcare | 5.00% | 07/15/33 | 116651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900000 | Erie PA Swr Auth, BAM | 5.00% | 12/01/42 | 959073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | Erie PA Swr Auth, BAM | 5.00% | 12/01/43 | 1263833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1810000 | Geisinger PA Auth Hlth Sys Rev Ref Geisinger Hlth Sys, Ser A-1 | 4.00% | 02/15/47 | 1617980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1110000 | &nbsp;&nbsp;&nbsp; Lancaster Cnty PA Hosp Auth Hlthcare Facs Rev Moravian Manors <br> Inc Proj, Ser A | 5.00% | 06/15/38 | 1112091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | Lancaster Cnty PA Hosp Auth Penn St Hlth | 5.00% | 11/01/38 | 1156378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1735000 | Lancaster Cnty PA Hosp Auth Penn St Hlth | 5.00% | 11/01/40 | 1806471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Lancaster PA Muni Auth Hlthcare Facs Rev Ref Luthercare <br> Proj, Ser A | 5.00% | 12/01/45 | 1510676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 | Latrobe PA Indl Dev Auth Univ Rev Ref Seton Hill Univ | 4.00% | 03/01/46 | 443092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2415000 | Latrobe PA Indl Dev Auth Univ Rev Ref Seton Hill Univ | 4.00% | 03/01/51 | 1873752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Maxatawny Twp PA Muni Auth Rev Diakon Lutheran Social <br> Ministries Proj, Ser A | 5.00% | 01/01/41 | 516755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4750000 | &nbsp;&nbsp;&nbsp; Montgomery Cnty PA Indl Dev Auth Exempt Facs Rev Var <br> Constellation Energy Generation LLC Proj Ref, Ser A <br> (Mandatory put 04/03/28) | 4.10% | 04/01/53 | 4865312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1015000 | &nbsp;&nbsp;&nbsp; Montgomery Cnty PA Indl Dev Auth Ref Acts Retmnt Life Cmntys <br> In Obligated Grp, Ser A | 5.00% | 11/15/42 | 1074486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp; Montgomery Cnty PA Indl Dev Auth Ref Meadowood Sr Living <br> Proj, Ser A | 5.00% | 12/01/26 | 485926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Montgomery Cnty PA Indl Dev Auth Ref Waverly Heights Ltd Proj | 4.00% | 12/01/33 | 101043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 580000 | Montgomery Cnty PA Indl Dev Auth Ref Waverly Heights Ltd Proj | 5.00% | 12/01/44 | 582554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | PA St Econ Dev Fing Auth Rev PA Bridges Finco LP P3 Proj | 5.00% | 12/31/34 | 2008502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; PA St Econ Dev Fing Auth Rev Ref Presbyterian Sr Living Prj, <br>Ser B-2 | 5.00% | 07/01/42 | 1541667 |

---

------

**First Trust Managed Municipal ETF (FMB)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Pennsylvania (Continued)** | **Pennsylvania (Continued)** | **Pennsylvania (Continued)** |  |
| $500000 | &nbsp;&nbsp;&nbsp; PA St Econ Dev Fing Auth Solid Wst Disposal Rev Var Ref Core <br> Nat Res Inc Proj, AMT (Mandatory put 03/27/35) (e) | 5.45% | 01/01/51 | $546109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; PA St Econ Dev Fing Auth T/E Priv Activity Rev The Penndot <br> Major Bridges Package One Proj P3 Proj, AMT | 5.25% | 06/30/35 | 2230613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5835000 | &nbsp;&nbsp;&nbsp; PA St Econ Dev Fing Auth T/E Priv Activity Rev The Penndot <br> Major Bridges Package One Proj P3 Proj, AMT | 5.25% | 06/30/36 | 6458138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp; PA St Econ Dev Fing Auth T/E Priv Activity Rev The Penndot <br> Major Bridges Package One Proj P3 Proj, AMT | 5.50% | 06/30/37 | 233729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2630000 | &nbsp;&nbsp;&nbsp; PA St Econ Dev Fing Auth UPMC Rev Ref UPMC Obligated <br> Grp, Ser B | 5.00% | 03/15/41 | 2843308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | PA St Hsg Fin Agy Sf Mtge Rev Non Ace, Ser 125B, AMT | 3.65% | 10/01/42 | 2359640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 880000 | PA St Hsg Fin Agy Sf Mtge Rev Non Ace, Ser 125B, AMT | 3.70% | 10/01/47 | 764237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | PA St Turnpike Commn Turnpike Rev Ref Subord, First Ser | 5.00% | 12/01/38 | 838489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900000 | PA St Turnpike Commn Turnpike Rev Ref Subord, Ser 2017-3 | 5.00% | 12/01/40 | 925639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | PA St Turnpike Commn Turnpike Rev Ref, Ser B | 5.25% | 12/01/41 | 1108027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 545000 | PA St Turnpike Commn Turnpike Rev Ref, Ser B | 5.25% | 12/01/42 | 598167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2875000 | PA St Turnpike Commn Turnpike Rev Sub, Ser A, BAM | 5.00% | 12/01/44 | 3001152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4500000 | PA St Turnpike Commn Turnpike Rev Subord, Ser A | 4.00% | 12/01/45 | 4224308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | Philadelphia PA Arpt Rev Ref Priv Activity, AG, AMT | 4.00% | 07/01/38 | 1209469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1290000 | Philadelphia PA Arpt Rev Ref Priv Activity, Ser B, AMT | 5.00% | 07/01/40 | 1413689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | Philadelphia PA Arpt Rev Ref Priv Activity, Ser B, AMT | 5.25% | 07/01/42 | 1261901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | Philadelphia PA Arpt Rev Ref, Ser B, AMT | 5.00% | 07/01/29 | 4130363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 620000 | &nbsp;&nbsp;&nbsp; Philadelphia PA Auth for Indl Dev Chrt Sch Rev Mast Chrt Sch <br> Proj | 5.00% | 08/01/40 | 632243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2425000 | &nbsp;&nbsp;&nbsp; Philadelphia PA Auth for Indl Dev Chrt Sch Rev Philadelphia E&T <br> Chrt High Sch, Ser A | 4.00% | 06/01/41 | 2183993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Philadelphia PA Energy Auth Sustainable Bonds Philadelphia Street <br> Lighting Proj, Ser A | 5.00% | 11/01/41 | 1093333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Philadelphia PA Energy Auth Sustainable Bonds Philadelphia Street <br> Lighting Proj, Ser A | 5.00% | 11/01/42 | 1087020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2415000 | &nbsp;&nbsp;&nbsp; Philadelphia PA Gas Wks Rev 1998 General Ordinance <br> Seventeenth, Ser A | 5.00% | 08/01/44 | 2580238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1760000 | Philadelphia PA Sch Dist Sustainable Bond, Ser B | 5.00% | 09/01/35 | 1992724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Philadelphia PA, Ser A | 4.00% | 05/01/41 | 2000034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | S Estrn PA Transprtn Auth Asset Impt Progr | 5.25% | 06/01/40 | 2217134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3650000 | S Estrn PA Transprtn Auth Asset Impt Progr | 5.25% | 06/01/41 | 4024747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp; W Cornwall Twp PA Muni Auth Ref Lebanon Vly Brethren Home <br> Proj, Ser A | 4.00% | 11/15/29 | 136055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp; W Cornwall Twp PA Muni Auth Ref Lebanon Vly Brethren Home <br> Proj, Ser A | 4.00% | 11/15/36 | 213283 |
|  |  |  |  | 103207926 |
|  | **Puerto Rico — 0.9%** | **Puerto Rico — 0.9%** | **Puerto Rico — 0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | Puerto Rico Cmwlth Restructured, Ser A1 | 4.00% | 07/01/33 | 5056785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 307000 | &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Fing Corp Sales Tax Rev Restructured, <br>Ser A-1, CABS | (g) | 07/01/27 | 293166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8258000 | &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Fing Corp Sales Tax Rev Restructured, <br>Ser A-1 | 4.50% | 07/01/34 | 8259300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Fing Corp Sales Tax Rev Restructured, <br>Ser A-2 | 4.33% | 07/01/40 | 3483240 |
|  |  |  |  | 17092491 |

---

------

**First Trust Managed Municipal ETF (FMB)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Rhode Island — 0.3%** | **Rhode Island — 0.3%** | **Rhode Island — 0.3%** |  |
| $1000000 | &nbsp;&nbsp;&nbsp; Providence RI Pub Bldgs Auth Rev Capital Impt Prog Proj, Ser A, <br> AG | 5.25% | 09/15/43 | $1084954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2975000 | &nbsp;&nbsp;&nbsp; RI St Hlth & Eductnl Bldg Corp Pub Schs Rev City of Cranston <br> Issue, Ser D, AG | 5.50% | 05/15/49 | 3219411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1125000 | &nbsp;&nbsp;&nbsp; RI St Hlth & Eductnl Bldg Corp Rev Ref Hosp Fing Lifespan Oblig <br> Grp | 5.00% | 05/15/29 | 1130036 |
|  |  |  |  | 5434401 |
|  | **South Carolina — 2.0%** | **South Carolina — 2.0%** | **South Carolina — 2.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2250000 | Berkeley Cnty SC Assmnt Rev Nexton Impt Dist | 4.25% | 11/01/40 | 2157298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 760000 | Charleston Cnty SC Arpt Dist Arpt Sys Rev, Ser A, AMT | 5.25% | 07/01/41 | 838629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 955000 | Charleston Cnty SC Arpt Dist Arpt Sys Rev, Ser A, AMT | 5.25% | 07/01/42 | 1041039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Charleston Cnty SC Arpt Dist Arpt Sys Rev, Ser A, AMT | 5.25% | 07/01/43 | 1078707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3775000 | Clemson SC Univ Univ Revs, Ser A | 5.00% | 05/01/50 | 3969819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; Lancaster Cnty SC Assmnt Rev Ref Walnut Creek Impt Dist, <br>Ser A-1 | 5.00% | 12/01/26 | 350334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Lancaster Cnty SC Assmnt Rev Ref Walnut Creek Impt Dist, <br>Ser A-1 | 5.00% | 12/01/31 | 1000947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; SC Jobs Econ Dev Auth Envrnmntl Impt Rev Var Intl Paper Co <br> Proj, Ser A, AMT (Mandatory put 04/01/26) | 4.00% | 04/01/33 | 1501797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1270000 | &nbsp;&nbsp;&nbsp; SC St Jobs Econ Dev Auth Econ Dev Rev Bishop Gadsden <br> Episcopal Retmnt Cmnty | 5.00% | 04/01/36 | 1396632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; SC St Jobs Econ Dev Auth Econ Dev Rev Ref The Woodlands at <br> Furman | 5.25% | 11/15/47 | 989041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; SC St Jobs Econ Dev Auth Econ Dev Rev Woodlands at Furman <br> Proj, Ser A | 5.00% | 11/15/54 | 1014680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; SC St Jobs Econ Dev Auth Hlth Facs Rev Novant Hlth Oblig <br> Grp, Ser A | 5.25% | 11/01/41 | 1113193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1475000 | &nbsp;&nbsp;&nbsp; SC St Jobs Econ Dev Auth Hlth Facs Rev Novant Hlth Oblig <br> Grp, Ser A | 5.25% | 11/01/43 | 1606546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5250000 | &nbsp;&nbsp;&nbsp; SC St Jobs Econ Dev Auth Hlth Facs Rev Novant Hlth Oblig <br> Grp, Ser A | 5.50% | 11/01/46 | 5663748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; SC St Jobs Econ Dev Auth Hlthcare Rev Beaufort Memorial Hosp <br> & South of Broad Hlthcare Proj | 5.00% | 11/15/35 | 377413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; SC St Jobs Econ Dev Auth Hlthcare Rev Beaufort Memorial Hosp <br> & South of Broad Hlthcare Proj | 5.25% | 11/15/39 | 851008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; SC St Jobs Econ Dev Auth Hosp Facs Rev Bon Secours Mercy Hlth <br> Inc, Ser A | 5.25% | 11/01/42 | 389576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; SC St Jobs Econ Dev Auth Hosp Facs Rev Bon Secours Mercy Hlth <br> Inc, Ser A | 5.25% | 11/01/43 | 1099343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | SC St Pub Svc Auth Rev Ref Santee Cooper, Ser B | 5.00% | 12/01/41 | 1100187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2375000 | SC St Pub Svc Auth Rev Ref Santee Cooper, Ser C, AG | 5.50% | 12/01/39 | 2673287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | SC St Pub Svc Auth Rev Ref Santee Cooper, Ser C, AG | 5.50% | 12/01/40 | 2234479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1995000 | SC St Pub Svc Auth Rev Ref Santee Cooper, Ser C, AG | 5.50% | 12/01/42 | 2199893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | SC St Pub Svc Auth Rev, Ser A | 5.00% | 12/01/40 | 1113339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1125000 | SC St Pub Svc Auth Rev, Ser A | 5.00% | 12/01/42 | 1229334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | SC St Pub Svc Auth Rev, Ser A | 5.00% | 12/01/43 | 1078600 |
|  |  |  |  | 38068869 |
|  | **South Dakota — 0.0%** | **South Dakota — 0.0%** | **South Dakota — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; SD St Hlth & Eductnl Facs Auth Ref Westhills Vlg Retmnt Cmnty <br> Issue | 3.00% | 09/01/28 | 200705 |

---

------

**First Trust Managed Municipal ETF (FMB)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Tennessee — 1.8%** | **Tennessee — 1.8%** | **Tennessee — 1.8%** |  |
| $3035000 | Chattanooga TN Hlth Eductnl & Hsg Fac Brd Ref Erlanger Hlth | 5.25% | 12/01/42 | $3309454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4175000 | Chattanooga TN Hlth Eductnl & Hsg Fac Brd Ref Erlanger Hlth | 5.25% | 12/01/49 | 4317527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; Chattanooga TN Hlth Eductnl & Hsg Fac Brd Rev Ref <br> Commonspirit Hlth, Ser A-1 | 4.00% | 08/01/37 | 202017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5590000 | &nbsp;&nbsp;&nbsp; Chattanooga TN Hlth Eductnl & Hsg Fac Brd Rev Ref <br> Commonspirit Hlth, Ser A-2 | 5.00% | 08/01/44 | 5739422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Cleveland TN Hlth & Eductnl Facs Brd Rev Hamilton Hlth Care <br> Sys Inc Proj, Ser A | 5.00% | 08/15/43 | 1608943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; Cleveland TN Hlth & Eductnl Facs Brd Rev Hamilton Hlth Care <br> Sys Inc Proj, Ser A | 5.00% | 08/15/49 | 3076332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 595000 | &nbsp;&nbsp;&nbsp; Hamilton Cnty & Chattanooga Sports Auth TN Pub Fac Rev <br> Stadium Proj, Ser A | 5.50% | 12/01/43 | 676825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1565000 | &nbsp;&nbsp;&nbsp; Hamilton Cnty & Chattanooga Sports Auth TN Pub Fac Rev <br> Stadium Proj, Ser A | 5.50% | 12/01/44 | 1760520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Hamilton Cnty & Chattanooga Sports Auth TN Pub Fac Rev <br> Stadium Proj, Ser A | 5.75% | 12/01/50 | 1107373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; Knox Cnty TN Hlth Eductnl & Hsg Fac Brd Stdt Hsg Rev Univ of <br> TN Proj, Ser A-1, BAM | 5.00% | 07/01/43 | 576960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 930000 | &nbsp;&nbsp;&nbsp; Met Govt Nashville & Davidson Cnty TN Hlth & Eductnl Fac Brd <br> Belmont Univ | 5.00% | 05/01/42 | 988233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Met Govt Nashville & Davidson Cnty TN Hlth & Eductnl Fac Brd <br> Belmont Univ | 5.25% | 05/01/48 | 1031231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270000 | Met Knoxville TN Arpt Auth Arpt Rev, Ser A | 5.00% | 06/01/43 | 288511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525000 | Met Knoxville TN Arpt Auth Arpt Rev, Ser A | 5.00% | 06/01/44 | 555026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Met Nashville TN Arpt Auth Arpt Rev, Ser A (a) | 5.00% | 07/01/45 | 1610083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | Met Nashville TN Arpt Auth Arpt Rev, Ser B, AMT | 5.25% | 07/01/35 | 670221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | Met Nashville TN Arpt Auth Arpt Rev, Ser B, AMT | 5.50% | 07/01/38 | 838376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Met Nashville TN Arpt Auth Arpt Rev, Ser B, AMT (a) | 5.00% | 07/01/42 | 1088883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | Met Nashville TN Arpt Auth Arpt Rev, Ser B, AMT (a) | 5.00% | 07/01/43 | 1342655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | TN St Energy Acq Corp Gas Rev Ref, Ser A | 5.00% | 12/01/35 | 2695003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; TN St Energy Acq Corp Gas Rev Var Ref Gas Proj, Ser A-1 <br> (Mandatory put 05/01/28) | 5.00% | 05/01/53 | 2073145 |
|  |  |  |  | 35556740 |
|  | **Texas — 13.3%** | **Texas — 13.3%** | **Texas — 13.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Anna TX Spl Assmnt Rev The Woods at Lindsey Place Pub Impt <br> Dt Impt Area #2-3 Proj | 5.20% | 09/15/45 | 1003019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Arlington TX Hgr Edu Fin Corp Edu Rev Ref Legacy Trad Schs <br> TX Proj, Ser A | 4.13% | 02/15/41 | 830809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Arlington TX Hsg Fin Corp Mf Hsg Rev Var 6900 Matlok Road <br> (Mandatory put 04/01/27) | 4.50% | 04/01/41 | 2005569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Aubrey TX Spl Assmnt Ref Jackson Ridge Pub Impt Dt Phase #1 & <br> #2 Assmnts, BAM | 5.00% | 09/01/40 | 1090745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | Austin TX Arpt Sys Rev, AMT | 5.00% | 11/15/35 | 386206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1390000 | Austin TX Arpt Sys Rev, AMT | 5.00% | 11/15/40 | 1482374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1230000 | Austin TX Arpt Sys Rev Ref, AMT | 5.00% | 11/15/41 | 1338996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Austin TX Arpt Sys Rev Ref, AMT | 5.00% | 11/15/42 | 1079511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2400000 | Austin TX Arpt Sys Rev Ref, AMT | 5.00% | 11/15/43 | 2556104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3150000 | Austin TX Arpt Sys Rev, Ser B, AMT | 5.00% | 11/15/37 | 3308403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Austin TX Ref | 5.00% | 09/01/38 | 1154880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1860000 | Barbers Hill TX Indep Sch Dist Sch Bldg | 5.00% | 02/15/39 | 1895480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | Bexar Cnty TX Ctfs Oblig | 5.00% | 06/15/42 | 4353426 |

---

------

**First Trust Managed Municipal ETF (FMB)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Texas (Continued)** | **Texas (Continued)** | **Texas (Continued)** |  |
| $555000 | Bexar Cnty TX Hosp Dist Ref | 3.00% | 02/15/35 | $544956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2145000 | Canton TX Indep Sch Dist | 5.25% | 02/15/41 | 2422757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Celina TX Spl Assmnt Rev Ref Sutton Fields II Pub Impt Dt <br> Neighborhood Proj, BAM | 5.00% | 09/01/37 | 1084741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Celina TX Spl Assmnt Rev Ref Sutton Fields II Pub Impt Dt <br> Neighborhood Proj, BAM | 5.00% | 09/01/40 | 1064817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Celina TX Spl Assmnt Rev Ref Sutton Fields II Pub Impt Dt <br> Neighborhood Proj, BAM | 5.00% | 09/01/45 | 1019945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 808000 | &nbsp;&nbsp;&nbsp; Celina TX Spl Assmnt Rev Ref The Lakes at Mustang Ranch Pub <br> Impt Dt Major Impt Area, AG | 5.00% | 09/01/39 | 865578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Centrl TX Regl Mobility Auth Rev Ref Subord, Ser B | 5.00% | 01/01/39 | 1140382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Centrl TX Regl Mobility Auth Rev Ref Subord, Ser B | 5.00% | 01/01/40 | 1130816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 445000 | Centrl TX Regl Mobility Auth Rev, Ser B | 5.00% | 01/01/39 | 478603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 640000 | Centrl TX Regl Mobility Auth Rev, Ser B | 4.00% | 01/01/41 | 641364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1050000 | Cmnty TX Indep Sch Dist, Ser B | 5.25% | 02/15/40 | 1143053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415000 | Corpus Christi TX Util Sys Rev Junior Lien, Ser B | 5.00% | 07/15/35 | 465114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Crowley TX Indep Sch Dist | 5.25% | 02/01/42 | 1126756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Cypress-Fairbanks TX Indep Sch Dist | 5.00% | 02/15/43 | 2144454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | Dallas Fort Worth TX Intl Arpt Rev Ref, Ser B | 5.00% | 11/01/41 | 2759329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | Dallas Fort Worth TX Intl Arpt Rev, Ser A-1, AMT | 5.00% | 11/01/31 | 2788636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Dallas Fort Worth TX Intl Arpt Rev, Ser A-1, AMT | 5.25% | 11/01/37 | 1705666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | Dallas Fort Worth TX Intl Arpt Rev, Ser A-1, AMT | 5.25% | 11/01/38 | 1921547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3300000 | Dallas Fort Worth TX Intl Arpt Rev, Ser A-1, AMT | 5.25% | 11/01/43 | 3578289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp; Denton Cnty TX Spl Assmnt Rev Green Meadows Pub Impt Dt <br> Impt Area #1 Proj (e) | 5.38% | 12/31/45 | 903983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Eagle Mountain & Saginaw TX Indep Sch Dist | 5.00% | 08/15/44 | 1075406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; Ennis TX Spl Assmnt Rev Prairieview Pub Impt Dt Impt Area #1-2 <br> Proj (f) | 5.25% | 09/15/45 | 794083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 825000 | Flower Mound TX Ctfs Oblig | 3.00% | 03/01/37 | 785325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 707000 | &nbsp;&nbsp;&nbsp; Fort Worth TX Spl Assmnt Rev Walsh Ranch / Quail Vly Impt <br> Area #1-3 Proj, BAM | 5.00% | 09/01/30 | 770972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Fort Worth TX Spl Assmnt Rev Walsh Ranch / Quail Vly Impt <br> Area #1-3 Proj, BAM | 5.00% | 09/01/44 | 1041305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 560000 | Fort Worth TX Spl Tax Rev Convention Ctr Venue Proj | 5.50% | 03/01/42 | 618265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000 | Fort Worth TX Spl Tax Rev Convention Ctr Venue Proj | 5.50% | 03/01/43 | 924932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505000 | Gainesville TX Ctfs Oblig | 5.00% | 02/15/36 | 560981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 535000 | Gainesville TX Ctfs Oblig | 5.00% | 02/15/37 | 590410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1170000 | Galveston Cnty TX Muni Util Dist #54 Ref | 2.50% | 12/01/31 | 1128101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2240000 | Garland TX Wtr & Swr Rev Ref | 5.00% | 03/01/38 | 2490684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Harris Cnty Houston TX Sports Auth Rev Ref Sr Lien, Ser A, AG | 5.00% | 11/15/38 | 2239367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Harris Cnty TX Cultural Edu Facs Fin Corp Rev Ref Memorial <br> Hermann Hlth Sys, Ser B | 5.00% | 07/01/39 | 559485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Harris Cnty TX Toll Road Rev Ref, Ser A | 3.00% | 08/15/37 | 1882415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Hidalgo Cnty TX Ctfs Oblig | 3.00% | 08/15/41 | 876545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000 | Hidalgo Cnty TX Ctfs Oblig | 5.25% | 08/15/42 | 939249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2310000 | Houston TX Arpt Sys Rev Ref Subord Lien, Ser A, AG, AMT | 5.00% | 07/01/37 | 2533585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3540000 | Houston TX Arpt Sys Rev Ref Subord Lien, Ser A, AG, AMT | 5.25% | 07/01/42 | 3833399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275000 | Houston TX Arpt Sys Rev Ref Subord Lien, Ser A, AG, AMT | 5.25% | 07/01/48 | 284100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1770000 | &nbsp;&nbsp;&nbsp; Houston TX Arpt Sys Rev Ref United Airls Inc Terminal E <br> Proj, Ser A, AMT | 5.00% | 07/01/27 | 1800134 |

---

------

**First Trust Managed Municipal ETF (FMB)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Texas (Continued)** | **Texas (Continued)** | **Texas (Continued)** |  |
| $2750000 | &nbsp;&nbsp;&nbsp; Houston TX Arpt Sys Rev Ref United Airls Inc Terminal Impt <br> Proj, Ser B-2, AMT | 5.00% | 07/15/27 | $2798891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Houston TX Arpt Sys Rev Sub, Ser A, AMT | 4.00% | 07/01/38 | 2002199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1180000 | Houston TX Arpt Sys Rev Sub, Ser A, AMT | 4.00% | 07/01/38 | 1182020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Houston TX Arpt Sys Rev Sub, Ser A, AMT | 4.00% | 07/01/40 | 246232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4250000 | Houston TX Arpt Sys Rev Subord Lien, Ser A, AMT | 5.50% | 07/01/44 | 4644980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; Houston TX Arpt Sys Rev United Airls Inc Terminal E Proj, Ser A, <br> AMT | 4.00% | 07/01/41 | 691795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Houston TX Arpt Sys Rev United Airls Inc Terminal Impt Proj, <br>Ser B-1, AMT | 4.00% | 07/15/41 | 1844547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 675000 | &nbsp;&nbsp;&nbsp; Justin TX Spl Assmnt Rev Timberbrook Pub Imp Dt #1 Imp Area <br> #2 Proj (e) | 3.38% | 09/01/41 | 556888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Krum TX Indep Sch Dist | 5.25% | 08/15/41 | 1135521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 | Kyle TX Spl Assmnt Rev 6 Creeks Pub Impt Dist Impt Area #1 (e) | 4.63% | 09/01/39 | 654506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1290000 | &nbsp;&nbsp;&nbsp; Leander TX Spl Assmnt Rev Crystal Springs Pub Impt Dist Proj <br> Accd Inv (e) | 5.13% | 09/01/38 | 1307275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3795000 | Liberty Hill TX Indep Sch Dist Ref, Ser A | 5.00% | 02/01/36 | 4221056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330000 | Lindsay TX Indep Sch Dist | 5.00% | 02/15/40 | 364064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; Lower CO River TX Auth Trans Contract Rev Ref LCRA Trans <br> Svcs Corp Proj | 3.00% | 05/15/38 | 687099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Lower CO River TX Auth Trans Contract Rev Ref LCRA Trans <br> Svcs Corp Proj | 5.00% | 05/15/42 | 1632235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1190000 | &nbsp;&nbsp;&nbsp; Lower CO River TX Auth Trans Contract Rev Ref LCRA Trans <br> Svcs Corp Proj | 5.00% | 05/15/43 | 1283050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5460000 | &nbsp;&nbsp;&nbsp; Lower CO River TX Auth Trans Contract Rev Ref LCRA Trans <br> Svcs Corp Proj | 5.00% | 05/15/45 | 5759194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; Lowry Crossing TX Spl Assmnt Rev Simpson Road Pub Impt Dist <br> Proj (e) | 4.75% | 09/15/35 | 575371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2635000 | Lubbock TX Elec Light & Pwr Sys | 4.00% | 04/15/41 | 2637537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1140000 | Midland Cnty TX Ctfs Oblig | 5.00% | 02/15/43 | 1224479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp; Mission TX Econ Dev Corp Sol Wst Disp Rev Var Ref Wst Mgmt <br> Inc Proj Remk, Ser B, AMT (Mandatory put 03/02/26) | 3.45% | 07/01/40 | 2250515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1570000 | N Fort Bend TX Wtr Auth Wtr Sys Rev Ref, BAM | 3.00% | 12/15/35 | 1561319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2003000 | &nbsp;&nbsp;&nbsp; N Parkway Muni Mgmt Dist #1 TX Spl Assmnt Rev Major Impts <br> Proj (e) | 4.75% | 09/15/41 | 1954816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | N TX St Muni Wtr Dist Wtr Sys Rev Ref | 5.00% | 09/01/41 | 1954481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | N TX St Muni Wtr Dist Wtr Sys Rev Ref | 5.00% | 09/01/42 | 1104378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | N TX Tollway Auth Rev Ref 2nd Tier, Ser B | 5.00% | 01/01/32 | 1227163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | N TX Tollway Auth Rev Ref First Tier Bonds, Ser A | 5.25% | 01/01/38 | 1121032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5950000 | N TX Tollway Auth Rev Ref First Tier Bonds, Ser A | 4.00% | 01/02/38 | 6024245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | NE TX Regl Mobility Auth Ref Sr Lien, Ser A | 5.25% | 01/01/44 | 645073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 725000 | NE TX Regl Mobility Auth Ref Sr Lien, Ser A | 5.25% | 01/01/45 | 771593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | NE TX Regl Mobility Auth Ref Sr Lien, Ser A | 5.25% | 01/01/46 | 1268353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; New Hope Cultural Edu Facs Fin Corp TX Hosp Rev Children's <br> Hlth Sys of TX, Ser A | 5.25% | 08/15/40 | 853354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; New Hope Cultural Edu Facs Fin Corp TX Hosp Rev Children's <br> Hlth Sys of TX, Ser A | 5.25% | 08/15/45 | 1074375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1085000 | &nbsp;&nbsp;&nbsp; New Hope Cultural Edu Facs Fin Corp TX Hosp Rev Ref <br> Children's Hlth Sys of TX Proj, Ser A | 4.00% | 08/15/37 | 1091738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; New Hope Cultural Edu Facs Fin Corp TX Retmnt Fac Rev Ref <br> Brazos Presbyterian Homes Inc Proj | 5.25% | 01/01/36 | 2211714 |

---

------

**First Trust Managed Municipal ETF (FMB)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Texas (Continued)** | **Texas (Continued)** | **Texas (Continued)** |  |
| $1410000 | &nbsp;&nbsp;&nbsp; New Hope Cultural Edu Facs Fin Corp TX Retmnt Fac Rev Ref <br> Westminster Proj | 5.00% | 11/01/40 | $1510066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505000 | Newark Hgr Edu Fin Corp TX Edu Rev Hughen Ctr Inc Proj, Ser A | 5.00% | 08/15/32 | 563407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Newark Hgr Edu Fin Corp TX Edu Rev Hughen Ctr Inc Proj, Ser A | 5.00% | 08/15/37 | 550552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | Pecos Barstow Toyah TX Indep Sch Dist | 5.00% | 02/15/39 | 2502265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | Pecos Barstow Toyah TX Indep Sch Dist | 5.00% | 02/15/40 | 3502667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1675000 | Pflugerville TX Ctfs Oblig | 5.00% | 08/01/39 | 1894047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1770000 | Pflugerville TX Ctfs Oblig | 5.00% | 08/01/40 | 1986498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Pilot Point TX Spl Assmnt Rev Bryson Ranch Pub Impt Dt Zone A <br> Impt Area #1 Proj (e) | 6.38% | 09/15/55 | 513868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Princeton TX Indep Sch Dist | 5.00% | 02/15/41 | 1108689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1012000 | Princeton TX Spl Assmnt Rev Winchester Pub Impr Dist #2 Proj (e) | 5.13% | 09/01/42 | 1027562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Quinlan TX Indep Sch Dist | 5.25% | 08/15/41 | 1110352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Quinlan TX Indep Sch Dist | 5.25% | 08/15/42 | 1099513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Quinlan TX Indep Sch Dist | 5.25% | 08/15/43 | 1087938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 515000 | Robinson TX Ctfs Oblig | 5.00% | 08/15/36 | 584737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 595000 | Robinson TX Ctfs Oblig | 5.00% | 08/15/39 | 658974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425000 | Robinson TX Ctfs Oblig | 5.00% | 08/15/40 | 466625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 915000 | Round Rock TX Ctfs Oblig | 5.00% | 08/15/42 | 1001805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5185000 | Round Rock TX Indep Sch Dist Ref Sch Bldg | 3.00% | 08/01/37 | 4921928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1120000 | San Antonio TX Elec & Gas Rev Ref, Ser B | 5.25% | 02/01/49 | 1190179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4710000 | &nbsp;&nbsp;&nbsp; Tarrant Cnty TX Cultural Edu Facs Fin Corp Hosp Rev Methodist <br> Hosp of Dallas Proj | 4.00% | 10/01/41 | 4726789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp; Tarrant Cnty TX Cultural Edu Facs Fin Corp Hosp Rev Ref Baylor <br> Scott & White Hlth Proj, Ser E (a) | 5.00% | 11/15/43 | 2300321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Tarrant Cnty TX Cultural Edu Facs Fin Corp Hosp Rev Ref Baylor <br> Scott & White Hlth Proj, Ser E (a) | 5.00% | 11/15/44 | 2159726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6500000 | &nbsp;&nbsp;&nbsp; Tarrant Cnty TX Cultural Edu Facs Fin Corp Hosp Rev Ref Cook <br> Childrens Med Ctr | 5.25% | 12/01/49 | 6856340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; Tarrant Cnty TX Cultural Edu Facs Fin Corp Hosp Rev Var Baylor <br> Scott & White Hlth Proj, Ser F (Mandatory put 11/15/30) | 5.00% | 11/15/52 | 820239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 835000 | &nbsp;&nbsp;&nbsp; Tarrant Cnty TX Cultural Edu Facs Fin Corp Rev Ref Trinity <br> Terrace Proj | 5.00% | 10/01/40 | 885717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1075000 | &nbsp;&nbsp;&nbsp; Tarrant Cnty TX Cultural Edu Facs Fin Corp Rev Ref Trinity <br> Terrace Proj | 5.00% | 10/01/44 | 1094020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Tarrant Cnty TX Hosp Dist | 5.25% | 08/15/37 | 1698021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Tarrant Cnty TX Hosp Dist | 5.25% | 08/15/39 | 559009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1835000 | &nbsp;&nbsp;&nbsp; Tarrant Cnty TX Hsg Fin Corp Var Nts Wildwood Branch <br> (Mandatory put 02/01/28) | 3.60% | 02/01/43 | 1858428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Temple TX JNR Clg Dist | 3.00% | 07/01/39 | 912552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | Terrell TX Indep Sch Dist | 5.25% | 08/01/42 | 1906652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1180000 | Travis Cnty TX | 4.00% | 03/01/41 | 1197334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1395000 | Travis Cnty TX Hlthcare Dist Ctfs Oblig | 5.25% | 03/01/47 | 1481506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; TX St Dept of Hsg & Cmnty Affairs Mf Hsg Rev Var Nts Aspen <br> Park (Mandatory put 03/01/26) | 5.00% | 03/01/41 | 1003574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; TX St Muni Gas Acq & Sply Corp IV, Ser A (Mandatory put <br> 01/01/30) | 5.50% | 01/01/54 | 4271980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | TX St Muni Gas Acq & Sply Corp IV, Ser B | 5.50% | 01/01/32 | 1682743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | TX St Muni Gas Acq & Sply Corp IV, Ser B | 5.50% | 01/01/34 | 1137717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8505000 | &nbsp;&nbsp;&nbsp; TX St Muni Gas Acq & Sply Corp IV, Ser B (Mandatory put <br> 01/01/34) | 5.50% | 01/01/54 | 9581247 |

---

------

**First Trust Managed Municipal ETF (FMB)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Texas (Continued)** | **Texas (Continued)** | **Texas (Continued)** |  |
| $1750000 | &nbsp;&nbsp;&nbsp; TX St Priv Activity Bond Surface Transprtn Corp Rev Ref Sr Lien <br> Bond Surface Transprtn Corp, AMT | 5.38% | 06/30/37 | $1864360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1795000 | &nbsp;&nbsp;&nbsp; TX St Priv Activity Bond Surface Transprtn Corp Rev Ref Sr Lien <br> Bond Surface Transprtn Corp, AMT | 5.50% | 06/30/41 | 1899559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; TX St Priv Activity Bond Surface Transprtn Corp Rev Ref Sr N <br> Tarrant Express Managed Lanes Proj, Ser A | 5.00% | 12/31/34 | 5339297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2450000 | &nbsp;&nbsp;&nbsp; TX St Priv Activity Bond Surface Transprtn Corp Rev Ref Sr N <br> Tarrant Express Managed Lanes Proj, Ser A | 5.00% | 12/31/36 | 2592398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1575000 | TX St Ref | 5.00% | 10/01/43 | 1739681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | TX St Ref | 5.00% | 10/01/44 | 3276280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; TX St Transprtn Commn Central TX Turnpike Sys Rev Ref Second <br> Tier, Ser C | 5.00% | 08/15/36 | 2312222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1410000 | &nbsp;&nbsp;&nbsp; TX St Transprtn Commn Central TX Turnpike Sys Rev Ref Second <br> Tier, Ser C | 5.00% | 08/15/38 | 1601382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; TX St Transprtn Commn Central TX Turnpike Sys Rev Ref Second <br> Tier, Ser C | 5.00% | 08/15/40 | 559250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; TX St Transprtn Commn Central TX Turnpike Sys Rev Ref Second <br> Tier, Ser C | 5.00% | 08/15/42 | 273717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | TX St Univ Sys Fing Rev Ref | 5.00% | 03/15/43 | 1088879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 785000 | TX St Wtr Dev Brd St Wtr Implementation Fund, Ser A | 5.00% | 04/15/30 | 820868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | TX Wtr Dev Brd St Wtr Implementation Rev Fund Master Trust | 4.70% | 10/15/41 | 5324337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; TX Wtr Dev Brd St Wtr Implementation Rev Fund Master <br> Trust, Ser A | 5.00% | 10/15/49 | 1569652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | TX Wtr Dev Brd St Wtr Implementation Rev Fund, Ser A | 4.88% | 10/15/48 | 3087074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1195000 | Tyler TX Wtr & Swr Sys Rev | 5.00% | 09/01/38 | 1343117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | Univ of Houston TX Univ Revs Ref, Ser A | 5.00% | 02/15/26 | 150146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4105000 | Univ of N TX Univ Rev Ref, Ser A | 5.00% | 04/15/38 | 4184573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | Univ of TX TX Permanent Univ Fnd Ref, Ser B | 5.00% | 07/01/44 | 1835144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1560000 | Uptown Dev Auth TX Incr Contract Rev, Ser A | 5.00% | 09/01/36 | 1568121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Vidor TX Indep Sch Dist | 5.00% | 02/15/42 | 1632596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1605000 | W Harris Cnty TX Regl Wtr Auth Wtr Sys Rev Ref, BAM | 3.00% | 12/15/36 | 1536024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1290000 | Walnut Creek Spl Util Dist TX Wtr Sys Rev, AG | 4.38% | 01/10/40 | 1339459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1350000 | Walnut Creek Spl Util Dist TX Wtr Sys Rev, AG | 4.50% | 01/10/41 | 1397447 |
|  |  |  |  | 259459309 |
|  | **Utah — 1.2%** | **Utah — 1.2%** | **Utah — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4400000 | Black Desert Pub Infra Dist UT Sr Bonds, Ser A (e) | 4.00% | 03/01/51 | 3532960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Downtown Revitalization Pub Infra Dist UT Sales First Lien Seg <br> Redev Proj, Ser A, AG | 5.25% | 06/01/41 | 1129935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1650000 | &nbsp;&nbsp;&nbsp; Downtown Revitalization Pub Infra Dist UT Sales First Lien Seg <br> Redev Proj, Ser A, AG | 5.25% | 06/01/42 | 1840418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Downtown Revitalization Pub Infra Dist UT Sales First Lien Seg <br> Redev Proj, Ser A, AG | 5.25% | 06/01/43 | 1102345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp; Firefly Pub Infra Dist #1 UT Spl Assmnt Firefly Assmnt Area <br> #1, Ser A-2 (e) | 5.63% | 12/01/43 | 1935400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | Intermountain Pwr Agy UT Pwr Sply Rev Ref, Ser A | 5.00% | 07/01/40 | 3250284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1110000 | Mida Cormont Pub Infra Dist UT, Ser A-1 (e) | 6.25% | 06/01/55 | 1162288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | Military Installation Dev Auth UT Tax Allocation Rev, Ser A-1 | 4.00% | 06/01/52 | 1436067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2750000 | Military Installation Dev Auth UT Tax Allocation Rev, Ser A-2 | 4.00% | 06/01/52 | 2223147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | Ogden City UT Muni Bldg Auth Lease Rev, Ser A | 5.00% | 01/15/43 | 739279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1050000 | Salt Lake City UT Arpt Rev, Ser A, AMT | 5.25% | 07/01/37 | 1173722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Salt Lake City UT Arpt Rev, Ser A, AMT | 5.25% | 07/01/42 | 1081546 |

---

------

**First Trust Managed Municipal ETF (FMB)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Utah (Continued)** | **Utah (Continued)** | **Utah (Continued)** |  |
| $325000 | UT St Chrt Sch Fin Auth Chrt Sch Rev Ref Quest Acdmy | 5.00% | 04/15/37 | $325786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1590000 | &nbsp;&nbsp;&nbsp; UT St Chrt Sch Fin Auth Chrt Sch Rev Wallace Stegner Acdmy <br> Proj, Ser A (e) | 5.00% | 06/15/49 | 1418637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | UT St Telecommunication Open Infra Agy Sales Tax Ref | 5.25% | 06/01/33 | 865983 |
|  |  |  |  | 23217797 |
|  | **Vermont — 0.1%** | **Vermont — 0.1%** | **Vermont — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 585000 | VT St Econ Dev Auth Mtge Rev Ref Wake Robin Corp Proj, Ser A | 5.00% | 05/01/26 | 586984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; VT St Econ Dev Auth Solid Wst Disp Rev Var Casella Wst Sys Inc <br> Remk, AMT (Mandatory put 04/03/28) (e) | 4.63% | 04/01/36 | 2032417 |
|  |  |  |  | 2619401 |
|  | **Virginia — 2.1%** | **Virginia — 2.1%** | **Virginia — 2.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; Gloucester Cnty VA Indl Dev Auth Sol Wst Disp Rev Var Wst <br> Mgmt Svsc Remk, Ser A, AMT (Mandatory put 07/01/27) | 4.25% | 09/01/38 | 3042415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5335000 | Isle of Wight Cnty VA Econ Dev Auth Riverside Hlth Sys, AG | 5.25% | 07/01/43 | 5818910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 510000 | Loudoun Cnty VA Econ Dev Auth Pub Fac Rev Ref, Ser A | 3.00% | 12/01/35 | 500240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4590000 | Loudoun Cnty VA, Ser A | 4.00% | 12/01/41 | 4708759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | VA Clg Bldg Auth Eductnl Facs Rev Ref Regent Univ Proj | 4.00% | 06/01/36 | 200028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | VA Clg Bldg Auth Eductnl Facs Rev Ref Regent Univ Proj | 4.00% | 06/01/46 | 298528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1665000 | &nbsp;&nbsp;&nbsp; VA St Small Busn Fing Auth Hlthcare Facs Rev Ref Mary <br> Washington Hlthcare Oblig Grp, Ser A-1 | 5.00% | 06/15/39 | 1853695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1790000 | &nbsp;&nbsp;&nbsp; VA St Small Busn Fing Auth Hlthcare Facs Rev Ref Mary <br> Washington Hlthcare Obligated Grp, Ser A-1 | 5.00% | 06/15/38 | 2009420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; VA St Small Busn Fing Auth Hlthcare Facs Rev Ref Mary <br> Washington Hlthcare Obligated Grp, Ser A-1 | 5.25% | 06/15/50 | 1553561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4105000 | &nbsp;&nbsp;&nbsp; VA St Small Busn Fing Auth Rev Ref Sr Lien 95 Express <br> Lanes LLC Proj, AMT | 5.00% | 01/01/35 | 4433104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; VA St Small Busn Fing Auth Rev Ref Sr Lien 95 Express <br> Lanes LLC Proj, AMT | 5.00% | 07/01/38 | 2638956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; VA St Small Busn Fing Auth Rsdl Fac Care Rev Ref Lifespire of <br> VA | 4.00% | 12/01/31 | 770848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; VA St Small Busn Fing Auth Rsdl Fac Care Rev Ref Lifespire of <br> VA, Ser A | 5.00% | 12/01/39 | 2144496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1570000 | &nbsp;&nbsp;&nbsp; Virginia Beach VA Dev Auth Rsdl Care Fac Rev Ref Westminster <br> Canterbury on Chesapeake Bay | 5.00% | 09/01/32 | 1617571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Virginia Beach VA Dev Auth Rsdl Care Fac Rev Ref Westminster <br> Canterbury on Chesapeake Bay | 5.00% | 09/01/35 | 1024159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp; Virginia Beach VA Dev Auth Rsdl Care Fac Rev Ref Westminster <br> Canterbury on Chesapeake Bay | 5.00% | 09/01/36 | 281173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1790000 | &nbsp;&nbsp;&nbsp; Virginia Beach VA Dev Auth Rsdl Care Fac Rev Westminster <br> Canterbury on Chesapeake Bay, Ser A | 6.50% | 09/01/43 | 1980866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Williamsburg VA Econ Dev Auth Stdt Hsg Rev William & Mary <br> Proj, Ser A, AG | 5.25% | 07/01/53 | 1051076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Winchester VA Econ Dev Auth Rev Ref Vly Hlth Sys, Ser A | 5.00% | 01/01/43 | 2127809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1185000 | &nbsp;&nbsp;&nbsp; Wstrn VA Regl Jail Auth Regl Jail Facs Rev Prerefunded Ref (Pre-<br> refunded maturity 12/01/26) | 5.00% | 12/01/34 | 1209327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1180000 | Wstrn VA Regl Jail Auth Regl Jail Facs Rev Unrefunded Ref | 5.00% | 12/01/34 | 1199271 |
|  |  |  |  | 40464212 |
|  | **Washington — 2.5%** | **Washington — 2.5%** | **Washington — 2.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 945000 | &nbsp;&nbsp;&nbsp; Centrl Puget Sound WA Regl Transit Auth Sales Tax & Mtr Ve <br> Sustainable Bond, Ser S-1 | 5.00% | 11/01/31 | 963979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 585000 | Pierce Cnty WA Sch Dist #403 Bethel | 5.00% | 12/01/36 | 623793 |

---

------

**First Trust Managed Municipal ETF (FMB)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Washington (Continued)** | **Washington (Continued)** | **Washington (Continued)** |  |
| $2000000 | Port of Seattle WA Rev Intermediate Lien, Ser C, AMT | 5.00% | 05/01/30 | $2054024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2445000 | &nbsp;&nbsp;&nbsp; Port of Seattle WA Rev Ref Intermediate Lien Priv Activity, Ser C, <br> AMT | 5.00% | 08/01/33 | 2693859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; Port of Seattle WA Rev Ref Intermediate Lien Priv Activity, Ser C, <br> AMT | 5.00% | 08/01/39 | 5335150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1725000 | &nbsp;&nbsp;&nbsp; Port of Seattle WA Rev Ref Intermediate Lien Priv Activity, Ser C, <br> AMT | 5.00% | 08/01/46 | 1761378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1895000 | Port of Seattle WA Rev Ref Intermediate Lien, Ser B, AMT | 5.00% | 08/01/35 | 2096387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2315000 | Port of Seattle WA Rev Ref Intermediate Lien, Ser B, AMT | 5.00% | 08/01/37 | 2528627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Port of Seattle WA Rev Ref Intermediate Lien, Ser B, AMT | 5.00% | 08/01/39 | 2155714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2195000 | Seattle WA Muni Light & Pwr Rev Sustainable Bond, Ser A | 4.00% | 07/01/38 | 2252581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | Skagit Cnty WA Pub Hosp Dist #1 | 5.50% | 12/01/42 | 790436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Skagit Cnty WA Pub Hosp Dist #1 | 5.50% | 12/01/44 | 1035327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Snohomish Cnty WA Hsg Auth | 5.00% | 04/01/34 | 530758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3025000 | Spokane Cnty WA Arpt Rev, Ser B, AMT | 5.25% | 01/01/40 | 3298547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | WA St Bid Grp 2, Ser 2024-A | 5.00% | 08/01/41 | 5535792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; WA St Convention Ctr Pub Facs Dist for Exchange Pur Sustainable <br> Bond 1st Priority, Ser 2021-B | 4.00% | 07/01/58 | 816365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3240000 | &nbsp;&nbsp;&nbsp; WA St Convention Ctr Pub Facs Dist Sub For Exchange Pur <br> Sustainable Bond, Ser B | 4.00% | 07/01/58 | 2711652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | WA St Hlth Care Facs Auth Seattle Cancer Care Alliance (e) | 5.00% | 12/01/32 | 496569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1580000 | &nbsp;&nbsp;&nbsp; WA St Hsg Fin Commn Nonprofit Hsg Rev Ref Emerald Heights <br> Proj, Ser A | 5.00% | 07/01/38 | 1678074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp; WA St Hsg Fin Commn Nonprofit Rev Radford Court & Nordheim <br> Court Portfolio | 5.50% | 07/01/44 | 2165605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2290871 | WA St Hsg Fin Commn Sustainable Ctf, Ser A-1, Class A | 3.50% | 12/20/35 | 2248046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | WA St Ref, Ser D | 4.00% | 07/01/39 | 3060565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | WA St, Ser C | 5.00% | 02/01/41 | 2147670 |
|  |  |  |  | 48980898 |
|  | **West Virginia — 0.1%** | **West Virginia — 0.1%** | **West Virginia — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; WV St Econ Dev Auth Sol Wst Disp Facs Var Ref Core Nat Res <br> Inc Proj, AMT (Mandatory put 03/27/35) (e) | 5.45% | 01/01/55 | 1091918 |
|  | **Wisconsin — 2.0%** | **Wisconsin — 2.0%** | **Wisconsin — 2.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1375000 | Pub Fin Auth WI Chrt Sch Rev Eno River Acdmy Proj, Ser A (e) | 5.00% | 06/15/54 | 1258798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Chrt Sch Rev Founders of Acdmy Las Vegas <br> Proj, Ser A (e) | 5.00% | 07/01/40 | 494223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 605000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Chrt Sch Rev Ltd American Prep Acdmy Las <br> Vegas Proj, Ser A (e) | 4.20% | 07/15/27 | 606854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Chrt Sch Rev Ltd American Prep Acdmy Las <br> Vegas Proj, Ser A (e) | 5.13% | 07/15/37 | 1259533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Edu Rev Coral Acdmy of Science Las Vegas, <br>Ser A | 4.00% | 07/01/51 | 2215118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Edu Rev Pinecrest Acdmy NV Pinecrest Acdmy <br> Springs Cmps, Ser A (e) | 4.00% | 07/15/33 | 1758074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 545000 | Pub Fin Auth WI Edu Rev Ref Mountain Island Chrt Sch Ltd | 4.00% | 07/01/27 | 545100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1730000 | Pub Fin Auth WI Edu Rev Ref Mountain Island Chrt Sch Ltd | 5.00% | 07/01/37 | 1730781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Pub Fin Auth WI Edu Rev Ref Mountain Island Chrt Sch Ltd | 5.00% | 07/01/52 | 1855327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | Pub Fin Auth WI Edu Rev Ref Triad Eductnl Svcs Inc | 5.25% | 06/15/45 | 1172662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1275000 | Pub Fin Auth WI Edu Rev Triad Eductnl Svcs Inc, Ser A | 4.00% | 06/15/41 | 1144225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 610000 | Pub Fin Auth WI Eductnl Rev Piedmont Cmnty Chrt Sch | 5.00% | 06/15/34 | 633051 |

---

------

**First Trust Managed Municipal ETF (FMB)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Wisconsin (Continued)** | **Wisconsin (Continued)** | **Wisconsin (Continued)** |  |
| $1200000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Retmnt Cmntys Rev Acts Retmnt Life Cmntys Inc <br> Oblig Grp, Ser A | 4.00% | 11/15/37 | $1220629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Pub Fin Auth WI Retmnt Fac Rev Southminster (e) | 5.00% | 10/01/43 | 1001232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1934000 | Pub Fin Auth WI Rev Anthem Freedom Proj, CABS (e) | (g) | 12/15/37 | 998455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1125000 | Pub Fin Auth WI Rev Ref Kahala Nui Proj | 5.25% | 11/15/50 | 1146189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Pub Fin Auth WI Rev Sr Proton Intl AR LLC, Ser A (c) (f) | 6.50% | 01/01/41 | 1098491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Rev Sustainable Fargo Moorhead Met Area Flood <br> Mgmnt, AMT | 4.00% | 03/31/56 | 1606979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1595000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Stdt Hsg Rev NC A&T Real Estate Fdtn LLC <br> Proj, Ser B | 5.00% | 06/01/39 | 1623669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | Pub Fin Auth WI Tax Incr Rev Miami Worldcenter Proj, Ser A (e) | 5.00% | 06/01/41 | 4087155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 825000 | WI St Hlth & Eductnl Facs Auth Rev Aspirus Inc Obligated Grp | 5.00% | 08/15/41 | 897968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 840000 | WI St Hlth & Eductnl Facs Auth Rev Aspirus Inc Obligated Grp | 5.00% | 08/15/42 | 902665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 925000 | WI St Hlth & Eductnl Facs Auth Rev Aspirus Inc Obligated Grp | 5.00% | 08/15/43 | 981711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; WI St Hlth & Eductnl Facs Auth Rev Bellin Memorial Hosp <br> Inc, Ser A | 5.00% | 12/01/39 | 824886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1555000 | WI St Hlth & Eductnl Facs Auth Rev Fort Hlthcare Inc, Ser A | 5.00% | 10/01/36 | 1720842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; WI St Hlth & Eductnl Facs Auth Rev Marshfield Clinic Hlth Sys <br> Inc, Ser A | 5.25% | 02/15/35 | 2280050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; WI St Hlth & Eductnl Facs Auth Rev Marshfield Clinic Hlth Sys <br> Inc, Ser A | 5.25% | 02/15/36 | 2259807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1890000 | &nbsp;&nbsp;&nbsp; WI St Hlth & Eductnl Facs Auth Rev Var Fort Hlthcare Inc, Ser B <br> (Mandatory put 10/03/34) | 5.00% | 10/01/54 | 2101284 |
|  |  |  |  | 39425758 |
|  | **Wyoming — 0.2%** | **Wyoming — 0.2%** | **Wyoming — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; Consol Muni Elec Pwr Sys WY Jt Pwrs Brd Sys Jt Pwrs Brd Ref <br> Electrical Sys Proj | 5.25% | 06/01/38 | 1956946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Consol Muni Elec Pwr Sys WY Jt Pwrs Brd Sys Jt Pwrs Brd Ref <br> Electrical Sys Proj | 5.25% | 06/01/39 | 1113248 |
|  |  |  |  | 3070194 |
|  | **Total Investments — 99.3%** | **Total Investments — 99.3%** | **Total Investments — 99.3%** | 1932284687 |
|  | (Cost $1,901,702,887) | (Cost $1,901,702,887) | (Cost $1,901,702,887) |  |
|  | **Net Other Assets and Liabilities — 0.7%** | **Net Other Assets and Liabilities — 0.7%** | **Net Other Assets and Liabilities — 0.7%** | 13578524 |
|  | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1945863211 |

---

**Futures Contracts at January 31, 2026:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts Short** | **Number of** <br>**Contracts**<br>| **Expiration** <br>**Date**<br>| **Notional** <br>**Value**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)/** <br>**Value**<br>|
| Ultra 10-Year U.S. Treasury Notes | 143 | Mar-2026 | &nbsp;&nbsp; $(16324344)<br>| &nbsp;&nbsp; $(55859)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) When-issued security. The interest rate shown reflects the rate in effect at January
 31, 2026. Interest will begin accruing on the security's first settlement date.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Pursuant to procedures adopted by the Trust's Board of Trustees, this security has been determined to be illiquid by First Trust Advisors L.P. (the "Advisor").

&nbsp;&nbsp;&nbsp;&nbsp;(c) This issuer is in default.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Variable rate demand bond. Interest rate is reset periodically by the agent based
 on current market conditions.

------

**First Trust Managed Municipal ETF (FMB)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(e) This security, sold within the terms of a private placement memorandum, is exempt
 from registration upon resale under Rule 144A of the Securities Act of 1933, as amended (the "1933 Act"), and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Trust's Board of Trustees, this security has been determined to be liquid by the Advisor. Although market instability
 can result in periods of increased overall market illiquidity, liquidity for each security is determined based on security specific
 factors and assumptions, which require subjective judgment. At January 31, 2026, securities noted as such amounted to $88,694,503
 or 4.6% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(f) This security, sold within the terms of a private placement memorandum, is exempt
 from registration upon resale under Rule 144A of the 1933 Act, and may be resold in transactions exempt from registration,
 normally to qualified institutional buyers (see Restricted Securities table).

&nbsp;&nbsp;&nbsp;&nbsp;(g) Zero coupon security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Abbreviations throughout the Portfolio of Investments: | Abbreviations throughout the Portfolio of Investments: |
| AG | – Assured Guaranty, Inc. |
| AMT | – Alternative Minimum Tax |
| BAM | – Build America Mutual |
| CABS | – Capital Appreciation Bonds |
| COPS | – Certificates of Participation |
| GARVEE | – Grant Anticipation Revenue Vehicle |
| RANS | – Revenue Anticipation Notes |

---

------

**Valuation Inputs**

The Fund is subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-level hierarchy for fair valuation based upon the inputs to the valuation as of the measurement date. The three levels of the fair value hierarchy are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Level 1 inputs are quoted prices in active markets for identical investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Level 2 inputs are observable inputs, either directly or indirectly. (Quoted prices for similar investments, valuations based on interest rates and yield curves, or valuations derived from observable market data.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Level 3 inputs are unobservable inputs that may reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the investment.

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments.

A summary of the inputs used to value the Fund's investments as of January 31, 2026 is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
|  | **Total** <br>**Value at** <br>**1/31/2026**<br>| &nbsp;&nbsp;&nbsp; **Level 1** <br>**Quoted** <br>**Prices**<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Municipal Bonds\* | &nbsp;&nbsp; $1932284687 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1932284687 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** |
|  | **Total** <br>**Value at** <br>**1/31/2026**<br>| &nbsp;&nbsp;&nbsp; **Level 1** <br>**Quoted** <br>**Prices**<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Futures Contracts | &nbsp;&nbsp; $(55859)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(55859)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Portfolio of Investments for state and territory breakout.

------

**First Trust Managed Municipal ETF (FMB)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

------

**Restricted Securities**

As of January 31, 2026, the Fund held restricted securities as shown in the following table that the Advisor deemed illiquid pursuant to procedures adopted by the Trust's Board of Trustees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Security | Acquisition <br>Date<br>| Principal <br>Value<br>| Current <br>Price<br>| Carrying <br>Cost<br>| Value | % of <br>Net Assets<br>|
| &nbsp;&nbsp;&nbsp; Ennis TX Spl Assmnt Rev <br> Prairieview Pub Impt Dt Impt <br> Area #1-2 Proj, 5.25%, 09/15/45<br>| 11/18/25 | &nbsp;&nbsp; $800000 | &nbsp;&nbsp; $99.26 | &nbsp;&nbsp; $796056 | &nbsp;&nbsp; $794083 | 0.04<br> %<br>|
| &nbsp;&nbsp;&nbsp; OK St Dev Fin Auth Sr OK Proton <br> Ctr, Ser A1, 7.25%, 09/01/51<br>| 02/12/21 - <br> 10/14/21<br>| &nbsp;&nbsp; 3800000 | 98.87 | &nbsp;&nbsp; 3905112 | &nbsp;&nbsp; 3756941 | 0.19 |
| &nbsp;&nbsp;&nbsp; Phoenix AZ Indl Dev Auth Hotel <br> Rev Sr Falcon Properties LLC <br> Proj, Ser A, 4.00%, 12/01/41<br>| 01/31/22 | &nbsp;&nbsp; 2500000 | 71.48 | &nbsp;&nbsp; 2525786 | &nbsp;&nbsp; 1786999 | 0.09 |
| &nbsp;&nbsp;&nbsp; Polk Cnty FL Indl Dev Auth Mineral <br> Dev LLC Secondary Phosphate <br> Tailings Recovery Proj, 5.88%, <br> 01/01/33<br>| 10/23/20 - <br> 11/12/20<br>| &nbsp;&nbsp; 4250000 | 20.00 | &nbsp;&nbsp; 4260631 | &nbsp;&nbsp; 850000 | 0.05 |
| &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Rev Sr Proton Intl <br> AR LLC, Ser A, 6.50%, 01/01/41<br>| 12/17/21 | &nbsp;&nbsp; 1500000 | 73.23 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1098491 | 0.06 |
|  |  |  |  | &nbsp;&nbsp; $12987585 | &nbsp;&nbsp; $8286514 | 0.43<br> %<br>|

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** First Trust Exchange-Traded Fund III

- **b. Investment Company Act file number:** 811-22245

- **c. CIK number of Registrant:** 0001424212

- **d. LEI of Registrant:** 5493003Z20QMESC6XS29

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

  - **Street Address 1:** 120 East Liberty Drive, Suite 400

  - **City:** Wheaton

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60187

  - **Telephone number:** 630-765-8000

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

- **a. Name of Series:** First Trust Managed Municipal ETF

- **b. EDGAR series identifier (if any):** S000044373

- **c. LEI of Series:** 549300DKYQCUWNKGQV17

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

- **a. Date of fiscal year-end:** 2026-10-31

- **b. Date as of which information is reported:** 2026-01-31

**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:** $1964181438.48

**Total Liabilities:** $18099273.93

**Net Assets:** $1946082164.55

**Delayed Delivery Securities:** $15267551.40

**Cash Not Reported:** $14313595.03

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 2278.74262000 | **1-Year:** 48813.06059000 | **5-Year:** 416722.30072000 | **10-Year:** 753843.92077000 | **30-Year:** 8644.43591000

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

- **3-Month:** 187.31948000 | **1-Year:** 2970.06177000 | **5-Year:** 11030.87952000 | **10-Year:** 9743.03989000 | **30-Year:** 54.41700000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000138174 | 0.27%                | 0.17%                | 0.85%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $61336.97                | $-37895.34                                 |
| Month 2  | $-319701.08              | $-2124501.87                               |
| Month 3  | $-510513.72              | $10856460.62                               |

**Designated Index Information**

- **Index Name:** The Fund's Designated Reference Portfolio is the Fund's Securities Portfolio.

- **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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 10YR ULTRA                                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      -143 | NC      | $-55858.66    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO IL                                  | City of Chicago IL                                                               | CUSIP: 167486R35<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    560000 | PA      | $573169.02    | 0.03%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLESTON CNTY SC ARPT DIST A              | Charleston County Airport District                                               | CUSIP: 160070EE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $838628.92    | 0.04%             | 2041-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NTHRN PALM BEACH CNTY FL IMPT               | Northern Palm Beach County Improvement District                                  | CUSIP: 665588SC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $360058.54    | 0.02%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                 | City of Houston TX Airport System Revenue                                        | CUSIP: 442349GT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3540000 | PA      | $3833398.74   | 0.20%             | 2042-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TEXAS ST TRANSPRTN COMMISSION               | Central Texas Turnpike System                                                    | CUSIP: 88283KCH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $273717.10    | 0.01%             | 2042-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN LUIS OBISPO CNTY CA FING A              | San Luis Obispo County Financing Authority                                       | CUSIP: 798712CZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2110000 | PA      | $2394465.14   | 0.12%             | 2040-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| OHIO ST HGR EDUCTNL FAC COMMIS              | Ohio Higher Educational Facility Commission                                      | CUSIP: 67756DXK7<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $486055.00    | 0.02%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                 | City of Houston TX Airport System Revenue                                        | CUSIP: 442349GV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $284100.03    | 0.01%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FORSYTH MT POLL CONTROL REVENU              | City of Forsyth MT                                                               | CUSIP: 346668DH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000754.60   | 0.10%             | 2031-03-01      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GA                        | Municipal Electric Authority of Georgia                                          | CUSIP: 62620HJV5<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    800000 | PA      | $853842.64    | 0.04%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOWELL MI PUBLIC SCHS                       | Howell Public Schools                                                            | CUSIP: 443114WN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $741112.84    | 0.04%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL FLORIDA ST TOURISM OVER              | Central Florida Tourism Oversight District Utility Revenue                       | CUSIP: 153481AF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1060000 | PA      | $1134478.46   | 0.06%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL MIDWAY ARPT REVENUE              | Chicago Midway International Airport                                             | CUSIP: 167562VC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $639426.36    | 0.03%             | 2043-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX HOSP DIST                   | Tarrant County Hospital District                                                 | CUSIP: 876387EV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1698020.85   | 0.09%             | 2037-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA              | Main Street Natural Gas Inc                                                      | CUSIP: 56035DFT4<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2265000 | PA      | $2400579.96   | 0.12%             | 2054-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF ILLINOIS IL REVENUES                | Board of Trustees of the University of Illinois/The                              | CUSIP: 9143532P1<br>LEI: 549300VD8PPC4Q5HK850 | Long             | DBT              | MUN               | US        |   1295000 | PA      | $1222766.97   | 0.06%             | 2037-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH EDUCTNL FACS               | Indiana Finance Authority                                                        | CUSIP: 45470EFP5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    705000 | PA      | $774156.83    | 0.04%             | 2042-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SALES TAX SECURITIZATION CORP               | Sales Tax Securitization Corp                                                    | CUSIP: 79467BJV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1075595.50   | 0.06%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH ACT 38 FA              | Michigan Finance Authority                                                       | CUSIP: 59447NAZ9<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    500000 | PA      | $536890.45    | 0.03%             | 2042-02-28      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH POLL CO              | Development Authority of Burke County/The                                        | CUSIP: 121342QK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006787.70   | 0.05%             | 2048-11-01      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| MIAMI CNTY OH HOSP FACS REVENU              | County of Miami OH                                                               | CUSIP: 593328FF9<br>LEI: 549300YAYSF4ZQH3JU54 | Long             | DBT              | MUN               | US        |    960000 | PA      | $1009713.41   | 0.05%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                 | State of Illinois                                                                | CUSIP: 452153KC2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1052974.90   | 0.05%             | 2045-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MILLSBORO DE SPL OBLG                       | Town of Millsboro DE                                                             | CUSIP: 601266AB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1320000 | PA      | $1343396.34   | 0.07%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTHORITY A C              | Southeast Energy Authority A Cooperative District                                | CUSIP: 84136HCT8<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4344726.80   | 0.22%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GA                        | Municipal Electric Authority of Georgia                                          | CUSIP: 62620HJW3<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    750000 | PA      | $792476.63    | 0.04%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TENNESSEE ST ENERGY ACQUISITIO              | Tennessee Energy Acquisition Corp                                                | CUSIP: 880443JM9<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2695002.75   | 0.14%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WAYNE CNTY MI ARPT AUTH REVENU              | Wayne County Airport Authority                                                   | CUSIP: 944514Y36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $880748.56    | 0.05%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A              | California Community Choice Financing Authority                                  | CUSIP: 13013JAP1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2430342.48   | 0.12%             | 2052-02-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| MET NASHVILLE TN ARPT AUTH ARP              | Metropolitan Nashville Airport Authority/The                                     | CUSIP: 592190QT2<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |    750000 | PA      | $838376.03    | 0.04%             | 2038-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEV FIN CORP HLTHCAREF              | Florida Development Finance Corp                                                 | CUSIP: 34061QDR5<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1380000 | PA      | $1459403.82   | 0.07%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL FLORIDA ST TOURISM OVER              | Central Florida Tourism Oversight District Utility Revenue                       | CUSIP: 153481AE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1081611.40   | 0.06%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE                  | Port of Seattle WA                                                               | CUSIP: 735389V54<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2155714.00   | 0.11%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                 | State of Illinois                                                                | CUSIP: 452152S51<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1530459.45   | 0.08%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLUMBUS OH REGL ARPT AUTH REV              | Columbus Regional Airport Authority                                              | CUSIP: 199546CZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $695673.10    | 0.04%             | 2043-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| VOLUSIA CNTY FL EDUCTNL FAC AU              | Volusia County Educational Facility Authority                                    | CUSIP: 928836MZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $510482.95    | 0.03%             | 2036-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS RANCHOS DE ALBUQUERQUE NM               | Village of Los Ranchos de Albuquerque NM                                         | CUSIP: 545610BF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $307753.32    | 0.02%             | 2035-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KNOX CNTY TN HLTH EDUCTNL & HS              | Knox County Health Educational & Housing Facility Board                          | CUSIP: 499526AP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $576960.51    | 0.03%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F              | Tarrant County Cultural Education Facilities Finance Corp                        | CUSIP: 87638TJJ3<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1094020.19   | 0.06%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WILL CNTY IL FOREST PRESERVE D              | Will County Forest Preserve District                                             | CUSIP: 968661JM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $688080.77    | 0.04%             | 2041-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| THIRD CREEK MET DIST #1 CO                  | Third Creek Metropolitan District No 1                                           | CUSIP: 88423EAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $698647.21    | 0.04%             | 2042-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| RHODINE ROAD NORTH CDD FL SPL               | Rhodine Road North Community Development District                                | CUSIP: 762402AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    815000 | PA      | $823990.10    | 0.04%             | 2040-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BERKS CNTY PA INDL DEV AUTH HL              | Berks County Industrial Development Authority                                    | CUSIP: 08452RAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $468895.48    | 0.02%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST MUNI ENERGY ACQU              | New Mexico Municipal Energy Acquisition Authority                                | CUSIP: 647207BL2<br>LEI: 549300KZGG2YNDKKCE92 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3200712.60   | 0.16%             | 2054-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST                            | Commonwealth of Massachusetts                                                    | CUSIP: 57582TGA4<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1111283.90   | 0.06%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOWER PETROGLYPHS PUBLIC IMPT               | Lower Petroglyphs Public Improvement District                                    | CUSIP: 54844CAH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250720.53    | 0.01%             | 2026-10-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HSG FIN CORP MF H              | Arlington Housing Finance Corp                                                   | CUSIP: 041818AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2005568.60   | 0.10%             | 2041-04-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| ROSEVILLE CA SPL TAX                        | City of Roseville CA                                                             | CUSIP: 777870V86<br>LEI: 549300OH100KESVPND17 | Long             | DBT              | MUN               | US        |    520000 | PA      | $466738.95    | 0.02%             | 2046-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH ST              | California Municipal Finance Authority                                           | CUSIP: 13049YFM8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012127.10   | 0.05%             | 2040-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST HSG DEV AUTH MF HS              | Illinois Housing Development Authority                                           | CUSIP: 45203LEM1<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   2170000 | PA      | $2170000.00   | 0.11%             | 2027-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEWARK HGR EDU FIN CORP TX EDU              | Newark Higher Education Finance Corp                                             | CUSIP: 650346FH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $563407.44    | 0.03%             | 2032-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST TRANSPRTN COMMISSION               | Central Texas Turnpike System                                                    | CUSIP: 88283KCB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2312222.40   | 0.12%             | 2036-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE              | Public Finance Authority                                                         | CUSIP: 74442EGU8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2215118.13   | 0.11%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION&              | Texas Municipal Gas Acquisition & Supply Corp IV                                 | CUSIP: 88256PAS9<br>LEI: 549300PTUE847QDBBW22 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1137716.90   | 0.06%             | 2034-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SAINT JOHNS CNTY FL SCH BRD CO              | St Johns County School Board                                                     | CUSIP: 790409HU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1594032.30   | 0.08%             | 2046-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY PA INDL DEV AU              | Montgomery County Industrial Development Authority/PA                            | CUSIP: 613609J64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101042.68    | 0.01%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PRAIRIE CENTER CO MET DIST #3               | Prairie Center Metropolitan District No 3                                        | CUSIP: 739476AE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2504129.00   | 0.13%             | 2041-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX ARPT SYS REVENUE                  | City of Austin TX Airport System Revenue                                         | CUSIP: 052398JQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1079511.10   | 0.06%             | 2042-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLOOMINGDALE IL                             | Village of Bloomingdale IL                                                       | CUSIP: 094333NE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2895000 | PA      | $3106127.43   | 0.16%             | 2043-10-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EAGLE CNTY CO COPS                          | County of Eagle CO                                                               | CUSIP: 26947NEL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $286657.85    | 0.01%             | 2039-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BEDFORD OH CITY SCH DIST                    | Bedford City School District                                                     | CUSIP: 076365LR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1398364.75   | 0.07%             | 2040-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SEATTLE WA MUNI LIGHT & PWR RE              | City of Seattle WA Municipal Light & Power Revenue                               | CUSIP: 812643UX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2195000 | PA      | $2252581.22   | 0.12%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BUCKS CNTY PA INDL DEV AUTH                 | Bucks County Industrial Development Authority                                    | CUSIP: 118612MU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $423716.74    | 0.02%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING               | Pennsylvania Economic Development Financing Authority                            | CUSIP: 70868YAN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $233729.35    | 0.01%             | 2037-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL               | Black Belt Energy Gas District                                                   | CUSIP: 09182TFT9<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    500000 | PA      | $536578.95    | 0.03%             | 2055-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS NV SPL IMPT DIST #81              | City of Las Vegas NV Special Improvement District No 819                         | CUSIP: 51779EAL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $333443.89    | 0.02%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST ECON DEV FIN AUTH               | Kentucky Economic Development Finance Authority                                  | CUSIP: 49126KKN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $150066.29    | 0.01%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALES TAX SECURITIZATION CORP               | Sales Tax Securitization Corp                                                    | CUSIP: 79467BJT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2198406.40   | 0.11%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EPPERSON N CDD FL CAPITAL IMPT              | Epperson North Community Development District                                    | CUSIP: 29429VAM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $685552.48    | 0.04%             | 2041-11-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS CNTY OR HOSP FAC AUT              | Clackamas County Hospital Facility Authority                                     | CUSIP: 179027YM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $495062.85    | 0.03%             | 2050-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL              | Maryland Health & Higher Educational Facilities Authority                        | CUSIP: 57421CMD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $752186.26    | 0.04%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING               | Pennsylvania Economic Development Financing Authority                            | CUSIP: 70868YAM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5835000 | PA      | $6458138.32   | 0.33%             | 2036-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R              | Arizona Industrial Development Authority                                         | CUSIP: 04052BEX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1036799.96   | 0.05%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CO              | Mississippi Business Finance Corp                                                | CUSIP: 60527MAZ2<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2400000.00   | 0.12%             | 2028-05-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE              | New Jersey Economic Development Authority                                        | CUSIP: 64577B7R9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   3880000 | PA      | $4015015.08   | 0.21%             | 2044-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET KNOXVILLE TN ARPT AUTH ARP              | Metropolitan Knoxville Airport Authority                                         | CUSIP: 592174AR7<br>LEI: 254900VWGT8D1GF6ZY16 | Long             | DBT              | MUN               | US        |    270000 | PA      | $288511.42    | 0.01%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROSEVILLE CA SPL TAX                        | City of Roseville CA                                                             | CUSIP: 777870V78<br>LEI: 549300OH100KESVPND17 | Long             | DBT              | MUN               | US        |    310000 | PA      | $302911.42    | 0.02%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FOLSOM RANCH CA FING AUTH SPL               | Folsom Ranch Financing Authority                                                 | CUSIP: 344414EE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $170802.71    | 0.01%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION&              | Texas Municipal Gas Acquisition & Supply Corp IV                                 | CUSIP: 88256PAT7<br>LEI: 549300PTUE847QDBBW22 | Long             | DBT              | MUN               | US        |   8505000 | PA      | $9581246.51   | 0.49%             | 2054-01-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY PA INDL DEV AU              | Montgomery County Industrial Development Authority/PA                            | CUSIP: 613609K54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $582553.97    | 0.03%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIDCITY IMPT DIST AL SPL ASSMN              | MidCity Improvement District                                                     | CUSIP: 59564KAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $918397.40    | 0.05%             | 2042-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FORT WAYNE IN REDEV AUTH LEASE              | Fort Wayne Redevelopment Authority                                               | CUSIP: 349288JS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2840000 | PA      | $3023549.77   | 0.16%             | 2041-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CA UNIF SCH DIST SPL              | Riverside Unified School District                                                | CUSIP: 769069V51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    480000 | PA      | $494347.34    | 0.03%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DUBOIS PA HOSP AUTH                         | DuBois Hospital Authority                                                        | CUSIP: 263804BY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101744.11    | 0.01%             | 2032-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA              | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712JHS5<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1555000 | PA      | $1720842.15   | 0.09%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH              | Maricopa County Industrial Development Authority                                 | CUSIP: 56681NFL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    985000 | PA      | $993520.25    | 0.05%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BUCKS CNTY PA INDL DEV AUTH                 | Bucks County Industrial Development Authority                                    | CUSIP: 118612MT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1185000 | PA      | $1209960.01   | 0.06%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP               | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KGJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2145000 | PA      | $2291980.12   | 0.12%             | 2040-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| STAMFORD CT HSG AUTH                        | Stamford Housing Authority                                                       | CUSIP: 852640AH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1863191.05   | 0.10%             | 2040-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PRAIRIE CENTER CO MET DIST #3               | Prairie Center Metropolitan District No 3                                        | CUSIP: 739476AD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501833.70    | 0.03%             | 2027-12-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN              | Virginia Small Business Financing Authority                                      | CUSIP: 928103AW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2144495.60   | 0.11%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BEDFORD OH CITY SCH DIST                    | Bedford City School District                                                     | CUSIP: 076365LS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1468698.77   | 0.08%             | 2041-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX CULTURAL EDU FA              | Harris County Cultural Education Facilities Finance Corp                         | CUSIP: 414009SM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $559485.20    | 0.03%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV              | Build NYC Resource Corp                                                          | CUSIP: 12008ETU0<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    415000 | PA      | $443424.14    | 0.02%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EAGLE CNTY CO COPS                          | County of Eagle CO                                                               | CUSIP: 26947NEM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1092587.70   | 0.06%             | 2044-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MET KNOXVILLE TN ARPT AUTH ARP              | Metropolitan Knoxville Airport Authority                                         | CUSIP: 592174AS5<br>LEI: 254900VWGT8D1GF6ZY16 | Long             | DBT              | MUN               | US        |    525000 | PA      | $555025.54    | 0.03%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R              | Massachusetts Development Finance Agency                                         | CUSIP: 57585BKD9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2975976.50   | 0.15%             | 2055-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| ROSEVILLE CA SPL TAX                        | City of Roseville CA                                                             | CUSIP: 777870R24<br>LEI: 549300OH100KESVPND17 | Long             | DBT              | MUN               | US        |    350000 | PA      | $352536.03    | 0.02%             | 2037-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BUCKS CNTY PA INDL DEV AUTH HO              | Bucks County Industrial Development Authority                                    | CUSIP: 11861MAP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $955298.72    | 0.05%             | 2044-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST               | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 6461365F4<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1064694.30   | 0.05%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP              | New York Transportation Development Corp                                         | CUSIP: 650116GN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1107028.30   | 0.06%             | 2035-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH              | Maricopa County Industrial Development Authority                                 | CUSIP: 56681NEN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2085860.48   | 0.11%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION&              | Texas Municipal Gas Acquisition & Supply Corp IV                                 | CUSIP: 88256PAQ3<br>LEI: 549300PTUE847QDBBW22 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1682742.60   | 0.09%             | 2032-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN              | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 645424BN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1074375.40   | 0.06%             | 2045-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE                  | Port of Seattle WA                                                               | CUSIP: 735389R26<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1761377.49   | 0.09%             | 2046-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRAVIS CNTY TX                              | County of Travis TX                                                              | CUSIP: 89453P7B9<br>LEI: 549300HEC6MNL5465K30 | Long             | DBT              | MUN               | US        |   1180000 | PA      | $1197333.96   | 0.06%             | 2041-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST TRANSPRTN COMMISSION               | Central Texas Turnpike System                                                    | CUSIP: 88283KCD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1601382.12   | 0.08%             | 2038-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SARASOTA NATIONAL FL CDD SPL A              | Sarasota National Community Development District                                 | CUSIP: 80342PAG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504688.10    | 0.03%             | 2031-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDUCTNL REV              | Public Finance Authority                                                         | CUSIP: 74445GAN2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    610000 | PA      | $633051.35    | 0.03%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                 | City of New York NY                                                              | CUSIP: 64966QK58<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   5730000 | PA      | $6369718.97   | 0.33%             | 2039-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MISSOURI JT MUNI ELEC UTILITY               | Missouri Joint Municipal Electric Utility Commission                             | CUSIP: 606092QJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1131956.80   | 0.06%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TYLER TX WTR & SWR SYS REVENUE              | City of Tyler TX Water & Sewer System Revenue                                    | CUSIP: 902354RY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1343116.90   | 0.07%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL               | Black Belt Energy Gas District                                                   | CUSIP: 09182TBT3<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1321865.13   | 0.07%             | 2053-11-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR              | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JPU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8258000 | PA      | $8259299.81   | 0.42%             | 2034-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| HYDE PARK CDD #1 FL SPL ASSMNT              | Hyde Park Community Development District No 1                                    | CUSIP: 448642AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2710000 | PA      | $2465634.42   | 0.13%             | 2042-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV              | Colorado Health Facilities Authority                                             | CUSIP: 19648FYG3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1580000 | PA      | $1665465.04   | 0.09%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER CNTY SC ASSMNT REVEN              | County of Lancaster SC                                                           | CUSIP: 514088AM5<br>LEI: 5493004EFQNI7UOCFI47 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000946.50   | 0.05%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CANYONS MET DIST #5 CO                      | Canyons Metropolitan District No 5                                               | CUSIP: 139071AV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $156577.92    | 0.01%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER CNTY PA HOSP AUTH                 | Lancaster County Hospital Authority/PA                                           | CUSIP: 514045V91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1156378.08   | 0.06%             | 2038-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CA UNIF SCH DIST SPL              | Riverside Unified School District                                                | CUSIP: 769069V36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $333792.55    | 0.02%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FONTANA CA SPL TAX                          | City of Fontana CA                                                               | CUSIP: 344630WR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $254112.68    | 0.01%             | 2027-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DUBOIS PA HOSP AUTH                         | DuBois Hospital Authority                                                        | CUSIP: 263804BZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $116650.60    | 0.01%             | 2033-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KINGS PARK NY CENTRL SCH DIST               | Kings Park Central School District                                               | CUSIP: 496098GJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000084.20   | 0.05%             | 2031-07-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE VLY PA REGL FIN AUTH               | Delaware Valley Regional Finance Authority                                       | CUSIP: 246579LZ7<br>LEI: 549300HGYP3NW885TT18 | Long             | DBT              | MUN               | US        |   5200000 | PA      | $5200000.00   | 0.27%             | 2059-09-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| JACKSON CNTY MO CONSOL SCH DIS              | Jackson County Consolidated School District No 4                                 | CUSIP: 467484SX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    690000 | PA      | $790267.21    | 0.04%             | 2042-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| OHIO ST HGR EDUCTNL FAC COMMIS              | Ohio Higher Educational Facility Commission                                      | CUSIP: 67756DW44<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1436536.27   | 0.07%             | 2041-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SUFFOLK REGL OFF-TRACK BETTING              | Suffolk Regional Off-Track Betting Corp                                          | CUSIP: 86480TAB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4104910.40   | 0.21%             | 2044-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| VERANDA CDD II FL SPL ASSMNT R              | Veranda Community Development District II                                        | CUSIP: 92338HAX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1745000 | PA      | $1785494.12   | 0.09%             | 2044-05-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| UTAH ST TELECOMMUNICATION OPEN              | Utah Telecommunication Open Infrastructure Agency                                | CUSIP: 91756SAL7<br>LEI: 549300LCGT5UXUJ1LP77 | Long             | DBT              | MUN               | US        |    750000 | PA      | $865983.15    | 0.04%             | 2033-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TAMPA FL REVENUE                            | City of Tampa FL                                                                 | CUSIP: 875231LM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $248264.21    | 0.01%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALACHUA CNTY FL HLTH FACS AUTH              | Alachua County Health Facilities Authority                                       | CUSIP: 010685LC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2945000 | PA      | $3096396.56   | 0.16%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN               | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542UHW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2211714.20   | 0.11%             | 2036-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LANCASTER CNTY SC ASSMNT REVEN              | County of Lancaster SC                                                           | CUSIP: 514088AL7<br>LEI: 5493004EFQNI7UOCFI47 | Long             | DBT              | MUN               | US        |    350000 | PA      | $350333.87    | 0.02%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS WTR DEV BRD REVENUE                   | Texas Water Development Board                                                    | CUSIP: 88285ABF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5324337.00   | 0.27%             | 2041-10-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE ST HLTH & EDU FA              | New Hampshire Health and Education Facilities Authority Act                      | CUSIP: 64461XLV5<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1144230.80   | 0.06%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL MIDWAY ARPT REVENUE              | Chicago Midway International Airport                                             | CUSIP: 167562VD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $527470.00    | 0.03%             | 2044-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LAFAYETTE PARISH LA SCH BRD SA              | Lafayette Parish School Board Sale Tax Revenue                                   | CUSIP: 506624VH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1466572.11   | 0.08%             | 2045-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                  | Public Finance Authority                                                         | CUSIP: 74442PVP7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1098490.80   | 0.06%             | 2041-01-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| MIDLAND CNTY TX                             | County of Midland TX                                                             | CUSIP: 597494HT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1224478.67   | 0.06%             | 2043-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE              | New Jersey Economic Development Authority                                        | CUSIP: 64577B7P3<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3446792.05   | 0.18%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BORDEN-HENRYVILLE MULTI-SCH BL              | Borden-Henryville Multi-School Building Corp                                     | CUSIP: 099590BA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3080000 | PA      | $3334705.53   | 0.17%             | 2039-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST MUNI ENERGY AGY PW              | Kentucky Municipal Energy Agency                                                 | CUSIP: 491499AR0<br>LEI: 254900W8G3M70YHUAO94 | Long             | DBT              | MUN               | US        |   4545000 | PA      | $4758068.24   | 0.24%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING               | Pennsylvania Economic Development Financing Authority                            | CUSIP: 70869PPF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1541667.45   | 0.08%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEVADA DEPT OF BUSINESS & INDU              | State of Nevada Department of Business & Industry                                | CUSIP: 641454AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $260154.34    | 0.01%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST COPS                            | State of Colorado                                                                | CUSIP: 196711SG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1755000 | PA      | $1685196.63   | 0.09%             | 2036-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST CHRT SCH FIN AUTH CHRT              | Utah Charter School Finance Authority                                            | CUSIP: 91754TUM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $325785.88    | 0.02%             | 2037-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLESTON CNTY SC ARPT DIST A              | Charleston County Airport District                                               | CUSIP: 160070EF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    955000 | PA      | $1041039.39   | 0.05%             | 2042-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET               | Minneapolis-St Paul Metropolitan Airports Commission                             | CUSIP: 603827Q82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1655000 | PA      | $1701028.20   | 0.09%             | 2049-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GALVESTON CNTY TX MUNI UTILITY              | Galveston County Municipal Utility District No 54                                | CUSIP: 36422RED2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1128101.13   | 0.06%             | 2031-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                              | State of Connecticut                                                             | CUSIP: 20772KJC4<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |    965000 | PA      | $894073.18    | 0.05%             | 2039-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH AL COOPE              | Southeast Energy Authority A Cooperative District                                | CUSIP: 84136GAK1<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4769932.05   | 0.25%             | 2054-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| SALT RIVER AZ PROJ AGRIC IMPT&              | Salt River Project Agricultural Improvement & Power District                     | CUSIP: 79574CHH9<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1569403.80   | 0.08%             | 2051-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST                            | Commonwealth of Massachusetts                                                    | CUSIP: 57582TFW7<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1164365.50   | 0.06%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV              | Colorado Health Facilities Authority                                             | CUSIP: 19648FJC9<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   4215000 | PA      | $4291058.83   | 0.22%             | 2038-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RIVER ISLANDS CA PUBLIC FING A              | River Islands Public Financing Authority                                         | CUSIP: 76827QEK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $508166.45    | 0.03%             | 2033-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL              | Maryland Health & Higher Educational Facilities Authority                        | CUSIP: 57421CMH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $368874.49    | 0.02%             | 2044-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| KRUM TX INDEP SCH DIST                      | Krum Independent School District                                                 | CUSIP: 501098VD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1135520.90   | 0.06%             | 2041-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP              | New York Transportation Development Corp                                         | CUSIP: 650116CX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1269096.38   | 0.07%             | 2030-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE ST HLTH & EDU FA              | New Hampshire Health and Education Facilities Authority Act                      | CUSIP: 64461XLU7<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1155088.70   | 0.06%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL MIDWAY ARPT REVENUE              | Chicago Midway International Airport                                             | CUSIP: 167562SE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $554002.40    | 0.03%             | 2042-01-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FONTANA CA SPL TAX                          | City of Fontana CA                                                               | CUSIP: 344630WT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $289278.36    | 0.01%             | 2029-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WHITING IN ENVRNMNTL FACS REVE              | City of Whiting IN                                                               | CUSIP: 96634RAU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1511392.65   | 0.08%             | 2044-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| RAVENNA CO MET DIST                         | Ravenna Metropolitan District                                                    | CUSIP: 754252BK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $546940.55    | 0.03%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC              | Health & Educational Facilities Authority of the State of Missouri               | CUSIP: 60635H3M9<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   2120000 | PA      | $2182806.27   | 0.11%             | 2031-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PUBLIC SVC A              | South Carolina Public Service Authority                                          | CUSIP: 8371514R7<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1100187.40   | 0.06%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALBANY NY CAPITAL RESOURCE COR              | Albany Capital Resource Corp                                                     | CUSIP: 012432EQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $884130.56    | 0.05%             | 2043-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BIRMINGHAM AL SPL CARE FACS FI              | Alabama Special Care Facilities Financing Authority-Birmingham AL                | CUSIP: 090929GV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1119720.20   | 0.06%             | 2042-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA SCH DIST                    | School District of Philadelphia/The                                              | CUSIP: 717883C34<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   1760000 | PA      | $1992724.45   | 0.10%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV              | Colorado Health Facilities Authority                                             | CUSIP: 19648FKL7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1602780.45   | 0.08%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLUMBIA CNTY GA HOSP AUTH                  | Columbia County Hospital Authority/GA                                            | CUSIP: 197479AS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $280154.33    | 0.01%             | 2037-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF CONNECTICUT CT                      | University of Connecticut                                                        | CUSIP: 914233Z20<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4280870.80   | 0.22%             | 2039-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLUMBIA CNTY GA HOSP AUTH                  | Columbia County Hospital Authority/GA                                            | CUSIP: 197479AR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $282434.68    | 0.01%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTHERN INDIANA COMMUTER TRAN              | Northern Indiana Commuter Transportation District                                | CUSIP: 66528PCL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2485000 | PA      | $2622727.15   | 0.13%             | 2049-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC              | Health & Educational Facilities Authority of the State of Missouri               | CUSIP: 60635H3N7<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    555000 | PA      | $572442.32    | 0.03%             | 2032-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FONTANA CA SPL TAX                          | City of Fontana CA                                                               | CUSIP: 344630WS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $271748.38    | 0.01%             | 2028-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| E ALLEN IN MULTI-SCH BLDG CORP              | East Allen Multi School Building Corp                                            | CUSIP: 270456KB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4550000 | PA      | $4827859.86   | 0.25%             | 2043-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BERRY BAY CDD FL SPL ASSMNT RE              | Berry Bay Community Development District                                         | CUSIP: 08577CAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1055000 | PA      | $919270.98    | 0.05%             | 2041-05-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| ROSEVILLE CA SPL TAX                        | City of Roseville CA                                                             | CUSIP: 777870E93<br>LEI: 549300OH100KESVPND17 | Long             | DBT              | MUN               | US        |    110000 | PA      | $114468.98    | 0.01%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JACKSONVILLE PUBLIC EDUCTNL BL              | Jacksonville Public Educational Building Authority                               | CUSIP: 469480BT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2225000 | PA      | $2338237.37   | 0.12%             | 2044-08-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| LAKELAND FL HOSP SYS REVENUE                | City of Lakeland FL                                                              | CUSIP: 511665KP5<br>LEI: XRPK4ZALF4437WO3JQ94 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1067533.00   | 0.05%             | 2043-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY OH HLTH CARE REV              | County of Hamilton OH                                                            | CUSIP: 40727RCY2<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |    500000 | PA      | $545346.15    | 0.03%             | 2037-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CENTRL PLAINS ENERGY PROJ NE G              | Central Plains Energy Project                                                    | CUSIP: 154872AY1<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1612113.15   | 0.08%             | 2055-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES              | New York State Dormitory Authority                                               | CUSIP: 65000B7V4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1071604.20   | 0.06%             | 2043-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ALBANY NY CAPITAL RESOURCE COR              | Albany Capital Resource Corp                                                     | CUSIP: 012432ER7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1091922.10   | 0.06%             | 2044-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHERRY CREEK CO SCH DIST #5                 | Arapahoe County School District No 5 Cherry Creek                                | CUSIP: 164555EC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2115000 | PA      | $2381120.09   | 0.12%             | 2043-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SALES TAX SECURITIZATION CORP               | Sales Tax Securitization Corp                                                    | CUSIP: 79467BDA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1997853.20   | 0.10%             | 2040-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ISLE OF WIGHT CNTY VA ECON DEV              | Isle Wight County Industrial Development Authority                               | CUSIP: 464637AP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5335000 | PA      | $5818910.11   | 0.30%             | 2043-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ADAMS & WELD CNTYS CO SCH DIST              | Adams & Weld Counties School District No 27J Brighton/CO                         | CUSIP: 005518VM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4001249.60   | 0.21%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                  | Public Finance Authority                                                         | CUSIP: 74442PL78<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1934000 | PA      | $998455.35    | 0.05%             | 2037-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY OH HLTH CARE REV              | County of Hamilton OH                                                            | CUSIP: 40727RCZ9<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |    340000 | PA      | $374306.37    | 0.02%             | 2038-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LEAVENWORTH CNTY KS UNIF SCH D              | Leavenworth County Unified School District No 464                                | CUSIP: 522223GG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $634783.50    | 0.03%             | 2032-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLUMBIA CNTY GA HOSP AUTH                  | Columbia County Hospital Authority/GA                                            | CUSIP: 197479AT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $278182.38    | 0.01%             | 2038-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                 | City of New York NY                                                              | CUSIP: 64966SHE9<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3224615.40   | 0.17%             | 2045-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COCO PALMS FL CDD SPL ASSMNT                | Coco Palms Community Development District                                        | CUSIP: 191653AB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1490000 | PA      | $1505382.61   | 0.08%             | 2032-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| HOMEWOOD AL EDUCTNL BLDG AUTH               | Homewood Educational Building Authority                                          | CUSIP: 437887HX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2605000 | PA      | $2643717.59   | 0.14%             | 2049-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PENN IN HIGH SCH BLDG CORP                  | Penn High School Building Corp                                                   | CUSIP: 707533MX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1065197.10   | 0.05%             | 2042-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH SPL REVEN              | New Hampshire Business Finance Authority                                         | CUSIP: 63608TAS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1400595.00   | 0.07%             | 2033-12-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A              | California Community Choice Financing Authority                                  | CUSIP: 13013JHG4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2196103.20   | 0.11%             | 2056-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                  | Public Finance Authority                                                         | CUSIP: 74442PTG0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1606979.00   | 0.08%             | 2056-03-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL               | Philadelphia Authority for Industrial Development                                | CUSIP: 71780CBG4<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   2425000 | PA      | $2183993.07   | 0.11%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R              | Arizona Industrial Development Authority                                         | CUSIP: 04052BPS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $389437.55    | 0.02%             | 2051-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R              | Arizona Industrial Development Authority                                         | CUSIP: 04052BCQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $377475.71    | 0.02%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA              | Main Street Natural Gas Inc                                                      | CUSIP: 56035DDX7<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |  14500000 | PA      | $14823397.85  | 0.76%             | 2052-09-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| CENTRL TX REGL MOBILITY AUTH R              | Central Texas Regional Mobility Authority                                        | CUSIP: 155498PV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1140382.10   | 0.06%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV              | Colorado Health Facilities Authority                                             | CUSIP: 19648FD92<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037998.90   | 0.05%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FOLSOM RANCH CA FING AUTH SPL               | Folsom Ranch Financing Authority                                                 | CUSIP: 344414ED5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $168877.78    | 0.01%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IRVINE CA UNIF SCH DIST SPL TA              | Irvine Unified School District                                                   | CUSIP: 463612MP3<br>LEI: 549300BNIP4XNVC0X742 | Long             | DBT              | MUN               | US        |    175000 | PA      | $188032.83    | 0.01%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC              | Health & Educational Facilities Authority of the State of Missouri               | CUSIP: 60635H3K3<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1960000 | PA      | $1999289.96   | 0.10%             | 2029-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING               | Pennsylvania Economic Development Financing Authority                            | CUSIP: 70868YAL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2230613.20   | 0.11%             | 2035-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ROUND ROCK TX INDEP SCH DIST                | Round Rock Independent School District                                           | CUSIP: 779240LK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5185000 | PA      | $4921927.62   | 0.25%             | 2037-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEWARK HGR EDU FIN CORP TX EDU              | Newark Higher Education Finance Corp                                             | CUSIP: 650346FN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $550551.65    | 0.03%             | 2037-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VOLUSIA CNTY FL EDUCTNL FAC AU              | Volusia County Educational Facility Authority                                    | CUSIP: 928836NU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $905298.79    | 0.05%             | 2041-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GAINESVILLE TX                              | City of Gainesville TX                                                           | CUSIP: 363046B93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $560980.77    | 0.03%             | 2036-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JOBSOHIO BEVERAGE SYS STWD LIQ              | JobsOhio Beverage System                                                         | CUSIP: 47770VCN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1580000 | PA      | $1662555.16   | 0.09%             | 2048-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VOLUSIA CNTY FL EDUCTNL FAC AU              | Volusia County Educational Facility Authority                                    | CUSIP: 928836NV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1315000 | PA      | $1388512.05   | 0.07%             | 2042-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| UNION CNTY OR HOSP FAC AUTH                 | Union County Hospital Facility Authority                                         | CUSIP: 906420CH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $988868.30    | 0.05%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON OH LOCAL SCH DIST L              | Washington Local School District/Lucas County                                    | CUSIP: 939483GE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1930000 | PA      | $1689345.98   | 0.09%             | 2040-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                              | State of Connecticut                                                             | CUSIP: 20772KJB6<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |   5695000 | PA      | $5849168.21   | 0.30%             | 2038-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALBANY NY CAPITAL RESOURCE COR              | Albany Capital Resource Corp                                                     | CUSIP: 012432ES5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1076875.00   | 0.06%             | 2045-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEV FIN CORP HLTHCAREF              | Florida Development Finance Corp                                                 | CUSIP: 34061QDJ3<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2831462.50   | 0.15%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF MICHIGAN MI                         | University of Michigan                                                           | CUSIP: 914455MT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4501633.50   | 0.23%             | 2028-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH HOTEL              | Industrial Development Authority of the City of Phoenix Arizona/The              | CUSIP: 71885JAA7<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1786999.50   | 0.09%             | 2041-12-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| SAN LUIS OBISPO CA CMNTY FACS               | City of San Luis Obispo CA Community Facilities District No 2019-1               | CUSIP: 798601AP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $816127.52    | 0.04%             | 2036-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FA              | California School Finance Authority                                              | CUSIP: 13059TGN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    655000 | PA      | $666691.29    | 0.03%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC              | Health & Educational Facilities Authority of the State of Missouri               | CUSIP: 60637AWG3<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    550000 | PA      | $610332.09    | 0.03%             | 2042-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CENTRL TX REGL MOBILITY AUTH R              | Central Texas Regional Mobility Authority                                        | CUSIP: 155498PW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1130815.80   | 0.06%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX ARPT SYS REVENUE                  | City of Austin TX Airport System Revenue                                         | CUSIP: 052398GV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3150000 | PA      | $3308403.42   | 0.17%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CMNTY DEV ADMIN MD MF DEV REVE              | Maryland Community Development Administration                                    | CUSIP: 20364NCK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2031529.80   | 0.10%             | 2029-01-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R              | Arizona Industrial Development Authority                                         | CUSIP: 04052BPT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $831900.63    | 0.04%             | 2056-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE              | South Carolina Jobs-Economic Development Authority                               | CUSIP: 837032BU4<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1113193.50   | 0.06%             | 2041-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU DEDICATE              | Chicago Board of Education Dedicated Capital Improvement Tax                     | CUSIP: 167510AZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1108866.90   | 0.06%             | 2036-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV              | Build NYC Resource Corp                                                          | CUSIP: 12008ETW6<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2050734.80   | 0.11%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX                                   | City of Austin TX                                                                | CUSIP: 0523973Q7<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1154879.60   | 0.06%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI              | Washington State Housing Finance Commission                                      | CUSIP: 93978LHE9<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2165604.63   | 0.11%             | 2044-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET               | Minneapolis-St Paul Metropolitan Airports Commission                             | CUSIP: 603827Q58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3260839.20   | 0.17%             | 2042-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE NC ARPT REVENUE                   | City of Charlotte NC Airport Revenue                                             | CUSIP: 161036QL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    890000 | PA      | $957367.66    | 0.05%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FOLSOM RANCH CA FING AUTH SPL               | Folsom Ranch Financing Authority                                                 | CUSIP: 344414EC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $165911.08    | 0.01%             | 2039-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MOULTRIE SHELBY & COLES CNTYS               | Moultrie Shelby & Coles Counties Community Unit School District No 300           | CUSIP: 620433DG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $915480.91    | 0.05%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BARTOW CNTY GA DEV AUTH SOLID               | Bartow County Development Authority                                              | CUSIP: 06964KAB2<br>LEI: 5493006KLI0V8YELKW50 | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2400000.00   | 0.12%             | 2062-11-01      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| STHRN MINNESOTA ST MUNI PWR AG              | Southern Minnesota Municipal Power Agency                                        | CUSIP: 843375H58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $683461.56    | 0.04%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH              | Kentucky Public Energy Authority                                                 | CUSIP: 74440DCM4<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   6300000 | PA      | $6399648.36   | 0.33%             | 2050-02-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FA              | California School Finance Authority                                              | CUSIP: 13059TED7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $811758.80    | 0.04%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH CH              | California Municipal Finance Authority                                           | CUSIP: 13048DBM9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    200000 | PA      | $199627.02    | 0.01%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ASTORIA OR HOSP FACS AUTH                   | Astoria Hospital Facilities Authority                                            | CUSIP: 046279CN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $809370.23    | 0.04%             | 2040-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH SALES TA              | New York State Dormitory Authority                                               | CUSIP: 64990AMP7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8449220.80   | 0.43%             | 2038-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARKANSAS ST DEV FIN AUTH RESOU              | Arkansas Development Finance Authority                                           | CUSIP: 04084EAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000590.20   | 0.05%             | 2065-10-15      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL               | New York City Transitional Finance Authority Future Tax Secured Revenue          | CUSIP: 64971XNF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10183527.00  | 0.52%             | 2037-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST TURNPIKE AUTH                   | Oklahoma Turnpike Authority                                                      | CUSIP: 679111E67<br>LEI: 549300J83EP2PBDYH615 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1616309.55   | 0.08%             | 2046-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL MIDWAY ARPT REVENUE              | Chicago Midway International Airport                                             | CUSIP: 167562VE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045289.10   | 0.05%             | 2045-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| OGDEN CITY UT MUNI BLDG AUTH L              | Ogden City Municipal Building Authority                                          | CUSIP: 676291BN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $739279.10    | 0.04%             | 2043-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA              | Chicago O'Hare International Airport                                             | CUSIP: 167593K92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2181782.40   | 0.11%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LUBBOCK TX ELEC LIGHT & PWR SY              | City of Lubbock TX Electric Light & Power System Revenue                         | CUSIP: 549203XL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2635000 | PA      | $2637536.45   | 0.14%             | 2041-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JACKSON CNTY MO CONSOL SCH DIS              | Jackson County Consolidated School District No 4                                 | CUSIP: 467484SU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    735000 | PA      | $874205.91    | 0.04%             | 2039-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| UNIV OF ALABAMA AT BIRMINGHAM               | University of Alabama at Birmingham                                              | CUSIP: 914745EP5<br>LEI: 5493002DHWB7OKWT0415 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1455251.82   | 0.07%             | 2041-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST DEV FIN AUTH                    | Oklahoma Development Finance Authority                                           | CUSIP: 6789083V4<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   3800000 | PA      | $3756941.44   | 0.19%             | 2051-09-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A              | City of Los Angeles Department of Airports                                       | CUSIP: 544445NQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2115151.60   | 0.11%             | 2036-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF ILLINOIS IL REVENUES                | Board of Trustees of the University of Illinois/The                              | CUSIP: 914353R82<br>LEI: 549300VD8PPC4Q5HK850 | Long             | DBT              | MUN               | US        |    510000 | PA      | $484289.68    | 0.02%             | 2041-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MOULTRIE SHELBY & COLES CNTYS               | Moultrie Shelby & Coles Counties Community Unit School District No 300           | CUSIP: 620433DF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1192010.56   | 0.06%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ENNIS TX SPL ASSMNT REVENUE                 | City of Ennis TX                                                                 | CUSIP: 293470AB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $794083.12    | 0.04%             | 2045-09-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC              | Health & Educational Facilities Authority of the State of Missouri               | CUSIP: 60637ANU2<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    500000 | PA      | $524383.65    | 0.03%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLUMBIA CNTY GA HOSP AUTH                  | Columbia County Hospital Authority/GA                                            | CUSIP: 197479AL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $673401.90    | 0.03%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BALTIMORE MD SPL OBLIG                      | City of Baltimore MD                                                             | CUSIP: 05923TCG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $134605.67    | 0.01%             | 2026-06-01      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA              | Chicago O'Hare International Airport                                             | CUSIP: 167593K84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3320000 | PA      | $3461124.57   | 0.18%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL MIDWAY ARPT REVENUE              | Chicago Midway International Airport                                             | CUSIP: 167562VF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1038117.00   | 0.05%             | 2046-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COLORADO SPRINGS CO SCH DIST #              | Colorado Springs School District No 11 Facilities Corp                           | CUSIP: 19662UBE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $491266.89    | 0.03%             | 2041-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN              | California Pollution Control Financing Authority                                 | CUSIP: 13054WAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5990000 | PA      | $6014217.57   | 0.31%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| YARBOROUGH LANE CDD FL SPL ASS              | Yarborough Lane Community Development District                                   | CUSIP: 984853AB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $781931.21    | 0.04%             | 2044-05-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A              | City of Los Angeles Department of Airports                                       | CUSIP: 544445B57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1671214.05   | 0.09%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                       | Chicago Board of Education                                                       | CUSIP: 167505ZD1<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    500000 | PA      | $526262.20    | 0.03%             | 2037-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CHATTANOOGA TN HLTH EDUCTNL &H              | Chattanooga Health Educational & Housing Facility Board                          | CUSIP: 162410FE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5590000 | PA      | $5739421.82   | 0.29%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LINDSAY TX INDEP SCH DIST                   | Lindsay Independent School District                                              | CUSIP: 535554BT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $364063.89    | 0.02%             | 2040-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FRANKLIN TWP IN MULTI-SCH BLDG              | Franklin Township-Marion County Multiple School Building Corp                    | CUSIP: 355137GE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1210000 | PA      | $1301207.14   | 0.07%             | 2043-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL              | Colorado Educational & Cultural Facilities Authority                             | CUSIP: 19645RB75<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    660000 | PA      | $660707.85    | 0.03%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F              | Tarrant County Cultural Education Facilities Finance Corp                        | CUSIP: 87638QSG5<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    750000 | PA      | $820238.85    | 0.04%             | 2052-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MET NASHVILLE TN ARPT AUTH ARP              | Metropolitan Nashville Airport Authority/The                                     | CUSIP: 592190RW4<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1610083.05   | 0.08%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FA              | California School Finance Authority                                              | CUSIP: 13059TEB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $455544.82    | 0.02%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PAULDING CNTY GA HOSP AUTH                  | Paulding County Hospital Authority/GA                                            | CUSIP: 703596EG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    680000 | PA      | $714927.52    | 0.04%             | 2043-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VILLAMAR CDD FL SPL ASSMNT                  | Villamar Community Development District                                          | CUSIP: 92715KAV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031999.20   | 0.05%             | 2044-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX ELEC & GAS REVE              | City of San Antonio TX Electric & Gas Systems Revenue                            | CUSIP: 79625GKN2<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1190179.20   | 0.06%             | 2049-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| IRVINE CA FACS FING AUTH LEASE              | Irvine Facilities Financing Authority                                            | CUSIP: 46360XAN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2008004.80   | 0.10%             | 2043-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH HOSP REVEN              | Indiana Finance Authority                                                        | CUSIP: 45471ASX1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1293463.04   | 0.07%             | 2037-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SALES TAX SECURITIZATION CORP               | Sales Tax Securitization Corp                                                    | CUSIP: 79467BKE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3925000 | PA      | $4334869.30   | 0.22%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE              | Public Finance Authority                                                         | CUSIP: 74442EMQ0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1172662.20   | 0.06%             | 2045-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DOWNTOWN REVITALIZATION PUBLIC              | Downtown Revitalization Public Infrastructure District                           | CUSIP: 26118TAS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1840417.76   | 0.09%             | 2042-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE              | Port Authority of New York & New Jersey                                          | CUSIP: 73358XNX6<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2889005.35   | 0.15%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUBREY TX SPL ASSMNT                        | City of Aubrey TX                                                                | CUSIP: 050197BE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1090745.40   | 0.06%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES MI WTR AUTH SEWAGE              | Great Lakes Water Authority Sewage Disposal System Revenue                       | CUSIP: 39081HEQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2282043.40   | 0.12%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP               | Arlington Higher Education Finance Corp                                          | CUSIP: 0418064W7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $830809.10    | 0.04%             | 2041-02-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA              | Main Street Natural Gas Inc                                                      | CUSIP: 56035DGT3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1838707.59   | 0.09%             | 2054-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI WORLD CENTER CDD FL SPL               | Miami World Center Community Development District                                | CUSIP: 593856AC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2037115.40   | 0.10%             | 2039-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CENTER CO MET DIST #              | Jefferson Center Metropolitan District No 1                                      | CUSIP: 47248EAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $912867.10    | 0.05%             | 2047-12-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH POLL CO              | Development Authority of Burke County/The                                        | CUSIP: 121342QM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $891475.03    | 0.05%             | 2032-10-01      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| RENO-TAHOE NV ARPT AUTH ARPT R              | Reno-Tahoe Airport Authority                                                     | CUSIP: 759874DD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $481121.51    | 0.02%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOLOMATO FL CDD                             | Tolomato Community Development District                                          | CUSIP: 889560ED6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $829968.65    | 0.04%             | 2028-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| COLUMBUS OH REGL ARPT AUTH REV              | Columbus Regional Airport Authority                                              | CUSIP: 199546CY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $811561.65    | 0.04%             | 2042-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE CNTY FL INDL DEV AUT              | Charlotte County Industrial Development Authority/FL                             | CUSIP: 16080TAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1530964.20   | 0.08%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BEACH CMNTY DEV DIST FL CAPITA              | Beach Community Development District                                             | CUSIP: 07332WAP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1044180.00   | 0.05%             | 2044-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL INDL DEV AU              | Miami-Dade County Industrial Development Authority                               | CUSIP: 59333EEB5<br>LEI: 549300RM19LZY32DAU30 | Long             | DBT              | MUN               | US        |    550000 | PA      | $564038.53    | 0.03%             | 2032-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVER ISLANDS CA PUBLIC FING A              | River Islands Public Financing Authority                                         | CUSIP: 76827QDV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $506803.40    | 0.03%             | 2043-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CA UNIF SCH DIST SPL              | Riverside Unified School District                                                | CUSIP: 769069N50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $230617.04    | 0.01%             | 2028-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MENIFEE CA UNION SCH DIST SPL               | Menifee Union School District                                                    | CUSIP: 586810Q22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $171501.23    | 0.01%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR              | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JQC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    307000 | PA      | $293165.54    | 0.02%             | 2027-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FRANKLIN TWP IN MULTI-SCH BLDG              | Franklin Township-Marion County Multiple School Building Corp                    | CUSIP: 355137GD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1099268.35   | 0.06%             | 2042-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GA                        | Municipal Electric Authority of Georgia                                          | CUSIP: 62620HJY9<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1818503.93   | 0.09%             | 2049-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TOBACCO SECURITIZATION AUTH NT              | Tobacco Securitization Authority of Northern California                          | CUSIP: 888794BT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005417.20   | 0.05%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY GA DEV AUTH POLL C              | Development Authority of Monroe County/The                                       | CUSIP: 610530FX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2502508.75   | 0.13%             | 2041-12-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| VIDOR TX INDEP SCH DIST                     | Vidor Independent School District                                                | CUSIP: 926582YQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1632596.25   | 0.08%             | 2042-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DOWNTOWN REVITALIZATION PUBLIC              | Downtown Revitalization Public Infrastructure District                           | CUSIP: 26118TAT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1102345.10   | 0.06%             | 2043-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST                               | State of Washington                                                              | CUSIP: 93974EH58<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5535792.00   | 0.28%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEMPE AZ INDL DEV AUTH REVENUE              | Tempe Industrial Development Authority                                           | CUSIP: 87972MBR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $991818.40    | 0.05%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV              | City & County of Denver CO Airport System Revenue                                | CUSIP: 249182UX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $846157.43    | 0.04%             | 2036-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| INDIANA ST MUNI PWR AGY                     | Indiana Municipal Power Agency                                                   | CUSIP: 454898TX5<br>LEI: AX0ZCCVOQ71Z4RXBL233 | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2817431.96   | 0.14%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL               | New York City Transitional Finance Authority Future Tax Secured Revenue          | CUSIP: 64971XNG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2535634.75   | 0.13%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH ST PERSO              | New York State Dormitory Authority                                               | CUSIP: 64990KJA2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1622558.85   | 0.08%             | 2046-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH EDUCTNL FACS               | Indiana Finance Authority                                                        | CUSIP: 45470EFM2<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    500000 | PA      | $558593.00    | 0.03%             | 2040-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COLORADO ST BLDG EXCELLENT SCH              | State of Colorado                                                                | CUSIP: 19668QPT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1082165.40   | 0.06%             | 2044-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL INDL DEV AU              | Miami-Dade County Industrial Development Authority                               | CUSIP: 59333EEC3<br>LEI: 549300RM19LZY32DAU30 | Long             | DBT              | MUN               | US        |   1210000 | PA      | $1228971.83   | 0.06%             | 2037-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TWO RIVERS WEST CDD FL SPL ASS              | Two Rivers West Community Development District                                   | CUSIP: 90207HAK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $772099.05    | 0.04%             | 2044-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| AVE MARIA FL STEWARDSHIP CMNTY              | Ave Maria Stewardship Community District                                         | CUSIP: 05355ABR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1565000 | PA      | $1610583.91   | 0.08%             | 2033-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CA UNIF SCH DIST SPL              | Riverside Unified School District                                                | CUSIP: 769069N43<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $218436.88    | 0.01%             | 2027-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX ARPT SYS REVENUE                  | City of Austin TX Airport System Revenue                                         | CUSIP: 052398HL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $386205.72    | 0.02%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FRANKLIN TWP IN MULTI-SCH BLDG              | Franklin Township-Marion County Multiple School Building Corp                    | CUSIP: 355137GC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1100372.90   | 0.06%             | 2041-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST PORT AUTH                  | Massachusetts Port Authority                                                     | CUSIP: 575896TE5<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   3920000 | PA      | $4190318.10   | 0.22%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R              | Massachusetts Development Finance Agency                                         | CUSIP: 57585BES3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2147222.80   | 0.11%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX ARPT SYS REVENUE                  | City of Austin TX Airport System Revenue                                         | CUSIP: 052398JP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1338995.59   | 0.07%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA              | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712JMN0<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    840000 | PA      | $902664.67    | 0.05%             | 2042-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST                                    | State of Texas                                                                   | CUSIP: 882725DF8<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3276279.60   | 0.17%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CELINA TX SPL ASSESSMENT REVEN              | City of Celina TX                                                                | CUSIP: 15114CJA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1064816.70   | 0.05%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP STUD              | Maryland Economic Development Corp                                               | CUSIP: 57420VTC7<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   2660000 | PA      | $2847969.17   | 0.15%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY & CNTY CA C              | City & County of San Francisco CA Community Facilities District No 2016-1        | CUSIP: 79773JAJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $189485.92    | 0.01%             | 2029-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                 | State of Illinois                                                                | CUSIP: 452152P21<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4678037.55   | 0.24%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA              | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712JMM2<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    825000 | PA      | $897968.20    | 0.05%             | 2041-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT CHARLES CNTY MO PUBLIC W              | St Charles County Public Water Supply District No 2                              | CUSIP: 78764YFK8<br>LEI: 54930038VJHZW7PR1R14 | Long             | DBT              | MUN               | US        |   2570000 | PA      | $2734020.23   | 0.14%             | 2046-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CYPRESS-FAIRBANKS TX INDEP SCH              | Cypress-Fairbanks Independent School District                                    | CUSIP: 232769ML0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2144453.80   | 0.11%             | 2043-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEA FL ELEC SYS REVENUE                     | JEA Electric System Revenue                                                      | CUSIP: 46613SGK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1825000 | PA      | $1898100.92   | 0.10%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN & SAINT PAUL MN              | City of Minneapolis MN/St Paul Housing & Redevelopment Authority                 | CUSIP: 603695KC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2175497.40   | 0.11%             | 2041-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                       | Chicago Board of Education                                                       | CUSIP: 167505ZE9<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    500000 | PA      | $523180.70    | 0.03%             | 2038-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST DEPT OF TRANSPRTN               | State of Maryland Department of Transportation                                   | CUSIP: 57421FBT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $825541.80    | 0.04%             | 2042-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS NV SPL IMPT DIST #81              | City of Las Vegas NV Special Improvement District No 816                         | CUSIP: 51779AAF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $240783.77    | 0.01%             | 2027-06-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| LOWRY CROSSING TX SPL ASSMNT R              | City of Lowry Crossing TX                                                        | CUSIP: 54877WAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $575371.23    | 0.03%             | 2035-09-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| LAKELAND FL HOSP SYS REVENUE                | City of Lakeland FL                                                              | CUSIP: 511665KM2<br>LEI: XRPK4ZALF4437WO3JQ94 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2187986.20   | 0.11%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PRINCETON TX SPL ASSMNT REVENU              | City of Princeton TX                                                             | CUSIP: 742400BS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1012000 | PA      | $1027562.43   | 0.05%             | 2042-09-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN              | Virginia Small Business Financing Authority                                      | CUSIP: 928103AQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $770847.83    | 0.04%             | 2031-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TOLOMATO FL CDD                             | Tolomato Community Development District                                          | CUSIP: 889560EB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $775338.44    | 0.04%             | 2026-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI RETMNT CMNT              | Public Finance Authority                                                         | CUSIP: 74446CAC4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1220628.96   | 0.06%             | 2037-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ROSEVILLE CA SPL TAX                        | City of Roseville CA                                                             | CUSIP: 777870R73<br>LEI: 549300OH100KESVPND17 | Long             | DBT              | MUN               | US        |    640000 | PA      | $574447.94    | 0.03%             | 2046-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST SALES TAX REVENUE               | State of Illinois Sales Tax Revenue                                              | CUSIP: 452227TW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3175000 | PA      | $3072395.43   | 0.16%             | 2034-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN & SAINT PAUL MN              | City of Minneapolis MN/St Paul Housing & Redevelopment Authority                 | CUSIP: 603695KA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1740000 | PA      | $1943187.98   | 0.10%             | 2039-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BOLINGBROOK IL                              | Village of Bolingbrook IL                                                        | CUSIP: 097552UD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1210000 | PA      | $1195577.77   | 0.06%             | 2035-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FRANKLIN TWP IN MULTI-SCH BLDG              | Franklin Township-Marion County Multiple School Building Corp                    | CUSIP: 355137GB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $830846.03    | 0.04%             | 2040-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A              | California Community Choice Financing Authority                                  | CUSIP: 13013JDR4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2146436.20   | 0.11%             | 2054-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE              | South Carolina Jobs-Economic Development Authority                               | CUSIP: 837031J38<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1396631.95   | 0.07%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST HOSP EQUIPMENT               | Mississippi Hospital Equipment & Facilities Authority                            | CUSIP: 605360SC1<br>LEI: 549300DW2GVUIGE04396 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5034797.50   | 0.26%             | 2041-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RANCHO CORDOVA CA CMNTY FACS D              | City of Rancho Cordova CA                                                        | CUSIP: 75211RKU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $111572.67    | 0.01%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DOWNTOWN REVITALIZATION PUBLIC              | Downtown Revitalization Public Infrastructure District                           | CUSIP: 26118TAR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1129934.70   | 0.06%             | 2041-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY & CNTY CA C              | City & County of San Francisco CA Community Facilities District No 2016-1        | CUSIP: 79773JAK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $149008.06    | 0.01%             | 2030-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM              | North Carolina Medical Care Commission                                           | CUSIP: 65820YTD8<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4179411.20   | 0.21%             | 2044-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY MO INDL DEV AUTH A              | Kansas City Industrial Development Authority                                     | CUSIP: 48504NAD1<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   4310000 | PA      | $4566103.22   | 0.23%             | 2031-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA BEACH VA DEV AUTH RSD              | Virginia Beach Development Authority                                             | CUSIP: 92774NBA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1790000 | PA      | $1980866.45   | 0.10%             | 2043-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TEXAS ST                                    | State of Texas                                                                   | CUSIP: 882725DE1<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1739681.06   | 0.09%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ADAMS CNTY PA GEN AUTH REV                  | Adams County General Authority                                                   | CUSIP: 006114AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2245000 | PA      | $2279452.67   | 0.12%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK DESERT PUB INFRASTRUCTUR              | Black Desert Public Infrastructure District                                      | CUSIP: 09204PAD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4400000 | PA      | $3532960.20   | 0.18%             | 2051-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAKE SHORE MI PUBLIC SCHS                   | Lake Shore Public Schools/MI                                                     | CUSIP: 510768JJ4<br>LEI: 54930043UBVUB9CW7N35 | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1327859.50   | 0.07%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                 | State of Illinois                                                                | CUSIP: 452153AS8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2003961.80   | 0.10%             | 2038-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GRAND RAPIDS MI SANTN SWR SYSR              | City of Grand Rapids MI Sanitary Sewer System Revenue                            | CUSIP: 386289LZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2553510.25   | 0.13%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FORT WORTH TX SPL ASSMNT REVEN              | City of Fort Worth TX                                                            | CUSIP: 349506AM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    707000 | PA      | $770971.91    | 0.04%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV              | Colorado Health Facilities Authority                                             | CUSIP: 19648FXT6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    505000 | PA      | $556238.41    | 0.03%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EL PASO CNTY CO SCH DIST #20                | El Paso County School District No 20 Academy                                     | CUSIP: 283461N80<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $420670.09    | 0.02%             | 2043-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST DEPT OF TRANSPRTN               | State of Maryland Department of Transportation                                   | CUSIP: 57421FBS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $835762.50    | 0.04%             | 2041-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE              | Public Finance Authority                                                         | CUSIP: 74442EBZ2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    545000 | PA      | $545100.06    | 0.03%             | 2027-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS NV SPL IMPT DIST #81              | City of Las Vegas NV Special Improvement District No 816                         | CUSIP: 51779AAG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $238344.82    | 0.01%             | 2028-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                 | City of New York NY                                                              | CUSIP: 64966QCU2<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   5690000 | PA      | $5725097.63   | 0.29%             | 2040-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLUMBUS OH REGL ARPT AUTH REV              | Columbus Regional Airport Authority                                              | CUSIP: 199546CV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3283928.10   | 0.17%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROOKHAVEN DEV AUTH GA                      | Brookhaven Development Authority                                                 | CUSIP: 113073AR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1401902.32   | 0.07%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSCDA CMNTY IMPT AUTH CA ESSEN              | CSCDA Community Improvement Authority                                            | CUSIP: 126292AP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $825001.30    | 0.04%             | 2056-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CELINA TX SPL ASSESSMENT REVEN              | City of Celina TX                                                                | CUSIP: 15114CHC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019945.40   | 0.05%             | 2045-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PARK CREEK CO MET DIST REVENUE              | Park Creek Metropolitan District                                                 | CUSIP: 700387FM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    420000 | PA      | $447094.62    | 0.02%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DALLAS-FORT WORTH TX INTERNATI              | Dallas Fort Worth International Airport                                          | CUSIP: 23503CFY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1705665.90   | 0.09%             | 2037-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| STONEYBROOK FL S CDD SPL ASSMN              | Stoneybrook South Community Development District                                 | CUSIP: 86202RAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2515000 | PA      | $2676835.47   | 0.14%             | 2034-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM              | North Carolina Medical Care Commission                                           | CUSIP: 65820YVK9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1083804.00   | 0.06%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FARMINGTON NM POLL CONTROL REV              | City of Farmington NM                                                            | CUSIP: 311450GC8<br>LEI: 5493000GWMTI2L4AZA61 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2035651.60   | 0.10%             | 2040-06-01      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| PIERCE CNTY WA SCH DIST #403 B              | Pierce County School District No 403 Bethel                                      | CUSIP: 720611YG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    585000 | PA      | $623792.87    | 0.03%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EPPERSON N CDD FL CAPITAL IMPT              | Epperson North Community Development District                                    | CUSIP: 29429VAF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $44869.46     | 0.00%             | 2026-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH WT              | New Jersey Economic Development Authority                                        | CUSIP: 645780FT9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    750000 | PA      | $760739.25    | 0.04%             | 2034-11-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| BOYLE CNTY KY EDUCTNL FACS REV              | County of Boyle KY                                                               | CUSIP: 10346PAT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4100000 | PA      | $4303159.92   | 0.22%             | 2043-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PRICHARD AL WTRWKS & SWR BRD W              | Prichard Water Works & Sewer Board                                               | CUSIP: 741530HV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1765000 | PA      | $1147250.00   | 0.06%             | 2034-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finan              | Washington State Housing Finance Commission                                      | CUSIP: 93978TS59<br>LEI: 549300YL1HU59NREG764 | Long             | ABS-MBS          | MUN               | US        |   2290871 | PA      | $2248046.33   | 0.12%             | 2035-12-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV              | City & County of Denver CO Airport System Revenue                                | CUSIP: 249182QU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1645639.20   | 0.08%             | 2042-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM              | North Carolina Medical Care Commission                                           | CUSIP: 65820YVL7<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1546159.20   | 0.08%             | 2046-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                 | City of New York NY                                                              | CUSIP: 64966MU98<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   4400000 | PA      | $4400000.00   | 0.23%             | 2046-10-01      | Variable      | 3.15%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST               | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 64613CEV6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1132660.70   | 0.06%             | 2041-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WAYNE CNTY MI ARPT AUTH REVENU              | Wayne County Airport Authority                                                   | CUSIP: 944514K23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1435000 | PA      | $1619354.74   | 0.08%             | 2036-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY & CNTY CA C              | City & County of San Francisco CA Community Facilities District No 2016-1        | CUSIP: 79773JAL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $343467.66    | 0.02%             | 2031-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX TOLL ROAD REVEN              | County of Harris TX Toll Road Revenue                                            | CUSIP: 41423PAZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1882414.60   | 0.10%             | 2037-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST ECON DEV FIN AUTH               | Kentucky Economic Development Finance Authority                                  | CUSIP: 49126PGC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $628159.13    | 0.03%             | 2038-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI              | Pennsylvania Turnpike Commission                                                 | CUSIP: 709225GG5<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    545000 | PA      | $598167.31    | 0.03%             | 2042-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PARK CREEK MET DIST CO LIMITED              | Park Creek Metropolitan District                                                 | CUSIP: 700385BK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1377350.65   | 0.07%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN              | Virginia Small Business Financing Authority                                      | CUSIP: 928105CN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1553561.25   | 0.08%             | 2050-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST HLTH & EDUCTNL              | Rhode Island Health and Educational Building Corp                                | CUSIP: 7621967Q0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2975000 | PA      | $3219410.53   | 0.17%             | 2049-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| QUINLAN TX INDEP SCH DIST                   | Quinlan Independent School District                                              | CUSIP: 748743MJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1087938.40   | 0.06%             | 2043-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| STHRN MINNESOTA ST MUNI PWR AG              | Southern Minnesota Municipal Power Agency                                        | CUSIP: 843375H66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $563189.55    | 0.03%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL              | Colorado Educational & Cultural Facilities Authority                             | CUSIP: 19645RB42<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3876736.00   | 0.20%             | 2045-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA ARPT REVENUE                | City of Philadelphia PA Airport Revenue                                          | CUSIP: 717817UB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4130362.80   | 0.21%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WYANDOTTE CNTY KS KANSAS CITY               | Wyandotte County-Kansas City Unified Government                                  | CUSIP: 98267VDK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2046940.80   | 0.11%             | 2039-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL              | Maryland Health & Higher Educational Facilities Authority                        | CUSIP: 57421CJR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3381042.30   | 0.17%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TAKODA CO MET DIST                          | Takoda Metropolitan District                                                     | CUSIP: 874067AH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1898826.30   | 0.10%             | 2036-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH              | Maricopa County Industrial Development Authority                                 | CUSIP: 56681NAN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501550.00    | 0.03%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY & CNTY CA C              | City & County of San Francisco CA Community Facilities District No 2016-1        | CUSIP: 79773JAM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $250346.93    | 0.01%             | 2032-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BALTIMORE CNTY MD REVENUE                   | County of Baltimore MD                                                           | CUSIP: 059151DD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $660990.59    | 0.03%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PRIV CLGS & UNIVS AUTH GA                   | Private Colleges & Universities Authority                                        | CUSIP: 74265L2G2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $296747.52    | 0.02%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL              | Colorado Educational & Cultural Facilities Authority                             | CUSIP: 19645RB34<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   2245000 | PA      | $2246428.94   | 0.12%             | 2035-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IRVINE CA UNIF SCH DIST SPL TA              | Irvine Unified School District                                                   | CUSIP: 463612MQ1<br>LEI: 549300BNIP4XNVC0X742 | Long             | DBT              | MUN               | US        |    365000 | PA      | $390497.91    | 0.02%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                 | City of New York NY                                                              | CUSIP: 64966SRF5<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1665000 | PA      | $1803885.14   | 0.09%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEANDER TX SPL ASSMNT REVENUE               | City of Leander TX                                                               | CUSIP: 521842AK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1290000 | PA      | $1307275.42   | 0.07%             | 2038-09-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| MADISON BOND ETC CNTYS IL CMNT              | Madison Bond Etc Counties Community Unit School District No 5 Highland           | CUSIP: 556627KZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $755370.77    | 0.04%             | 2040-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV              | Colorado Health Facilities Authority                                             | CUSIP: 19648FCH5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    325773 | PA      | $7600.29      | 0.00%             | 2032-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY & CNTY CA C              | City & County of San Francisco CA Community Facilities District No 2016-1        | CUSIP: 79773JAN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $305528.10    | 0.02%             | 2033-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAWYERS LANDING CDD FL SPL ASS              | Sawyers Landing Community Development District                                   | CUSIP: 805517AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1615000 | PA      | $1547546.30   | 0.08%             | 2041-05-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH A              | Metropolitan Washington Airports Authority Aviation Revenue                      | CUSIP: 592647GD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2142212.40   | 0.11%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DU PAGE CNTY IL SCH DIST #58 D              | DuPage County School District No 58 Downers Grove                                | CUSIP: 263165JT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1869943.19   | 0.10%             | 2042-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL PARK DIST                        | Chicago Park District                                                            | CUSIP: 167615ZX4<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1395916.47   | 0.07%             | 2032-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST                                     | State of Ohio                                                                    | CUSIP: 677522YL2<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   2275000 | PA      | $2275000.00   | 0.12%             | 2034-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP              | New York Transportation Development Corp                                         | CUSIP: 650116HE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1074167.80   | 0.06%             | 2040-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TROUT CREEK CDD FL CAPITAL IMP              | Trout Creek Community Development District                                       | CUSIP: 897188AK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    635000 | PA      | $614065.76    | 0.03%             | 2040-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BUTLER CNTY OH PORT AUTH ECON               | Butler County Port Authority                                                     | CUSIP: 12355RAP1<br>LEI: 549300LIKUQ3LQUKO260 | Long             | DBT              | MUN               | US        |    370000 | PA      | $315951.21    | 0.02%             | 2046-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IPS MULTI-SCH BLDG CORP IN                  | IPS Multi-School Building Corp                                                   | CUSIP: 46263RTW5<br>LEI: 549300BHLK1DUJUYPM91 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5396607.50   | 0.28%             | 2042-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GTR ORLANDO AVIATION AUTH FL S              | Greater Orlando Aviation Authority                                               | CUSIP: 39227AAD4<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1298049.00   | 0.07%             | 2037-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PRICHARD AL WTRWKS & SWR BRD W              | Prichard Water Works & Sewer Board                                               | CUSIP: 741530HT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1605000 | PA      | $1043250.00   | 0.05%             | 2032-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RENO-TAHOE NV ARPT AUTH ARPT R              | Reno-Tahoe Airport Authority                                                     | CUSIP: 759874DF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1231241.76   | 0.06%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT ARPT REVENUE              | City of Salt Lake City UT Airport Revenue                                        | CUSIP: 795576LU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1173721.61   | 0.06%             | 2037-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE & JEFFERSON CNTY KY              | Louisville/Jefferson County Metropolitan Government                              | CUSIP: 54659LBZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1488751.05   | 0.08%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JUSTIN TX SPL ASSMNT REVENUE                | City of Justin TX                                                                | CUSIP: 482184AL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $556887.56    | 0.03%             | 2041-09-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| CMNTY TX INDEP SCH DIST                     | Community Independent School District/TX                                         | CUSIP: 203714SK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1143052.79   | 0.06%             | 2040-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN              | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 645424BH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $853354.13    | 0.04%             | 2040-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TERN BAY CDD FL SPL ASSMNT                  | Tern Bay Community Development District                                          | CUSIP: 88088EAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2850000 | PA      | $2590885.13   | 0.13%             | 2042-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MADISON BOND ETC CNTYS IL CMNT              | Madison Bond Etc Counties Community Unit School District No 5 Highland           | CUSIP: 556627KY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1272955.76   | 0.07%             | 2039-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SAWYERS LANDING CDD FL SPL ASS              | Sawyers Landing Community Development District                                   | CUSIP: 805517AD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3635000 | PA      | $3103560.46   | 0.16%             | 2053-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL               | Connecticut State Health & Educational Facilities Authority                      | CUSIP: 20775DM82<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2527969.05   | 0.13%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY OH HOSP REVENU              | County of Montgomery OH                                                          | CUSIP: 613520NF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1341529.61   | 0.07%             | 2041-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WILLIAMSBURG VA ECON DEV AUTH               | Williamsburg Economic Development Authority                                      | CUSIP: 969671AU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1051075.70   | 0.05%             | 2053-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MSD WARREN TWP IN VISION 2005               | MSD Warren Township Vision 2005 School Building Corp/IN                          | CUSIP: 553543FW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1080000 | PA      | $1060941.78   | 0.05%             | 2035-07-10      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DALLAS-FORT WORTH TX INTERNATI              | Dallas Fort Worth International Airport                                          | CUSIP: 23503CFZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1921547.06   | 0.10%             | 2038-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PUBLIC SVC A              | South Carolina Public Service Authority                                          | CUSIP: 837151Q93<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   2375000 | PA      | $2673287.41   | 0.14%             | 2039-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV              | City & County of Denver CO Airport System Revenue                                | CUSIP: 249182QV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2041882.80   | 0.10%             | 2047-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EPPERSON N CDD FL CAPITAL IMPT              | Epperson North Community Development District                                    | CUSIP: 29429VAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1780000 | PA      | $1849275.29   | 0.10%             | 2039-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MIAMI WORLD CENTER CDD FL SPL               | Miami World Center Community Development District                                | CUSIP: 593856AB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $142737.08    | 0.01%             | 2027-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ASHLAND KY MED CENTER REVENUE               | City of Ashland KY                                                               | CUSIP: 044293CB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1240766.10   | 0.06%             | 2040-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SAN SIMEON CMNTY DEV DIST FL S              | San Simeon Community Development District                                        | CUSIP: 799528AC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $325428.28    | 0.02%             | 2039-06-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI              | Pennsylvania Turnpike Commission                                                 | CUSIP: 709225GF7<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1108026.50   | 0.06%             | 2041-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                 | City of Houston TX Airport System Revenue                                        | CUSIP: 442349GN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2310000 | PA      | $2533584.67   | 0.13%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A              | California Community Choice Financing Authority                                  | CUSIP: 13013JBJ4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2037843.60   | 0.10%             | 2053-05-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| ENERGY S E AL A COOPERATIVE DI              | Energy Southeast A Cooperative District                                          | CUSIP: 292723AY9<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4971189.15   | 0.26%             | 2054-04-01      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST               | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 6461364N8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2427208.43   | 0.12%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE NC ARPT REVENUE                   | City of Charlotte NC Airport Revenue                                             | CUSIP: 161036WF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $541132.85    | 0.03%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TROY MI CITY SCH DIST                       | Troy School District/MI                                                          | CUSIP: 897404TZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3810000 | PA      | $3959718.14   | 0.20%             | 2047-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRAVIS CNTY TX HLTHCARE DIST                | Travis County Healthcare District                                                | CUSIP: 89439YEF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1395000 | PA      | $1481505.48   | 0.08%             | 2047-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI              | Pennsylvania Turnpike Commission                                                 | CUSIP: 709224Q28<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2875000 | PA      | $3001152.13   | 0.15%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST               | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 64613CCE6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2765487.00   | 0.14%             | 2041-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| VIRGINIA BEACH VA DEV AUTH RSD              | Virginia Beach Development Authority                                             | CUSIP: 92774NAU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $281172.71    | 0.01%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ERIE PA SWR AUTH                            | Erie Sewer Authority                                                             | CUSIP: 295533RX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1263832.56   | 0.06%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F              | Tarrant County Cultural Education Facilities Finance Corp                        | CUSIP: 87638QUC1<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2300320.68   | 0.12%             | 2043-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLOWER MOUND TX                             | Town of Flower Mound TX                                                          | CUSIP: 3434876Z2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $785324.51    | 0.04%             | 2037-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NORTH PARKWAY MUNI MGMT DIST #              | North Parkway Municipal Management District No 1                                 | CUSIP: 661441AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2003000 | PA      | $1954816.43   | 0.10%             | 2041-09-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                 | City of Houston TX Airport System Revenue                                        | CUSIP: 442349FV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $246231.85    | 0.01%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV              | Colorado Health Facilities Authority                                             | CUSIP: 19648FBP8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    350000 | PA      | $351763.48    | 0.02%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEV FIN CORP HLTHCAREF              | Florida Development Finance Corp                                                 | CUSIP: 34061QCQ8<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1060000 | PA      | $1112210.30   | 0.06%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST PORT AUTH                  | Massachusetts Port Authority                                                     | CUSIP: 575896UX1<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   1555000 | PA      | $1666229.77   | 0.09%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH ST PERSO              | New York State Dormitory Authority                                               | CUSIP: 64990FZX5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1925000 | PA      | $1649252.22   | 0.08%             | 2042-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING               | Pennsylvania Economic Development Financing Authority                            | CUSIP: 708692CA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $546109.10    | 0.03%             | 2051-01-01      | Variable      | 5.45%                 | No            |                  2 | On Loan: No      |
| TEXAS ST UNIV SYS FING REVENUE              | Texas State University System                                                    | CUSIP: 88278PJ62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1088879.40   | 0.06%             | 2043-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA ARPT REVENUE                | City of Philadelphia PA Airport Revenue                                          | CUSIP: 717817YX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1261901.33   | 0.06%             | 2042-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| VIRGINIA CLG BLDG AUTH EDUCTNL              | Virginia College Building Authority                                              | CUSIP: 92778FKQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $298528.16    | 0.02%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CONSOL MUNI ELEC PWR SYS WY JT              | Consolidated Municipalities Electric Power Systems Joint Powers Board            | CUSIP: 210295EV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1956946.43   | 0.10%             | 2038-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| N TEXAS ST MUNI WTR DIST WTR S              | North Texas Municipal Water District Water System Revenue                        | CUSIP: 662903J61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1954481.38   | 0.10%             | 2041-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SPOKANE CNTY WA ARPT REVENUE                | County of Spokane WA Airport Revenue                                             | CUSIP: 848661JP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3025000 | PA      | $3298547.12   | 0.17%             | 2040-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY OH HOSP FACS REV              | County of Hamilton OH                                                            | CUSIP: 407272Y64<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |    310000 | PA      | $342634.72    | 0.02%             | 2031-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY PA MUNI AUTH                | Cumberland County Municipal Authority                                            | CUSIP: 230614TG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100135.26    | 0.01%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CORPUS CHRISTI TX UTILITY SYSR              | City of Corpus Christi TX Utility System Revenue                                 | CUSIP: 220245U85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $465114.36    | 0.02%             | 2035-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N FORT BEND TX WTR AUTH WTR SY              | North Fort Bend Water Authority                                                  | CUSIP: 65944RSG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1570000 | PA      | $1561319.00   | 0.08%             | 2035-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BENNETT RANCH MET DIST #1 CO                | Bennett Ranch Metropolitan District No 1                                         | CUSIP: 08218DAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $834108.10    | 0.04%             | 2051-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CA CITY &CNTY AR              | San Francisco City & County Airport Comm-San Francisco International Airport     | CUSIP: 79766DWS4<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   4285000 | PA      | $4785695.82   | 0.25%             | 2040-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CYPRESS MILL CDD FL SPL ASSMNT              | Cypress Mill Community Development District                                      | CUSIP: 23283YAG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    925000 | PA      | $890804.32    | 0.05%             | 2040-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN               | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542UHA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1510066.29   | 0.08%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN              | Florida Development Finance Corp                                                 | CUSIP: 34061UGN2<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    155000 | PA      | $156114.12    | 0.01%             | 2029-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH ENVRNMNTL               | Indiana Finance Authority                                                        | CUSIP: 455054BG0<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1519141.95   | 0.08%             | 2035-05-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                          | Commonwealth of Puerto Rico                                                      | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5056785.50   | 0.26%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R              | Arizona Industrial Development Authority                                         | CUSIP: 04052BKL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1836499.00   | 0.09%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES MI WTR AUTH WTR SP              | Great Lakes Water Authority Water Supply System Revenue                          | CUSIP: 39081JAL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010371.30   | 0.05%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL               | Black Belt Energy Gas District                                                   | CUSIP: 09182TCG0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   5300000 | PA      | $5589251.21   | 0.29%             | 2053-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A              | City of Los Angeles Department of Airports                                       | CUSIP: 544445B65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1703001.75   | 0.09%             | 2035-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE              | California Municipal Finance Authority                                           | CUSIP: 13048V3D8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1198505.39   | 0.06%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KYLE TX SPL ASSMNT REVENUE                  | City of Kyle TX                                                                  | CUSIP: 50156CAC4<br>LEI: 549300K0SYODYQ0ANN48 | Long             | DBT              | MUN               | US        |    650000 | PA      | $654505.67    | 0.03%             | 2039-09-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| EHOVE OH JT VOCATIONAL SCH DIS              | EHOVE Joint Vocational School District                                           | CUSIP: 282407BX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    895000 | PA      | $1008255.63   | 0.05%             | 2039-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| KENTON CNTY KY ARPT BRD                     | Kenton County Airport Board                                                      | CUSIP: 491026WH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2475900.31   | 0.13%             | 2044-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY PA INDL DEV AU              | Montgomery County Industrial Development Authority/PA                            | CUSIP: 61361TAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4750000 | PA      | $4865311.95   | 0.25%             | 2053-04-01      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                | Michigan Finance Authority                                                       | CUSIP: 59447TG80<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2591058.00   | 0.13%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAFAYETTE LA UTILITIES REVENUE              | City of Lafayette LA Utilities Revenue                                           | CUSIP: 506498F33<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2086549.40   | 0.11%             | 2046-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| QUINLAN TX INDEP SCH DIST                   | Quinlan Independent School District                                              | CUSIP: 748743MG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1110351.90   | 0.06%             | 2041-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY OH HOSP FACS REV              | County of Hamilton OH                                                            | CUSIP: 407272Y72<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |    250000 | PA      | $275100.80    | 0.01%             | 2032-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE ST HLTH FACS AUTH REV              | Delaware State Health Facilities Authority                                       | CUSIP: 246388UF7<br>LEI: 549300RXU7M05ZYSJG42 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3182085.00   | 0.16%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA ARPT REVENUE                     | City of Atlanta GA Department of Aviation                                        | CUSIP: 04780MC72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3247659.90   | 0.17%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROSEVILLE CA SPL TAX                        | City of Roseville CA                                                             | CUSIP: 777870F27<br>LEI: 549300OH100KESVPND17 | Long             | DBT              | MUN               | US        |    100000 | PA      | $104029.83    | 0.01%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN              | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 645424AT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1085000 | PA      | $1091738.18   | 0.06%             | 2037-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WALNUT CREEK SPL UTIL DIST TX               | Walnut Creek Special Utility District                                            | CUSIP: 932716JY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1290000 | PA      | $1339459.12   | 0.07%             | 2040-01-10      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| GEO L SMITH II GA CONGRESS CTR              | George L Smith II Congress Center Authority                                      | CUSIP: 37255MAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $252526.80    | 0.01%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH HOSP REVEN              | Indiana Finance Authority                                                        | CUSIP: 45471AUA8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1065223.30   | 0.05%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHELPS CNTY MO HOSP REVENUE                 | County of Phelps MO                                                              | CUSIP: 717252CZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2909660.40   | 0.15%             | 2045-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC              | Health & Educational Facilities Authority of the State of Missouri               | CUSIP: 60637ATN2<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    950000 | PA      | $873605.75    | 0.04%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CENTRL PLAINS ENERGY PROJ NE G              | Central Plains Energy Project                                                    | CUSIP: 154871CW5<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3184450.50   | 0.16%             | 2054-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| HIDALGO CNTY TX                             | County of Hidalgo TX                                                             | CUSIP: 429326Q95<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $876544.80    | 0.05%             | 2041-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY OH HOSP FACS REV              | County of Hamilton OH                                                            | CUSIP: 407272Y80<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |    380000 | PA      | $416603.80    | 0.02%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DALLAS-FORT WORTH TX INTERNATI              | Dallas Fort Worth International Airport                                          | CUSIP: 23503CGE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3578289.00   | 0.18%             | 2043-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NORTH LAS VEGAS NV LOCAL IMPT               | City of North Las Vegas NV                                                       | CUSIP: 66041HGS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $165070.39    | 0.01%             | 2026-06-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH AL COMMO              | Southeast Energy Authority A Cooperative District                                | CUSIP: 84136FAH0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   8170000 | PA      | $8327361.55   | 0.43%             | 2051-11-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| WARREN CNTY OH HOSP FACS REVEN              | County of Warren OH                                                              | CUSIP: 935158BD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1950000 | PA      | $1983384.20   | 0.10%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PUBLIC SVC A              | South Carolina Public Service Authority                                          | CUSIP: 8371515N5<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1078599.60   | 0.06%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FIREFLY PUBLIC INFRASTRUCTURE               | Firefly Public Infrastructure District No 1 Assessment Area No 1                 | CUSIP: 31816CAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1935400.61   | 0.10%             | 2043-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST HLTH & EDUCTNL              | Rhode Island Health and Educational Building Corp                                | CUSIP: 762244FG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1130036.18   | 0.06%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHANDLER AZ INDL DEV AUTH INDL              | Chandler Industrial Development Authority                                        | CUSIP: 158862CB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2041315.40   | 0.10%             | 2052-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN               | New York City Municipal Water Finance Authority                                  | CUSIP: 64972GSQ8<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    175000 | PA      | $186372.55    | 0.01%             | 2040-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL               | Black Belt Energy Gas District                                                   | CUSIP: 09182NCT5<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3236074.80   | 0.17%             | 2053-12-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| ROUND ROCK TX                               | City of Round Rock TX                                                            | CUSIP: 779223LG9<br>LEI: 549300VJM2Z2IGVYF523 | Long             | DBT              | MUN               | US        |    915000 | PA      | $1001804.59   | 0.05%             | 2042-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH STUDE              | Industrial Development Authority of the City of Phoenix Arizona/The              | CUSIP: 71885DDX7<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    300000 | PA      | $311142.12    | 0.02%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| QUINLAN TX INDEP SCH DIST                   | Quinlan Independent School District                                              | CUSIP: 748743MH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1099513.20   | 0.06%             | 2042-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY OH HOSP REVENU              | County of Montgomery OH                                                          | CUSIP: 613520NB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $401441.20    | 0.02%             | 2037-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL               | Connecticut State Health & Educational Facilities Authority                      | CUSIP: 20774Y7F8<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2031435.20   | 0.10%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT              | California Statewide Communities Development Authority                           | CUSIP: 13080SSH8<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $509742.80    | 0.03%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH EDU R              | Industrial Development Authority of the City of Phoenix Arizona/The              | CUSIP: 71885FEA1<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   3655000 | PA      | $3656636.34   | 0.19%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH              | Kentucky Public Energy Authority                                                 | CUSIP: 74440DEC4<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1621970.25   | 0.08%             | 2054-04-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE              | New Jersey Economic Development Authority                                        | CUSIP: 64577XEA0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2215786.20   | 0.11%             | 2040-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH A              | Metropolitan Washington Airports Authority Aviation Revenue                      | CUSIP: 592647MC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3361330.70   | 0.17%             | 2048-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CONSOL MUNI ELEC PWR SYS WY JT              | Consolidated Municipalities Electric Power Systems Joint Powers Board            | CUSIP: 210295EW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1113247.50   | 0.06%             | 2039-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CSCDA CMNTY IMPT AUTH CA ESSEN              | CSCDA Community Improvement Authority                                            | CUSIP: 126292AU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $763441.50    | 0.04%             | 2056-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST WTR DEV AUTH REVENUE                | Ohio Water Development Authority                                                 | CUSIP: 67765QMG8<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |    700000 | PA      | $779838.43    | 0.04%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TULSA CNTY OK INDL AUTH SENIOR              | Tulsa County Industrial Authority                                                | CUSIP: 899530AQ2<br>LEI: 549300WEYXBXLGN1E271 | Long             | DBT              | MUN               | US        |    250000 | PA      | $252299.43    | 0.01%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F              | Tarrant County Cultural Education Facilities Finance Corp                        | CUSIP: 87638QUD9<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2159725.60   | 0.11%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLUMBUS IN MULTI-SCH BLDG COR              | Columbus Multi School Building Corp                                              | CUSIP: 199240JE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    925000 | PA      | $1045044.93   | 0.05%             | 2039-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ADAMS & ARAPAHOE CNTYS CO JT S              | Adams & Arapahoe Counties Joint School District 28J Aurora                       | CUSIP: 005484CZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $830396.03    | 0.04%             | 2042-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MARINA CA REDEV AGY SUCCESSOR               | Marina Redevelopment Agency Successor Agency                                     | CUSIP: 568061BA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103091.51    | 0.01%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CORALVILLE IA                               | City of Coralville IA                                                            | CUSIP: 218080EV7<br>LEI: 549300UKC7MMW46X6P25 | Long             | DBT              | MUN               | US        |   2385000 | PA      | $2388977.94   | 0.12%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST DEPT OF HSG & CMNTY A              | Texas Department of Housing & Community Affairs                                  | CUSIP: 88275AEP1<br>LEI: 549300J3RRLLZZN4WP77 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003574.40   | 0.05%             | 2041-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| TAMPA FL HOSP REVENUE                       | City of Tampa FL                                                                 | CUSIP: 875161CS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $131601.61    | 0.01%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| POMPANO BEACH FL REVENUE                    | City of Pompano Beach FL                                                         | CUSIP: 732203BG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    605000 | PA      | $576885.95    | 0.03%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLEVELAND TN HLTH & EDUCTNL FA              | Cleveland Health & Educational Facilities Board                                  | CUSIP: 186550BY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1608943.05   | 0.08%             | 2043-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX ARPT SYS REVENUE                  | City of Austin TX Airport System Revenue                                         | CUSIP: 052398HR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1390000 | PA      | $1482373.84   | 0.08%             | 2040-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI              | Washington State Housing Finance Commission                                      | CUSIP: 939783Q58<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1580000 | PA      | $1678074.23   | 0.09%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST LOCAL GOVT ENVRNM              | Louisiana Local Government Environmental Facilities & Community Development Auth | CUSIP: 54628CAR3<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1734624.58   | 0.09%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH SOL WST D              | New Hampshire Business Finance Authority                                         | CUSIP: 63608RAF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5506130.85   | 0.28%             | 2033-07-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PUBLIC SVC A              | South Carolina Public Service Authority                                          | CUSIP: 8371515M7<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1229333.96   | 0.06%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CANTON TX INDEP SCH DIST                    | Canton Independent School District/TX                                            | CUSIP: 138555RC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2145000 | PA      | $2422756.91   | 0.12%             | 2041-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BRUNSWICK OH CITY SCH DIST                  | Brunswick City School District                                                   | CUSIP: 117349SF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1044186.70   | 0.05%             | 2053-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| UNIV OF IOWA IA FACS CORP                   | University of Iowa Facilities Corp                                               | CUSIP: 914364VV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1085000 | PA      | $980555.51    | 0.05%             | 2039-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NORTH PARK ISLE CMNTY DEV DIST              | North Park Isle Community Development District                                   | CUSIP: 661416AC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1383517.85   | 0.07%             | 2040-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SAINT CHARLES CNTY MO PUBLIC W              | St Charles County Public Water Supply District No 2                              | CUSIP: 78764YFM4<br>LEI: 54930038VJHZW7PR1R14 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2083291.80   | 0.11%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL EDUCTNL FAC              | Miami-Dade County Educational Facilities Authority                               | CUSIP: 59333APA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1755285.68   | 0.09%             | 2047-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| KINGSTON ONE CDD FL SPL ASSMNT              | Kingston One Community Development District                                      | CUSIP: 496631AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2117601.00   | 0.11%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST CONVENTION CENTE              | Washington State Convention Center Public Facilities District                    | CUSIP: 93976ADJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $816365.00    | 0.04%             | 2058-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF IOWA IA FACS CORP                   | University of Iowa Facilities Corp                                               | CUSIP: 914364VU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1060000 | PA      | $979299.55    | 0.05%             | 2038-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE              | Public Finance Authority                                                         | CUSIP: 74442ENV8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1758074.33   | 0.09%             | 2033-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET               | Minneapolis-St Paul Metropolitan Airports Commission                             | CUSIP: 603827E93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $990130.28    | 0.05%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE              | South Carolina Jobs-Economic Development Authority                               | CUSIP: 837031ZL0<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1014679.82   | 0.05%             | 2054-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KINGS OH LOCAL SCH DIST                     | Kings Local School District                                                      | CUSIP: 496026MZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2860000 | PA      | $2995703.57   | 0.15%             | 2049-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SALES TAX SECURITIZATION CORP               | Sales Tax Securitization Corp                                                    | CUSIP: 79467BCJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1053271.55   | 0.05%             | 2043-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R              | Massachusetts Development Finance Agency                                         | CUSIP: 57584YMF3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    100000 | PA      | $103145.32    | 0.01%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA              | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712JKK8<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2280050.40   | 0.12%             | 2035-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE              | South Carolina Jobs-Economic Development Authority                               | CUSIP: 83703EMW2<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    350000 | PA      | $389576.25    | 0.02%             | 2042-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COLORADO ST COPS                            | State of Colorado                                                                | CUSIP: 196711VT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $542675.30    | 0.03%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LATROBE PA INDL DEV AUTH UNIV               | Latrobe Industrial Development Authority                                         | CUSIP: 518324AU2<br>LEI: 5493008FA05J2R0XCZ14 | Long             | DBT              | MUN               | US        |    550000 | PA      | $443092.27    | 0.02%             | 2046-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLLIER CNTY FL INDL DEV AUTH               | Collier County Industrial Development Authority                                  | CUSIP: 194641AW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $553941.90    | 0.03%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE ST HLTH FACS AUTH REV              | Delaware State Health Facilities Authority                                       | CUSIP: 246388UC4<br>LEI: 549300RXU7M05ZYSJG42 | Long             | DBT              | MUN               | US        |   4335000 | PA      | $4649223.34   | 0.24%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH RIVER RANCH CDD FL CAPIT              | North River Ranch Community Development District                                 | CUSIP: 662008AD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1317203.25   | 0.07%             | 2051-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH NATIO              | Arizona Industrial Development Authority                                         | CUSIP: 04052FBR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $591075.14    | 0.03%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL               | New York City Transitional Finance Authority Building Aid Revenue                | CUSIP: 64972HU34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1059469.30   | 0.05%             | 2034-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH              | Housing & Redevelopment Authority of The City of St Paul Minnesota               | CUSIP: 792909FL2<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    250000 | PA      | $232116.75    | 0.01%             | 2043-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL AVIATION RE              | County of Miami-Dade FL Aviation Revenue                                         | CUSIP: 59333PR75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2575000 | PA      | $2579018.29   | 0.13%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                | Michigan Finance Authority                                                       | CUSIP: 59447T3N1<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1211258.51   | 0.06%             | 2033-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N TX TOLLWAY AUTH REVENUE                   | North Texas Tollway Authority                                                    | CUSIP: 66285WJ56<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1121032.40   | 0.06%             | 2038-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH STUDE              | Industrial Development Authority of the City of Phoenix Arizona/The              | CUSIP: 71885DEE8<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    700000 | PA      | $700422.66    | 0.04%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HLTH FACS AUTH REVENU              | Idaho Health Facilities Authority                                                | CUSIP: 451295YQ6<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   1265000 | PA      | $1271396.85   | 0.07%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC              | Health & Educational Facilities Authority of the State of Missouri               | CUSIP: 60635HU80<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    260000 | PA      | $260349.41    | 0.01%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA              | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712JKL6<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2259807.20   | 0.12%             | 2036-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ROCKLAND CNTY NY SOL WST MGMT               | Rockland County Solid Waste Management Authority                                 | CUSIP: 77356FAV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1415050.13   | 0.07%             | 2049-12-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R              | Arizona Industrial Development Authority                                         | CUSIP: 04052BMT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $623395.68    | 0.03%             | 2051-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA              | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712JMP5<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    925000 | PA      | $981710.73    | 0.05%             | 2043-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CO INTERNATIONAL BUSINE              | Denver International Business Center Metropolitan District No 1                  | CUSIP: 249197BB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1784000 | PA      | $1787822.04   | 0.09%             | 2048-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A              | City of Los Angeles Department of Airports                                       | CUSIP: 544445F20<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1437764.79   | 0.07%             | 2041-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE              | South Carolina Jobs-Economic Development Authority                               | CUSIP: 83703EMX0<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1099343.10   | 0.06%             | 2043-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HILLSBOROUGH CNTY FLA INDL DEV              | Hillsborough County Industrial Development Authority                             | CUSIP: 43233KAU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2119433.60   | 0.11%             | 2049-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CA CITY &CNTY AR              | San Francisco City & County Airport Comm-San Francisco International Airport     | CUSIP: 79766DLZ0<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7338259.60   | 0.38%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| THE HEIGHTS CDD FL SPL ASSESSM              | Heights Community Development District                                           | CUSIP: 88339EAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $451954.53    | 0.02%             | 2028-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PUBLIC SVC A              | South Carolina Public Service Authority                                          | CUSIP: 8371515K1<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1113339.40   | 0.06%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY PA MUNI AUTH                | Cumberland County Municipal Authority                                            | CUSIP: 230614TH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $235173.01    | 0.01%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DALLAS-FORT WORTH TX INTERNATI              | Dallas Fort Worth International Airport                                          | CUSIP: 23503CFS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2788636.00   | 0.14%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALES TAX SECURITIZATION CORP               | Sales Tax Securitization Corp                                                    | CUSIP: 79467BCG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $1006959.25   | 0.05%             | 2036-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HLTH CARE FACS A              | Washington Health Care Facilities Authority                                      | CUSIP: 93978HXZ3<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    450000 | PA      | $496568.61    | 0.03%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A              | City of Los Angeles Department of Airports                                       | CUSIP: 544445Y52<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2181750.80   | 0.11%             | 2042-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY-HOUSTON TX SPORTS               | Harris County-Houston Sports Authority                                           | CUSIP: 413890GW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2239367.40   | 0.12%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH MT              | New Jersey Economic Development Authority                                        | CUSIP: 64578JBE5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    450000 | PA      | $463681.40    | 0.02%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CELINA TX SPL ASSESSMENT REVEN              | City of Celina TX                                                                | CUSIP: 15114CHZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1084740.60   | 0.06%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE & JEFFERSON CNTY KY              | Louisville and Jefferson County Metropolitan Sewer District                      | CUSIP: 546589T85<br>LEI: 5493004O4I11L8BK0A22 | Long             | DBT              | MUN               | US        |    290000 | PA      | $314501.20    | 0.02%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV              | Colorado Health Facilities Authority                                             | CUSIP: 19648FKT0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1498982.10   | 0.08%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUB FIN AUTH WI TAX INCREMENT               | Public Finance Authority                                                         | CUSIP: 74448EAA2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4087155.20   | 0.21%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC              | Health & Educational Facilities Authority of the State of Missouri               | CUSIP: 60637ATR3<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054247.00   | 0.05%             | 2052-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| SNOHOMISH CNTY WA HSG AUTH                  | Snohomish County Housing Authority                                               | CUSIP: 83309AFQ9<br>LEI: 549300FESB68D2IR7250 | Long             | DBT              | MUN               | US        |    500000 | PA      | $530758.30    | 0.03%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH EAST TX REGL MOBILITY AU              | North East Texas Regional Mobility Authority                                     | CUSIP: 659231CA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1268353.20   | 0.07%             | 2046-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH                | Ohio Air Quality Development Authority                                           | CUSIP: 677525WG8<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2401422.50   | 0.12%             | 2038-12-01      | Variable      | 2.40%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA ARPT REVENUE                | City of Philadelphia PA Airport Revenue                                          | CUSIP: 717817YV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1290000 | PA      | $1413689.33   | 0.07%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TAMPA FL HOSP REVENUE                       | City of Tampa FL                                                                 | CUSIP: 875161CU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $270881.93    | 0.01%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N TX TOLLWAY AUTH REVENUE                   | North Texas Tollway Authority                                                    | CUSIP: 66285WZW9<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   5950000 | PA      | $6024245.29   | 0.31%             | 2038-01-02      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VERMONT ST ECON DEV AUTH MTGER              | Vermont Economic Development Authority                                           | CUSIP: 92415TBL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    585000 | PA      | $586984.03    | 0.03%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SUNMAN DEARBORN IN HIGH SCH BL              | Sunman-Dearborn High School Building Corp                                        | CUSIP: 867420DE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1624833.30   | 0.08%             | 2041-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH BABYLON NY UNION FREE SC              | North Babylon Union Free School District                                         | CUSIP: 657430MB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $373653.56    | 0.02%             | 2035-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CATHEDRAL PINES CO MET DIST                 | Cathedral Pines Metropolitan District                                            | CUSIP: 14918CAE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1016704.78   | 0.05%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRAILS AT CROWFOOT MET DIST #3              | Trails at Crowfoot Metropolitan District No 3                                    | CUSIP: 89286RAR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $680893.19    | 0.03%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| S WSTRN IL DEV AUTH REV                     | Southwestern Illinois Development Authority                                      | CUSIP: 84552YTH4<br>LEI: 549300B1KLLJ8NU5XK71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1105133.20   | 0.06%             | 2043-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GENESEE CNTY NY FUNDING CORP                | Genesee County Funding Corp/The                                                  | CUSIP: 371669BD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018511.00   | 0.05%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLLIER CNTY FL INDL DEV AUTH               | Collier County Industrial Development Authority                                  | CUSIP: 194641AY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $862618.08    | 0.04%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL              | Maryland Health & Higher Educational Facilities Authority                        | CUSIP: 57421CCJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $654246.53    | 0.03%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ERIE PA SWR AUTH                            | Erie Sewer Authority                                                             | CUSIP: 295533RW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $959072.67    | 0.05%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY AFFORD              | New York State Housing Finance Agency                                            | CUSIP: 64987JY62<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   4625000 | PA      | $4728698.05   | 0.24%             | 2042-05-01      | Variable      | 3.57%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL EDUCTNL FAC              | Miami-Dade County Educational Facilities Authority                               | CUSIP: 59333APB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1155000 | PA      | $1224599.84   | 0.06%             | 2048-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE              | Public Finance Authority                                                         | CUSIP: 744396FN7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1258797.79   | 0.06%             | 2054-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP              | New York Transportation Development Corp                                         | CUSIP: 650116HH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047906.50   | 0.05%             | 2043-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA                             | City of Philadelphia PA                                                          | CUSIP: 717813ZC6<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000034.40   | 0.10%             | 2041-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SKOKIE IL PARK DIST                         | Skokie Park District                                                             | CUSIP: 830745MB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    885000 | PA      | $987791.51    | 0.05%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SYRACUSE REGL ARPT AUTH NY SEN              | Syracuse Regional Airport Authority                                              | CUSIP: 871740AQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150600.90    | 0.01%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY PA INDL DEV AU              | Montgomery County Industrial Development Authority/PA                            | CUSIP: 613609E85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    480000 | PA      | $485926.13    | 0.02%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV              | Colorado Health Facilities Authority                                             | CUSIP: 19648FMB7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   7580000 | PA      | $7621216.25   | 0.39%             | 2040-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH                | Ohio Air Quality Development Authority                                           | CUSIP: 677525WH6<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2907160.80   | 0.15%             | 2041-06-01      | Variable      | 2.60%                 | No            |                  2 | On Loan: No      |
| SKOKIE IL PARK DIST                         | Skokie Park District                                                             | CUSIP: 830745MC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $567169.01    | 0.03%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N SUMTER CNTY FL UTILITY DEPEN              | North Sumter County Utility Dependent District                                   | CUSIP: 66272REE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $782969.93    | 0.04%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA CLG BLDG AUTH EDUCTNL              | Virginia College Building Authority                                              | CUSIP: 92778FKN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200028.22    | 0.01%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ROBINSON TX                                 | City of Robinson TX                                                              | CUSIP: 770825LZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    515000 | PA      | $584737.03    | 0.03%             | 2036-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE              | Public Finance Authority                                                         | CUSIP: 744396CU4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1259532.63   | 0.06%             | 2037-07-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| VIRGINIA BEACH VA DEV AUTH RSD              | Virginia Beach Development Authority                                             | CUSIP: 92774NAT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024159.20   | 0.05%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| S WSTRN IL DEV AUTH REV                     | Southwestern Illinois Development Authority                                      | CUSIP: 84552YTG6<br>LEI: 549300B1KLLJ8NU5XK71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2236286.80   | 0.11%             | 2042-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL               | Black Belt Energy Gas District                                                   | CUSIP: 09182TGM3<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2689166.50   | 0.14%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ST UNIV OF IOWA UNIV REVENUE                | University of Iowa/The                                                           | CUSIP: 8575365N2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2628731.25   | 0.14%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                 | City of Houston TX Airport System Revenue                                        | CUSIP: 442349FT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2002198.80   | 0.10%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                 | City of Houston TX Airport System Revenue                                        | CUSIP: 442349DZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1180000 | PA      | $1182020.28   | 0.06%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FL HLTH FACS AUTH               | Orange County Health Facilities Authority                                        | CUSIP: 68450LJL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2125102.60   | 0.11%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CARROLL CITY-CNTY GA HOSP AUTH              | Carroll City-County Hospital Authority                                           | CUSIP: 144709LW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1096768.60   | 0.06%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN               | New York City Municipal Water Finance Authority                                  | CUSIP: 64972GC85<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500000.00   | 0.08%             | 2053-06-15      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| NORTH EAST TX REGL MOBILITY AU              | North East Texas Regional Mobility Authority                                     | CUSIP: 659231BY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $645072.84    | 0.03%             | 2044-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX HSG FIN CORP                | Tarrant County Housing Finance Corp                                              | CUSIP: 876394UP0<br>LEI: 54930055IA4O4ZTEN156 | Long             | DBT              | MUN               | US        |   1835000 | PA      | $1858428.00   | 0.10%             | 2043-02-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| TRIPLE CREEK FL CDD SPL ASSMNT              | Triple Creek Community Development District                                      | CUSIP: 89677RBA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $877148.50    | 0.05%             | 2041-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                              | State of Connecticut                                                             | CUSIP: 20772KA58<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $584312.75    | 0.03%             | 2037-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OMAHA NE PUBLIC PWR DIST ELEC               | Omaha Public Power District                                                      | CUSIP: 682001QC9<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1787166.82   | 0.09%             | 2047-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM              | North Carolina Medical Care Commission                                           | CUSIP: 65820YSZ0<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250179.03    | 0.01%             | 2028-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV              | Colorado Health Facilities Authority                                             | CUSIP: 19648FZG2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1099494.70   | 0.06%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEAVENWORTH CNTY KS UNIF SCH D              | Leavenworth County Unified School District No 464                                | CUSIP: 522223GJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503528.95    | 0.03%             | 2034-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTHORITY A C              | Southeast Energy Authority A Cooperative District                                | CUSIP: 84136HCP6<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5515118.00   | 0.28%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKEVIEW MI PUBLIC SCH DIST                 | Lakeview Public School District                                                  | CUSIP: 512264LK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $981234.90    | 0.05%             | 2035-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA ARPT AUTH AR              | Allegheny County Airport Authority                                               | CUSIP: 01728LHC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2491712.59   | 0.13%             | 2043-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NORTH EAST TX REGL MOBILITY AU              | North East Texas Regional Mobility Authority                                     | CUSIP: 659231BZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $771593.07    | 0.04%             | 2045-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ENERGY S E AL A COOPERATIVE DI              | Energy Southeast A Cooperative District                                          | CUSIP: 292723AK9<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |   8600000 | PA      | $9384172.94   | 0.48%             | 2053-11-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| HAWAII ST ARPTS SYS REVENUE                 | State of Hawaii Airports System Revenue                                          | CUSIP: 419794A44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3460000 | PA      | $3523388.24   | 0.18%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                              | State of Connecticut                                                             | CUSIP: 20772KA66<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $579226.45    | 0.03%             | 2038-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS CNTY OR HOSP FAC AUT              | Clackamas County Hospital Facility Authority                                     | CUSIP: 179027XK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $169959.88    | 0.01%             | 2026-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CA CITY & CNTY D              | City & County of San Francisco CA Special Tax District No 2020-1                 | CUSIP: 79771HAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $672369.39    | 0.03%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT              | California Statewide Communities Development Authority                           | CUSIP: 13080SMF8<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    350000 | PA      | $352199.19    | 0.02%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE                  | Port of Seattle WA                                                               | CUSIP: 735389U97<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1895000 | PA      | $2096387.34   | 0.11%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DALLAS CENTER IA GRIMES CMNTY               | Dallas Center-Grimes Community School District                                   | CUSIP: 234554JG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1846035.00   | 0.09%             | 2039-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ALLISON VLY MET DIST #2 CO                  | Allison Valley Metropolitan District No 2                                        | CUSIP: 01973MAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1105000 | PA      | $1018807.79   | 0.05%             | 2047-12-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| CARROLL CITY-CNTY GA HOSP AUTH              | Carroll City-County Hospital Authority                                           | CUSIP: 144709LV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1553956.74   | 0.08%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA              | Chicago O'Hare International Airport                                             | CUSIP: 1675935X6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1455000 | PA      | $1599651.59   | 0.08%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARBOR POINT CT INFRASTRUCTURE              | Harbor Point Infrastructure Improvement District                                 | CUSIP: 41154VAK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507045.50    | 0.03%             | 2039-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLESTON CNTY SC ARPT DIST A              | Charleston County Airport District                                               | CUSIP: 160070EG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1078706.80   | 0.06%             | 2043-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL              | Colorado Educational & Cultural Facilities Authority                             | CUSIP: 19645RY54<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1920000 | PA      | $1927394.30   | 0.10%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV              | Colorado Health Facilities Authority                                             | CUSIP: 19648FA46<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    405000 | PA      | $438781.54    | 0.02%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A              | California Community Choice Financing Authority                                  | CUSIP: 13013JGF7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3278935.80   | 0.17%             | 2056-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CHATTANOOGA TN HLTH EDUCTNL &               | Chattanooga Health Educational & Housing Facility Board                          | CUSIP: 162409AN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4175000 | PA      | $4317527.40   | 0.22%             | 2049-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LEE CNTY FL INDL DEV AUTH HOSP              | Lee County Industrial Development Authority/FL                                   | CUSIP: 52350LAQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2910000 | PA      | $2959445.56   | 0.15%             | 2044-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE              | New Jersey Economic Development Authority                                        | CUSIP: 64577XCG9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1172723.16   | 0.06%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA ARPT AUTH AR              | Allegheny County Airport Authority                                               | CUSIP: 01728LHB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1639513.35   | 0.08%             | 2042-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WINCHESTER VA ECON DEV AUTH RE              | Winchester Economic Development Authority                                        | CUSIP: 973122AU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2127809.00   | 0.11%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVINGTON CDD FL SPL ASSMNT RE              | Rivington Community Development District                                         | CUSIP: 769656AE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $149449.29    | 0.01%             | 2027-05-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST               | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 64613CGF9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1080000 | PA      | $1158371.17   | 0.06%             | 2044-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                 | City of New York NY                                                              | CUSIP: 64966QVS6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   6015000 | PA      | $6382849.73   | 0.33%             | 2042-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOWER COLORADO RIVER TX AUTH T              | Lower Colorado River Authority                                                   | CUSIP: 54811BR37<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   1190000 | PA      | $1283050.27   | 0.07%             | 2043-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEAVENWORTH CNTY KS UNIF SCH D              | Leavenworth County Unified School District No 464                                | CUSIP: 522223GK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $526937.99    | 0.03%             | 2035-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DENTON CNTY TX SPL ASSMNT REVE              | County of Denton TX                                                              | CUSIP: 24880GAM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $903982.54    | 0.05%             | 2045-12-31      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                 | City of Houston TX Airport System Revenue                                        | CUSIP: 442349GA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1844546.80   | 0.09%             | 2041-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET ENERGY INC ENERGY               | Main Street Energy Inc                                                           | CUSIP: 560354AE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3875000 | PA      | $4185012.40   | 0.22%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROOMFIELD CO CITY & CO SWR AC              | City & County of Broomfield CO Sewer Revenue                                     | CUSIP: 11475AAU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $853388.23    | 0.04%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH              | Maricopa County Industrial Development Authority                                 | CUSIP: 56681NEM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020375.00   | 0.05%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OMAHA NE PUBLIC PWR DIST ELEC               | Omaha Public Power District                                                      | CUSIP: 682001QB1<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |    600000 | PA      | $637383.24    | 0.03%             | 2046-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRI-CNTY MET TRANSPRTN DIST OR              | Tri-County Metropolitan Transportation District of Oregon                        | CUSIP: 89546RPT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4950000 | PA      | $5175137.88   | 0.27%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FL HLTH FACS AUTH               | Orange County Health Facilities Authority                                        | CUSIP: 68450LHJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1623275.10   | 0.08%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GIR EAST CDD FL CAPITAL IMPT R              | GIR East Community Development District                                          | CUSIP: 37611TAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $997144.80    | 0.05%             | 2045-05-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| GUAM PORT AUTH PORT REVENUE                 | Port Authority of Guam                                                           | CUSIP: 400652AJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $310682.04    | 0.02%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AURORA CO COPS                              | City of Aurora CO                                                                | CUSIP: 051556MZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $649715.58    | 0.03%             | 2045-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| YONKERS NY                                  | City of Yonkers NY                                                               | CUSIP: 986082W50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $936964.61    | 0.05%             | 2040-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                  | Public Finance Authority                                                         | CUSIP: 74442PK95<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1146189.04   | 0.06%             | 2050-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LEAVENWORTH CNTY KS UNIF SCH D              | Leavenworth County Unified School District No 464                                | CUSIP: 522223GH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $581513.20    | 0.03%             | 2033-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT OF PORTLAND OR ARPT REVEN              | Port of Portland OR Airport Revenue                                              | CUSIP: 735240Q55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1043695.20   | 0.05%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FL HLTH FACS AUTH               | Orange County Health Facilities Authority                                        | CUSIP: 68450LJN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2090111.20   | 0.11%             | 2046-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSON               | Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | CUSIP: 592029CJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    930000 | PA      | $988233.16    | 0.05%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU              | Texas Private Activity Bond Surface Transportation Corp                          | CUSIP: 882667CF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1864360.05   | 0.10%             | 2037-06-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| NORTH PARK ISLE CMNTY DEV DIST              | North Park Isle Community Development District                                   | CUSIP: 661416AB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    605000 | PA      | $612125.63    | 0.03%             | 2030-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BATTERY PARK CITY NY AUTH                   | Battery Park City Authority                                                      | CUSIP: 07133AKG6<br>LEI: 549300RF3SFDOWRHVM56 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1164155.80   | 0.06%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PILOT POINT TX SPL ASSMNT REVE              | City of Pilot Point TX                                                           | CUSIP: 721614BC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $513868.45    | 0.03%             | 2055-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH STUDENT H              | Illinois Finance Authority                                                       | CUSIP: 45203KAG0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    500000 | PA      | $507156.00    | 0.03%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH                | Ohio Air Quality Development Authority                                           | CUSIP: 677525WU7<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2033763.60   | 0.10%             | 2030-09-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| CHARLES STEWART MOTT MI CMNTY               | Charles Stewart Mott Community College                                           | CUSIP: 15987EJQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1620000 | PA      | $1799598.06   | 0.09%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV              | Colorado Health Facilities Authority                                             | CUSIP: 19648FZH0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1059439.06   | 0.05%             | 2045-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| LOWER COLORADO RIVER TX AUTH T              | Lower Colorado River Authority                                                   | CUSIP: 54811BR52<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   5460000 | PA      | $5759193.80   | 0.30%             | 2045-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TAMPA FL HOSP REVENUE                       | City of Tampa FL                                                                 | CUSIP: 875161DA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $298934.10    | 0.02%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA              | Chicago O'Hare International Airport                                             | CUSIP: 1675935Z1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1377846.75   | 0.07%             | 2041-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL               | Philadelphia Authority for Industrial Development                                | CUSIP: 71780CAJ9<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    620000 | PA      | $632243.45    | 0.03%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV              | Colorado Health Facilities Authority                                             | CUSIP: 19648FA61<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    400000 | PA      | $426895.08    | 0.02%             | 2039-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA GAS WKS REVENU              | Philadelphia Gas Works Co                                                        | CUSIP: 71783MDD4<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |   2415000 | PA      | $2580237.68   | 0.13%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KANE COOK & DU PAGE CNTYS IL C              | Kane Cook & DuPage etc Counties Community College District No 509 Elgin          | CUSIP: 483854KF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3460000 | PA      | $3569035.67   | 0.18%             | 2040-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BERKELEY CNTY SC ASSMNT REVENU              | County of Berkeley SC                                                            | CUSIP: 084220AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2157298.20   | 0.11%             | 2040-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FL HLTH FACS AUTH               | Orange County Health Facilities Authority                                        | CUSIP: 68450LJM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1841522.55   | 0.09%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST THRUWAY AUTH GEN R              | New York State Thruway Authority                                                 | CUSIP: 650010CJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $180985.94    | 0.01%             | 2045-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST HSG CORP SF MTGE                | Kentucky Housing Corp                                                            | CUSIP: 491309HY9<br>LEI: 549300NTBUU903EKQ287 | Long             | DBT              | MUN               | US        |   1480000 | PA      | $1491697.62   | 0.08%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA BEACH VA DEV AUTH RSD              | Virginia Beach Development Authority                                             | CUSIP: 92774NAP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1570000 | PA      | $1617570.84   | 0.08%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL               | Black Belt Energy Gas District                                                   | CUSIP: 09182TAM9<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   7695000 | PA      | $7779976.65   | 0.40%             | 2052-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| UTILITY DEBT SECURITIZATION AU              | Utility Debt Securitization Authority                                            | CUSIP: 91802RFN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2165000 | PA      | $2416886.93   | 0.12%             | 2039-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                 | City of Houston TX Airport System Revenue                                        | CUSIP: 442349FZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $691795.35    | 0.04%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH STUDENT H              | Illinois Finance Authority                                                       | CUSIP: 45203KAL9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     95000 | PA      | $96777.92     | 0.00%             | 2031-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH HLTH SYS R              | Indiana Finance Authority                                                        | CUSIP: 45470YFH9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2133418.60   | 0.11%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST SPL TAX OBLIG R              | State of Connecticut Special Tax Revenue                                         | CUSIP: 207758Q63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1680000 | PA      | $1865215.63   | 0.10%             | 2043-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| YONKERS NY                                  | City of Yonkers NY                                                               | CUSIP: 986082W68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $545167.60    | 0.03%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ELBERT & HIGHWAY 86 CO COMMERC              | Elbert & Highway 86 Commercial Metropolitan District                             | CUSIP: 28421SAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1860394.60   | 0.10%             | 2051-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COOK CNTY IL SCH DIST #81 SCHI              | Cook County School District No 81 Schiller Park                                  | CUSIP: 214057HC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $984178.30    | 0.05%             | 2035-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY OH HLTH CARE F              | County of Montgomery OH                                                          | CUSIP: 613518DF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $424581.48    | 0.02%             | 2043-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A              | City of Los Angeles Department of Airports                                       | CUSIP: 544445S34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3292882.80   | 0.17%             | 2036-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WALNUT CREEK SPL UTIL DIST TX               | Walnut Creek Special Utility District                                            | CUSIP: 932716JZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1397446.97   | 0.07%             | 2041-01-10      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTHORITY A C              | Southeast Energy Authority A Cooperative District                                | CUSIP: 84136HAH6<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   2920000 | PA      | $3152803.72   | 0.16%             | 2055-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH              | Maricopa County Industrial Development Authority                                 | CUSIP: 56681NEG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504165.30    | 0.03%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FL HLTH FACS AUTH               | Orange County Health Facilities Authority                                        | CUSIP: 68450LHD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $162821.08    | 0.01%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL EDUCTNL FAC              | Miami-Dade County Educational Facilities Authority                               | CUSIP: 59333APP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1790000 | PA      | $2032230.14   | 0.10%             | 2041-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL               | Black Belt Energy Gas District                                                   | CUSIP: 09182TAF4<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |  10070000 | PA      | $10181204.02  | 0.52%             | 2052-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM              | North Carolina Medical Care Commission                                           | CUSIP: 65820YSV9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    750000 | PA      | $791459.93    | 0.04%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MILITARY INSTALLATION DEV AUTH              | Military Installation Development Authority                                      | CUSIP: 599772AC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1436067.50   | 0.07%             | 2052-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R              | Massachusetts Development Finance Agency                                         | CUSIP: 57585BEW4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1935000 | PA      | $1987393.22   | 0.10%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING               | Pennsylvania Economic Development Financing Authority                            | CUSIP: 70869PHV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2008501.60   | 0.10%             | 2034-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH STUDENT H              | Illinois Finance Authority                                                       | CUSIP: 45203KAM7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    465000 | PA      | $473173.68    | 0.02%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA HOSP DEV AUT              | Allegheny County Hospital Development Authority                                  | CUSIP: 01728A4X1<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |   2180000 | PA      | $2207331.10   | 0.11%             | 2036-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH LAS VEGAS NV LOCAL IMPT               | City of North Las Vegas NV                                                       | CUSIP: 66041HGT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $220319.46    | 0.01%             | 2027-06-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSON               | Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | CUSIP: 592029CL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031230.70   | 0.05%             | 2048-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI STUDENT HSG              | Public Finance Authority                                                         | CUSIP: 74439YCU3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1595000 | PA      | $1623669.17   | 0.08%             | 2039-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH AL COOPE              | Southeast Energy Authority A Cooperative District                                | CUSIP: 84136JAL3<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2198165.40   | 0.11%             | 2055-11-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| BROOMFIELD CO CITY & CO SWR AC              | City & County of Broomfield CO Sewer Revenue                                     | CUSIP: 11475AAT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1114784.70   | 0.06%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F              | Tarrant County Cultural Education Facilities Finance Corp                        | CUSIP: 87638QRY7<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   4710000 | PA      | $4726788.80   | 0.24%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALACHUA CNTY FL HLTH FACS AUTH              | Alachua County Health Facilities Authority                                       | CUSIP: 010684AW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $557745.34    | 0.03%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TAMPA FL HOSP REVENUE                       | City of Tampa FL                                                                 | CUSIP: 875161CZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400871.52    | 0.02%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY OH HLTH CARE F              | County of Montgomery OH                                                          | CUSIP: 613518DE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $385940.63    | 0.02%             | 2042-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST AGRIC & ECON DEVB              | Minnesota Agricultural & Economic Development Board                              | CUSIP: 6049202X5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $310211.30    | 0.02%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH A              | Metropolitan Washington Airports Authority Aviation Revenue                      | CUSIP: 592647MA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $753290.86    | 0.04%             | 2042-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| W HARRIS CNTY TX REGL WTR AUTH              | West Harris County Regional Water Authority                                      | CUSIP: 95308RWQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1605000 | PA      | $1536024.32   | 0.08%             | 2036-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS NV SPL IMPT DIST #81              | City of Las Vegas NV Special Improvement District No 818                         | CUSIP: 51779DAL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1051679.50   | 0.05%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA HOSP DEV AUT              | Allegheny County Hospital Development Authority                                  | CUSIP: 01728A4W3<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |   3050000 | PA      | $3108623.75   | 0.16%             | 2035-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LIBERTY HILL TX INDEP SCH DIST              | Liberty Hill Independent School District                                         | CUSIP: 530574RA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3795000 | PA      | $4221056.30   | 0.22%             | 2036-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SUMMER WOODS CDD FL SPL ASSMNT              | Summer Woods Community Development District                                      | CUSIP: 865657AJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1245000 | PA      | $1038199.52   | 0.05%             | 2050-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOWER COLORADO RIVER TX AUTH T              | Lower Colorado River Authority                                                   | CUSIP: 54811BR29<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1632235.05   | 0.08%             | 2042-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N TEXAS ST MUNI WTR DIST WTR S              | North Texas Municipal Water District Water System Revenue                        | CUSIP: 662903J79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1104378.10   | 0.06%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE ST ECON DEV AUTH RETM              | Delaware State Economic Development Authority                                    | CUSIP: 246371AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3025000 | PA      | $3108025.06   | 0.16%             | 2043-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TERN BAY CDD FL SPL ASSMNT                  | Tern Bay Community Development District                                          | CUSIP: 88088EAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    420000 | PA      | $416592.54    | 0.02%             | 2027-06-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU              | Texas Private Activity Bond Surface Transportation Corp                          | CUSIP: 882667CK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1795000 | PA      | $1899558.57   | 0.10%             | 2041-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI DEV BK SPL OBLIG                | Mississippi Development Bank                                                     | CUSIP: 60534XS80<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    645000 | PA      | $726975.37    | 0.04%             | 2041-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE              | Public Finance Authority                                                         | CUSIP: 74442EHP8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1144224.65   | 0.06%             | 2041-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH STUDE              | Industrial Development Authority of the City of Phoenix Arizona/The              | CUSIP: 71885DDY5<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    300000 | PA      | $310375.02    | 0.02%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                       | Chicago Board of Education                                                       | CUSIP: 167505XV3<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1485000 | PA      | $1548293.37   | 0.08%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FORT WAYNE IN MF HSG REVENUE                | City of Fort Wayne IN                                                            | CUSIP: 34926RAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $149474.91    | 0.01%             | 2032-01-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| MCLEAN CNTY IL CMNTY UNIT SCH               | McLean County Community Unit School District No 19 Ridgeview                     | CUSIP: 582009DC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1160000 | PA      | $1238761.56   | 0.06%             | 2044-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST                               | State of Washington                                                              | CUSIP: 93974ELU8<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2147669.80   | 0.11%             | 2041-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY OH HLTH CARE F              | County of Montgomery OH                                                          | CUSIP: 613518DH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $510979.25    | 0.03%             | 2049-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MISSOURI JT MUNI ELEC UTILITY               | Missouri Joint Municipal Electric Utility Commission                             | CUSIP: 606092PL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $603303.40    | 0.03%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RALEIGH DURHAM NC ARPT AUTH AR              | Raleigh Durham Airport Authority                                                 | CUSIP: 751073LJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019901.50   | 0.05%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA              | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712JGM9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    750000 | PA      | $824886.38    | 0.04%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEAVENWORTH CNTY KS UNIF SCH D              | Leavenworth County Unified School District No 464                                | CUSIP: 522223GL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $599418.54    | 0.03%             | 2036-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA ENERGY AUTH                 | Philadelphia Energy Authority/The                                                | CUSIP: 71780UAP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1093332.60   | 0.06%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SKAGIT CNTY WA PUBLIC HOSP DIS              | Skagit County Public Hospital District No 1                                      | CUSIP: 830227EK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $790435.50    | 0.04%             | 2042-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST               | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 64613CGH5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3172897.20   | 0.16%             | 2050-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MIDA CORMONT PUBLIC INFRASTRUC              | Mida Cormont Public Infrastructure District                                      | CUSIP: 59561JAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1162287.66   | 0.06%             | 2055-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| LATROBE PA INDL DEV AUTH UNIV               | Latrobe Industrial Development Authority                                         | CUSIP: 518324AV0<br>LEI: 5493008FA05J2R0XCZ14 | Long             | DBT              | MUN               | US        |   2415000 | PA      | $1873752.13   | 0.10%             | 2051-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST               | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 6461366M8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    140000 | PA      | $148658.05    | 0.01%             | 2039-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLEVELAND TN HLTH & EDUCTNL FA              | Cleveland Health & Educational Facilities Board                                  | CUSIP: 186550CA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3076331.70   | 0.16%             | 2049-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI DEV BK SPL OBLIG                | Mississippi Development Bank                                                     | CUSIP: 60534XS98<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    850000 | PA      | $945383.94    | 0.05%             | 2042-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES              | New York State Dormitory Authority                                               | CUSIP: 65000BNB0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $546372.50    | 0.03%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY OH HLTH CARE F              | County of Montgomery OH                                                          | CUSIP: 613518DG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $421169.12    | 0.02%             | 2044-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WSTRN VA REGL JAIL AUTH REGL J              | Western Regional Jail Authority                                                  | CUSIP: 95984REA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1180000 | PA      | $1199271.29   | 0.06%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV              | City & County of Denver CO Airport System Revenue                                | CUSIP: 249182TK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1457630.72   | 0.07%             | 2041-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH CH              | California Municipal Finance Authority                                           | CUSIP: 130486AM5<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    445000 | PA      | $445266.69    | 0.02%             | 2034-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST HSG DEV AUTH REVEN              | Illinois Housing Development Authority                                           | CUSIP: 45203M2G5<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   3310000 | PA      | $3440211.10   | 0.18%             | 2046-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FL HLTH FACS AUTH               | Orange County Health Facilities Authority                                        | CUSIP: 68450LHE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $557425.20    | 0.03%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EL PASO CNTY CO SCH DIST #20                | El Paso County School District No 20 Academy                                     | CUSIP: 283461N64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $403637.50    | 0.02%             | 2041-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN               | New York City Municipal Water Finance Authority                                  | CUSIP: 64972GP73<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2400988.80   | 0.12%             | 2039-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH STUDE              | Industrial Development Authority of the City of Phoenix Arizona/The              | CUSIP: 71885DDZ2<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    850000 | PA      | $876417.83    | 0.05%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI JT MUNI ELEC UTILITY               | Missouri Joint Municipal Electric Utility Commission                             | CUSIP: 606092PM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    555000 | PA      | $627879.16    | 0.03%             | 2039-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GA                        | Municipal Electric Authority of Georgia                                          | CUSIP: 62620HGH9<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    600000 | PA      | $659207.34    | 0.03%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA ENERGY AUTH                 | Philadelphia Energy Authority/The                                                | CUSIP: 71780UAQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1087020.20   | 0.06%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RANCHO CORDOVA CA CMNTY FACS D              | City of Rancho Cordova CA                                                        | CUSIP: 75211RME4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $172221.32    | 0.01%             | 2050-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MILITARY INSTALLATION DEV AUTH              | Military Installation Development Authority                                      | CUSIP: 599772AF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2223146.75   | 0.11%             | 2052-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH A              | Metropolitan Washington Airports Authority Aviation Revenue                      | CUSIP: 592647NX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1390000 | PA      | $1570825.52   | 0.08%             | 2040-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL               | Connecticut State Health & Educational Facilities Authority                      | CUSIP: 20775DEX6<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    445000 | PA      | $479238.21    | 0.02%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FA              | California School Finance Authority                                              | CUSIP: 13059TDH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $301252.32    | 0.02%             | 2026-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE                  | Port of Seattle WA                                                               | CUSIP: 735389Q76<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5335150.00   | 0.27%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUDOUN CNTY VA ECONOMIC DEV A              | Loudoun County Economic Development Authority                                    | CUSIP: 54602QAQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $500239.67    | 0.03%             | 2035-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R              | Arizona Industrial Development Authority                                         | CUSIP: 04052BQF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $471278.45    | 0.02%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH HLTH FAC R              | Indiana Finance Authority                                                        | CUSIP: 45471CCJ5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1097823.50   | 0.06%             | 2039-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUTNAM CNTY FL DEV AUTH                     | Putnam County Development Authority/FL                                           | CUSIP: 746507AU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2290000 | PA      | $2344011.25   | 0.12%             | 2042-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GULFPORT MS HOSP FAC REVENUE                | City of Gulfport MS                                                              | CUSIP: 402682DB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $543244.15    | 0.03%             | 2041-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CENTRL TX REGL MOBILITY AUTH R              | Central Texas Regional Mobility Authority                                        | CUSIP: 155498LT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445000 | PA      | $478602.75    | 0.02%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ST LOUIS MO MUNI LIBRARY DIST               | St Louis Municipal Library District                                              | CUSIP: 85236UAR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1694673.84   | 0.09%             | 2039-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CENTRL WELD CNTY CO WTR DIST R              | Central Weld County Water District                                               | CUSIP: 156024BY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $902433.40    | 0.05%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH NATIO              | Arizona Industrial Development Authority                                         | CUSIP: 04052FFE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1180367.52   | 0.06%             | 2049-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DOUGLAS CNTY KS                             | County of Douglas KS                                                             | CUSIP: 259039M44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1126025.64   | 0.06%             | 2041-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                 | State of Illinois                                                                | CUSIP: 452153DA4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2709654.75   | 0.14%             | 2042-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL               | New York City Transitional Finance Authority Future Tax Secured Revenue          | CUSIP: 64971XX37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4418354.00   | 0.23%             | 2040-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MEADE CNTY KY INDL BLDG REVENU              | County of Meade KY                                                               | CUSIP: 583022AE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16200000 | PA      | $16200000.00  | 0.83%             | 2061-08-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                 | City of New York NY                                                              | CUSIP: 64966SJS6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    250000 | PA      | $276873.63    | 0.01%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TERRELL TX INDEP SCH DIST                   | Terrell Independent School District/TX                                           | CUSIP: 881405NU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1906652.34   | 0.10%             | 2042-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA CNTY OK FIN AUTH EDUC              | Oklahoma County Finance Authority                                                | CUSIP: 67868UJS3<br>LEI: 549300KPR05JUN0F1289 | Long             | DBT              | MUN               | US        |   2305000 | PA      | $2468335.76   | 0.13%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL ARPT SYS REVEN              | County of Broward FL Airport System Revenue                                      | CUSIP: 114894YP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2725000 | PA      | $2857696.06   | 0.15%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SKAGIT CNTY WA PUBLIC HOSP DIS              | Skagit County Public Hospital District No 1                                      | CUSIP: 830227EM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035327.20   | 0.05%             | 2044-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI RETMNT FAC               | Public Finance Authority                                                         | CUSIP: 74444VAF7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001231.80   | 0.05%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WARREN CNTY MS COPS                         | County of Warren MS                                                              | CUSIP: 935019AV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1293285.63   | 0.07%             | 2043-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH SPL REVEN              | New Hampshire Business Finance Authority                                         | CUSIP: 63608TAV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1210877.00   | 0.06%             | 2033-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| KENTWOOD MI                                 | City of Kentwood MI                                                              | CUSIP: 491728LY5<br>LEI: 254900DH27U7OKGAFX08 | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1423084.45   | 0.07%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A              | City of Los Angeles Department of Airports                                       | CUSIP: 544445R68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3645000 | PA      | $4068605.50   | 0.21%             | 2031-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT               | Buckeye Tobacco Settlement Financing Authority                                   | CUSIP: 118217CX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1725317.60   | 0.09%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY NY INDL DEV CORP R              | Monroe County Industrial Development Corp/NY                                     | CUSIP: 61075TXR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $663806.37    | 0.03%             | 2049-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES MI WTR AUTH WTR SP              | Great Lakes Water Authority Water Supply System Revenue                          | CUSIP: 39081JJN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1184432.65   | 0.06%             | 2043-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SP              | California Municipal Finance Authority                                           | CUSIP: 13050RAA0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2774691.70   | 0.14%             | 2029-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH MIAMI BEACH FL SPL OBLIG              | City of North Miami Beach FL                                                     | CUSIP: 661004AV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1610000 | PA      | $1697208.23   | 0.09%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CELINA TX SPL ASSESSMENT REVEN              | City of Celina TX                                                                | CUSIP: 15114CKK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    808000 | PA      | $865577.76    | 0.04%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST CONVENTION CENTE              | Washington State Convention Center Public Facilities District                    | CUSIP: 93976AEL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3240000 | PA      | $2711651.90   | 0.14%             | 2058-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| POLK CNTY FL INDL DEV AUTH                  | Polk County Industrial Development Authority/FL                                  | CUSIP: 731120NQ0<br>LEI: 549300UTRO4TAORRAL04 | Long             | DBT              | MUN               | US        |   4250000 | PA      | $850000.00    | 0.04%             | 2033-01-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| GLENDALE AZ INDL DEV AUTH SENI              | Glendale Industrial Development Authority                                        | CUSIP: 378287AV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4017189.60   | 0.21%             | 2042-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO SPRINGS CO SCH DIST #              | Colorado Springs School District No 11 Facilities Corp                           | CUSIP: 19662UBJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1052041.40   | 0.05%             | 2048-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT               | Buckeye Tobacco Settlement Financing Authority                                   | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1544694.00   | 0.08%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| S ESTRN PA TRANSPRTN AUTH                   | Southeastern Pennsylvania Transportation Authority                               | CUSIP: 842039FM6<br>LEI: 98450061A2F3FD36E493 | Long             | DBT              | MUN               | US        |   3650000 | PA      | $4024747.33   | 0.21%             | 2041-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC              | Health & Educational Facilities Authority of the State of Missouri               | CUSIP: 60635H4A4<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    700000 | PA      | $724494.05    | 0.04%             | 2044-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LANCASTER CNTY PA HOSP AUTH                 | Lancaster County Hospital Authority/PA                                           | CUSIP: 514045W33<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1735000 | PA      | $1806470.72   | 0.09%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAMPSON CNTY NC LIMITED OBLIG               | County of Sampson NC                                                             | CUSIP: 79588VCC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $349410.39    | 0.02%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DALLAS-FORT WORTH TX INTERNATI              | Dallas Fort Worth International Airport                                          | CUSIP: 23503CDB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2759329.25   | 0.14%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA SAN AUTH                  | Allegheny County Sanitary Authority                                              | CUSIP: 017357T95<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $854345.85    | 0.04%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY PA MUNI AUTH                | Cumberland County Municipal Authority                                            | CUSIP: 230614LE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001177.40   | 0.05%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL               | Black Belt Energy Gas District                                                   | CUSIP: 09182THB6<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2175834.20   | 0.11%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| S ESTRN PA TRANSPRTN AUTH                   | Southeastern Pennsylvania Transportation Authority                               | CUSIP: 842039FL8<br>LEI: 98450061A2F3FD36E493 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2217133.80   | 0.11%             | 2040-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV              | Colorado Health Facilities Authority                                             | CUSIP: 19648FKS2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2290000 | PA      | $2351212.16   | 0.12%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BURBANK CA WTR & PWR ELEC REVE              | City of Burbank CA Electric Revenue                                              | CUSIP: 12082TCJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1245000 | PA      | $1334884.39   | 0.07%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BARTOW CNTY GA DEV AUTH                     | Bartow County Development Authority                                              | CUSIP: 069643BN3<br>LEI: 5493006KLI0V8YELKW50 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3569792.10   | 0.18%             | 2032-12-01      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| INTERMOUNTAIN PWR AGY UT PWR S              | Intermountain Power Agency                                                       | CUSIP: 45884AB51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3250284.30   | 0.17%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R              | Arizona Industrial Development Authority                                         | CUSIP: 04052BHY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $175714.68    | 0.01%             | 2039-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST               | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 6461364B4<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    500000 | PA      | $536447.90    | 0.03%             | 2030-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HIDDEN CREEK NORTH CMNTY DEV                | Hidden Creek North Community Development District                                | CUSIP: 42951HAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $258785.94    | 0.01%             | 2040-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| LEE CNTY FL LOCAL OPTIONAL GAS              | County of Lee FL Local Option Gas Tax Revenue                                    | CUSIP: 52349LDT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $324411.21    | 0.02%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOWER COLORADO RIVER TX AUTH T              | Lower Colorado River Authority                                                   | CUSIP: 54811BQW4<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |    750000 | PA      | $687098.70    | 0.04%             | 2038-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI              | Pennsylvania Turnpike Commission                                                 | CUSIP: 709225HA7<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    750000 | PA      | $838489.05    | 0.04%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HALIFAX FL HOSP MED CTR                     | Halifax Hospital Medical Center                                                  | CUSIP: 405815LG4<br>LEI: 549300H6HDJUXLEMUW23 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2008818.60   | 0.10%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAXATAWNY TWP PA MUNI AUTH REV              | Maxatawny Township Municipal Authority                                           | CUSIP: 57778PAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $516755.30    | 0.03%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE              | South Carolina Jobs-Economic Development Authority                               | CUSIP: 83704HAK3<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    800000 | PA      | $851008.40    | 0.04%             | 2039-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SACRAMENTO CA SPL TAX                       | City of Sacramento CA                                                            | CUSIP: 786071QV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $327287.74    | 0.02%             | 2032-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST ECON DEV FIN AUTH               | Kentucky Economic Development Finance Authority                                  | CUSIP: 49126KLD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2950000 | PA      | $2977032.62   | 0.15%             | 2046-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HENDRICKS CNTY IN REDEV AUTH L              | Hendricks County Redevelopment Authority                                         | CUSIP: 425429AX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2340000 | PA      | $2617946.84   | 0.13%             | 2037-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ENERGY FIN DEV CORP                | New York Energy Finance Development Corp                                         | CUSIP: 64947PAA4<br>LEI: 254900PRGXZMJ912RI65 | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1466755.68   | 0.08%             | 2056-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| EAST BATON ROUGE PARISH LA CAP              | Parish of East Baton Rouge Capital Improvements District                         | CUSIP: 270773BV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3690000 | PA      | $3838856.08   | 0.20%             | 2048-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SPRINGFIELD MO PUBLIC UTILITIE              | City of Springfield MO Public Utility Revenue                                    | CUSIP: 851026FC3<br>LEI: NDLRXEC1F2GZZETPKO45 | Long             | DBT              | MUN               | US        |   2795000 | PA      | $3157489.70   | 0.16%             | 2038-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSION TX ECON DEV CORP SOL W              | Mission Economic Development Corp                                                | CUSIP: 605155BS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2250514.80   | 0.12%             | 2040-07-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HLTH FACS AUTH REVENU              | Idaho Health Facilities Authority                                                | CUSIP: 451295ZT9<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2121131.40   | 0.11%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EDGEWATER EAST CDD FL SPL ASSM              | Edgewater East Community Development District                                    | CUSIP: 280286AD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $782299.20    | 0.04%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                 | State of Illinois                                                                | CUSIP: 452153FE4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    750000 | PA      | $824426.10    | 0.04%             | 2038-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A              | California Health Facilities Financing Authority                                 | CUSIP: 13032U2W7<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1417487.88   | 0.07%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SARASOTA NATIONAL FL CDD SPL A              | Sarasota National Community Development District                                 | CUSIP: 80342PAH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1795000 | PA      | $1797970.90   | 0.09%             | 2039-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PUBLIC SVC A              | South Carolina Public Service Authority                                          | CUSIP: 837151R43<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   1995000 | PA      | $2199893.28   | 0.11%             | 2042-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH HLTH FAC R              | Indiana Finance Authority                                                        | CUSIP: 45471CCE6<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1555000 | PA      | $1669661.19   | 0.09%             | 2031-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WESTCHESTER CNTY NY LOCAL DEV               | Westchester County Local Development Corp                                        | CUSIP: 95737TFM3<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |    675000 | PA      | $729842.13    | 0.04%             | 2048-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV              | Colorado Health Facilities Authority                                             | CUSIP: 19648FYH1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1878600.06   | 0.10%             | 2045-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV              | City & County of Denver CO Airport System Revenue                                | CUSIP: 249182LR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5239505.00   | 0.27%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEE CNTY FL LOCAL OPTIONAL GAS              | County of Lee FL Local Option Gas Tax Revenue                                    | CUSIP: 52349LDU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1338200.38   | 0.07%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SACRAMENTO CA SPL TAX                       | City of Sacramento CA                                                            | CUSIP: 786071QW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    515000 | PA      | $531972.24    | 0.03%             | 2033-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE              | South Carolina Jobs-Economic Development Authority                               | CUSIP: 83704HAJ6<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    350000 | PA      | $377412.63    | 0.02%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CARMEL IN REDEV AUTH                        | Carmel Redevelopment Authority                                                   | CUSIP: 143293BL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1866663.60   | 0.10%             | 2040-07-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST SPL TAX OBLIG R              | State of Connecticut Special Tax Revenue                                         | CUSIP: 207758D59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2445000 | PA      | $2635862.08   | 0.14%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A              | California Community Choice Financing Authority                                  | CUSIP: 13013JCB0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3173809.20   | 0.16%             | 2053-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV              | Colorado Health Facilities Authority                                             | CUSIP: 19648FAY0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1245000 | PA      | $1246027.00   | 0.06%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS CNTY OR HOSP FAC AUT              | Clackamas County Hospital Facility Authority                                     | CUSIP: 179027WN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $252459.95    | 0.01%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH STUDE              | Industrial Development Authority of the City of Phoenix Arizona/The              | CUSIP: 71885DCR1<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    200000 | PA      | $201249.94    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH A              | Metropolitan Washington Airports Authority Aviation Revenue                      | CUSIP: 592647HN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3175000 | PA      | $3449929.92   | 0.18%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IOWA ST BRD REGENTS HOSP REVEN              | State of Iowa Board of Regents                                                   | CUSIP: 46256QPW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4433151.60   | 0.23%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA              | Main Street Natural Gas Inc                                                      | CUSIP: 56035DFC1<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2795000 | PA      | $2960517.38   | 0.15%             | 2053-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| EDGEWATER EAST CDD FL SPL ASSM              | Edgewater East Community Development District                                    | CUSIP: 280286AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $109697.13    | 0.01%             | 2026-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GULFPORT MS HOSP FAC REVENUE                | City of Gulfport MS                                                              | CUSIP: 402682DC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $537278.65    | 0.03%             | 2042-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA ARPT REVENUE                     | City of Atlanta GA Department of Aviation                                        | CUSIP: 04780M2Y4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1096085.50   | 0.06%             | 2042-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FORT WORTH TX SPL ASSMNT REVEN              | City of Fort Worth TX                                                            | CUSIP: 349506AV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041305.20   | 0.05%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN              | Virginia Small Business Financing Authority                                      | CUSIP: 928104PP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2638956.25   | 0.14%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST                                   | State of Oregon                                                                  | CUSIP: 68609UST3<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   1820000 | PA      | $1992884.53   | 0.10%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                | Michigan Finance Authority                                                       | CUSIP: 59447TVA8<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1864496.80   | 0.10%             | 2044-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BEXLEY CDD FL SPL ASSMNT REVEN              | Bexley Community Development District                                            | CUSIP: 088570AB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100125.55    | 0.01%             | 2026-05-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| WESTCHESTER CNTY NY LOCAL DEV               | Westchester County Local Development Corp                                        | CUSIP: 95737TFN1<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |    500000 | PA      | $539701.30    | 0.03%             | 2049-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CHATTANOOGA TN HLTH EDUCTNL &               | Chattanooga Health Educational & Housing Facility Board                          | CUSIP: 162409AK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3035000 | PA      | $3309453.84   | 0.17%             | 2042-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GULFPORT MS HOSP FAC REVENUE                | City of Gulfport MS                                                              | CUSIP: 402682DD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $530768.90    | 0.03%             | 2043-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CENTRL TX REGL MOBILITY AUTH R              | Central Texas Regional Mobility Authority                                        | CUSIP: 155498LV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    640000 | PA      | $641363.78    | 0.03%             | 2041-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                 | City of New York NY                                                              | CUSIP: 64966QK90<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2925000 | PA      | $3217412.84   | 0.17%             | 2041-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH MIDWSTRN DISA              | Iowa Finance Authority                                                           | CUSIP: 46246SAV7<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3487997.40   | 0.18%             | 2050-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE              | Public Finance Authority                                                         | CUSIP: 744396CT7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    605000 | PA      | $606853.54    | 0.03%             | 2027-07-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| HIDALGO CNTY TX                             | County of Hidalgo TX                                                             | CUSIP: 429326T35<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $939249.32    | 0.05%             | 2042-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY NY INDL DEV CORP R              | Monroe County Industrial Development Corp/NY                                     | CUSIP: 61075TXQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $264578.15    | 0.01%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CNTY CA REGL ARPT AU              | San Diego County Regional Airport Authority                                      | CUSIP: 79739GRA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1435000 | PA      | $1651703.80   | 0.08%             | 2035-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FONTANA CA SPL TAX                          | City of Fontana CA                                                               | CUSIP: 344630M88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028833.20   | 0.05%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH CH              | California Municipal Finance Authority                                           | CUSIP: 13048DCP1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501771.35    | 0.03%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES              | New York State Dormitory Authority                                               | CUSIP: 64990BR62<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    450000 | PA      | $452606.99    | 0.02%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N TX TOLLWAY AUTH REVENUE                   | North Texas Tollway Authority                                                    | CUSIP: 66285WXC5<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1227162.84   | 0.06%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PUBLIC SVC A              | South Carolina Public Service Authority                                          | CUSIP: 837151R27<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2234478.60   | 0.11%             | 2040-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST HOSP EQUIPMENT L              | New Mexico Hospital Equipment Loan Council                                       | CUSIP: 647370KH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $873377.34    | 0.04%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PARK CREEK MET DIST CO LIMITED              | Park Creek Metropolitan District                                                 | CUSIP: 700385CD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $540149.65    | 0.03%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWNSBURG IN 1999 SCH BLDG CO              | Brownsburg 1999 School Building Corp                                             | CUSIP: 116083C53<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2169233.40   | 0.11%             | 2042-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SACRAMENTO CA SPL TAX                       | City of Sacramento CA                                                            | CUSIP: 786071QY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    615000 | PA      | $628994.14    | 0.03%             | 2035-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES MI WTR AUTH WTR SP              | Great Lakes Water Authority Water Supply System Revenue                          | CUSIP: 39081JJP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1097701.00   | 0.06%             | 2044-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI              | Pennsylvania Turnpike Commission                                                 | CUSIP: 709224C98<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    900000 | PA      | $925638.66    | 0.05%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHAUTAUQUA CNTY NY CAPITAL RES              | Chautauqua County Capital Resource Corp                                          | CUSIP: 16254PAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2763329.85   | 0.14%             | 2042-04-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM              | North Carolina Medical Care Commission                                           | CUSIP: 65821DZQ7<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1427039.25   | 0.07%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE                  | Port of Seattle WA                                                               | CUSIP: 735389P93<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   2445000 | PA      | $2693858.95   | 0.14%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GENESEE CNTY NY FUNDING CORP                | Genesee County Funding Corp/The                                                  | CUSIP: 371669AX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1089774.30   | 0.06%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROOMFIELD CO COPS                          | City & County of Broomfield CO                                                   | CUSIP: 114749FD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $590677.78    | 0.03%             | 2045-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LORSON RANCH MET DIST #2 CO                 | Lorson Ranch Metropolitan District No 2                                          | CUSIP: 544186AA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $172362.37    | 0.01%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL HLTH FACS A              | Palm Beach County Health Facilities Authority                                    | CUSIP: 69650MAZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1180347.14   | 0.06%             | 2042-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ASTORIA OR HOSP FACS AUTH                   | Astoria Hospital Facilities Authority                                            | CUSIP: 046279CS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $770734.13    | 0.04%             | 2044-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ CIVIC IMPT CORP ARP              | City of Phoenix Civic Improvement Corp                                           | CUSIP: 71883MRF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1142657.40   | 0.06%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FALLSCHASE CMNTY DEV DIST FL S              | Fallschase Community Development District                                        | CUSIP: 306748AC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1093955.00   | 0.06%             | 2041-05-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV              | City & County of Denver CO Airport System Revenue                                | CUSIP: 249182LF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5272990.50   | 0.27%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL PUGET SOUND WA REGL TRA              | Central Puget Sound Regional Transit Authority                                   | CUSIP: 155048DD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    945000 | PA      | $963979.00    | 0.05%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST HSG & CMNTY DEV AUT              | Indiana Housing & Community Development Authority                                | CUSIP: 45505TSA0<br>LEI: 549300QRKDYVNHT1OE86 | Long             | DBT              | MUN               | US        |   4250000 | PA      | $4250000.00   | 0.22%             | 2047-07-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| BARBERS HILL TX INDEP SCH DIST              | Barbers Hill Independent School District                                         | CUSIP: 067167WV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1860000 | PA      | $1895480.24   | 0.10%             | 2039-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CATOOSA OK INDL AUTH SALES TAX              | Catoosa Industrial Authority                                                     | CUSIP: 149308AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $175178.48    | 0.01%             | 2032-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MENIFEE CA UNION SCH DIST SPL               | Menifee Union School District                                                    | CUSIP: 586810P80<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $156098.27    | 0.01%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LINCOLNWOOD IL TAX INCREMENT A              | Village of Lincolnwood Il                                                        | CUSIP: 53509AAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1400525.98   | 0.07%             | 2041-01-01      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA              | Main Street Natural Gas Inc                                                      | CUSIP: 56035DJZ6<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2701073.25   | 0.14%             | 2055-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| IRVINE CA UNIF SCH DIST SPL TA              | Irvine Unified School District                                                   | CUSIP: 463612MS7<br>LEI: 549300BNIP4XNVC0X742 | Long             | DBT              | MUN               | US        |    125000 | PA      | $132804.35    | 0.01%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A              | City of Los Angeles Department of Airports                                       | CUSIP: 544445P94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $211001.37    | 0.01%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE               | County of Jefferson AL Sewer Revenue                                             | CUSIP: 472682ZM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3050000 | PA      | $3322071.29   | 0.17%             | 2042-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES              | New York State Dormitory Authority                                               | CUSIP: 64985SBY8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1110318.00   | 0.06%             | 2049-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX HOSP DIST                   | Tarrant County Hospital District                                                 | CUSIP: 876387EX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $559009.10    | 0.03%             | 2039-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CLARK CNTY NV                               | County of Clark NV                                                               | CUSIP: 180848VC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1035000 | PA      | $1036054.35   | 0.05%             | 2033-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU              | Texas Private Activity Bond Surface Transportation Corp                          | CUSIP: 882667AV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2450000 | PA      | $2592398.17   | 0.13%             | 2036-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF TEXAS TX PERMANENT UNI              | Permanent University Fund - University of Texas System                           | CUSIP: 915130BM9<br>LEI: 549300GZUEUTLKVGLF98 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1835143.54   | 0.09%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAND CREEK CO MET DIST                      | Sand Creek Metropolitan District                                                 | CUSIP: 799712KC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $328410.72    | 0.02%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TWO LAKES CDD FL SPL ASSMNT                 | Two Lakes Community Development District                                         | CUSIP: 90207EAU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $767286.45    | 0.04%             | 2044-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GEORGIA ST HGR EDU FACS AUTH R              | Georgia Higher Education Facilities Authority                                    | CUSIP: 373511HZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    890000 | PA      | $944849.45    | 0.05%             | 2035-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT ARPT REVENUE              | City of Salt Lake City UT Airport Revenue                                        | CUSIP: 795576LZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1081545.70   | 0.06%             | 2042-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA ARPT PASSENGER FAC               | City of Atlanta GA Airport Passenger Facility Charge                             | CUSIP: 04780TDL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8980000 | PA      | $9049454.01   | 0.47%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST THRUWAY AUTH PERSO              | New York State Thruway Authority                                                 | CUSIP: 650028YT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4185000 | PA      | $4536501.50   | 0.23%             | 2041-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF GTR CINCINNATI DEV AUT              | Port of Greater Cincinnati Development Authority                                 | CUSIP: 734195DZ0<br>LEI: 549300IK2RCZBY62ST97 | Long             | DBT              | MUN               | US        |    580000 | PA      | $630826.27    | 0.03%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ANNA TX SPL ASSMNT REVENUE                  | City of Anna TX                                                                  | CUSIP: 035713BE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003019.20   | 0.05%             | 2045-09-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| W CORNWALL TWP PA MUNI AUTH                 | West Cornwall Township Municipal Authority                                       | CUSIP: 95235TAR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $213283.14    | 0.01%             | 2036-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| STERLING RANCH CMNTY AUTH BRD               | Sterling Ranch Community Authority Board                                         | CUSIP: 85950TAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $719864.81    | 0.04%             | 2043-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA              | Chicago O'Hare International Airport                                             | CUSIP: 1675932A9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $357503.90    | 0.02%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALABAMA CMNTY CLG SYS BRD OF T              | Alabama Community College System                                                 | CUSIP: 01025PDU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $230404.91    | 0.01%             | 2035-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WSTRN VA REGL JAIL AUTH REGL J              | Western Regional Jail Authority                                                  | CUSIP: 95984RDQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1185000 | PA      | $1209326.87   | 0.06%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MENIFEE CA UNION SCH DIST SPL               | Menifee Union School District                                                    | CUSIP: 586810P98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $150825.16    | 0.01%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT              | California Statewide Communities Development Authority                           | CUSIP: 13080SRV8<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    195000 | PA      | $199303.38    | 0.01%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY & CHATTANOOGA SP              | Hamilton County & Chattanooga Sports Authority                                   | CUSIP: 407081AT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1565000 | PA      | $1760520.46   | 0.09%             | 2044-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SAND CREEK CO MET DIST                      | Sand Creek Metropolitan District                                                 | CUSIP: 799712KB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $330343.74    | 0.02%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE NC ARPT REVENUE                   | City of Charlotte NC Airport Revenue                                             | CUSIP: 161036VJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    925000 | PA      | $1010533.55   | 0.05%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE              | Public Finance Authority                                                         | CUSIP: 744396FS6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $494223.35    | 0.03%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV              | Colorado Health Facilities Authority                                             | CUSIP: 19648FJZ8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   4630000 | PA      | $4632479.37   | 0.24%             | 2039-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST THRUWAY AUTH PERSO              | New York State Thruway Authority                                                 | CUSIP: 650028YS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2225000 | PA      | $2439217.66   | 0.13%             | 2040-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE                  | Port of Seattle WA                                                               | CUSIP: 735389ZS0<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2054024.00   | 0.11%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ADAMS CNTY CO SCH DIST #14                  | Adams County School District No 14                                               | CUSIP: 005662PE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $1041865.35   | 0.05%             | 2038-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FORT WORTH TX SPL TAX REVENUE               | City of Fort Worth TX                                                            | CUSIP: 349507ER0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $924932.43    | 0.05%             | 2043-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH ACADEMIC               | Illinois Finance Authority                                                       | CUSIP: 452017AL0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    970000 | PA      | $1033354.00   | 0.05%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                | Illinois Finance Authority                                                       | CUSIP: 45204FT62<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1775000 | PA      | $1943776.05   | 0.10%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R              | Massachusetts Development Finance Agency                                         | CUSIP: 57585BJS8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031101.50   | 0.05%             | 2045-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FORT WORTH TX SPL TAX REVENUE               | City of Fort Worth TX                                                            | CUSIP: 349507EQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    560000 | PA      | $618265.42    | 0.03%             | 2042-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE              | South Carolina Jobs-Economic Development Authority                               | CUSIP: 837031WL3<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $989040.60    | 0.05%             | 2047-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SACRAMENTO CA SPL TAX                       | City of Sacramento CA                                                            | CUSIP: 786071QT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $271654.40    | 0.01%             | 2030-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHINO CA CMNTY FACS DIST SPL T              | Chino Community Facilities District                                              | CUSIP: 169511TD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $387825.53    | 0.02%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU              | Texas Private Activity Bond Surface Transportation Corp                          | CUSIP: 882667AT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5339297.00   | 0.27%             | 2034-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST WTR RES BRD ST LOA              | Oklahoma Water Resources Board                                                   | CUSIP: 67920Q7Z5<br>LEI: 5493007CUNXW5UX11C71 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1675749.92   | 0.09%             | 2046-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROOMFIELD CO COPS                          | City & County of Broomfield CO                                                   | CUSIP: 114749FB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $275142.95    | 0.01%             | 2043-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM              | North Carolina Medical Care Commission                                           | CUSIP: 65820HN41<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    375000 | PA      | $415881.94    | 0.02%             | 2032-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL MIDWAY ARPT REVENUE              | Chicago Midway International Airport                                             | CUSIP: 167562RZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $226605.90    | 0.01%             | 2037-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV              | City & County of Denver CO Airport System Revenue                                | CUSIP: 249182VC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $557464.60    | 0.03%             | 2041-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR              | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3483239.90   | 0.18%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| LANCASTER PA MUNI AUTH HLTHCAR              | Lancaster Municipal Authority                                                    | CUSIP: 514350AR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1510676.25   | 0.08%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL               | Black Belt Energy Gas District                                                   | CUSIP: 09182TDB0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   4150000 | PA      | $4575416.09   | 0.24%             | 2054-10-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| GLOUCESTER CNTY VA INDL DEV AU              | Gloucester County Economic Development Authority                                 | CUSIP: 37970RAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3042414.90   | 0.16%             | 2038-09-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F              | Tarrant County Cultural Education Facilities Finance Corp                        | CUSIP: 87638QTJ8<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6856339.75   | 0.35%             | 2049-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL SEAPORT REV              | County of Miami-Dade Seaport Department                                          | CUSIP: 59335KEZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2080832.60   | 0.11%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY & CHATTANOOGA SP              | Hamilton County & Chattanooga Sports Authority                                   | CUSIP: 407081AV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1107373.30   | 0.06%             | 2050-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BROOMFIELD CO COPS                          | City & County of Broomfield CO                                                   | CUSIP: 114749FC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $706528.55    | 0.04%             | 2044-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WARREN CNTY OH HLTH CARE FACS               | County of Warren OH                                                              | CUSIP: 93515PEJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1046144.70   | 0.05%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH MIDWESTERN DI              | Indiana Finance Authority                                                        | CUSIP: 45470CAG4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3106371.30   | 0.16%             | 2030-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BEXAR CNTY TX                               | County of Bexar TX                                                               | CUSIP: 0882815L0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4353426.00   | 0.22%             | 2042-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF HOUSTON TX UNIV REVENU              | University of Houston                                                            | CUSIP: 914302CC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150146.19    | 0.01%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MENIFEE CA UNION SCH DIST SPL               | Menifee Union School District                                                    | CUSIP: 586810P72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $182172.22    | 0.01%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH ACADEMIC               | Illinois Finance Authority                                                       | CUSIP: 452017AK2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    850000 | PA      | $909264.47    | 0.05%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SACRAMENTO CA SPL TAX                       | City of Sacramento CA                                                            | CUSIP: 786071QU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $229356.36    | 0.01%             | 2031-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HILLSBOROUGH CNTY FLA INDL DEV              | Hillsborough County Industrial Development Authority                             | CUSIP: 43233KAS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1596504.45   | 0.08%             | 2043-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKELAND FL ENERGY SYS REVENUE              | City of Lakeland FL Department of Electric Utilities                             | CUSIP: 51166FGM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1082883.20   | 0.06%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KALAMAZOO MI HOSP FIN AUTH                  | Kalamazoo Hospital Finance Authority                                             | CUSIP: 483233RK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4965000 | PA      | $4968253.56   | 0.26%             | 2036-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLEMSON SC UNIV UNIV REVENUES               | Clemson University                                                               | CUSIP: 185630E97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3775000 | PA      | $3969819.07   | 0.20%             | 2050-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLARK CNTY NV POLL CONTROL REV              | County of Clark NV                                                               | CUSIP: 181008BE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1752069.55   | 0.09%             | 2036-01-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY PA INDL DEV AU              | Montgomery County Industrial Development Authority/PA                            | CUSIP: 61360PCY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1074486.41   | 0.06%             | 2042-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN              | Florida Development Finance Corp                                                 | CUSIP: 34061UGR3<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    450000 | PA      | $376158.83    | 0.02%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT OF PORTLAND OR ARPT REVEN              | Port of Portland OR Airport Revenue                                              | CUSIP: 735240P49<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1890000 | PA      | $2033061.66   | 0.10%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CNTY CA REGL ARPT AU              | San Diego County Regional Airport Authority                                      | CUSIP: 79739GSX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1703835.15   | 0.09%             | 2040-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE & JEFFERSON CNTY KY              | Louisville/Jefferson County Metropolitan Government                              | CUSIP: 54659LCZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1076778.30   | 0.06%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA              | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712JJA2<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1890000 | PA      | $2101284.05   | 0.11%             | 2054-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| W CORNWALL TWP PA MUNI AUTH                 | West Cornwall Township Municipal Authority                                       | CUSIP: 95235TAN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $136054.97    | 0.01%             | 2029-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE & JEFFERSON CNTY KY              | Louisville/Jefferson County Metropolitan Government                              | CUSIP: 54659LCY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1414489.57   | 0.07%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYVILLE MO SCH DIST #R-II                 | Nodaway County School District No R-II Maryville                                 | CUSIP: 574506ET4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1643558.31   | 0.08%             | 2041-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH A              | Metropolitan Washington Airports Authority Aviation Revenue                      | CUSIP: 592647NS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1728342.60   | 0.09%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KERN CA CMNTY CLG DIST                      | Kern Community College District                                                  | CUSIP: 492244GS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1133826.70   | 0.06%             | 2040-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| STERLING HILLS CO W MET DIST                | Sterling Hills West Metropolitan District                                        | CUSIP: 85933MBP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $181299.13    | 0.01%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL VLY CA ENERGY AUTH COMM              | Central Valley Energy Authority                                                  | CUSIP: 15569DAA0<br>LEI: 254900G5IPQ9MA3FRJ55 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2163212.60   | 0.11%             | 2055-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R              | Arizona Industrial Development Authority                                         | CUSIP: 04052BAK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $226044.92    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAMMERSVILLE CA JT UNIF SCH DI              | Lammersville Joint Unified School District                                       | CUSIP: 513533DJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $834094.55    | 0.04%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| YUMA AZ INDL DEV AUTH HOSP REV              | Yuma Industrial Development Authority                                            | CUSIP: 988514DC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2150000 | PA      | $2231377.50   | 0.11%             | 2049-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LEE CNTY FL ARPT REVENUE                    | County of Lee FL Airport Revenue                                                 | CUSIP: 523470HV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1065135.80   | 0.05%             | 2044-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH NATIO              | Arizona Industrial Development Authority                                         | CUSIP: 04052FFA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $345531.10    | 0.02%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                | Illinois Finance Authority                                                       | CUSIP: 45204EBT4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    845000 | PA      | $852355.81    | 0.04%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH NATIO              | Arizona Industrial Development Authority                                         | CUSIP: 04052FFB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $378214.85    | 0.02%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL PORT FACS REVE              | County of Broward FL Port Facilities Revenue                                     | CUSIP: 11506KHX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1605010.20   | 0.08%             | 2044-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| UNIV OF N TEXAS UNIV REVENUE                | University of North Texas System                                                 | CUSIP: 914729SB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4105000 | PA      | $4184573.37   | 0.22%             | 2038-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC              | Health & Educational Facilities Authority of the State of Missouri               | CUSIP: 60637AMM1<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1420140.17   | 0.07%             | 2048-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE               | County of Jefferson AL Sewer Revenue                                             | CUSIP: 472682ZJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $660789.78    | 0.03%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM              | North Carolina Medical Care Commission                                           | CUSIP: 65820YVC7<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    915000 | PA      | $987149.95    | 0.05%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL              | Maryland Health & Higher Educational Facilities Authority                        | CUSIP: 57421CCC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $225138.89    | 0.01%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DUBLIN OH SPL OBLG NONTAX REVE              | City of Dublin OH                                                                | CUSIP: 26371VBA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1505000 | PA      | $1673957.92   | 0.09%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REVENUE                        | State of Ohio                                                                    | CUSIP: 67756CEC8<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    500000 | PA      | $503380.80    | 0.03%             | 2038-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH              | Maricopa County Industrial Development Authority                                 | CUSIP: 56682HCH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1477874.33   | 0.08%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLUMBUS IN MULTI-SCH BLDG COR              | Columbus Multi School Building Corp                                              | CUSIP: 199240JK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1062573.40   | 0.05%             | 2045-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| E BATON ROUGE PARISH LA SWR CO              | East Baton Rouge Sewerage Commission                                             | CUSIP: 270618FQ9<br>LEI: 5493006BC84VNIRSCG97 | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6329780.60   | 0.33%             | 2045-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HOMEWOOD AL EDUCTNL BLDG AUTH               | Homewood Educational Building Authority                                          | CUSIP: 437887GF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $950146.87    | 0.05%             | 2034-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY OH HOSP FACS REV              | County of Hamilton OH                                                            | CUSIP: 407272Y31<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $819199.30    | 0.04%             | 2050-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY MO INDL DEV AUTH A              | Kansas City Industrial Development Authority                                     | CUSIP: 48504NBC2<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1266093.61   | 0.07%             | 2046-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                | Michigan Finance Authority                                                       | CUSIP: 59447TUX9<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    795000 | PA      | $837986.76    | 0.04%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PROVIDENCE RI PUBLIC BLDGS AUT              | Providence Public Building Authority                                             | CUSIP: 74381MDL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1084954.10   | 0.06%             | 2043-09-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LEE CNTY FL ARPT REVENUE                    | County of Lee FL Airport Revenue                                                 | CUSIP: 523470HS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3854852.75   | 0.20%             | 2041-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY KY SCH DIST FIN              | Jefferson County School District Finance Corp                                    | CUSIP: 47309QDV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1807673.40   | 0.09%             | 2038-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE               | County of Jefferson AL Sewer Revenue                                             | CUSIP: 472682ZK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2280000 | PA      | $2531965.76   | 0.13%             | 2040-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL              | Maryland Health & Higher Educational Facilities Authority                        | CUSIP: 57421CCB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $251489.25    | 0.01%             | 2035-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL PORT FACS REVE              | County of Broward FL Port Facilities Revenue                                     | CUSIP: 11506KHW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $810324.53    | 0.04%             | 2043-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                 | City of Houston TX Airport System Revenue                                        | CUSIP: 442349DG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1770000 | PA      | $1800134.25   | 0.09%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH NATIO              | Arizona Industrial Development Authority                                         | CUSIP: 04052FFC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $518888.05    | 0.03%             | 2043-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GAINESVILLE TX                              | City of Gainesville TX                                                           | CUSIP: 363046C27<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $590410.11    | 0.03%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROBINSON TX                                 | City of Robinson TX                                                              | CUSIP: 770825MD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $466624.71    | 0.02%             | 2040-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL AVIATION RE              | County of Miami-Dade FL Aviation Revenue                                         | CUSIP: 59333P7N2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2248201.60   | 0.12%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH                | Ohio Air Quality Development Authority                                           | CUSIP: 677525WV5<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016183.40   | 0.05%             | 2039-11-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA              | Main Street Natural Gas Inc                                                      | CUSIP: 56035DDH2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   3625000 | PA      | $3682999.64   | 0.19%             | 2052-07-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                 | City of Houston TX Airport System Revenue                                        | CUSIP: 442349JS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4250000 | PA      | $4644979.70   | 0.24%             | 2044-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY & CHATTANOOGA SP              | Hamilton County & Chattanooga Sports Authority                                   | CUSIP: 407081AS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $676824.76    | 0.03%             | 2043-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TEXAS WTR DEV BRD REVENUE                   | Texas Water Development Board                                                    | CUSIP: 88285AFY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1569651.75   | 0.08%             | 2049-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                | Michigan Finance Authority                                                       | CUSIP: 59447TBR3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2008085.80   | 0.10%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DOUGLAS CNTY KS                             | County of Douglas KS                                                             | CUSIP: 259039M36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1243547.09   | 0.06%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON MD SUBURBAN SAN DIS              | Washington Suburban Sanitary Commission                                          | CUSIP: 940157F96<br>LEI: 549300EZUWNTQF827C24 | Long             | DBT              | MUN               | US        |   1480000 | PA      | $1375361.34   | 0.07%             | 2039-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| COMMERCE GA SCH DIST                        | Commerce School District                                                         | CUSIP: 200635BC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $604252.90    | 0.03%             | 2041-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SAND CREEK CO MET DIST                      | Sand Creek Metropolitan District                                                 | CUSIP: 799712KA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $277095.33    | 0.01%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN              | Virginia Small Business Financing Authority                                      | CUSIP: 928104PG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4105000 | PA      | $4433104.03   | 0.23%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLARK CNTY NV ARPT REVENUE                  | County of Clark Department of Aviation                                           | CUSIP: 18085PRU0<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |   2505000 | PA      | $2649105.64   | 0.14%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| L'ANSE CREUSE MI PUBLIC SCHS                | L'Anse Creuse Public Schools                                                     | CUSIP: 516228TH6<br>LEI: 549300L3W88HP5QUMY54 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1099407.80   | 0.06%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CROSS CREEK N CDD FL SPL ASSMN              | Cross Creek North Community Development District                                 | CUSIP: 227521AH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $922354.50    | 0.05%             | 2052-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA              | Chicago O'Hare International Airport                                             | CUSIP: 167591AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2020000 | PA      | $2128463.29   | 0.11%             | 2045-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PORT OF GTR CINCINNATI DEV AUT              | Port of Greater Cincinnati Development Authority                                 | CUSIP: 734195EA4<br>LEI: 549300IK2RCZBY62ST97 | Long             | DBT              | MUN               | US        |    685000 | PA      | $735927.90    | 0.04%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOMEWOOD AL EDUCTNL BLDG AUTH               | Homewood Educational Building Authority                                          | CUSIP: 437887GE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $401284.48    | 0.02%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES MI WTR AUTH WTR SP              | Great Lakes Water Authority Water Supply System Revenue                          | CUSIP: 39081JHT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1415000 | PA      | $1616246.11   | 0.08%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT              | California Statewide Communities Development Authority                           | CUSIP: 13080SVJ0<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    450000 | PA      | $467541.86    | 0.02%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                 | City of Houston TX Airport System Revenue                                        | CUSIP: 442349DH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2798891.15   | 0.14%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL PORT FACS REVE              | County of Broward FL Port Facilities Revenue                                     | CUSIP: 11506KHV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $546549.80    | 0.03%             | 2042-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHATTANOOGA TN HLTH EDUCTNL &H              | Chattanooga Health Educational & Housing Facility Board                          | CUSIP: 162410EJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $202017.40    | 0.01%             | 2037-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX ARPT SYS REVENUE                  | City of Austin TX Airport System Revenue                                         | CUSIP: 052398JR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2556103.92   | 0.13%             | 2043-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROBINSON TX                                 | City of Robinson TX                                                              | CUSIP: 770825MC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $658973.57    | 0.03%             | 2039-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LIBERTY COVE CDD FL SPL ASSMNT              | Liberty Cove Community Development District                                      | CUSIP: 530430AB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1085000 | PA      | $1089780.94   | 0.06%             | 2044-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| TENNESSEE ST ENERGY ACQUISITIO              | Tennessee Energy Acquisition Corp                                                | CUSIP: 880443JF4<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2073145.00   | 0.11%             | 2053-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MET NASHVILLE TN ARPT AUTH ARP              | Metropolitan Nashville Airport Authority/The                                     | CUSIP: 592190SQ6<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1088882.90   | 0.06%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA HOSP DEV AUT              | Allegheny County Hospital Development Authority                                  | CUSIP: 01728A3S3<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1569845.10   | 0.08%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                  | City of Chicago IL                                                               | CUSIP: 167486ZT9<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    500000 | PA      | $508829.35    | 0.03%             | 2029-01-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI              | Pennsylvania Turnpike Commission                                                 | CUSIP: 709225BB1<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4224307.50   | 0.22%             | 2045-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH ECON DEV R              | Indiana Finance Authority                                                        | CUSIP: 45505RBN4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1250286.00   | 0.06%             | 2028-05-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| GARLAND TX WTR & SWR REVENUE                | City of Garland TX Water & Sewer System Revenue                                  | CUSIP: 366168SD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2240000 | PA      | $2490684.00   | 0.13%             | 2038-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BIRMINGHAM AL SPL CARE FACS FI              | Alabama Special Care Facilities Financing Authority-Birmingham AL                | CUSIP: 090929GY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1079411.10   | 0.06%             | 2045-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SAINT LOUIS CNTY MO SPL OBLG                | County of St Louis MO                                                            | CUSIP: 791526UB0<br>LEI: 5493003TZLKXNN2MGO51 | Long             | DBT              | MUN               | US        |   1295000 | PA      | $1387589.78   | 0.07%             | 2038-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SAN LUIS OBISPO CNTY CA FING A              | San Luis Obispo County Financing Authority                                       | CUSIP: 798712DA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1665000 | PA      | $1873670.12   | 0.10%             | 2041-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LOUDOUN CNTY VA                             | County of Loudoun VA                                                             | CUSIP: 54589TMF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4590000 | PA      | $4708758.45   | 0.24%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL              | Maryland Health & Higher Educational Facilities Authority                        | CUSIP: 57421CHS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1663645.05   | 0.09%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CREEKVIEW CDD FL SPL ASSMNT RE              | Creekview Community Development District                                         | CUSIP: 225514AA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $169611.77    | 0.01%             | 2027-05-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE                  | Port of Seattle WA                                                               | CUSIP: 735389V39<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   2315000 | PA      | $2528627.04   | 0.13%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN SALES               | Idaho Housing & Finance Association                                              | CUSIP: 45130ACR4<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2104955.80   | 0.11%             | 2048-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GAINESVILLE & HALL CNTY GA HOS              | Gainesville & Hall County Hospital Authority                                     | CUSIP: 362762LH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40035.14     | 0.00%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EPPERSON N CDD FL CAPITAL IMPT              | Epperson North Community Development District                                    | CUSIP: 29429VAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $597469.60    | 0.03%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TELLURIDE CO COPS                           | Town of Telluride CO                                                             | CUSIP: 879676BK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $534861.20    | 0.03%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP               | Lakewood Ranch Stewardship District Utility Revenue                              | CUSIP: 51265LAT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1569829.65   | 0.08%             | 2048-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                 | State of Illinois                                                                | CUSIP: 452153DB2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1837837.05   | 0.09%             | 2047-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TEXAS WTR DEV BRD REVENUE                   | Texas Water Development Board                                                    | CUSIP: 88285ADS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3087074.40   | 0.16%             | 2048-10-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| TEXAS ST WTR DEV BRD                        | Texas Water Development Board                                                    | CUSIP: 882854A36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    785000 | PA      | $820867.83    | 0.04%             | 2030-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PFLUGERVILLE TX                             | City of Pflugerville TX                                                          | CUSIP: 717088DC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1894046.95   | 0.10%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FORT PIERCE FL UTILITIES AUTH               | Fort Pierce Utilities Authority                                                  | CUSIP: 348430PL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1117435.30   | 0.06%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH AL COMMO              | Southeast Energy Authority A Cooperative District                                | CUSIP: 84136FBL0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1604376.45   | 0.08%             | 2053-01-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| GEORGIA ST HSG & FIN AUTH REVE              | Georgia Housing & Finance Authority                                              | CUSIP: 37353PUH0<br>LEI: 549300I628IMF9PWV724 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1514662.65   | 0.08%             | 2040-12-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST PUBLIC WKS BRD L              | California State Public Works Board                                              | CUSIP: 13068XBN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047814.40   | 0.05%             | 2037-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH DAKOTA ST HLTH & EDUCTNL              | South Dakota Health & Educational Facilities Authority                           | CUSIP: 83755VN83<br>LEI: 549300ZW6LKR8UI2C378 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200704.70    | 0.01%             | 2028-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MET NASHVILLE TN ARPT AUTH ARP              | Metropolitan Nashville Airport Authority/The                                     | CUSIP: 592190SR4<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1342654.88   | 0.07%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL              | Maryland Health & Higher Educational Facilities Authority                        | CUSIP: 57421CHR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1121128.30   | 0.06%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EL PASO CNTY CO SCH DIST #20                | El Paso County School District No 20 Academy                                     | CUSIP: 283461N72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $437201.23    | 0.02%             | 2042-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                 | State of Illinois                                                                | CUSIP: 452153FF1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1090332.00   | 0.06%             | 2039-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST               | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 64613CHP6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1814377.02   | 0.09%             | 2045-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH              | Kentucky Public Energy Authority                                                 | CUSIP: 74440DFC3<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2155944.20   | 0.11%             | 2055-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                | Illinois Finance Authority                                                       | CUSIP: 45204E4L9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   4350000 | PA      | $4417731.68   | 0.23%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE              | South Carolina Jobs-Economic Development Authority                               | CUSIP: 837032BW0<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1606545.52   | 0.08%             | 2043-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SO              | California Municipal Finance Authority                                           | CUSIP: 13048RAL1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007162.10   | 0.05%             | 2041-10-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH REVENUE                | New Hampshire Business Finance Authority                                         | CUSIP: 63607YBR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1641874.50   | 0.08%             | 2043-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SAINT JOHNS CNTY FL INDL DEV A              | St Johns County Industrial Development Authority                                 | CUSIP: 79041LAL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $205665.74    | 0.01%             | 2031-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAGEBRUSH FARM MET DIST #1 CO               | Sagebrush Farm Metropolitan District No 1                                        | CUSIP: 78669HAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1057187.40   | 0.05%             | 2042-12-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| PFLUGERVILLE TX                             | City of Pflugerville TX                                                          | CUSIP: 717088DD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1770000 | PA      | $1986498.08   | 0.10%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CNTY CA REGL ARPT AU              | San Diego County Regional Airport Authority                                      | CUSIP: 79739GSU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $875052.23    | 0.04%             | 2037-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LEAVENWORTH CNTY KS UNIF SCH D              | Leavenworth County Unified School District No 464                                | CUSIP: 522223GF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $508939.45    | 0.03%             | 2031-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FONTANA CA SPL TAX                          | City of Fontana CA                                                               | CUSIP: 344630WW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $543100.49    | 0.03%             | 2036-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA ARPT REVENUE                | City of Philadelphia PA Airport Revenue                                          | CUSIP: 717817XU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1209468.60   | 0.06%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU DEDICATE              | Chicago Board of Education Dedicated Capital Improvement Tax                     | CUSIP: 167510BA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1371716.75   | 0.07%             | 2037-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WESTSIDE FL CDD SPL ASSMNT REV              | Westside Community Development District                                          | CUSIP: 96149TAQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    835000 | PA      | $831983.48    | 0.04%             | 2037-05-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| VERMONT ST ECON DEV AUTH SOLID              | Vermont Economic Development Authority                                           | CUSIP: 924157AA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2032417.00   | 0.10%             | 2036-04-01      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| WESTVIEW SOUTH CDD FL SPL ASSM              | Westview South Community Development District                                    | CUSIP: 961566AB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    920000 | PA      | $946763.44    | 0.05%             | 2043-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PASCO CNTY FL SCH BRD COPS                  | Pasco County School Board                                                        | CUSIP: 702528LM0<br>LEI: 549300NYEDMC7IDJPE68 | Long             | DBT              | MUN               | US        |   1880000 | PA      | $2062006.18   | 0.11%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CROWLEY TX INDEP SCH DIST                   | Crowley Independent School District                                              | CUSIP: 228130LS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1126756.20   | 0.06%             | 2042-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GEISINGER PA AUTH HLTH SYS REV              | Geisinger Authority                                                              | CUSIP: 368497HQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1810000 | PA      | $1617980.18   | 0.08%             | 2047-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EAGLE MOUNTAIN & SAGINAW TX IN              | Eagle Mountain & Saginaw Independent School District                             | CUSIP: 269696TD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1075406.20   | 0.06%             | 2044-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEMPLE TX JNR CLG DIST                      | Temple College                                                                   | CUSIP: 880115CX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $912552.40    | 0.05%             | 2039-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| UPTOWN DEV AUTH TX INCR CONTRA              | Uptown Development Authority                                                     | CUSIP: 916856GM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1560000 | PA      | $1568120.58   | 0.08%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BIRMINGHAM AL SPL CARE FACS FI              | Alabama Special Care Facilities Financing Authority-Birmingham AL                | CUSIP: 090929GW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1105309.70   | 0.06%             | 2043-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| VICTOR CA ELEM SCH DIST CMNTYF              | Victor Elementary School District Community Facility District                    | CUSIP: 925837EH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1073199.12   | 0.06%             | 2046-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IN LOCAL PUBLIC I              | Indianapolis Local Public Improvement Bond Bank                                  | CUSIP: 45528VHN2<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3411211.20   | 0.18%             | 2038-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT JOHNS CNTY FL INDL DEV A              | St Johns County Industrial Development Authority                                 | CUSIP: 79041LAM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $485672.40    | 0.02%             | 2036-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HSG FIN AGY SF              | Pennsylvania Housing Finance Agency                                              | CUSIP: 7087968G5<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    880000 | PA      | $764237.23    | 0.04%             | 2047-10-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                  | City of Chicago IL                                                               | CUSIP: 167486N96<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1373355.23   | 0.07%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA JOBS-ECON DEV A              | South Carolina Jobs-Economic Development Authority                               | CUSIP: 83703DAA5<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1501796.85   | 0.08%             | 2033-04-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                | Michigan Finance Authority                                                       | CUSIP: 59447TXZ1<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021759.70   | 0.05%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY & CNTY CA C              | City & County of San Francisco CA Community Facilities District No 2016-1        | CUSIP: 79773JAR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $491680.93    | 0.03%             | 2042-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HLTH FACS AUTH REVENU              | Idaho Health Facilities Authority                                                | CUSIP: 451295YT0<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001977.60   | 0.05%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP              | New York Transportation Development Corp                                         | CUSIP: 650116GW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $786766.05    | 0.04%             | 2044-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE              | California Municipal Finance Authority                                           | CUSIP: 13048VKU1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    600000 | PA      | $602637.84    | 0.03%             | 2034-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WARREN CNTY OH HLTH CARE FACS               | County of Warren OH                                                              | CUSIP: 93515PEB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1200281.68   | 0.06%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM              | North Carolina Medical Care Commission                                           | CUSIP: 65820YRR9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $477904.75    | 0.02%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CA CITY &CNTY AR              | San Francisco City & County Airport Comm-San Francisco International Airport     | CUSIP: 79766DTN9<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1101388.20   | 0.06%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WAYNE CNTY MI ARPT AUTH REVENU              | Wayne County Airport Authority                                                   | CUSIP: 944514Y77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $477515.79    | 0.02%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST TOLL HIGHWAY AUTH               | Illinois State Toll Highway Authority                                            | CUSIP: 452252QS1<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |    500000 | PA      | $570249.45    | 0.03%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIMBLE CNTY KY ENVRNMNTL FACS              | County of Trimble KY                                                             | CUSIP: 896221AF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009787.50   | 0.05%             | 2054-06-01      | Variable      | 4.70%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP              | New York Transportation Development Corp                                         | CUSIP: 650116GU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1320403.09   | 0.07%             | 2042-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST                               | State of Washington                                                              | CUSIP: 93974ERD0<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3060565.20   | 0.16%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO SPRINGS CO SCH DIST #              | Colorado Springs School District No 11 Facilities Corp                           | CUSIP: 19662UBF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $538704.20    | 0.03%             | 2042-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER CNTY PA HOSP AUTH HL              | Lancaster County Hospital Authority/PA                                           | CUSIP: 51404PAG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1112090.91   | 0.06%             | 2038-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BIRMINGHAM AL SPL CARE FACS FI              | Alabama Special Care Facilities Financing Authority-Birmingham AL                | CUSIP: 090929GX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1092485.10   | 0.06%             | 2044-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH EDU R              | Industrial Development Authority of the City of Phoenix Arizona/The              | CUSIP: 71885FFC6<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100324.93    | 0.01%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BRIGHTON CROSSING MET DIST #6               | Brighton Crossing Metropolitan District No 6                                     | CUSIP: 10933PAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1271831.52   | 0.07%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CMWLTH FING AUTH PA TOBACCO MA              | Commonwealth Financing Authority                                                 | CUSIP: 20282EAS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000273.60   | 0.10%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE              | Public Finance Authority                                                         | CUSIP: 74442ECC2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1855326.80   | 0.10%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HSG FIN AGY SF              | Pennsylvania Housing Finance Agency                                              | CUSIP: 7087968F7<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2359639.75   | 0.12%             | 2042-10-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| RIDGE AT APOPKA CDD FL SPL ASS              | Ridge at Apopka Community Development District                                   | CUSIP: 76571AAC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $514360.10    | 0.03%             | 2042-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH ST PERSO              | New York State Dormitory Authority                                               | CUSIP: 64990KHT3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $577988.75    | 0.03%             | 2039-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH REVENUE                | New Hampshire Business Finance Authority                                         | CUSIP: 63607YBP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $341170.24    | 0.02%             | 2041-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FA              | California School Finance Authority                                              | CUSIP: 13059TGJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000864.80   | 0.10%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT JOHNS CNTY FL INDL DEV A              | St Johns County Industrial Development Authority                                 | CUSIP: 79041LAN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1064427.33   | 0.05%             | 2041-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP              | New York Transportation Development Corp                                         | CUSIP: 650116GV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $528611.30    | 0.03%             | 2043-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WALKER CNTY AL ECON & INDL DEV              | Walker County Economic & Industrial Development Authority                        | CUSIP: 931542AB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6000000.00   | 0.31%             | 2063-08-01      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| BOLINGBROOK IL                              | Village of Bolingbrook IL                                                        | CUSIP: 097552TK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045506.20   | 0.05%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ADAMS CNTY CO COPS                          | County of Adams CO                                                               | CUSIP: 005596FB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1640000 | PA      | $1814923.06   | 0.09%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST TRANSPRTN COMMISSION               | Central Texas Turnpike System                                                    | CUSIP: 88283KCF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $559250.40    | 0.03%             | 2040-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MEDFORD OR HOSP FACS AUTH REVE              | Medford Hospital Facilities Authority                                            | CUSIP: 584283GS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1357543.63   | 0.07%             | 2034-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BALTIMORE MD SPL OBLIG                      | City of Baltimore MD                                                             | CUSIP: 05923TBY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2020000 | PA      | $2042317.97   | 0.10%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOWER PETROGLYPHS PUBLIC IMPT               | Lower Petroglyphs Public Improvement District                                    | CUSIP: 54844CAL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $366811.06    | 0.02%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST LOCAL GOVT ENVRNM              | Louisiana Local Government Environmental Facilities & Community Development Auth | CUSIP: 54628CDX7<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1502650.05   | 0.08%             | 2032-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP              | New York Transportation Development Corp                                         | CUSIP: 650116CY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2720000 | PA      | $2889212.56   | 0.15%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SILVERTHORNE CO COPS                        | Town of Silverthorne CO                                                          | CUSIP: 82845JAR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1762200.33   | 0.09%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET NASHVILLE TN ARPT AUTH ARP              | Metropolitan Nashville Airport Authority/The                                     | CUSIP: 592190QQ8<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |    600000 | PA      | $670220.82    | 0.03%             | 2035-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH EDUCTNL FACS               | Indiana Finance Authority                                                        | CUSIP: 45470EFR1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    780000 | PA      | $835236.71    | 0.04%             | 2044-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TOBACCO SECURITIZATION AUTH ST              | Tobacco Securitization Authority of Southern California                          | CUSIP: 888804CL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1577185.95   | 0.08%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROSEVILLE CA SPL TAX                        | City of Roseville CA                                                             | CUSIP: 777870V45<br>LEI: 549300OH100KESVPND17 | Long             | DBT              | MUN               | US        |    205000 | PA      | $212998.59    | 0.01%             | 2032-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH NATIO              | Arizona Industrial Development Authority                                         | CUSIP: 04052FCS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3800000 | PA      | $3363020.90   | 0.17%             | 2046-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F              | Tarrant County Cultural Education Facilities Finance Corp                        | CUSIP: 87638TJH7<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    835000 | PA      | $885716.98    | 0.05%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALBUQUERQUE NM                              | City of Albuquerque NM                                                           | CUSIP: 0135184Z5<br>LEI: 549300MV7H0GASZUCG39 | Long             | DBT              | MUN               | US        |   2555000 | PA      | $2550847.61   | 0.13%             | 2027-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| UTAH ST CHRT SCH FIN AUTH CHRT              | Utah Charter School Finance Authority                                            | CUSIP: 91754TYM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1590000 | PA      | $1418636.80   | 0.07%             | 2049-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUCKHEAD TRAILS CDD FL SPL ASS              | Buckhead Trails Community Development District                                   | CUSIP: 11836UAF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    590000 | PA      | $599281.11    | 0.03%             | 2044-05-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV              | City & County of Denver CO Airport System Revenue                                | CUSIP: 249182TB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $1042281.00   | 0.05%             | 2033-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE              | South Carolina Jobs-Economic Development Authority                               | CUSIP: 837032BZ3<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5663747.78   | 0.29%             | 2046-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PECOS BARSTOW TOYAH TX INDEP S              | Pecos Barstow Toyah Independent School District                                  | CUSIP: 705227HP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2502265.25   | 0.13%             | 2039-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION&              | Texas Municipal Gas Acquisition & Supply Corp IV                                 | CUSIP: 88256PAG5<br>LEI: 549300PTUE847QDBBW22 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4271980.40   | 0.22%             | 2054-01-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA              | Main Street Natural Gas Inc                                                      | CUSIP: 56035DHZ8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2143991.20   | 0.11%             | 2054-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN              | Virginia Small Business Financing Authority                                      | CUSIP: 928105CF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1665000 | PA      | $1853695.28   | 0.10%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| THIRD CREEK MET DIST #1 CO                  | Third Creek Metropolitan District No 1                                           | CUSIP: 88423EAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $753235.48    | 0.04%             | 2037-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE              | California Municipal Finance Authority                                           | CUSIP: 13048VKW7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003358.30   | 0.05%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST ECON DEV AUTH              | West Virginia Economic Development Authority                                     | CUSIP: 95648VBU2<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1091917.90   | 0.06%             | 2055-01-01      | Variable      | 5.45%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH              | Maricopa County Industrial Development Authority                                 | CUSIP: 56681NAV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99976.60     | 0.01%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHESTER CNTY PA INDL DEV AUTH               | Chester County Industrial Development Authority                                  | CUSIP: 165588FP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2016702.20   | 0.10%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BEXAR CNTY TX HOSP DIST                     | Bexar County Hospital District                                                   | CUSIP: 088365JE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    555000 | PA      | $544955.89    | 0.03%             | 2035-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BALTIMORE CNTY MD REVENUE                   | County of Baltimore MD                                                           | CUSIP: 059151CK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $650685.23    | 0.03%             | 2040-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH EDUCTNL FACS               | Indiana Finance Authority                                                        | CUSIP: 45470EFQ3<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    740000 | PA      | $801947.92    | 0.04%             | 2043-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ACADEMICAL VLG CDD FL SPL ASSM              | Academical Village Community Development District                                | CUSIP: 00401TAC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $896774.60    | 0.05%             | 2040-05-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| LONG ISLAND NY PWR AUTH ELEC S              | Long Island Power Authority                                                      | CUSIP: 542691DF4<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |    350000 | PA      | $383132.72    | 0.02%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SECURITIZATION AUTH ST              | Tobacco Securitization Authority of Southern California                          | CUSIP: 888804CK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1058747.40   | 0.05%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ELK GROVE CA FIN AUTH SPL TAX               | Elk Grove Finance Authority                                                      | CUSIP: 287254HU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1033851.60   | 0.05%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PECOS BARSTOW TOYAH TX INDEP S              | Pecos Barstow Toyah Independent School District                                  | CUSIP: 705227HQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3502666.65   | 0.18%             | 2040-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JACKSON CNTY MO CONSOL SCH DIS              | Jackson County Consolidated School District No 4                                 | CUSIP: 467484SG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1610000 | PA      | $1797930.95   | 0.09%             | 2043-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| HOWELL MI PUBLIC SCHS                       | Howell Public Schools                                                            | CUSIP: 443114WP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $562190.50    | 0.03%             | 2040-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PRINCETON TX INDEP SCH DIST                 | Princeton Independent School District                                            | CUSIP: 742395YW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1108688.90   | 0.06%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING               | Pennsylvania Economic Development Financing Authority                            | CUSIP: 70870JHR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2630000 | PA      | $2843307.73   | 0.15%             | 2041-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R              | Massachusetts Development Finance Agency                                         | CUSIP: 57585BMP0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    500000 | PA      | $558511.50    | 0.03%             | 2041-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN              | Virginia Small Business Financing Authority                                      | CUSIP: 928105CE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1790000 | PA      | $2009419.99   | 0.10%             | 2038-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST ENTERPRISE DEV A              | California Enterprise Development Authority                                      | CUSIP: 13067VBQ6<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2174105.00   | 0.11%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS RANCHOS DE ALBUQUERQUE NM               | Village of Los Ranchos de Albuquerque NM                                         | CUSIP: 545610BD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    565000 | PA      | $585630.41    | 0.03%             | 2033-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF CINCINNATI OH RECPTS                | University of Cincinnati                                                         | CUSIP: 9141194V1<br>LEI: 549300E0RD3ICJ858L23 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2104627.80   | 0.11%             | 2049-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA ARPT REVENUE                     | City of Atlanta GA Department of Aviation                                        | CUSIP: 04780MZY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002867.80   | 0.05%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE              | Public Finance Authority                                                         | CUSIP: 74442ECA6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1730000 | PA      | $1730780.58   | 0.09%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R              | Arizona Industrial Development Authority                                         | CUSIP: 04052BLR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    925000 | PA      | $874418.69    | 0.04%             | 2040-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOWER PETROGLYPHS PUBLIC IMPT               | Lower Petroglyphs Public Improvement District                                    | CUSIP: 54844CAJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $262396.19    | 0.01%             | 2027-10-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| HUDSON YARDS INFRASTRUCTURE CO              | Hudson Yards Infrastructure Corp                                                 | CUSIP: 44420RBA7<br>LEI: 549300EE2HJ67TPURL87 | Long             | DBT              | MUN               | US        |    495000 | PA      | $505249.52    | 0.03%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-25

**Name of Applicant:** First Trust Exchange-Traded Fund III

**Signature:** Derek Maltbie

**Name of Signer:** Derek Maltbie

**Title:** Treasurer, Chief Financial Officer and Chief Accounting Officer