# EDGAR Filing Document

**Accession Number:** 0001424212
**File Stem:** 0000940400-25-014249
**Filing Date:** 2025-12
**Character Count:** 397564
**Document Hash:** 7ae8fd6bd1452a3de02fdce8dd6378e1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-014249.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0000940400-25-014249

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251223

**PERIOD START**: 20260731

**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:** 251597868

**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 Municipal High Income ETF (Series ID: S000051606)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000162358 | First Trust Municipal High Income ETF | FMHI            |

## Nport-Ex

**First Trust Municipal High Income ETF (FMHI)**

**Portfolio of Investments**

**October 31, 2025 (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 — 98.7%** | **MUNICIPAL BONDS — 98.7%** | **MUNICIPAL BONDS — 98.7%** | **MUNICIPAL BONDS — 98.7%** | **MUNICIPAL BONDS — 98.7%** |
|  | **Alabama — 3.1%** | **Alabama — 3.1%** | **Alabama — 3.1%** |  |
| $530000 | &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 | $565209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1340000 | &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 | 1416581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &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 | 1086213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Homewood AL Eductnl Bldg Auth Rev Stdt Hsg & Parking <br> Proj, Ser C | 5.50% | 10/01/49 | 1537740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; Mobile AL Indl Dev Brd Poll Control Rev AL Pwr Barry Plt, <br> 1st Ser (a) | 3.95% | 06/01/34 | 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Mobile AL Indl Dev Brd Sol Wst Disp Rev Var AL Pwr Barry <br> Plant (a) | 4.00% | 06/01/34 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp; Mobile Cnty AL Indl Dev Auth Sol Wst Disp Rev AM/NS <br> Calvert LLC Proj, Ser B, AMT | 4.75% | 12/01/54 | 5612248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2425000 | &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 | 2481062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | SE Energy Auth Cooperative Dist AL Energy Sply Rev, Ser A | 5.00% | 11/01/35 | 3201455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | Univ of AL at Birmingham Gen Rev Brd of Trustees, Ser B | 3.00% | 10/01/41 | 1475280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; Walker Cnty AL Econ & Indl Dev Auth Sol Wst Disp Rev Var AL <br> Pwr Co Plant Gorgas Proj, AMT (a) | 4.00% | 08/01/63 | 2500000 |
|  |  |  |  | 25875788 |
|  | **Arizona — 4.2%** | **Arizona — 4.2%** | **Arizona — 4.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1075000 | AZ St Hlth Facs Auth Var Banner Hlth Rmkt, Ser C (a) | 3.90% | 01/01/46 | 1075000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1790000 | AZ St Indl Dev Auth Edu Rev Acads of Math & Science Proj (b) | 5.00% | 07/01/39 | 1791768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 610000 | AZ St Indl Dev Auth Edu Rev Acads of Math & Science Proj (b) | 5.00% | 07/01/49 | 563871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; AZ St Indl Dev Auth Edu Rev Acads of Math & Science Proj, <br>Ser B (b) | 5.00% | 07/01/29 | 1008069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2075000 | &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 | 2080002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | AZ St Indl Dev Auth Edu Rev Lone Mountain Cmps Proj, Ser A (b) | 5.00% | 12/15/39 | 400648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | AZ St Indl Dev Auth Edu Rev Lone Mountain Cmps Proj, Ser A (b) | 5.00% | 12/15/49 | 642891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; AZ St Indl Dev Auth Edu Rev Pinecrest Acdmy Horizon Inspirada <br> & St Rose Cmps, Ser A (b) | 5.75% | 07/15/38 | 1258835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | AZ St Indl Dev Auth Edu Rev Ref Basis Sch Projs, Ser D (b) | 5.00% | 07/01/37 | 301812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1670000 | AZ St Indl Dev Auth Edu Rev Ref Basis Schs Projs, Ser A (b) | 5.13% | 07/01/37 | 1675709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2240000 | AZ St Indl Dev Auth Edu Rev Ref Basis Schs Projs, Ser A (b) | 5.25% | 07/01/47 | 2209101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 | AZ St Indl Dev Auth Edu Rev Ref Basis Schs Projs, Ser D (b) | 4.00% | 07/01/27 | 549769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp; AZ St Indl Dev Auth Edu Rev Ref Doral Acdmy of Northern NV <br> Proj, Ser A (b) | 4.00% | 07/15/33 | 350289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 385000 | &nbsp;&nbsp;&nbsp; AZ St Indl Dev Auth Edu Rev Ref Doral Acdmy of Northern NV <br> Proj, Ser A (b) | 4.00% | 07/15/34 | 364721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp; AZ St Indl Dev Auth Edu Rev Ref Doral Acdmy of Northern NV <br> Proj, Ser A (b) | 4.00% | 07/15/41 | 790240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; AZ St Indl Dev Auth Edu Rev Ref Doral Acdmy of Northern NV <br> Proj, Ser A (b) | 4.00% | 07/15/51 | 1097497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1835000 | &nbsp;&nbsp;&nbsp; AZ St Indl Dev Auth Edu Rev Somerset Acdmy of LV Aliante & <br> Skye Canyon Cmps Proj, Ser A (b) | 4.00% | 12/15/41 | 1596644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; AZ St Indl Dev Auth Edu Rev Somerset Acdmy of LV Aliante & <br> Skye Canyon Cmps Proj, Ser A (b) | 4.00% | 12/15/51 | 773473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; AZ St Indl Dev Auth Edu Rev Var Academies of Math & <br> Science Projs, Ser A (Mandatory put 07/01/35) (b) | 4.88% | 07/01/60 | 1004035 |

---

------

**First Trust Municipal High Income ETF (FMHI)**

**Portfolio of Investments (Continued)**

**October 31, 2025 (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)** |  |
| $1000000 | &nbsp;&nbsp;&nbsp; Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Legacy Trad Schs <br> Proj Auth, Ser B (b) | 5.00% | 07/01/39 | $1016933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2035000 | &nbsp;&nbsp;&nbsp; Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Legacy Trad Schs <br> Proj Auth, Ser B (b) | 5.00% | 07/01/49 | 1967123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp; Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Paradise Schs Projs <br> Paragon Mgmt Inc (b) | 4.00% | 07/01/26 | 259197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Paradise Schs Projs <br> Paragon Mgmt Inc (b) | 5.00% | 07/01/47 | 916400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; Maricopa Cnty Indl Dev Auth Exempt Facs Rev Comml Metals Co <br> Proj, AMT (b) | 4.00% | 10/15/47 | 2558280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Phoenix AZ Indl Dev Auth Edu Rev Ref Fac Legacy Trad Schs <br> Projs (b) | 5.00% | 07/01/45 | 1951627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Phoenix AZ Indl Dev Auth Hotel Rev Sr Falcon Properties LLC <br> Proj, Ser A (b) | 4.00% | 12/01/51 | 1342154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &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% | 07/01/27 | 102031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Pima Cnty AZ Indl Dev Auth Sr Living Rev La Posada at Pusch <br> Ridge Proj, Ser A (b) | 6.75% | 11/15/42 | 1087364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Sierra Vista AZ Indl Dev Auth Ed Fac Rev American Leadership <br> Acdmy Proj (b) | 5.00% | 06/15/54 | 1376696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Tempe AZ Indl Dev Auth Rev Friendship Vlg of Tempe Proj, Ser A | 4.38% | 12/01/36 | 1000660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Tempe AZ Indl Dev Auth Rev Friendship Vlg of Tempe Proj, Ser A | 5.38% | 12/01/46 | 1003866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Tempe AZ Indl Dev Auth Rev Friendship Vlg of Tempe Proj, Ser A | 5.63% | 12/01/55 | 1007873 |
|  |  |  |  | 35124578 |
|  | **Arkansas — 0.9%** | **Arkansas — 0.9%** | **Arkansas — 0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; AR Dev Fin Auth Envrnmntl Rev Sustainable Bond US Steel Corp <br> Proj, AMT | 5.45% | 09/01/52 | 4019868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; AR Dev Fin Auth Envrnmntl Rev Sustainable Bond US Steel Corp <br> Proj, AMT | 5.70% | 05/01/53 | 1021391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; AR St Dev Fin Auth Indl Dev Rev Sustainable Bonds Hybar Steel <br> Proj, Ser A, AMT (b) | 6.88% | 07/01/48 | 2155475 |
|  |  |  |  | 7196734 |
|  | **California — 3.4%** | **California — 3.4%** | **California — 3.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &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 | 2724531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp; CA Cnty CA Tobacco Securitization Agy Tobacco Settle Cap <br> Apprec Stanislaus, Subser A | (c) | 06/01/46 | 1829475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; CA Pub Fin Auth Sr Living Rev Enso Vlg Proj Sustainable <br> Bond, Ser A (b) | 5.00% | 11/15/51 | 223538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | CA Sch Fin Auth Sch Fac Rev Ref Value Schs, Ser A (b) | 5.25% | 07/01/48 | 253867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; CA St Enterprise Dev Auth Chrt Sch Rev The Rocklin Acdmy <br> Proj (b) | 5.00% | 06/01/54 | 612553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | CA St Hlth Facs Fing Auth Rev El Camino Hosp | 5.00% | 02/01/42 | 2535442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Chrt Sch Rev Palmdale Aerospace Acdmy <br> Proj, Ser A (b) | 5.00% | 07/01/38 | 1045511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | CA St Muni Fin Auth Rev CA Baptist Univ, Ser A (b) | 5.00% | 11/01/46 | 1929096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 775000 | CA St Muni Fin Auth Rev Ref CA Baptist Univ, Ser A (b) | 5.38% | 11/01/45 | 792045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205000 | CA St Muni Fin Auth Rev Ref Eisenhower Med Ctr, Ser A | 5.00% | 07/01/32 | 209406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | CA St Muni Fin Auth Rev Ref HumanGood Oblig Grp, Ser A | 5.00% | 10/01/44 | 1254328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | CA St Muni Fin Auth Spl Fac Rev United Airls Inc Proj, AMT | 4.00% | 07/15/29 | 1011122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | CA St Muni Fin Auth Spl Tax Rev Bold Prog, Ser B | 5.75% | 09/01/53 | 1381293 |

---

------

**First Trust Municipal High Income ETF (FMHI)**

**Portfolio of Investments (Continued)**

**October 31, 2025 (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)** |  |
| $1250000 | &nbsp;&nbsp;&nbsp; CA St Poll Control Fing Auth Wtr Furnishing Rev Plant Bonds, <br> AMT (b) | 5.00% | 07/01/37 | $1251159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; CA Stwd Cmntys Dev Auth Rev Loma Linda Univ Med Ctr, <br>Ser A (b) | 5.00% | 12/01/33 | 568097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; CA Stwd Cmntys Dev Auth Rev Loma Linda Univ Med Ctr, <br>Ser A (b) | 5.50% | 12/01/58 | 2007925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | CA Stwd Cmntys Dev Auth Rev Ref CA Baptist Univ, Ser A (b) | 5.00% | 11/01/41 | 1000709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; CSCDA Cmnty Impt Auth CA Essential Hsg Rev The Link <br> Glendale Sustainable Bonds, Ser A-2 (b) | 4.00% | 07/01/56 | 1160743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; CSCDA Cmnty Impt Auth CA Essential Hsg Rev Union S Bay <br> Sustainable Bonds, Ser A-2 (b) | 4.00% | 07/01/56 | 408403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Morongo Band of Mission Indians CA Rev Ref, Ser B (b) | 5.00% | 10/01/42 | 303686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | Palm Desert CA Spl Tax Ref Univ Park | 4.00% | 09/01/41 | 432510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3735000 | &nbsp;&nbsp;&nbsp; San Francisco CA City & Cnty Arpts Commn Intl Arpt Rev, Ser A, <br> AMT | 5.00% | 05/01/44 | 3811346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1615000 | &nbsp;&nbsp;&nbsp; San Luis Obispo Cnty CA Fing Auth Lease Rev Multiple Capital <br> Projs Ref, Ser A | 5.25% | 11/15/42 | 1775613 |
|  |  |  |  | 28522398 |
|  | **Colorado — 5.5%** | **Colorado — 5.5%** | **Colorado — 5.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Aerotropolis Regl Tranprtn Auth CO Spl Rev (b) | 5.50% | 12/01/44 | 1515819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Aerotropolis Regl Tranprtn Auth CO Spl Rev (b) | 5.75% | 12/01/54 | 1010803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1120000 | Allison Vly Met Dist #2 CO Ref | 4.70% | 12/01/47 | 1040190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525000 | Brighton Crossing Met Dist #6 CO, Ser A | 5.00% | 12/01/35 | 532012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1125000 | Canyons Met Dist #5 CO Ref Subord, Ser B | 6.50% | 12/15/54 | 1132164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1175000 | CCP Met Dist No 3 CO Ref | 5.00% | 12/01/53 | 1170982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; CO St Hlth Facs Auth Rev Ref Christian Living Neighborhoods <br> Proj | 5.00% | 01/01/31 | 500565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp; CO St Hlth Facs Auth Rev Ref Christian Living Neighborhoods <br> Proj | 5.00% | 01/01/37 | 1400962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 950000 | CO St Hlth Facs Auth Rev Ref Commonspirit Hlth, Ser A-1 | 4.00% | 08/01/39 | 941662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1275000 | &nbsp;&nbsp;&nbsp; CO St Hlth Facs Auth Rev Ref Frasier Meadows Retmnt Cmnty <br> Proj, Ser A | 5.25% | 05/15/30 | 1308068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 670000 | CO St Hlth Facs Auth Rev Ref Frasier Proj, Ser 2023A | 4.00% | 05/15/35 | 672737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1125000 | CO St Hlth Facs Auth Rev Ref Frasier Proj, Ser 2023A | 4.00% | 05/15/41 | 1045857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | CO St Hlth Facs Auth Rev Ref Frasier Proj, Ser 2023A | 4.00% | 05/15/48 | 425606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | CO St Hlth Facs Auth Rev Ref, Ser A | 5.25% | 05/15/48 | 1013429 |
| &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 (d) (e) | 5.25% | 11/01/32 | 6515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1120000 | Denver City & Cnty CO Arpt Rev Ref, Ser D, AMT | 5.75% | 11/15/40 | 1248857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | Denver City & Cnty CO Arpt Rev Ref, Ser D, AMT | 5.75% | 11/15/45 | 1188473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1220000 | Denver City & Cnty CO Arpt Rev, Ser A, AMT | 5.00% | 11/15/41 | 1289412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Denver CO Intl Busn Ctr CO Met Dist #1 Subord, Ser B | 6.00% | 12/01/48 | 502711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp; Elbert & Hwy 86 CO Comml Spl Rev & Tax Supported Ref Sr <br> Bonds, Ser A (b) | 5.00% | 12/01/41 | 1707998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1510000 | &nbsp;&nbsp;&nbsp; Elbert & Hwy 86 CO Comml Spl Rev & Tax Supported Ref Sr <br> Bonds, Ser A (b) | 5.00% | 12/01/51 | 1417422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Four Corners Busn Impt Dist CO Ltd Tax Supported | 6.00% | 12/01/52 | 1515940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Grandview Reserve Met Dist #3 CO Sr Bonds, Ser A (d) | 6.25% | 12/01/52 | 995727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575000 | Jefferson Ctr CO Met Dist #1 Spl Rev, Ser A-2 | 4.13% | 12/01/40 | 539598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Kinston Met Dist CO #5 Ref Sr, Ser A (b) | 5.50% | 12/01/45 | 507043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Lanterns Met Dist #3, Ser A-1 | 7.25% | 12/01/53 | 1041023 |

---

------

**First Trust Municipal High Income ETF (FMHI)**

**Portfolio of Investments (Continued)**

**October 31, 2025 (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 | Meridian Ranch Met Dist 2018 Subdistrict CO | 6.75% | 12/01/52 | $1015656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 905000 | Mountain Brook Met Dist CO | 4.50% | 12/01/41 | 775886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1145000 | Newlin Crossing Met Dist CO, Ser A (b) | 5.38% | 12/01/54 | 1148462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; Palisade CO Met Dist #2 Ltd Tax Ref Convertible Sub, Ser B, <br> CABS, steps up to 5.88% on 12/15/26 (b) (f) | 0.00% | 12/15/54 | 2371122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Peak Met Dist #1 CO, Ser A (b) | 5.00% | 12/01/41 | 920572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | Pinon Pines Met Dist #2 CO MDD | 5.00% | 12/01/50 | 1236198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2470000 | &nbsp;&nbsp;&nbsp; Pinon Pines Met Dist #3 CO Conv, CABS, steps up to 5.88% on <br> 12/01/27 (f) | 0.00% | 12/01/54 | 2228700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 975000 | Poudre Heights Vly Met Dist CO, Ser A (b) | 5.50% | 12/01/54 | 927215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Prairie Ctr CO Met Dist #3 Ltd Property Tax Supported Pri Ref, <br>Ser A (b) | 5.00% | 12/15/41 | 1503472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3550000 | Red Barn Met Dist CO Ref, Ser A | 5.50% | 12/01/55 | 3579197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 | Sterling Ranch Cmnty Auth Brd CO Supported Rev Ref Sr, Ser A | 6.13% | 12/01/39 | 575185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1410000 | Sunset Parks Met Dist CO, Ser A (b) | 5.13% | 12/01/54 | 1379204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900000 | Thompson Crossing Met Dist #4 CO Ref | 5.00% | 12/01/39 | 904607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | Vlg Met Dist CO, Ser A | 5.75% | 12/01/55 | 1211067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | W Meadow Met Dist CO Ref Sr Bonds, Ser A (b) | 6.00% | 12/01/38 | 728290 |
|  |  |  |  | 46176408 |
|  | **Connecticut — 0.8%** | **Connecticut — 0.8%** | **Connecticut — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | CT St Hlth & Eductnl Facs Auth Rev Hartford Hlthcare, Ser A | 4.00% | 07/01/37 | 804950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; CT St Hlth & Eductnl Facs Auth Rev Sustainable Bonds Goodwin <br> Univ Obligated Grp, Ser A1 | 5.00% | 07/01/44 | 2463191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Stamford CT Hsg Auth Ref Mozaic Concierge Living Proj, Ser A | 6.38% | 10/01/45 | 1028854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2200000 | Stamford CT Hsg Auth Ref Mozaic Concierge Living Proj, Ser A | 6.50% | 10/01/55 | 2245925 |
|  |  |  |  | 6542920 |
|  | **Delaware — 0.5%** | **Delaware — 0.5%** | **Delaware — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 780000 | Bridgeville DE Spl Oblig Heritage Shores Spl Dev Dist (b) | 5.25% | 07/01/44 | 789611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3140000 | DE St Hlth Facs Auth Rev Beebe Med Ctr, BAM | 5.00% | 06/01/48 | 3146781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 214000 | Millsboro DE Spl Oblig Ref Plantation Lakes Spl Dev Dist (b) | 5.00% | 07/01/28 | 215655 |
|  |  |  |  | 4152047 |
|  | **District of Columbia — 0.6%** | **District of Columbia — 0.6%** | **District of Columbia — 0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1470000 | Met WA DC Arpts Auth Arpt Sys Rev Ref, Ser A, AMT | 5.00% | 10/01/42 | 1548955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1450000 | Met WA DC Arpts Auth Arpt Sys Rev Ref, Ser A, AMT | 5.25% | 10/01/43 | 1535378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Met WA DC Arpts Auth Arpt Sys Rev Ref, Ser A, AMT | 5.50% | 10/01/45 | 2189018 |
|  |  |  |  | 5273351 |
|  | **Florida — 16.0%** | **Florida — 16.0%** | **Florida — 16.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 705000 | &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 | 663644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; Ave Maria FL Stewardship Cmnty Dist Capital Impt Rev Maple <br> Ridge Phase 4 Proj (b) | 4.30% | 05/01/42 | 95075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1655000 | &nbsp;&nbsp;&nbsp; Ave Maria FL Stewardship Cmnty Dist Capital Impt Rev Maple <br> Ridge Phase 4 Proj (b) | 4.45% | 05/01/52 | 1484847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2380000 | &nbsp;&nbsp;&nbsp; Ave Maria FL Stewardship Cmnty Dist Capital Impt Rev Phase 4 <br> Master Impt Proj (b) | 5.25% | 05/01/43 | 2434546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; Babcock Ranch Cmnty Indep Spl Dist FL Spl Assmnt Rev Proj, <br>Ser 2021 | 4.00% | 05/01/52 | 497319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Babcock Ranch Cmnty Indep Spl Dist FL Spl Assmnt Rev Proj, <br>Ser 2022 | 5.00% | 05/01/53 | 968534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Berry Bay CDD FL Spl Assmnt Rev Assmnt Area One | 3.63% | 05/01/41 | 850602 |

---

------

**First Trust Municipal High Income ETF (FMHI)**

**Portfolio of Investments (Continued)**

**October 31, 2025 (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)** |  |
| $500000 | Berry Bay II CDD FL Spl Assmnt Proj, Ser 2024 | 5.20% | 05/01/44 | $499398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Bexley CDD FL Spl Assmnt Rev | 4.88% | 05/01/47 | 1952123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Braddock Lakes CDD FL Capital Impt Rev | 5.55% | 05/01/45 | 1001805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1600000 | Bridgewater N Cmnty Dev Dist FL Capital Impt Rev | 4.00% | 05/01/42 | 1437775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1985000 | &nbsp;&nbsp;&nbsp; Capital Projs Fin Auth FL Eductnl Facs Rev Ref Navigator Acdmy <br> of Leadership Obligated Grp Proj (b) | 5.00% | 06/15/44 | 1884900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp; Capital Projs Fin Auth FL Eductnl Facs Rev Ref Navigator Acdmy <br> of Leadership Obligated Grp Proj (b) | 5.00% | 06/15/54 | 1569366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp; Capital Trust Agy FL Eductnl Facs Rev Academir Chrt Schs Inc <br> Proj, Ser A (b) | 4.00% | 07/01/51 | 401053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp; Capital Trust Agy FL Eductnl Facs Rev Liza Jackson Preparatory <br> Sch Inc Proj, Ser A | 4.00% | 08/01/30 | 135906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1070000 | &nbsp;&nbsp;&nbsp; Capital Trust Agy FL Eductnl Facs Rev Liza Jackson Preparatory <br> Sch Inc Proj, Ser A | 5.00% | 08/01/40 | 1083622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Capital Trust Auth FL Eductnl Facs Rev FL Institute of Technology <br> Proj, Ser A (b) | 5.00% | 07/01/45 | 243992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Capital Trust Auth FL Eductnl Facs Rev FL Institute of Technology <br> Proj, Ser A (b) | 5.25% | 07/01/50 | 986341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Celebration Pointe Cmnty Dev Dist No 1 FL Spl Assmnt <br> Rev (d) (e) | 4.00% | 05/01/53 | 800000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Charlotte Cnty FL Indl Dev Auth Util Sys Rev Town & Country <br> Utils Proj (b) | 5.00% | 10/01/34 | 1020646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4750000 | &nbsp;&nbsp;&nbsp; Charlotte Cnty FL Indl Dev Auth Util Sys Rev Town & Country <br> Utils Proj, Ser A, AMT (b) | 4.00% | 10/01/51 | 3979158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 485000 | Coco Palms FL CDD Spl Assmnt | 4.50% | 05/01/32 | 489754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Coco Palms FL CDD Spl Assmnt | 5.00% | 05/01/46 | 1000431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Connerton E CDD FL Spl Assmnt Area One | 5.25% | 06/15/43 | 1545676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Crossings CDD FL Spl Assmnt Area Two | 5.60% | 05/01/54 | 503274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Crosswinds E CDD FL Spl Assmnt Area One Proj | 5.50% | 05/01/44 | 1022439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Crosswinds E CDD FL Spl Assmnt Area One Proj | 5.75% | 05/01/54 | 1526530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | Cypress Bluff CDD FL Spl Assmnt Del Web Proj, Ser A (b) | 3.63% | 05/01/40 | 558914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1640000 | Eden Hills Cmnty Dev Dist FL Spl Assmnt | 4.00% | 05/01/42 | 1524683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1765000 | Edgewater E CDD FL Spl Assmnt Rev Assmnt Area One | 4.00% | 05/01/51 | 1391846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2635000 | Edgewater E CDD FL Spl Assmnt Rev Assmnt Area Two | 4.00% | 05/01/52 | 2138501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3040000 | Epperson N CDD FL Capital Impt Rev Assmnt Area #2 | 4.00% | 05/01/51 | 2550112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 720000 | Epperson N CDD FL Capital Impt Rev Assmnt Area 1, Ser A-1 (b) | 5.00% | 11/01/29 | 735916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 995000 | Epperson N CDD FL Capital Impt Rev Assmnt Area 1, Ser A-1 (b) | 5.50% | 11/01/39 | 1029529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | Fallschase Cmnty Dev Dist FL Spl Assmnt | 3.38% | 05/01/41 | 1069888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; FL Loc Govt Fin Commn Sr Living Rev Fleet Landing at Nocatee <br> Proj, Ser A (b) | 6.63% | 11/15/45 | 1051954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1385000 | &nbsp;&nbsp;&nbsp; FL St Dev Fin Corp Eductnl Facs Rev Ref Global Outreach Chrt <br> Acdmy Proj, Ser A (b) | 4.00% | 06/30/56 | 899300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; FL St Dev Fin Corp Sol Wst Disp Rev Var GFL Solid Wst SE LLC <br> Proj, Ser A, AMT (Mandatory put 10/01/31) (b) | 4.38% | 10/01/54 | 1015704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; FL St Dev Fin Corp Sol Wst Disp Rev Var Wst Pro USA Inc Proj, <br> AMT (Mandatory put 07/01/26) (b) | 6.13% | 07/01/32 | 2016897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1005000 | &nbsp;&nbsp;&nbsp; FL St Dev Fin Corp Sr Living Rev Ref Mayflower Retmnt Cmnty <br> Proj, Ser A (b) | 4.00% | 06/01/41 | 851671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | FL St Dev Fin Corp Sr SFP Tampa I The Henry Proj, Ser A1 (b) | 5.00% | 06/01/44 | 734947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Forest Lake Cmnty Dev Dist FL Spl Assmnt Area 1 Proj (b) | 4.00% | 05/01/40 | 477535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | Fort Lauderdale FL Wtr & Swr Rev Enabling Wks Proj, Ser A | 5.50% | 09/01/53 | 1900316 |

---

------

**First Trust Municipal High Income ETF (FMHI)**

**Portfolio of Investments (Continued)**

**October 31, 2025 (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)** |  |
| $190000 | Gardens at Hammock Beach CDD FL Spl Assmnt Area One, Ser 1 | 4.80% | 05/01/31 | $193594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Gardens at Hammock Beach CDD FL Spl Assmnt Area One, Ser 1 | 5.38% | 05/01/44 | 305211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2405000 | Gulfstream Polo Cmnty Dev Dist FL Spl Assmnt Phase 2 Proj | 4.38% | 11/01/49 | 2085108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Halifax FL Hosp Med Ctr Ref | 5.00% | 06/01/36 | 2014037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 440000 | Hamilton Bluff Cmnty Dev Dist FL Spl Assmnt Area One Proj | 4.70% | 05/01/31 | 448221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Hamilton Bluff Cmnty Dev Dist FL Spl Assmnt Area One Proj | 5.50% | 05/01/44 | 507102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Hamilton Bluff Cmnty Dev Dist FL Spl Assmnt Area One Proj | 5.80% | 05/01/54 | 1008888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1825000 | &nbsp;&nbsp;&nbsp; Hillsborough Cnty FL Aviation Auth Pfc Sub Tampa Intl Arpt, Ser <br> A, AMT | 5.00% | 10/01/48 | 1832166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Hillsborough Cnty FL Aviation Auth Tampa Intl Arpt, Ser B, AMT | 5.50% | 10/01/49 | 537978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 520000 | Lakewood Ranch FL Stewardship Dist Spl Assmnt Rev Azario Proj | 3.75% | 05/01/40 | 485481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2565000 | &nbsp;&nbsp;&nbsp; Lakewood Ranch FL Stewardship Dist Spl Assmnt Rev Lakewood <br> Ranch SE Proj | 5.80% | 05/01/45 | 2666449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; Lakewood Ranch FL Stewardship Dist Spl Assmnt Rev Lakewood <br> Ranch SE Proj | 6.00% | 05/01/56 | 1813853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; Lakewood Ranch FL Stewardship Dist Spl Assmnt Rev N E Sector <br> Proj Phase 1A | 5.00% | 05/01/38 | 764672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 765000 | &nbsp;&nbsp;&nbsp; Lakewood Ranch FL Stewardship Dist Spl Assmnt Rev Palm Grove <br> Proj | 5.50% | 05/01/55 | 771372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; Lakewood Ranch Fl Stewardship Dist Spl Assmnt Rev Ref NE <br> Sector Proj Phase 2B (b) | 4.00% | 05/01/50 | 83434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1325000 | &nbsp;&nbsp;&nbsp; Lakewood Ranch FL Stewardship Dist Spl Assmnt Rev <br> Stewardship Dist Azario Proj | 4.00% | 05/01/50 | 1105507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1295000 | Langley S CDD FL Spl Assmnt Area One | 5.13% | 05/01/44 | 1295459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp; Lee Cnty FL Indl Dev Auth Hlthcare Facs Rev Shell Point <br> Waterside Hlth Proj | 5.00% | 11/15/49 | 1128101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; LTC Ranch W Rsdl Cmnty Dev Dist Spl Assmnt Rev Assmnt Area <br> Two Proj Pod 5, Ser AA2 | 5.70% | 05/01/44 | 305041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1130000 | Mangrove Point & Mangrove Manor CDD Capital Impt | 4.25% | 05/01/42 | 990005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 435000 | Mangrove Point & Mangrove Manor CDD Capital Impt | 4.38% | 05/01/52 | 354310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2570000 | Miami-Dade Cnty FL Aviation Rev Ref, Ser A, AMT | 5.00% | 10/01/38 | 2573485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | Miami-Dade Cnty FL Aviation Rev, Ser A, AMT | 5.00% | 10/01/49 | 2513350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1900000 | Miami-Dade Cnty FL Seaport Rev Ref Sr Bonds, Ser A, AMT | 5.25% | 10/01/52 | 1942876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1880000 | N Park Isle Cmnty Dev Dist FL Spl Assmnt Rev Assmnt Area One | 4.50% | 05/01/40 | 1881610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | N Park Isle Cmnty Dev Dist FL Spl Assmnt Rev Assmnt Area Two | 3.38% | 11/01/41 | 1284041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | N Springs FL Impt Dist Parkland Bay Assmt Area (b) | 4.88% | 05/01/38 | 1013082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; N Sumter Cnty FL Util Dependent Dist Util Rev Sr Central Sumter <br> Util | 5.00% | 10/01/49 | 2048007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Normandy CDD FL Capital Impt Rev Assmnt Area One (b) | 5.30% | 05/01/44 | 1475664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225000 | Nthrn Palm Beach Cnty FL Impt Dist | 3.45% | 08/01/41 | 182734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1240000 | Okaloosa Cnty FL Indl Dev Rev Air Force Enlisted Vlg Inc Proj (b) | 5.50% | 05/15/45 | 1260401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Okaloosa Cnty FL Indl Dev Rev Air Force Enlisted Vlg Inc Proj (b) | 5.75% | 05/15/55 | 1016337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | Old Hickory CDD FL Spl Assmnt Spl Asmt | 4.00% | 06/15/40 | 1219068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp; Palm Beach Cnty FL Hlth Facs Auth Acts Retmnt Life Cmntys <br> Inc, Ser A | 5.00% | 11/15/45 | 1800961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Palm Beach Cnty FL Rev Sr Bond Provident Grp PBAU Properties <br> II LLC, Ser A (b) | 5.75% | 10/01/55 | 1033466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp; Parkland Preserve CDD FL Spl Assmnt Rev 2019A Spl <br> Assmnts, Ser A | 5.25% | 05/01/39 | 480631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 925000 | Parrish Lakes CDD Capital Impt Rev Assmnt Area Three | 5.50% | 05/01/44 | 936764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | Pioneer Ranch CDD FL Spl Assmnt | 5.00% | 05/01/44 | 784842 |

---

------

**First Trust Municipal High Income ETF (FMHI)**

**Portfolio of Investments (Continued)**

**October 31, 2025 (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)** |  |
| $1000000 | &nbsp;&nbsp;&nbsp; Polk Cnty FL Indl Dev Auth Mineral Dev LLC Secondary <br> Phosphate Tailings Recovery Proj (e) (g) | 5.88% | 01/01/33 | $390000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 610000 | Pompano Beach FL Rev John Knox Vlg Proj, Ser A | 4.00% | 09/01/41 | 555902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1050000 | Pompano Beach FL Rev Ref John Knox Vlg Proj | 4.00% | 09/01/50 | 853256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 690000 | Prosperity Lakes Cmnty Dev Dist FL Spl Assmnt Area One | 5.88% | 12/15/43 | 735979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 995000 | Prosperity Lakes Cmnty Dev Dist FL Spl Assmnt Area One | 6.13% | 12/15/53 | 1064554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1730000 | Reunion E FL CDD Spl Assmnt, Ser 2021 | 4.00% | 05/01/51 | 1434062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390000 | Rivington CDD FL Spl Assmnt Rev 2022 Assmnt Area | 4.00% | 05/01/52 | 324237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 760000 | Rivington CDD FL Spl Assmnt Rev Assmnt Area | 3.38% | 05/01/31 | 737967 |
| &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 | 468329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &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 | 654068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2765000 | Saltleaf CDD FL Capital Impt Rev | 6.00% | 05/01/56 | 2823695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1880000 | Sandridge Cmnty Dev Dist FL Spl Assmnt Rev Phase II Proj | 4.30% | 05/01/52 | 1614778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Sawyers Landing CDD FL Spl Assmnt Rev | 4.13% | 05/01/41 | 1877760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Sawyers Landing CDD FL Spl Assmnt Rev | 4.25% | 05/01/53 | 1729790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Scenic Terrace S CDD FL Spl Assmnt Proj, Ser 2022 | 4.63% | 05/01/53 | 1836385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Seagrove CDD FL Spl Assmnt | 4.88% | 06/15/44 | 1459050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 490000 | Shell Point Cmnty Dev Dist FL Spl Assmnt (b) | 5.25% | 11/01/39 | 503475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Shingle Creek at Bronson CDD FL Spl Assmnt | 3.50% | 06/15/41 | 914611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1945000 | Six Mile Creek FL CDD Capital Impt Rev Assmnt Area 3 Phase 1 | 4.00% | 05/01/51 | 1634001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1580000 | Sunrise CDD FL Capital Impt Rev (b) | 5.63% | 05/01/45 | 1568860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2300000 | The Heights CDD FL Spl Assmnt Rev CDD | 5.00% | 01/01/50 | 2257775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | Three Rivers CDD FL | 5.50% | 05/01/45 | 1250428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 835000 | Triple Creek FL CDD Spl Assmnt Vlgs Q&R Proj (b) | 4.00% | 11/01/51 | 697036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1050000 | Trout Creek CDD FL Capital Impt Rev | 4.00% | 05/01/51 | 878176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 895000 | V-Dana CDD FL Spl Assmnt Area Two 2025 Proj Area | 5.38% | 05/01/45 | 903594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 725000 | Venice FL Vlg on The Isle Proj, Ser A (b) | 5.50% | 01/01/55 | 708146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 995000 | &nbsp;&nbsp;&nbsp; Veranda CDD II FL Spl Assmnt Rev Ref Assmt Area 3 Preserve E <br> Proj | 5.38% | 05/01/54 | 1010472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185000 | Villamar CDD FL Spl Assmnt | 4.00% | 05/01/29 | 186078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3400000 | Volusia Cnty FL Eductnl Fac Auth Stetson Univ Inc Proj | 5.25% | 06/01/49 | 3502254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1760000 | W Vlgs FL Impt Dist Ref Spl Assmt Unit Dev #1 | 4.63% | 05/01/38 | 1763240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 990000 | W Vlgs FL Impt Dist Unit Dev #10 Assmnt Area One | 5.38% | 05/01/44 | 1004473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | W Vlgs FL Impt Dist Unit of Dev #10 Assmnt Area Two (h) | 5.25% | 05/01/45 | 500732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900000 | Westside FL CDD Spl Assmnt Rev Ref (b) | 4.13% | 05/01/38 | 874208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1245000 | Westview S CDD FL Spl Assmnt Area One 2023 Proj Area | 5.38% | 05/01/43 | 1283204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1210000 | Wildblue CDD FL Spl Assmnt (b) | 4.25% | 06/15/39 | 1148289 |
|  |  |  |  | 135318641 |
|  | **Georgia — 3.5%** | **Georgia — 3.5%** | **Georgia — 3.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Atlanta GA Arpt Passenger Fac Charge Rev Arpt Rev Subord, <br>Ser D, AMT | 4.00% | 07/01/37 | 1005038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Atlanta GA Dev Auth Convertible Ctfs, Class A, Ser 1, CABS, <br> steps up to 6.50% on 06/15/28 (b) (f) | 0.00% | 12/15/48 | 892184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Atlanta GA Dev Auth Westside Gulch Area Proj, Ser A-1 (b) | 5.00% | 04/01/34 | 510888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2800000 | &nbsp;&nbsp;&nbsp; Bartow Cnty GA Dev Auth Solid Wst Disp Fac Rev Var GA Pwr <br> Co Plt Bowen Proj, AMT (a) | 4.00% | 11/01/62 | 2800000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp; Burke Cnty GA Dev Auth Poll Control Rev Adjustable GA Pwr Co <br> Plant Vogtle Proj Remk (a) | 4.00% | 11/01/52 | 1800000 |

---

------

**First Trust Municipal High Income ETF (FMHI)**

**Portfolio of Investments (Continued)**

**October 31, 2025 (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)** |  |
| $3000000 | &nbsp;&nbsp;&nbsp; Burke Cnty GA Dev Auth Poll Control Rev Var Ref GA Pwr Co <br> Plant Vogtle Proj (a) | 3.95% | 11/01/52 | $3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Cobb Cnty GA Dev Auth Chartersch Rev NW Classical Acdmy <br> Proj, Ser A (b) | 6.00% | 06/15/43 | 502378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; Cobb Cnty GA Dev Auth Chartersch Rev NW Classical Acdmy <br> Proj, Ser A (b) | 6.40% | 06/15/53 | 1750821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1125000 | &nbsp;&nbsp;&nbsp; Columbia Cnty GA Hosp Auth Rev Anticipation Ctfs Wellstar Hlth <br> Sys Inc Proj, Ser A | 5.75% | 04/01/53 | 1215249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Floyd Cnty GA Dev Auth Adj GA Pwr Co Plt Hammond Proj (a) | 4.00% | 09/01/26 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2275000 | &nbsp;&nbsp;&nbsp; Fulton Cnty GA Dev Auth Rev Piedmont Hlthcare Inc Proj <br> Multimodal Bond, Ser A | 4.00% | 07/01/49 | 2066408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1335000 | &nbsp;&nbsp;&nbsp; Fulton Cnty GA Rsdl Care Facs Elderly Auth Retmnt Fac Rev Ref <br> Lenbrook Sq Fdtn Inc | 5.00% | 07/01/31 | 1345251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Geo L Smith II GA Congress Ctr Auth Convention Ctr Hotel <br> Second Tier, Ser B (b) | 5.00% | 01/01/36 | 511364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &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 | 1799599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Main Street Nat Gas Inc GA Gas Sply Rev, Ser C (Mandatory put <br> 12/01/28) | 4.00% | 05/01/52 | 1020551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3660000 | &nbsp;&nbsp;&nbsp; Main Street Nat Gas Inc GA Gas Sply Rev, Ser C (Mandatory put <br> 09/01/30) | 5.00% | 09/01/53 | 3917189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &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 | 2131353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Main Street Nat Gas Inc GA Gas Sply Rev, Ser E-1 (Mandatory put <br> 06/01/31) | 5.00% | 12/01/53 | 1077416 |
|  |  |  |  | 29345689 |
|  | **Guam — 0.0%** | **Guam — 0.0%** | **Guam — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Guam Govt Busn Privilege Tax Rev Ref, Ser D | 5.00% | 11/15/35 | 250172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155000 | Guam Govt Wtrwks Auth Wtr & Wstwtr Sys Rev, Ser A | 5.00% | 01/01/50 | 156188 |
|  |  |  |  | 406360 |
|  | **Hawaii — 0.1%** | **Hawaii — 0.1%** | **Hawaii — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; HI St Dept of Budget & Fin Spl Purp Rev Ref HI Pacific Univ <br> Proj (b) | 5.13% | 07/01/43 | 944599 |
|  | **Idaho — 0.9%** | **Idaho — 0.9%** | **Idaho — 0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | Avimor Cmnty Infra Dist #1 ID Spl Assmnt Area Five (b) | 5.88% | 09/01/53 | 1338808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Avimor Cmnty Infra Dist #1 ID Spl Assmnt Area Six, Ser B (b) | 5.50% | 09/01/53 | 1513013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900000 | ID Falls ID Auditorium Dist Annual Approp Ctfs, COPS (b) | 5.25% | 05/15/51 | 860729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | Spring Vly Cmnty Infra Dist #1 Spl Assmnt Area Two (b) | 6.25% | 09/01/53 | 4106557 |
|  |  |  |  | 7819107 |
|  | **Illinois — 3.3%** | **Illinois — 3.3%** | **Illinois — 3.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Chicago IL Brd of Edu Ref Dedicated, Ser C | 5.00% | 12/01/30 | 304070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | Chicago IL Brd of Edu Ref, Ser B | 5.00% | 12/01/30 | 1807011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Chicago IL Brd of Edu, Ser A | 5.00% | 12/01/35 | 1003565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3090000 | Chicago IL Brd of Edu, Ser D | 5.00% | 12/01/46 | 2807309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | Chicago IL Chicago Wks, Ser A | 5.50% | 01/01/40 | 775192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | Chicago IL O'Hare Intl Arpt Rev Ref Sr Lien, Ser A, AMT | 5.00% | 01/01/48 | 5018197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | Chicago IL Park Dist Ref, Ser A, BAM | 4.00% | 01/01/32 | 1338747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1415000 | Cook Cnty IL MF Hsg Rev Deerfield Supportive Living Proj | 6.50% | 01/01/45 | 1426115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | IL St | 5.50% | 05/01/26 | 253112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | IL St Fin Auth Chrt Sch Rev Ref & Impt Chicago Intl Chrt Sch Proj | 5.00% | 12/01/30 | 254549 |

---

------

**First Trust Municipal High Income ETF (FMHI)**

**Portfolio of Investments (Continued)**

**October 31, 2025 (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)** |  |
| $250000 | IL St Fin Auth Chrt Sch Rev Ref & Impt Chicago Intl Chrt Sch Proj | 5.00% | 12/01/31 | $254360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; IL St Fin Auth Stdt Hsg & Acad Fac Rev CHF Chicago LLC Univ <br> IL Chicago Proj, Ser A | 5.00% | 02/15/26 | 100247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &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 | 303968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp; IL St Fin Auth Stdt Hsg & Acad Fac Rev CHF Chicago LLC Univ <br> IL Chicago Proj, Ser A | 5.00% | 02/15/28 | 147525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | IL St, Ser A | 5.50% | 03/01/47 | 1841335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1365000 | IL St, Ser B | 5.50% | 05/01/47 | 1437332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | IL St, Ser C | 5.00% | 11/01/29 | 2076183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1660000 | &nbsp;&nbsp;&nbsp; Lincolnwood IL Tax Incr Allocation Rev NTS Dist 1860 Dev <br> Proj, Ser A, COPS (b) | 4.82% | 01/01/41 | 1636683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; Lincolnwood IL Tax Incr Allocation Rev NTS Dist 1860 Dev <br> Proj, Ser B, COPS (b) | 5.75% | 12/01/43 | 1115721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | S Wstrn IL Dev Auth Envrnmntl Impt Rev US Steel Corp Proj | 5.75% | 08/01/42 | 1000440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; Schaumburg Cook & DuPage Cntys IL Tax Incr Rev NT N <br> Schaumburg Redev Proj Area Proj Rev Nts, COPS (b) | 6.13% | 12/30/38 | 3012702 |
|  |  |  |  | 27914363 |
|  | **Indiana — 1.8%** | **Indiana — 1.8%** | **Indiana — 1.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1410000 | Carmel IN Redev Auth | 3.00% | 07/15/40 | 1296979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Fort Wayne IN Mf Hsg Rev Silver Birch at Cook Road (b) | 5.30% | 01/01/32 | 245740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1410000 | &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 | 1421636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 535000 | IN St Fin Auth Hlth Fac Rev Margaret Mary Hlth Proj, Ser A | 5.50% | 03/01/44 | 563691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | IN St Fin Auth Rev Ref Marquette Proj, Ser A | 5.25% | 03/01/50 | 1251862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | IN St Fin Auth Stdt Hsg Rev Sr Stdt Hsg Proj, Ser A | 5.00% | 07/01/49 | 2024093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | IN St Fin Auth Stdt Hsg Rev Sr Stdt Hsg Proj, Ser A | 5.00% | 07/01/54 | 1257644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4625000 | IN St Muni Pwr Agy Var Ref Remk, Ser B (a) | 3.95% | 01/01/42 | 4625000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp; Indianapolis IN Loc Pub Impt Bond Bank Sr Convention Ctr <br> Hotel, Ser E | 6.00% | 03/01/53 | 1778157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Terre Haute IN Mf Hsg Rev Silver Birch of Terre Haute Proj | 5.10% | 01/01/32 | 490918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Valparaiso IN Exempt Facs Rev Ref Pratt Paper IN LLC Proj, <br> AMT (b) | 4.88% | 01/01/44 | 504667 |
|  |  |  |  | 15460387 |
|  | **Iowa — 0.8%** | **Iowa — 0.8%** | **Iowa — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1600000 | Dallas Ctr IA Grimes Cmnty Sch Dist | 3.00% | 05/01/39 | 1449420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | IA St Fin Auth Midwstrn Disaster Area Rev Alcoa Inc Proj | 4.75% | 08/01/42 | 3000016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | &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 | 1498309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; IA St Fin Auth Sr Living Fac Rev Presbyterian Homes Mill Pond <br> Proj Ref | 5.75% | 10/01/55 | 762465 |
|  |  |  |  | 6710210 |
|  | **Kansas — 0.4%** | **Kansas — 0.4%** | **Kansas — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1950000 | Lenexa KS Hlth Care Fac Rev Ref Lakeview Vlg Inc, Ser A | 5.00% | 05/15/43 | 1923880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp; Shawnee Cnty KS Pub Bldg Commn Rev Corrections and Parks & <br> Rec Projs | 5.50% | 09/01/34 | 203268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; Wyandotte Cnty KS Kansas City Unif Govt Spl Oblg Rev Ref Vlg <br> E Proj Areas 2B 3 5 (b) | 5.75% | 09/01/39 | 1304410 |
|  |  |  |  | 3431558 |

---

------

**First Trust Municipal High Income ETF (FMHI)**

**Portfolio of Investments (Continued)**

**October 31, 2025 (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 — 1.7%** | **Kentucky — 1.7%** | **Kentucky — 1.7%** |  |
| $2000000 | Boyle Cnty KY Eductnl Facs Rev Ref Ctr Clg, Ser A | 5.25% | 06/01/43 | $2109877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp; Henderson KY Exempt Facs Rev Pratt Paper LLC Proj, Ser A, <br> AMT (b) | 4.45% | 01/01/42 | 865424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1650000 | Jefferson Cnty KY Sch Dist Fin Corp Sch Bldg Rev, Ser B | 3.00% | 12/01/38 | 1505552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | KY St Econ Dev Fin Auth Ref Owensboro Hlth, Ser A | 5.00% | 06/01/41 | 1004599 |
| &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 | 1654819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2525000 | &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 | 2568261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230000 | KY St Univ KY St Univ Proj, BAM, COPS | 4.00% | 11/01/41 | 232789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Louisville & Jefferson Cnty KY Met Govt Hlth Sys Rev Norton <br> Hlthcare Inc, Ser A | 4.00% | 10/01/39 | 975838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3600000 | &nbsp;&nbsp;&nbsp; Meade Cnty KY Indl Bldg Rev Var Nucor Steel Brandenburg Proj <br> Sustainable Bond, Ser B-1 (a) | 4.40% | 08/01/61 | 3600000 |
|  |  |  |  | 14517159 |
|  | **Louisiana — 1.1%** | **Louisiana — 1.1%** | **Louisiana — 1.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | LA Pub Facs Auth Rev Acadiana Renaissance Chrt Acdmy Proj (b) | 6.00% | 06/15/59 | 2010330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; LA Pub Facs Auth Rev I-10 Calcasieu River Bridge Pub Priv <br> Partnership Proj, AMT | 5.75% | 09/01/64 | 2075278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | Monroe LA Wtr Rev, BAM | 5.00% | 11/01/32 | 212094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | New Orleans LA Sewage Svc Rev, Ser B | 5.00% | 06/01/45 | 1022735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Saint James Parish LA Rev NuStar Logistics LP Proj Remk, <br>Ser 2010 (b) | 6.35% | 07/01/40 | 1088907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Saint James Parish LA Rev NuStar Logistics LP Proj Remk, <br>Ser 2010A (b) | 6.35% | 10/01/40 | 1088842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp; Saint James Parish LA Rev Var NuStar Logistics LP Proj <br> Remk, Ser 2010B (Mandatory put 06/01/30) (b) | 6.10% | 12/01/40 | 1760344 |
|  |  |  |  | 9258530 |
|  | **Maine — 0.2%** | **Maine — 0.2%** | **Maine — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | ME St Fin Auth Univ of New England Issue | 5.50% | 07/01/50 | 1612752 |
|  | **Maryland — 0.9%** | **Maryland — 0.9%** | **Maryland — 0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1020000 | Baltimore MD Spl Oblig Ref E Baltimore Rsrch Park Proj, Ser A | 5.00% | 09/01/38 | 1029954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175000 | Baltimore MD Spl Oblig Ref Sr Lien Harbor Point Proj, Ser A (b) | 2.95% | 06/01/27 | 172315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185000 | Baltimore MD Spl Oblig Ref Sr Lien Harbor Point Proj, Ser A (b) | 3.05% | 06/01/28 | 181152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | Baltimore MD Spl Oblig Ref Sr Lien Harbor Point Proj, Ser A (b) | 3.15% | 06/01/29 | 195539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190000 | Baltimore MD Spl Oblig Ref Sr Lien Harbor Point Proj, Ser A (b) | 3.20% | 06/01/30 | 185101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; Frederick Cnty MD Tax Incr & Spl Tax Ref Jefferson Technology <br> Park Proj, Ser B (b) | 4.63% | 07/01/43 | 779391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | MD St Econ Dev Corp Stdt Hsg Rev Morgan St Univ Proj, Ser A | 5.38% | 07/01/38 | 1079126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3675000 | MD St Hlth & Hgr Eductnl Facs Auth Rev Ref Meritus Hlth Issue | 5.25% | 07/01/50 | 3833224 |
|  |  |  |  | 7455802 |
|  | **Massachusetts — 1.0%** | **Massachusetts — 1.0%** | **Massachusetts — 1.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | MA St Dev Fin Agy Rev Lasell Vlg Inc | 5.25% | 07/01/50 | 1010512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | MA St Dev Fin Agy Rev Linden Ponds Inc Fac (b) | 5.00% | 11/15/28 | 412465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1450000 | MA St Dev Fin Agy Rev Merrimack Clg Stdt Hsg Proj, Ser A (b) | 5.00% | 07/01/54 | 1386501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | MA St Dev Fin Agy Rev Merrimack Clg Stdt Hsg Proj, Ser A (b) | 5.00% | 07/01/60 | 943287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; MA St Dev Fin Agy Rev Ref Boston Med Ctr Sustainable <br> Bonds, Ser G | 5.25% | 07/01/48 | 501774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1020000 | MA St Dev Fin Agy Rev Ref Salem Cmnty Corp | 5.13% | 01/01/40 | 1019298 |

---

------

**First Trust Municipal High Income ETF (FMHI)**

**Portfolio of Investments (Continued)**

**October 31, 2025 (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)** |  |
| $550000 | MA St Dev Fin Agy Rev Sustainable Bond Boston Med Ctr, Ser D | 5.00% | 07/01/44 | $542552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; MA St Dev Fin Agy Sr Living Rev Care Cmntys LLC Obligated <br> Grp, Ser A-1 (b) | 6.50% | 07/15/60 | 2501213 |
|  |  |  |  | 8317602 |
|  | **Michigan — 1.3%** | **Michigan — 1.3%** | **Michigan — 1.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | Detroit MI Sustainable Bonds, Ser A | 5.00% | 04/01/46 | 1113770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4650000 | Detroit MI Sustainable Bonds, Ser A | 5.00% | 04/01/50 | 4675749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Great Lakes MI Wtr Auth Wtr Sply Sys Rev Sr Lien Bonds, Ser B | 5.25% | 07/01/48 | 1075895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | Kentwood MI Econ Dev Corp Ref Holland Home Oblig Grp | 5.00% | 11/15/37 | 1758482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Mattawan MI Consol Sch Dist, Ser I | 5.00% | 05/01/47 | 1568194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | MI St Strategic Fund Ltd Oblg Rev Holland Home | 5.00% | 11/15/42 | 992004 |
|  |  |  |  | 11184094 |
|  | **Minnesota — 1.1%** | **Minnesota — 1.1%** | **Minnesota — 1.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; Apple Vly MN Sr Hsg Rev Phs Apple Vly Sr Hsg Inc Orchard Path <br> Phase III Proj, Ser A | 5.50% | 09/01/55 | 606313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 815000 | &nbsp;&nbsp;&nbsp; Apple Vly MN Sr Hsg Rev Phs Apple Vly Sr Hsg Inc Orchard Path <br> Phase III Proj, Ser A | 5.63% | 09/01/65 | 824966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Brainerd MN Sr Hsg & Hlthcr Rev Pinecrest Cnty Manor Proj, <br>Ser A | 6.00% | 05/01/55 | 1012827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Eagan MN Chrtr Sch Lease Rev Great Oaks Acdmy, Ser A (b) | 6.38% | 02/01/55 | 488350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Minneapolis MN Stdt Hsg Rev Riverton Cmnty Hsg Proj | 3.80% | 08/01/27 | 98957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2450000 | &nbsp;&nbsp;&nbsp; Minneapolis Saint Paul MN Met Arpts Commn Arpt Rev Subord <br> Priv Activity, Ser B, AMT | 5.25% | 01/01/42 | 2639281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; Saint Paul MN Hsg & Redev Auth Chrt Sch Lease Rev Ref Hgr <br> Ground Acdmy Proj | 4.25% | 12/01/32 | 1129324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105000 | Saint Paul MN Hsg & Redev Auth Chrt Sch Lease Rev Ref, Ser A | 5.00% | 12/01/30 | 105089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1390000 | &nbsp;&nbsp;&nbsp; Saint Paul MN Hsg & Redev Auth Hlth Care Rev Ref Sys Fairview <br> Hlth Svcs, Ser A | 5.00% | 11/15/47 | 1375994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; Woodbury MN Chrt Sch Lease Rev Woodbury Leadership Proj, <br>Ser A | 4.00% | 07/01/41 | 712482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 660000 | &nbsp;&nbsp;&nbsp; Woodbury MN Chrt Sch Lease Rev Woodbury Leadership Proj, <br>Ser A | 4.00% | 07/01/51 | 488576 |
|  |  |  |  | 9482159 |
|  | **Mississippi — 0.8%** | **Mississippi — 0.8%** | **Mississippi — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | Gulfport MS Hosp Fac Rev Memorial Hosp at Gulfport Proj | 5.50% | 07/01/50 | 1470428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1925000 | &nbsp;&nbsp;&nbsp; MS St Busn Fin Commn Gulf Opportunity Zone Var Chevron USA <br> Inc PJ, Ser A (a) | 3.95% | 12/01/30 | 1925000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1020000 | &nbsp;&nbsp;&nbsp; MS St Busn Fin Commn Gulf Opportunity Zone Var Chevron USA <br> Inc, Ser I (a) | 3.95% | 11/01/35 | 1020000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1940000 | &nbsp;&nbsp;&nbsp; MS St Busn Fin Commn Gulf Opportunity Zone Var Chevron USA <br> Inc, Ser L (a) | 3.90% | 11/01/35 | 1940000 |
|  |  |  |  | 6355428 |
|  | **Missouri — 2.1%** | **Missouri — 2.1%** | **Missouri — 2.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1875000 | &nbsp;&nbsp;&nbsp; Kansas City MO Indl Dev Auth Econ Activity Tax Rev Historic NE <br> Redev Plan, Ser A-1 (b) | 5.00% | 06/01/54 | 1774805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Lees Summit MO Indl Dev Auth Sr Living Facs Rev John Knox <br> Vlg, Ser A | 5.00% | 08/15/51 | 444500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Lees Summit MO Indl Dev Auth Sr Living Facs Rev Ref John <br> Knox Vlg, Ser A | 5.00% | 08/15/39 | 1023213 |

---

------

**First Trust Municipal High Income ETF (FMHI)**

**Portfolio of Investments (Continued)**

**October 31, 2025 (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)** |  |
| $925000 | &nbsp;&nbsp;&nbsp; MO St Hlth & Eductnl Facs Auth Hlth Facs Rev Ref BJC Hlth <br> Sys, Ser A | 4.00% | 07/01/46 | $864725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; MO St Hlth & Eductnl Facs Auth Lutheran Sr Svc Projs Svcs <br> Projs, Ser A, Ser ASR | 5.00% | 02/01/29 | 562409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1070000 | &nbsp;&nbsp;&nbsp; MO St Hlth & Eductnl Facs Auth Lutheran Sr Svc Projs Svcs <br> Projs, Ser A, Ser ASR | 5.00% | 02/01/42 | 1073119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 | MO St Hlth & Eductnl Facs Auth Lutheran Sr Svcs Projs | 4.00% | 02/01/32 | 554989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | MO St Hlth & Eductnl Facs Auth Med Rsrch Lutheran Svcs, Ser A | 5.00% | 02/01/29 | 10030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2045000 | MO St Hlth & Eductnl Facs Auth Ref Lutheran Sr Svcs Projs, Ser A | 5.25% | 02/01/48 | 2053946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1145000 | MO St Hlth & Eductnl Facs Auth Ref Lutheran Sr Svcs Projs, Ser B | 5.00% | 02/01/46 | 1118764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Phelps Cnty MO Hosp Rev Phelps Hlth | 6.00% | 12/01/55 | 1076606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 730000 | &nbsp;&nbsp;&nbsp; Saint Louis Cnty MO Indl Dev Auth Sr Living Facs Friendship <br> Vlg St Louis Oblig Grp, Ser A | 5.25% | 09/01/53 | 721512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; St Charles Cnty MO Pub Wtr Sply Dist #2 Pub Wtr Sply Dist No 2, <br> COPS | 4.00% | 12/01/44 | 242330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4450000 | &nbsp;&nbsp;&nbsp; St Louis Cnty MO Indl Dev Auth Sr Living Facs Ref Friendship <br> Vlg St Louis | 5.00% | 09/01/48 | 4332770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Taney Cnty MO Indl Dev Auth Sales Tax Rev Big Cedar Infra <br> Proj (b) | 6.00% | 10/01/49 | 2002796 |
|  |  |  |  | 17856514 |
|  | **Nebraska — 0.2%** | **Nebraska — 0.2%** | **Nebraska — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; Douglas Cnty NE Hosp Auth #2 Var Ref Hlth Facs Childrens, <br>Ser A (a) | 3.90% | 08/15/32 | 600000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | Omaha NE Arpt Auth Arpt Facs, AG, AMT | 5.25% | 12/15/43 | 801663 |
|  |  |  |  | 1401663 |
|  | **Nevada — 0.5%** | **Nevada — 0.5%** | **Nevada — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 930000 | Clark Cnty NV Sch Dist, Ser B, BAM | 3.00% | 06/15/41 | 794455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 760000 | Henderson NV Loc Impt Dists Rainbow Canyon Phase II Roject | 5.00% | 03/01/38 | 783607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 975000 | Henderson NV Loc Impt Dists Rainbow Canyon Phase II Roject | 5.25% | 03/01/48 | 982294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp; Las Vegas NV Spl Assmnt Dist #817 Spl Impt Dt# 817 Summerlin <br> Vlg 29 | 5.75% | 06/01/43 | 472090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Las Vegas NV Spl Assmnt Dist #817 Spl Impt Dt# 817 Summerlin <br> Vlg 29 | 6.00% | 06/01/48 | 529531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185000 | N Las Vegas NV Loc Impt Vly Vista Spl Impt Dist #64 | 4.00% | 06/01/29 | 184371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | NV Dept of Busn & Ind NV Doral Acdmy, Ser A | 5.00% | 07/15/37 | 700095 |
|  |  |  |  | 4446443 |
|  | **New Hampshire — 2.5%** | **New Hampshire — 2.5%** | **New Hampshire — 2.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Natl Fin Auth NH Rev Ref Sustainable Bond, Ser B, AMT <br> (Mandatory put 07/02/40) (b) | 3.75% | 07/01/45 | 1660311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Natl Fin Auth NH Rev Winston Salem Sustainable Energy <br> Partners, Ser A | 5.50% | 06/01/50 | 1584876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Natl Fin Auth NH Spl Rev (b) | 5.88% | 12/15/33 | 1511209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2900000 | Natl Fin Auth NH Spl Rev (b) | 5.38% | 12/15/35 | 2902160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Natl Fin Auth NH Spl Rev Emberly and Canterra Creek Projs (b) | 5.38% | 12/01/31 | 2005750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Natl Fin Auth NH Spl Rev Megatel Projs, CABS (b) | (c) | 12/15/33 | 1229081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Natl Fin Auth NH Spl Rev Provence Proj, CABS (b) | (c) | 12/01/31 | 1359224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | Natl Fin Auth NH Spl Rev The Chambers Creek Proj, CABS (b) | (c) | 12/15/32 | 1913489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1900000 | Natl Fin Auth NH Spl Rev The Highlands Proj | 5.13% | 12/15/30 | 1905504 |

---

------

**First Trust Municipal High Income ETF (FMHI)**

**Portfolio of Investments (Continued)**

**October 31, 2025 (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)** |  |
| $2000000 | Natl Fin Auth NH Spl Rev The Wildflower Proj, CABS (b) | (c) | 12/15/33 | $1242188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; NH St Hlth & Edu Facs Auth Rev Ref Dartmouth Hlth Oblig Grp <br> Issue | 5.50% | 08/01/50 | 3772644 |
|  |  |  |  | 21086436 |
|  | **New Jersey — 0.2%** | **New Jersey — 0.2%** | **New Jersey — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp; NJ St Econ Dev Auth Spl Fac Rev Continental Airls Inc Proj <br> Remk, Ser B, AMT | 5.63% | 11/15/30 | 950014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | NJ St Hgr Edu Asst Auth Stdt Loan Rev, Ser 1A, AMT | 4.00% | 12/01/30 | 100002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 560000 | &nbsp;&nbsp;&nbsp; NJ St Transprtn Trust Fund Auth Fun Auth Transprtn Prog <br> Bonds, Ser CC | 5.25% | 06/15/41 | 615083 |
|  |  |  |  | 1665099 |
|  | **New Mexico — 0.2%** | **New Mexico — 0.2%** | **New Mexico — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 529000 | Winrock Town Ctr NM Tax Incr Dev Dist #1 Ref Sr Lien (b) | 3.75% | 05/01/28 | 522630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Winrock Town Ctr NM Tax Incr Dev Dist #1 Ref Sr Lien (b) | 4.00% | 05/01/33 | 487663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Winrock Town Ctr NM Tax Incr Dev Dist #1 Ref Sr Lien (b) | 4.25% | 05/01/40 | 472356 |
|  |  |  |  | 1482649 |
|  | **New York — 3.6%** | **New York — 3.6%** | **New York — 3.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Build NYC Res Corp NY Rev Sustainable Bond Kipp NYC Pub <br> Sch Facs Canal W Proj | 5.25% | 07/01/52 | 1010465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; Dutchess Cnty NY Loc Dev Corp Mf Mtebs Sustainable Bonds <br> Tomopkins Terrace Hsg LP Proj | 5.00% | 10/01/40 | 486028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp; Nassau Cnty NY Loc Econ Asst Corp Edl Rev Roosevelt Children <br> Acdmy Chrt Sch Proj, Ser A | 5.00% | 07/01/43 | 962795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; New York City NY Muni Wtr Fin Auth Wtr & Swr Sys Rev <br> Adjustable 2nd Gen Resolution Fiscal 2014, Ser AA-1 (a) | 3.90% | 06/15/50 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2625000 | &nbsp;&nbsp;&nbsp; New York City NY Transitional Fin Auth Rev Future Tax Secured <br> Subord Bonds, Ser C-1 | 4.00% | 02/01/42 | 2590056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | NY Energy Fin Dev Corp Var (Mandatory put 12/01/33) | 5.00% | 07/01/56 | 3229178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1800000 | NY NY Var Fiscal 2023, Ser A-4 (a) | 4.00% | 09/01/49 | 1800000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; NY St Dorm Auth Revs Non St Supported Debt New York Institute <br> of Technology | 5.00% | 07/01/44 | 309061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; NY St Dorm Auth Revs Non St Supported Debt White Plains Hosp <br> Obligated Grp | 5.25% | 10/01/49 | 1274242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1925000 | NY St Dorm Auth St Personal Income Tax Rev Ref, Ser A | 3.00% | 03/15/42 | 1618186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; NY St Transprtn Dev Corp Exempt Fac Rev NY St Thruway Srvc <br> Areas Proj, AMT | 4.00% | 10/31/46 | 447373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; NY St Transprtn Dev Corp Spl Fac Rev Delta Airls Inc LaGuardia <br> Arpt Terminals C&D Redev, AMT | 5.00% | 10/01/40 | 1269904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2540000 | &nbsp;&nbsp;&nbsp; NY St Transprtn Dev Corp Spl Fac Rev Delta Airls Inc LaGuardia <br> Arpt Terminals C&D Redev, AMT | 4.38% | 10/01/45 | 2377697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; NY St Transprtn Dev Corp Spl Fac Rev Ref American Airls Inc <br> John F Kennedy Intl Arpt Proj, AMT | 5.00% | 08/01/31 | 1000229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2910000 | &nbsp;&nbsp;&nbsp; NY St Transprtn Dev Corp Spl Fac Rev Ref John F. Kennedy Intl <br> Arpt Proj, AMT | 5.25% | 08/01/31 | 3045104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp; NY St Transprtn Dev Corp Spl Fac Rev Sustainable Bond JFK Intl <br> Arpt New Terminal, AMT | 5.25% | 06/30/49 | 166883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1515000 | &nbsp;&nbsp;&nbsp; NY St Transprtn Dev Corp Spl Fac Rev Sustainable Bond JFK Intl <br> Arpt New Terminal, AMT | 5.50% | 06/30/54 | 1549873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; NY St Transprtn Dev Corp Spl Fac Rev Sustainable Bond JFK Intl <br> Arpt Terminal One Prj, AMT | 6.00% | 06/30/54 | 1044098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Oyster Bay NY, Ser A, AG | 2.00% | 03/01/35 | 428818 |

---

------

**First Trust Municipal High Income ETF (FMHI)**

**Portfolio of Investments (Continued)**

**October 31, 2025 (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 | Suffolk Regl Off Track Betting Corp NY Rev | 5.75% | 12/01/44 | $2033542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Suffolk Regl Off Track Betting Corp NY Rev | 6.00% | 12/01/53 | 2029863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; Westchester Cnty NY Loc Dev Corp Rev Ref Miriam Osborn <br> Memorial Home Assn Proj | 5.00% | 07/01/34 | 103093 |
|  |  |  |  | 30776488 |
|  | **North Carolina — 2.1%** | **North Carolina — 2.1%** | **North Carolina — 2.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3300000 | &nbsp;&nbsp;&nbsp; NC St Med Care Commn Hlth Care Facs Rev Lutheran Svcs For the <br> Aging Ref, Ser A | 4.00% | 03/01/41 | 3063754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | NC St Med Care Commn Retmnt Facs Rev Carolina Meadows | 4.50% | 12/01/44 | 1892376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2650000 | NC St Med Care Commn Retmnt Facs Rev Carolina Meadows | 5.25% | 12/01/54 | 2674193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2090000 | &nbsp;&nbsp;&nbsp; NC St Med Care Commn Retmnt Facs Rev Pennybyrn at Maryfield <br> Proj, Ser A | 5.00% | 10/01/45 | 1978405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2850000 | NC St Med Care Commn Retmnt Facs Rev Ref Southminster Inc | 5.00% | 10/01/37 | 2853950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2495000 | NC St Med Care Commn Retmnt Facs Rev The Forest at Duke Proj | 4.00% | 09/01/46 | 2091282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp; NC St Med Care Commn Retmnt Facs Rev The United Methodist <br> Retmnt Homes Proj, Ser A | 5.00% | 10/01/44 | 532366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; NC St Med Care Commn Retmnt Facs Rev The United Methodist <br> Retmnt Homes Proj, Ser A | 5.00% | 10/01/49 | 1505627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; NC St Med Care Commn Retmnt Facs Rev Twin Lakes Cmnty, <br>Ser A | 5.25% | 01/01/55 | 1004750 |
|  |  |  |  | 17596703 |
|  | **North Dakota — 0.1%** | **North Dakota — 0.1%** | **North Dakota — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 520000 | Horace ND Ref | 3.00% | 05/01/36 | 443272 |
|  | **Ohio — 3.3%** | **Ohio — 3.3%** | **Ohio — 3.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4250000 | Buckeye OH Tobacco Stlmt Fing Auth Ref Sr, Class 2, Ser B-2 | 5.00% | 06/01/55 | 3567381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; Cleveland Cuyahoga Cnty OH Port Auth Tax Incr Fing Rev Ref Sr <br> Flats E Bank Proj, Ser A (b) | 4.00% | 12/01/55 | 725973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1640000 | Cleveland OH Arpt Sys Rev Ref, Ser A, AG, AMT | 5.00% | 01/01/43 | 1656689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3750000 | &nbsp;&nbsp;&nbsp; Columbus OH Regl Arpt Auth Rev Ref John Glenn Columbus Intl <br> Arpt, Ser A, AMT | 5.50% | 01/01/50 | 3987931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2245000 | Franklin Cnty OH Rev Trinity Hlth Credit Grp OH, Ser A | 5.00% | 12/01/47 | 2262139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Hamilton Cnty OH Hlth Care Rev Life Enriching Cmntys Proj, <br>Ser A | 5.25% | 01/01/38 | 527487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Hamilton Cnty OH Hlth Care Rev Life Enriching Cmntys Proj, <br>Ser A | 5.50% | 01/01/43 | 516771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105000 | Hamilton Cnty OH Hlth Care Rev Ref Life Enriching Cmntys Proj | 5.25% | 01/01/45 | 105723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025000 | Hamilton Cnty OH Hlth Care Rev Ref Life Enriching Cmntys Proj | 5.50% | 01/01/50 | 2057909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | Muskingum Cnty OH Hosp Facs Genesis Hlthcare Sys Proj | 5.00% | 02/15/44 | 2428944 |
| &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 | 481411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; OH St Hsg Fin Agy Mf Hsg Rev Green Oaks of Canal Winchester <br> Proj, Ser A | 6.30% | 01/01/45 | 3032460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; OH St Hsg Fin Agy Mf Hsg Rev Silver Birch of Canton Proj, <br>Ser A (b) | 6.25% | 01/01/45 | 2049078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 410000 | Port of Gtr Cincinnati Dev Auth OH Rev (b) | 3.75% | 12/01/31 | 414933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; Port of Gtr Cincinnati Dev Auth OH Tax Incr Fing Rev RBM Phase <br> 3 Garage Proj | 5.13% | 12/01/55 | 2929536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1420000 | &nbsp;&nbsp;&nbsp; Warren Cnty OH Hosp Facs Rev Ref Cmnty First Solutions <br> Obligated Grp, Ser A | 5.00% | 05/15/49 | 1399539 |
|  |  |  |  | 28143904 |

---

------

**First Trust Municipal High Income ETF (FMHI)**

**Portfolio of Investments (Continued)**

**October 31, 2025 (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)** |
|  | **Oklahoma — 0.7%** | **Oklahoma — 0.7%** | **Oklahoma — 0.7%** |  |
| $2400000 | OK St Dev Fin Auth Sr OK Proton Ctr, Ser A1 (g) | 7.25% | 09/01/51 | $2406272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1475000 | Sand Springs OK Muni Auth Utils Sys Rev Ref | 3.00% | 11/01/42 | 1214177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1165000 | &nbsp;&nbsp;&nbsp; Tulsa Cnty OK Indl Auth Sr Living Cmnty Rev Ref Montereau Inc <br> Proj | 5.25% | 11/15/37 | 1181485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; Tulsa OK Muni Arpt Trust Trustees Ref American Airls Inc Proj, <br> AMT | 6.25% | 12/01/35 | 865628 |
|  |  |  |  | 5667562 |
|  | **Oregon — 0.9%** | **Oregon — 0.9%** | **Oregon — 0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | Astoria OR Hosp Facs Auth Columbia Memorial Hosp Proj | 5.25% | 08/01/49 | 759587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp; Clackamas Cnty OR Hosp Fac Auth Rev Mary's Woods at <br> Marylhurst Inc Proj, Ser A | 5.00% | 05/15/26 | 290701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | Clackamas Cnty OR Hosp Fac Auth Rev Ref Rose Villa Proj, Ser A | 5.13% | 11/15/40 | 1156193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2250000 | Clackamas Cnty OR Hosp Fac Auth Rev Ref Rose Villa Proj, Ser A | 5.38% | 11/15/55 | 2211619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1190000 | &nbsp;&nbsp;&nbsp; Clackamas Cnty OR Hosp Fac Auth Rev Ref Sr Living Willamette <br> View Proj, Ser A | 5.00% | 11/15/37 | 1192644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 735000 | Salem OR Hosp Fac Auth Rev Capital Manor Proj | 5.00% | 05/15/38 | 745614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 840000 | Salem OR Hosp Fac Auth Rev Capital Manor Proj | 5.00% | 05/15/43 | 840252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | Union Cnty OR Hosp Fac Auth Grande Ronde Hosp | 5.00% | 07/01/42 | 762496 |
|  |  |  |  | 7959106 |
|  | **Pennsylvania — 3.5%** | **Pennsylvania — 3.5%** | **Pennsylvania — 3.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1855000 | &nbsp;&nbsp;&nbsp; Allegheny Cnty PA Hosp Dev Auth Ref Allegheny Hlth Network <br> Obligated Grp Issue, Ser A | 5.00% | 04/01/47 | 1863440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Allentown Comml & Indl Dev Auth Ref Executive Edu Acdmy <br> Chrt Sch Proj (b) | 5.00% | 07/01/50 | 1438166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; Allentown PA Neighborhood Impt Zone Dev Auth Tax Rev City <br> Ctr Proj (b) | 6.00% | 05/01/42 | 1348125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp; Berks Cnty PA Indl Dev Auth Hlthcare Facs Rev Ref Highlands at <br> Wyomissing, Ser A | 5.00% | 05/15/42 | 511188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; Berks Cnty PA Indl Dev Auth Hlthcare Facs Rev Ref Highlands at <br> Wyomissing, Ser A | 5.00% | 05/15/47 | 585284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; Geisinger PA Auth Hlth Sys Rev Ref Geisinger Hlth Sys Oblig <br> Grp, Ser A | 4.00% | 04/01/50 | 679130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1035000 | Geisinger PA Auth Hlth Sys Rev Ref Geisinger Hlth Sys, Ser A-1 | 4.00% | 02/15/47 | 947827 |
| &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 | 1092552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Lancaster Cnty PA Hosp Auth Penn St Hlth | 5.00% | 11/01/51 | 2014256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp; Lancaster PA Muni Auth Hlthcare Facs Rev Ref Luthercare <br> Proj, Ser A | 5.00% | 12/01/55 | 1264198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Latrobe PA Indl Dev Auth Univ Rev Ref Seton Hill Univ | 4.00% | 03/01/38 | 232347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1655000 | &nbsp;&nbsp;&nbsp; Montgomery Cnty PA Indl Dev Auth Exempt Facs Rev Var <br> Constellation Energy Genration LLC Proj Ref, Ser C, AMT <br> (Mandatory put 04/03/28) | 4.45% | 10/01/34 | 1710231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Montgomery Cnty PA Indl Dev Auth Ref Foulkeways at Gwynedd | 5.00% | 12/01/46 | 947046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Montgomery Cnty PA Indl Dev Auth Ref Meadowood Sr Living <br> Proj, Ser A | 5.00% | 12/01/48 | 1494998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1780000 | &nbsp;&nbsp;&nbsp; PA St Econ Dev Fing Auth Exempt Facs Rev Var Ref Energy <br> Sply LLC Proj Remk, Ser C (Mandatory put 06/01/27) | 5.25% | 12/01/37 | 1796105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310000 | PA St Econ Dev Fing Auth Rev PA Bridges Finco LP P3 Proj | 5.00% | 06/30/42 | 310787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; PA St Econ Dev Fing Auth Rev Ref Presbyterian Sr Living Prj, <br>Ser B-2 | 5.25% | 07/01/46 | 1013372 |

---

------

**First Trust Municipal High Income ETF (FMHI)**

**Portfolio of Investments (Continued)**

**October 31, 2025 (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) (b) | 5.45% | 01/01/51 | $537362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &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 | 1370240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2550000 | &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% | 06/30/53 | 2584460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | PA St Turnpike Commn Turnpike Rev Ref Sub, Ser B | 5.00% | 06/01/39 | 10091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Philadelphia PA Arpt Rev Ref Priv Activity, AG, AMT | 4.00% | 07/01/38 | 1002035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Philadelphia PA Arpt Rev Ref, Ser B, AMT | 5.00% | 07/01/47 | 1001410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; Philadelphia PA Auth for Indl Dev Chrt Sch Rev Philadelphia E&T <br> Chrt High Sch, Ser A | 4.00% | 06/01/56 | 641778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp; Philadelphia PA Gas Wks Rev Ref 1998 Gen Ordinance <br> Fifteenth, Ser | 5.00% | 08/01/42 | 1727859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 960000 | &nbsp;&nbsp;&nbsp; Southcentrl PA Gen Auth Rev Ref Wellspan Hlth Obligated <br> Grp, Ser A | 4.00% | 06/01/49 | 867223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 495000 | &nbsp;&nbsp;&nbsp; W Cornwall Twp PA Muni Auth Ref Lebanon Vly Brethren Home <br> Proj, Ser A | 4.00% | 11/15/41 | 451159 |
|  |  |  |  | 29442669 |
|  | **Puerto Rico — 2.3%** | **Puerto Rico — 2.3%** | **Puerto Rico — 2.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp; Puerto Rico Cmwlth Aqueduct & Swr Auth Rev Ref Sr Lien, <br>Ser A (b) | 5.00% | 07/01/47 | 2701700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2900000 | Puerto Rico Cmwlth Restructured, Ser A1 | 4.00% | 07/01/33 | 2868962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3002265 | Puerto Rico Cmwlth Restructured, Ser A1 | 4.00% | 07/01/35 | 2951667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3358267 | Puerto Rico Cmwlth Restructured, Ser A1 | 4.00% | 07/01/41 | 3085493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Puerto Rico Indl Tourist Eductnl Med & Envrnmntl Control Fac <br> San Juan Cruise Terminal Proj, Ser 2023-A-2-P3, AMT | 6.50% | 01/01/42 | 283487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5866000 | &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Fing Corp Sales Tax Rev Restructured <br> Converted, Ser A-2 | 4.33% | 07/01/40 | 5694968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1170000 | &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Fing Corp Sales Tax Rev Restructured, <br>Ser A-1 | 4.55% | 07/01/40 | 1161998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1031000 | &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Fing Corp Sales Tax Rev Restructured, <br>Ser A-2 | 4.33% | 07/01/40 | 1000940 |
|  |  |  |  | 19749215 |
|  | **Rhode Island — 0.3%** | **Rhode Island — 0.3%** | **Rhode Island — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | Tobacco Stlmt Fing Corp RI Ref, Ser A | 5.00% | 06/01/40 | 2500195 |
|  | **South Carolina — 1.1%** | **South Carolina — 1.1%** | **South Carolina — 1.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380000 | Berkeley Cnty SC Assmnt Rev Nexton Impt Dist | 4.00% | 11/01/30 | 377200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp; Lancaster Cnty SC Assmnt Rev Ref Walnut Creek Impt Dist, <br>Ser A-1 | 5.00% | 12/01/31 | 230117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Lexington Cnty SC Hlth Svcs Dist Lexington Med Ctr | 5.00% | 11/01/41 | 2008498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp; SC St Jobs Econ Dev Auth Econ Dev Rev Ref The Woodlands at <br> Furman | 4.00% | 11/15/32 | 274640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1085000 | &nbsp;&nbsp;&nbsp; SC St Jobs Econ Dev Auth Econ Dev Rev Ref The Woodlands at <br> Furman | 5.25% | 11/15/47 | 1068618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; SC St Jobs Econ Dev Auth Econ Dev Rev Ref The Woodlands at <br> Furman | 5.25% | 11/15/52 | 241180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp; SC St Jobs Econ Dev Auth Econ Dev Rev Woodlands at Furman <br> Proj, Ser A | 5.00% | 11/15/54 | 386185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; SC St Jobs Econ Dev Auth Hlth Facs Rev Rolling Green Vlg <br> Proj, Ser A (h) | 5.00% | 12/01/40 | 991720 |

---

------

**First Trust Municipal High Income ETF (FMHI)**

**Portfolio of Investments (Continued)**

**October 31, 2025 (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)** |
|  | **South Carolina (Continued)** | **South Carolina (Continued)** | **South Carolina (Continued)** |  |
| $500000 | &nbsp;&nbsp;&nbsp; SC St Jobs Econ Dev Auth Hlth Facs Rev Rolling Green Vlg <br> Proj, Ser A (h) | 5.50% | 12/01/45 | $497646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; SC St Jobs Econ Dev Auth Hlth Facs Rev Rolling Green Vlg <br> Proj, Ser A (h) | 5.80% | 12/01/50 | 1001175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; SC St Jobs Econ Dev Auth Hlthcare Rev Beaufort Memorial Hosp <br> & S of Broad Hlthcare Proj | 5.50% | 11/15/44 | 1021900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; SC St Jobs Econ Dev Auth Hlthcare Rev Beaufort Memorial Hosp <br> & S of Broad Hlthcare Proj | 5.75% | 11/15/54 | 1037654 |
|  |  |  |  | 9136533 |
|  | **South Dakota — 0.2%** | **South Dakota — 0.2%** | **South Dakota — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; SD St Hlth & Eductnl Facs Auth Ref Westhills Vlg Retmnt Comnty <br> Issue, Ser A | 5.00% | 09/01/50 | 1503565 |
|  | **Tennessee — 0.7%** | **Tennessee — 0.7%** | **Tennessee — 0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Shelby Cnty TN Hlth Edl & Hsg Fac Brd Stdt Hsg Rev Madrone <br> Memphis Stdt Hsg I LLC Univ Memphis Proj, Ser A1 (b) | 5.00% | 06/01/44 | 1952859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | TN St Energy Acq Corp Gas Rev Ref, Ser A | 5.00% | 12/01/35 | 2723278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | &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 | 829186 |
|  |  |  |  | 5505323 |
|  | **Texas — 7.3%** | **Texas — 7.3%** | **Texas — 7.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Arlington TX Hgr Edu Fin Corp Edu Rev Ref Basis TX Chrt <br> Schs (b) | 5.63% | 06/15/45 | 508686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Arlington TX Hgr Edu Fin Corp Edu Rev Ref Basis TX Chrt <br> Schs (b) | 5.75% | 06/15/55 | 1012356 |
| &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 | 809513 |
| &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% | 09/01/45 | 1028815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2080000 | Austin TX Arpt Sys Rev, Ser B, AMT | 5.00% | 11/15/46 | 2083249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1410000 | Cool Wtr Muni Util Dist TX, Ser A, BAM | 5.00% | 08/15/45 | 1430912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1556000 | &nbsp;&nbsp;&nbsp; Crandall TX Spl Assmnt Rev Cartwright Ranch Pub Impt Dt Impt <br> Area #1 Proj (b) | 4.25% | 09/15/41 | 1456271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 565000 | &nbsp;&nbsp;&nbsp; Decatur TX Spl Assmnt Rev Paloma Trails Pub Impt Dt Impt Area <br> #1 Proj (b) | 5.50% | 09/15/45 | 571417 |
| &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 (b) | 5.38% | 12/31/45 | 905894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Denton Cnty TX Spl Assmnt Rev Sr Lien Tabor Ranch Pub Improv <br> Dist Improv Area #1, Ser A (b) | 5.63% | 12/31/54 | 2007050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | E Montgomery Cnty Mun Util Dist No 7 TX, BAM | 4.00% | 09/01/45 | 63464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; E Waller Cnty Mgmt Dist TX Spl Assmnt Rev Sofi Lakes Section 1 <br> & 2 Proj (b) | 6.00% | 09/15/45 | 1026922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; E Waller Cnty Mgmt Dist TX Spl Assmnt Rev Sofi Lakes Section 1 <br> & 2 Proj (b) | 6.25% | 09/15/55 | 1028052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1445000 | &nbsp;&nbsp;&nbsp; Fate TX Spl Assmnt Rev Monterra Pub Impt Dt Impt Area #1 <br> Proj (b) | 4.00% | 08/15/51 | 1172464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Fate TX Spl Assmnt Rev Monterra Pub Impt Dt Impt Area #2 <br> Proj (b) | 5.38% | 08/15/44 | 996872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1577000 | &nbsp;&nbsp;&nbsp; Ferris TX Spl Assmnt Rev Woodstone Pub Impt Dist No 2 Impt <br> Area 1 Proj (b) | 4.00% | 09/01/51 | 1290598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; Galveston TX Wharves & Terminal Rev Wharves & Terminal First <br> Lien, AMT | 5.25% | 08/01/37 | 431427 |

---

------

**First Trust Municipal High Income ETF (FMHI)**

**Portfolio of Investments (Continued)**

**October 31, 2025 (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)** |  |
| $250000 | &nbsp;&nbsp;&nbsp; Galveston TX Wharves & Terminal Rev Wharves & Terminal First <br> Lien, AMT | 5.25% | 08/01/38 | $267886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Harris Cnty TX Cultural Edu Facs Fin Corp Rev Memorial <br> Hermann Hlth Sys | 5.00% | 07/01/45 | 501313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Harris Cnty TX Hosp Dist Ctfs of Oblig | 5.25% | 02/15/50 | 2139142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1025000 | &nbsp;&nbsp;&nbsp; Haslet TX Spl Assmnt Rev Haslet Pub Impt Dist #5 Impt Area <br> #1 (b) | 4.13% | 09/01/39 | 961618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Houston TX Arpt Sys Rev Ref United Airls Inc Arpt Impt Proj, <br>Ser C, AMT | 5.00% | 07/15/27 | 1020180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Houston TX Arpt Sys Rev Subord Lien, Ser A, AMT | 5.50% | 07/01/50 | 2148530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1460000 | &nbsp;&nbsp;&nbsp; Houston TX Arpt Sys Rev United Airls Inc Terminal E Proj, Ser A, <br> AMT | 4.00% | 07/01/41 | 1341432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Houston TX Arpt Sys Rev United Airls Inc Terminal Impt Proj, <br>Ser B, AMT | 5.50% | 07/15/37 | 1639927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1065000 | &nbsp;&nbsp;&nbsp; Houston TX Arpt Sys Rev United Airls Inc Terminal Impt Proj, <br>Ser B-1, AMT | 4.00% | 07/15/41 | 978360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp; Houston TX Hgr Edu Fin Corp Ununiv Rev Houston Christian Univ <br> Proj | 5.13% | 10/01/51 | 593490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; Justin TX Spl Assmnt Rev Timberbrook Pub Imp Dt #1 Imp Area <br> #2 Proj (b) | 3.38% | 09/01/41 | 369963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 690000 | Kyle TX Spl Assmnt Rev 6 Creeks Pub Impt Dist Area #4 (b) | 4.50% | 09/01/33 | 700813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245000 | Kyle TX Spl Assmnt Rev 6 Creeks Pub Impt Dist Impt Area #1 (b) | 4.13% | 09/01/29 | 245566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Kyle TX Spl Assmnt Rev 6 Creeks Pub Impt Dist Impt Area #1 (b) | 4.63% | 09/01/39 | 500419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 935000 | &nbsp;&nbsp;&nbsp; Kyle TX Spl Assmnt Rev 6 Creeks Pub Impt Dt Impt Area #3 <br> Proj (b) | 4.00% | 09/01/46 | 789991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp; Lakewood Vlg TX Spl Assmnt Rev Lakewood Vlg Pub Impt Dist <br> No 1 Proj (b) | 5.38% | 09/15/52 | 2421014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 429000 | &nbsp;&nbsp;&nbsp; Lavon TX Spl Assmt Rev Elevon Pub Impt Dist Impt Area #1 <br> Proj (b) | 5.00% | 09/15/44 | 430956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; Lavon TX Spl Assmt Rev Elevon Pub Impt Dist Impt Area #1 <br> Proj (b) | 5.38% | 09/15/52 | 400758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; Lavon TX Spl Assmt Rev Elevon Pub Impt Dist Impt Area #2A-2B <br> Proj (b) | 5.13% | 09/15/44 | 607060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 729000 | &nbsp;&nbsp;&nbsp; Lavon TX Spl Assmt Rev Elevon Pub Impt Dist Impt Area #2A-2B <br> Proj (b) | 5.50% | 09/15/54 | 734318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Liberty Hill TX Spl Assmnt Rev Butler Farms Pub Imp Dt Areas #1 <br> and 2 Proj (b) | 3.38% | 09/01/42 | 808498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp; Liberty Hill TX Spl Assmnt Rev Butler Farms Pub Imp Dt Areas #1 <br> and 2 Proj (b) | 4.00% | 09/01/52 | 1091896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp; Little Elm TX Spl Assmnt Rev Lakeside Estates Pub Impt Dist #2 <br> Proj (b) | 5.00% | 09/01/47 | 1703982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 501000 | &nbsp;&nbsp;&nbsp; Lowry Crossing TX Spl Assmnt Rev Simpson Road Pub Impt Dist <br> Projs (b) | 5.75% | 09/15/45 | 514684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1125000 | &nbsp;&nbsp;&nbsp; Mission TX Econ Dev Corp Sol Wst Disp Rev Var Sustainable <br> Bonds Graphic Packaging Inter LLC Proj, AMT (Mandatory put <br> 06/01/30) | 5.00% | 12/01/64 | 1171054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; N Parkway Muni Mgmt Dist #1 TX Spl Assmnt Rev Major Impts <br> Proj (b) | 5.00% | 09/15/51 | 713495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1235000 | &nbsp;&nbsp;&nbsp; New Hope Cultural Edu Facs Fin Corp TX Retmnt Fac Rev Ref <br> Longhorn Vlg Proj | 5.00% | 01/01/31 | 1252707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1580000 | &nbsp;&nbsp;&nbsp; New Hope Cultural Edu Facs Fin Corp TX Retmnt Fac Rev Ref <br> Longhorn Vlg Proj | 5.00% | 01/01/32 | 1601804 |

---

------

**First Trust Municipal High Income ETF (FMHI)**

**Portfolio of Investments (Continued)**

**October 31, 2025 (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)** |  |
| $300000 | &nbsp;&nbsp;&nbsp; New Hope Cultural Edu Facs Fin Corp TX Retmnt Fac Rev Ref <br> Longhorn Vlg Proj | 5.00% | 01/01/37 | $302626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | Newark Hgr Edu Fin Corp TX Edu Rev Hughen Ctr Inc Proj, Ser A | 5.00% | 08/15/42 | 636141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; Oak Point TX Spl Assmnt Rev Oak Point 720 Pub Impt DT Impt <br> Area #1 Proj (b) | 5.35% | 09/15/44 | 1093474 |
| &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 (b) | 6.38% | 09/15/55 | 517142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Port Beaumont TX Nav Dist Dock & Wharf Fac Rev Jefferson Gulf <br> Coast Energy Proj, Ser A, AMT (b) | 5.00% | 01/01/39 | 1479274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Port Beaumont TX Nav Dist Dock & Wharf Fac Rev Jefferson Gulf <br> Coast Energy Proj, Ser A, AMT (b) | 5.13% | 01/01/44 | 1473829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Princeton TX Spl Assmnt Rev Eastridge Pub Impt DT Impt Area #3 <br> Proj (b) | 5.25% | 09/01/54 | 1003342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp; Princeton TX Spl Assmnt Rev Eastridge Pub Impt Dt Impt Area No <br> 4 Proj (b) | 5.38% | 09/01/45 | 212232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp; Princeton TX Spl Assmnt Rev Whitewing Trails Pub Impr Dist #2 <br> Phase 2 Proj Rev (b) | 5.13% | 09/01/43 | 2184544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp; Princeton TX Spl Assmnt Rev Winchester Pub Impr Dist #2 <br> Proj (b) | 5.13% | 09/01/42 | 1555395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp; Rowlett TX Spl Assmnt Rev Trails at Cottonwood Creek Pub Imp <br> Dist Major Imp Area Proj (b) | 3.75% | 09/15/31 | 201010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Rowlett TX Spl Assmnt Rev Trails at Cottonwood Creek Pub Imp <br> Dist Major Imp Area Proj (b) | 4.13% | 09/15/41 | 444742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 765000 | &nbsp;&nbsp;&nbsp; Rowlett TX Spl Assmnt Rev Trails at Cottonwood Creek Pub Imp <br> Dist Major Imp Area Proj (b) | 4.25% | 09/15/51 | 643179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2442000 | San Marcos TX Spl Assmnt Rev Whisper S Pub Imp Dt (b) | 4.25% | 09/01/42 | 2186008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; TX St Priv Activity Bond Surface Transprtn Corp Rev Ref Sr Lien <br> Bond Surface Transprtn Corp, AMT | 5.50% | 06/30/42 | 1827159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530000 | Westpointe Spl Impt Dist TX, BAM | 5.00% | 08/15/41 | 549098 |
|  |  |  |  | 61784013 |
|  | **U.S. Virgin Islands — 0.1%** | **U.S. Virgin Islands — 0.1%** | **U.S. Virgin Islands — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Virgin Islands Pub Fin Auth Hotel Occupancy Tax Rev <br> Frenchman's Reef Hotel Dev, Ser A (b) | 6.00% | 04/01/53 | 1027433 |
|  | **Utah — 3.9%** | **Utah — 3.9%** | **Utah — 3.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp; Arrowhead Springs Pub Infra Dist UT Spl Assmnt Arrowhead <br> Springs Assmnt Area (b) | 5.63% | 12/01/54 | 2122744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Black Desert Pub Infra Dist Sr Bonds, Ser A (b) | 4.00% | 03/01/51 | 1235616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Black Desert Pub Infra Dist UT Spl Assmnt Black Desert Assmnt <br> Area #1 (b) | 5.63% | 12/01/53 | 2022050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp; Fields Estates Pub Infra Dist UT Spl Assmnt Fields Estates Assmnt <br> Area, Ser A-2 (b) | 5.25% | 12/01/53 | 2213352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | Fields Estates Pub Infra Dist UT, Ser A-1 (b) | 6.13% | 03/01/55 | 758046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Firefly Pub Infra Dist #1 UT, Ser A-1 (b) | 6.63% | 03/01/54 | 1030255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Jordanelle Ridge Pub Infra Dist #2 UT, Ser A (b) | 7.75% | 03/01/54 | 2095215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Mida Cormont Pub Infra Dist UT Conv, Ser A-2, CABS, steps up to <br> 6.75% on 06/01/29 (b) (f) | 0.00% | 06/01/55 | 1692482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1115000 | Mida Cormont Pub Infra Dist UT, Ser A-1 (b) | 6.25% | 06/01/55 | 1174538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Mida Golf & Equestrian Ctr Pub Infra Dist UT Ltd (b) | 4.63% | 06/01/57 | 1666007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | Military Installation Dev Auth UT Tax Allocation Rev, Ser A-2 | 4.00% | 06/01/52 | 2474175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1485000 | Olympia Pub Infra Dist #1 UT, Ser A-1 (b) | 6.38% | 03/01/55 | 1532006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Soleil Hills Pub Infra Dist #1 UT, Ser A (b) | 5.88% | 03/01/55 | 2007452 |

---

------

**First Trust Municipal High Income ETF (FMHI)**

**Portfolio of Investments (Continued)**

**October 31, 2025 (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)** |  |
| $475000 | &nbsp;&nbsp;&nbsp; UT St Chrt Sch Fin Auth Chrt Sch Rev Mountain W Montessori <br> Acdmy Proj, Ser A (b) | 5.00% | 06/15/39 | $450981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1705000 | &nbsp;&nbsp;&nbsp; UT St Chrt Sch Fin Auth Chrt Sch Rev Ref Ronald Wilson Reagan <br> Acdmy Proj, Ser A (b) | 5.00% | 02/15/46 | 1553588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 675000 | &nbsp;&nbsp;&nbsp; UT St Chrt Sch Fin Auth Chrt Sch Rev Wallace Stegner Acdmy <br> Proj, Ser A (b) | 5.00% | 06/15/39 | 652136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3010000 | &nbsp;&nbsp;&nbsp; UT St Chrt Sch Fin Auth Chrt Sch Rev Wallace Stegner <br> Acdmy, Ser A (b) | 5.63% | 06/15/42 | 3018707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Verk Indl Regl Pub Infra Dist UT Tax (b) | 6.63% | 09/01/47 | 1574724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2700000 | &nbsp;&nbsp;&nbsp; Wakara Ridge Pub Infra Dist UT Spl Assmnt Wakara Ridge <br> Assmnt Area (b) | 5.63% | 12/01/54 | 2765492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp; Wood Ranch Pub Infra Dist UT Spl Assmnt Wood Ranch Assmnt <br> Area No 1 (b) | 5.63% | 12/01/53 | 1315480 |
|  |  |  |  | 33355046 |
|  | **Vermont — 0.1%** | **Vermont — 0.1%** | **Vermont — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260000 | VT St Econ Dev Auth Mtge Rev Ref Wake Robin Corp Proj, Ser A | 4.00% | 05/01/37 | 247850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &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) (b) | 4.63% | 04/01/36 | 1015283 |
|  |  |  |  | 1263133 |
|  | **Virginia — 2.0%** | **Virginia — 2.0%** | **Virginia — 2.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; Hanover Cnty VA Econ Dev Auth Rsdl Care Fac Rev Ref Covenant <br> Woods | 5.00% | 07/01/51 | 2824334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1060000 | &nbsp;&nbsp;&nbsp; Henrico Cnty VA Econ Dev Auth Rsdl Care Fac Rev Ref Lifespire <br> of VA, Ser C | 5.00% | 12/01/37 | 1080736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 880000 | &nbsp;&nbsp;&nbsp; Henrico Cnty VA Econ Dev Auth Rsdl Care Fac Rev Ref Lifespire <br> of VA, Ser C | 5.00% | 12/01/47 | 880332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Salem VA Econ Dev Auth Eductnl Facs Rev Roanoke Clg | 6.00% | 04/01/55 | 524836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3545000 | &nbsp;&nbsp;&nbsp; VA Small Busn Fing Auth Priv Activity Rev Sr Transform 66 P3 <br> Proj, AMT | 5.00% | 12/31/49 | 3506893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; VA St Small Busn Fing Auth Rev Ref Sr Lien 95 Express <br> Lanes LLC Proj, AMT | 5.00% | 01/01/38 | 1050971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; VA St Small Busn Fing Auth Rsdl Fac Care Rev Lifespire of <br> VA, Ser A | 5.50% | 12/01/54 | 3072047 |
| &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 | 765700 |
| &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% | 09/01/29 | 1026144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Virginia Beach VA Dev Auth Rsdl Care Fac Rev Westminster <br> Canterbury on Chesapeake Bay, Ser A | 7.00% | 09/01/53 | 2201305 |
|  |  |  |  | 16933298 |
|  | **Washington — 1.2%** | **Washington — 1.2%** | **Washington — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Port of Seattle WA Rev Ref Intermediate Lien Priv Activity, Ser C, <br> AMT | 5.00% | 08/01/39 | 1062882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Port of Seattle WA Rev Ref Intermediate Lien Priv Activity, Ser C, <br> AMT | 5.00% | 08/01/46 | 2045617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1950000 | Skagit Cnty WA Pub Hosp Dist #1 | 5.50% | 12/01/54 | 2009941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 975000 | WA St Convention Ctr Pub Facs Dist Sub | 5.00% | 07/01/48 | 976531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 875000 | WA St Hgr Edu Facs Auth Seattle Univ Proj Rev | 4.00% | 05/01/45 | 808243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; WA St Hsg Fin Commn Nonprofit Hsg Rev Ref Emerald Heights <br> Proj, Ser A | 5.00% | 07/01/43 | 1519978 |

---

------

**First Trust Municipal High Income ETF (FMHI)**

**Portfolio of Investments (Continued)**

**October 31, 2025 (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)** |  |
| $500000 | &nbsp;&nbsp;&nbsp; WA St Hsg Fin Commn Nonprofit Rev Radford Court & Nordheim <br> Court Portfolio | 5.50% | 07/01/49 | $515688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 710000 | &nbsp;&nbsp;&nbsp; WA St Hsg Fin Commn Nonprofit Rev Spokane Int Acad Proj, <br>Ser A (b) | 5.00% | 07/01/50 | 612632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 932151 | WA St Hsg Fin Commn Sustainable Ctf, Ser A-1, Class A | 3.50% | 12/20/35 | 907201 |
|  |  |  |  | 10458713 |
|  | **West Virginia — 0.4%** | **West Virginia — 0.4%** | **West Virginia — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; Monongalia Cnty WV Commn TX Incr Rev Ref Dev Dist #4 Univ <br> Twn Centre, Ser A (b) | 5.00% | 06/01/33 | 628430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp; Monongalia Cnty WV Commn TX Incr Rev Ref Dev Dist #4 Univ <br> Twn Centre, Ser A (b) | 5.75% | 06/01/43 | 464782 |
| &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) (b) | 5.45% | 01/01/55 | 1074061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1050000 | WV St Hosp Fin Auth Vandalia Hlth Grp, Ser B, AG | 5.50% | 09/01/48 | 1130608 |
|  |  |  |  | 3297881 |
|  | **Wisconsin — 5.2%** | **Wisconsin — 5.2%** | **Wisconsin — 5.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 925000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Chrt Sch Rev American Preparatory Acdmy Las <br> Vegas 2 Proj, Ser A (b) | 5.00% | 07/15/39 | 921010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Chrt Sch Rev American Preparatory Acdmy Las <br> Vegas 2 Proj, Ser A (b) | 5.00% | 07/15/54 | 1453271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 670000 | Pub Fin Auth WI Chrt Sch Rev Eno River Acdmy Proj, Ser A (b) | 4.00% | 06/15/30 | 664117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 810000 | Pub Fin Auth WI Chrt Sch Rev Eno River Acdmy Proj, Ser A (b) | 5.00% | 06/15/40 | 803415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 685000 | Pub Fin Auth WI Chrt Sch Rev Eno River Acdmy Proj, Ser A (b) | 5.00% | 06/15/54 | 626867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Chrt Sch Rev Founders of Acdmy Las Vegas <br> Proj, Ser A (b) | 4.00% | 07/01/30 | 343679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Chrt Sch Rev Founders of Acdmy Las Vegas <br> Proj, Ser A (b) | 6.38% | 07/01/43 | 311809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Chrt Sch Rev Founders of Acdmy Las Vegas <br> Proj, Ser A (b) | 5.00% | 07/01/55 | 1117847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Chrt Sch Rev Founders of Acdmy Las Vegas <br> Proj, Ser A (b) | 6.75% | 07/01/58 | 571592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Chrt Sch Rev Ltd American Prep Acdmy Las <br> Vegas Proj, Ser A (b) | 4.20% | 07/15/27 | 229964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Chrt Sch Rev Ltd American Prep Acdmy Las <br> Vegas Proj, Ser A (b) | 5.13% | 07/15/37 | 377112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Chrt Sch Rev Ref N E Carolina Preparatory <br> Sch, Ser A | 5.25% | 06/15/54 | 1004847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Pub Fin Auth WI Edu Rev Bonnie Cone Classical Acdmy Inc (b) | 5.50% | 06/15/49 | 1668124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Pub Fin Auth WI Edu Rev Coral Acdmy Science Las Vegas, Ser A | 5.00% | 07/01/43 | 996807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Pub Fin Auth WI Edu Rev Coral Acdmy Science Las Vegas, Ser A | 5.00% | 07/01/45 | 1483747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Pub Fin Auth WI Edu Rev Ref Mountain Island Chrt Sch Ltd | 5.00% | 07/01/37 | 500165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | Pub Fin Auth WI Edu Rev Ref Mountain Island Chrt Sch Ltd | 5.00% | 07/01/52 | 189244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Edu Rev Ref Pinecrest Acdmy NV Sloan Canyon <br> Cmps Proj, Ser A (b) | 4.50% | 07/15/49 | 351678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | Pub Fin Auth WI Edu Rev Ref Triad Eductnl Svcs Inc | 5.25% | 06/15/45 | 1194505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1140000 | Pub Fin Auth WI Edu Rev Triad Eductnl Svcs Inc | 5.00% | 06/15/42 | 1138075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1175000 | Pub Fin Auth WI Edu Rev Triad Eductnl Svcs Inc, Ser A | 4.00% | 06/15/41 | 1050784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160000 | Pub Fin Auth WI Eductnl Rev Piedmont Cmnty Chrt Sch | 5.00% | 06/15/27 | 163081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Pub Fin Auth WI Hosp Rev Ref Carson Vly Med Ctr, Ser A (b) | 4.00% | 12/01/41 | 1372613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Hotel Rev Sr Lien Grand Hyatt San Antonio <br> Hotel Acq Proj, Ser A | 5.00% | 02/01/42 | 1031955 |

---

------

**First Trust Municipal High Income ETF (FMHI)**

**Portfolio of Investments (Continued)**

**October 31, 2025 (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)** |  |
| $1335000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Retmnt Cmntys Rev Acts Retmnt Life Cmntys Inc <br> Oblig Grp, Ser A | 5.00% | 11/15/41 | $1360049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Retmnt Cmntys Rev Ref Evergreens Retmnt <br> Cmnty, Ser A | 5.00% | 11/15/49 | 1723799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 685000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Retmnt Fac Rev Ref United Methodist Retmnt <br> Homes, Ser A | 4.00% | 10/01/46 | 601110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | Pub Fin Auth WI Retmnt Fac Rev Southminster (b) | 5.00% | 10/01/43 | 64645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 510000 | Pub Fin Auth WI Retmnt Fac Rev Southminster (b) | 5.00% | 10/01/48 | 488509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3550000 | Pub Fin Auth WI Rev Anthem Freedom Proj, CABS (b) | (c) | 12/15/37 | 1805385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1125000 | Pub Fin Auth WI Rev Ref Kahala Nui Proj | 5.25% | 11/15/50 | 1146705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Pub Fin Auth WI Rev Sr Proton Intl AR LLC, Ser A (g) | 6.85% | 01/01/51 | 1370180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1215000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Sr Living Rev Ref Mary's Woods at Marylhurst <br> Proj, Ser A (b) | 5.00% | 05/15/31 | 1229284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1275000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Sr Living Rev Ref Mary's Woods at Marylhurst <br> Proj, Ser A (b) | 5.00% | 05/15/32 | 1289952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1225000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Sr Living Rev Ref Mary's Woods at Marylhurst <br> Proj, Ser A (b) | 5.25% | 05/15/47 | 1189557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Stdt Hsg Rev NC A&T Real Estate Fdtn LLC <br> Proj, Ser B | 5.00% | 06/01/44 | 1896985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Stdt Hsg Rev Sr KSU Bixby Real Estate <br> Fdtn LLC Proj, Ser A | 5.25% | 06/15/50 | 773323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3110000 | Pub Fin Auth WI Tax Incr Rev Miami Worldcenter Proj, Ser A (b) | 5.00% | 06/01/41 | 3163134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2750000 | Pub Fin Auth WI Toll Rev Sr GA Sr 400 Express Lanes Proj, AMT | 5.75% | 06/30/60 | 2842085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Pub Fin Auth WI Toll Rev Sr GA Sr 400 Express Lanes Proj, AMT | 6.50% | 06/30/60 | 1103120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | WI Hlth Edl Facs Auth Sr Living Rev Chiara Hsg and Svcs Inc Proj | 5.88% | 07/01/55 | 1004408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; WI St Hlth & Eductnl Facs Auth Rev Bellin Memorial Hosp <br> Inc, Ser A | 5.50% | 12/01/52 | 1071733 |
|  |  |  |  | 43690271 |
|  | **Wyoming — 0.1%** | **Wyoming — 0.1%** | **Wyoming — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1490000 | Laramie Cnty WY Hosp Rev Ref Cheyenne Regl Med Ctr Proj | 3.00% | 05/01/42 | 1235784 |
|  | **Total Investments — 98.7%** | **Total Investments — 98.7%** | **Total Investments — 98.7%** | 833807575 |
|  | (Cost $823,839,460) | (Cost $823,839,460) | (Cost $823,839,460) |  |
|  | **Net Other Assets and Liabilities — 1.3%** | **Net Other Assets and Liabilities — 1.3%** | **Net Other Assets and Liabilities — 1.3%** | 10645566 |
|  | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $844453141 |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) 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 First Trust Advisors L.P. (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 October 31, 2025, securities noted
 as such amounted to $252,340,453 or 29.9% of net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Pursuant to procedures adopted by the Trust's Board of Trustees, this security has been determined to be illiquid by the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;(e) This issuer is in default and interest is not being accrued by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Step-up security. A security where the coupon increases or steps up at a predetermined
 date.

------

**First Trust Municipal High Income ETF (FMHI)**

**Portfolio of Investments (Continued)**

**October 31, 2025 (Unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) 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;(h) When-issued security. The interest rate shown reflects the rate in effect at October
 31, 2025. Interest will begin accruing on the security's first settlement date.

&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 |

---

------

**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 October 31, 2025 is as follows:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**10/31/2025**<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; $833807575 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $833807575 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

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

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

------

**First Trust Municipal High Income ETF (FMHI)**

**Portfolio of Investments (Continued)**

**October 31, 2025 (Unaudited)**

------

**Restricted Securities**

As of October 31, 2025, 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; OK St Dev Fin Auth Sr OK Proton <br> Ctr, Ser A1, 7.25%, 09/01/51<br>| 02/12/21 - <br> 06/04/21<br>| &nbsp;&nbsp; $2400000 | &nbsp;&nbsp; $100.26 | &nbsp;&nbsp; $2437672 | &nbsp;&nbsp; $2406272 | 0.28<br> %<br>|
| &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 | &nbsp;&nbsp; 1000000 | 39.00 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 390000 | 0.05 |
| &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Rev Sr Proton Intl <br> AR LLC, Ser A, 6.85%, 01/01/51<br>| 12/17/21 | &nbsp;&nbsp; 2000000 | 68.51 | &nbsp;&nbsp; 1964673 | &nbsp;&nbsp; 1370180 | 0.16 |
|  |  |  |  | &nbsp;&nbsp; $5402345 | &nbsp;&nbsp; $4166452 | 0.49<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 Municipal High Income ETF

- **b. EDGAR series identifier (if any):** S000051606

- **c. LEI of Series:** 549300B5O1Z4DSDEG514

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $848166250.29

**Total Liabilities:** $3508179.33

**Net Assets:** $844658070.96

**Delayed Delivery Securities:** $2986545.00

**Cash Not Reported:** $3503319.21

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 480.52080000 | **1-Year:** 13443.80652000 | **5-Year:** 138473.91143000 | **10-Year:** 359783.81964000 | **30-Year:** 15013.88615000

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

- **3-Month:** 74.50504000 | **1-Year:** 3353.49935000 | **5-Year:** 25160.89012000 | **10-Year:** 44731.36498000 | **30-Year:** 1211.14551000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000162358 | 0.58%                | 2.98%                | 1.45%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-413779.00              | $2118466.31                                |
| Month 2  | $-404238.99              | $20330009.50                               |
| Month 3  | $-22093.36               | $8813846.84                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CONNERTON EAST CDD FL SPL ASSM     | Connerton East Community Development District                                   | CUSIP: 208185AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1545676.35   | 0.18%             | 2043-06-15      | Fixed         | 5.25%                 | 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        |   1340000 | PA      | $1416581.13   | 0.17%             | 2053-11-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH SENIOR LIVING     | Iowa Finance Authority                                                          | CUSIP: 46247CER6<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    750000 | PA      | $762465.45    | 0.09%             | 2055-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R     | Arizona Industrial Development Authority                                        | CUSIP: 04052BAL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1670000 | PA      | $1675709.40   | 0.20%             | 2037-07-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV     | Colorado Health Facilities Authority                                            | CUSIP: 19648FAY0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500564.95    | 0.06%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE     | Public Finance Authority                                                        | CUSIP: 744396JG8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    550000 | PA      | $571591.90    | 0.07%             | 2058-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R     | Arizona Industrial Development Authority                                        | CUSIP: 04052BCP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $549769.44    | 0.07%             | 2027-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH STUDENT HS     | Indiana Finance Authority                                                       | CUSIP: 45471FAX9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1257643.75   | 0.15%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| S WSTRN IL DEV AUTH ENVRNMNTL      | Southwestern Illinois Development Authority                                     | CUSIP: 84552TAB8<br>LEI: 549300B1KLLJ8NU5XK71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000440.00   | 0.12%             | 2042-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                        | City of New York NY                                                             | CUSIP: 64966QH37<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1800000.00   | 0.21%             | 2049-09-01      | Variable      | 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        |    300000 | PA      | $301811.67    | 0.04%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SCENIC TERRACE SOUTH CDD FL SP     | Scenic Terrace South Community Development District                             | CUSIP: 806205AD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1836384.80   | 0.22%             | 2053-05-01      | Fixed         | 4.62%                 | 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        |   3600000 | PA      | $3600000.00   | 0.43%             | 2061-08-01      | Variable      | 4.15%                 | No            |                  2 | On Loan: No      |
| FOREST LAKE CMNTY DEV DIST FL      | Forest Lake Community Development District                                      | CUSIP: 34585PAC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $477534.85    | 0.06%             | 2040-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN MARCOS TX SPL ASSMNT REVEN     | City of San Marcos TX                                                           | CUSIP: 798801AU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2442000 | PA      | $2186008.07   | 0.26%             | 2042-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PINON PINES MET DIST #3 CO         | Pinon Pines Metropolitan District No 3                                          | CUSIP: 72352WAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2470000 | PA      | $2228699.77   | 0.26%             | 2054-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LATROBE PA INDL DEV AUTH UNIV      | Latrobe Industrial Development Authority                                        | CUSIP: 518324AQ1<br>LEI: 5493008FA05J2R0XCZ14 | Long             | DBT              | MUN               | US        |    250000 | PA      | $232347.08    | 0.03%             | 2038-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R     | Massachusetts Development Finance Agency                                        | CUSIP: 57583U6R4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    550000 | PA      | $542552.01    | 0.06%             | 2044-07-01      | 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        |   2800000 | PA      | $2800000.00   | 0.33%             | 2062-11-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HSG FIN AGY MF HSG REV     | Ohio Housing Finance Agency                                                     | CUSIP: 676900XZ1<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2049077.60   | 0.24%             | 2045-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH     | Kentucky Public Energy Authority                                                | CUSIP: 74440DCM4<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   2525000 | PA      | $2568260.57   | 0.30%             | 2050-02-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP SOL WS     | Florida Development Finance Corp                                                | CUSIP: 34061XAF9<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2016896.80   | 0.24%             | 2032-07-01      | Variable      | 6.12%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CENTER CO MET DIST #     | Jefferson Center Metropolitan District No 1                                     | CUSIP: 47248EAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $539598.11    | 0.06%             | 2040-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SP     | California Municipal Finance Authority                                          | CUSIP: 13051AGB8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1381293.16   | 0.16%             | 2053-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT BUSINESS PRIVILEGE T     | Territory of Guam                                                               | CUSIP: 40065NCG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250172.20    | 0.03%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GARDENS AT HAMMOCK BEACH CDD F     | Gardens at Hammock Beach Community Development District                         | CUSIP: 36549DAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $193593.55    | 0.02%             | 2031-05-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| BALTIMORE MD SPL OBLIG             | City of Baltimore MD                                                            | CUSIP: 05923TCH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $172315.08    | 0.02%             | 2027-06-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| SOUTH DAKOTA ST HLTH & EDUCTNL     | South Dakota Health & Educational Facilities Authority                          | CUSIP: 83755VY73<br>LEI: 549300ZW6LKR8UI2C378 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1503565.35   | 0.18%             | 2050-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI TOLL REVENU     | Public Finance Authority                                                        | CUSIP: 74448UAB4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2842085.40   | 0.34%             | 2060-06-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH STUDENT HS     | Indiana Finance Authority                                                       | CUSIP: 45471FAW1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2024093.40   | 0.24%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LITTLE ELM TX SPL ASSMNT REVEN     | Town of Little Elm TX                                                           | CUSIP: 537098AM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1703981.74   | 0.20%             | 2047-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AVIMOR CMNTY INFRASTRUCTURE DI     | Avimor Community Infrastructure District No 1                                   | CUSIP: 05372AAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1338807.47   | 0.16%             | 2053-09-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R     | Arizona Industrial Development Authority                                        | CUSIP: 04052BTS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004035.30   | 0.12%             | 2060-07-01      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE     | South Carolina Jobs-Economic Development Authority                              | CUSIP: 83704HAM9<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037653.80   | 0.12%             | 2054-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| LARAMIE CNTY WY HOSP REVENUE       | County of Laramie WY                                                            | CUSIP: 516706DQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1490000 | PA      | $1235783.95   | 0.15%             | 2042-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST ECON DEV FIN AUTH      | Kentucky Economic Development Finance Authority                                 | CUSIP: 49126KKD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004599.10   | 0.12%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH MIDWSTRN DISA     | Iowa Finance Authority                                                          | CUSIP: 46246SAV7<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1498309.54   | 0.18%             | 2050-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| AVE MARIA FL STEWARDSHIP CMNTY     | Ave Maria Stewardship Community District                                        | CUSIP: 05355ABS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2380000 | PA      | $2434546.27   | 0.29%             | 2043-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS CNTY OR HOSP FAC AUT     | Clackamas County Hospital Facility Authority                                    | CUSIP: 179027XQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $290701.13    | 0.03%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R     | Arizona Industrial Development Authority                                        | CUSIP: 04052BAM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2240000 | PA      | $2209100.99   | 0.26%             | 2047-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MONROE LA WTR REVENUE              | City of Monroe LA Water Revenue                                                 | CUSIP: 611089AP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $212093.78    | 0.03%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI SENIOR LIVI     | Public Finance Authority                                                        | CUSIP: 74443UBB8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1189557.32   | 0.14%             | 2047-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GARDENS AT HAMMOCK BEACH CDD F     | Gardens at Hammock Beach Community Development District                         | CUSIP: 36549DAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $305211.39    | 0.04%             | 2044-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| SCHAUMBURG COOK & DUPAGE CNTYS     | Schaumburg Cook & DuPage Counties IL                                            | CUSIP: 806345AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3012701.70   | 0.36%             | 2038-12-30      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH CH     | California Municipal Finance Authority                                          | CUSIP: 13048DCP1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1045510.94   | 0.12%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI RETMNT FAC      | Public Finance Authority                                                        | CUSIP: 74444VAF7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     65000 | PA      | $64645.31     | 0.01%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF ALABAMA AT BIRMINGHAM      | University of Alabama at Birmingham                                             | CUSIP: 914745EP5<br>LEI: 5493002DHWB7OKWT0415 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1475280.40   | 0.17%             | 2041-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LEES SUMMIT MO INDL DEV AUTH S     | Lees Summit Industrial Development Authority                                    | CUSIP: 524292AS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $444499.80    | 0.05%             | 2051-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST DEV FIN AUTH           | Oklahoma Development Finance Authority                                          | CUSIP: 6789083V4<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2406271.68   | 0.28%             | 2051-09-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP SOL WS     | Florida Development Finance Corp                                                | CUSIP: 34061XAG7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015704.40   | 0.12%             | 2054-10-01      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP SENIOR     | Florida Development Finance Corp                                                | CUSIP: 34061WBL7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1005000 | PA      | $851670.87    | 0.10%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI STUDENT HSG     | Public Finance Authority                                                        | CUSIP: 74439YFU0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    750000 | PA      | $773323.35    | 0.09%             | 2050-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R     | Arizona Industrial Development Authority                                        | CUSIP: 04052BPL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $350289.37    | 0.04%             | 2033-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI TOLL REVENU     | Public Finance Authority                                                        | CUSIP: 74448UAA6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1103120.00   | 0.13%             | 2060-06-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| AVIMOR CMNTY INFRASTRUCTURE DI     | Avimor Community Infrastructure District No 1                                   | CUSIP: 05372AAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1513013.25   | 0.18%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP     | New York Transportation Development Corp                                        | CUSIP: 650116CZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1269904.25   | 0.15%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GALVESTON TX WHARVES & TERMINA     | City of Galveston TX Wharves & Terminal Revenue                                 | CUSIP: 364568JJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $267886.43    | 0.03%             | 2038-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ROWLETT TX SPL ASSMNT REVENUE      | City of Rowlett TX                                                              | CUSIP: 779719AL7<br>LEI: 549300XN25SMDVQJM820 | Long             | DBT              | MUN               | US        |    765000 | PA      | $643178.72    | 0.08%             | 2051-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SAINT LOUIS CNTY MO INDL DEV A     | St Louis County Industrial Development Authority                                | CUSIP: 791524CE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4450000 | PA      | $4332770.09   | 0.51%             | 2048-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS CNTY OR HOSP FAC AUT     | Clackamas County Hospital Facility Authority                                    | CUSIP: 179027WP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1190000 | PA      | $1192644.18   | 0.14%             | 2037-11-15      | 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        |   1250000 | PA      | $1251159.38   | 0.15%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOLEIL HILLS PUB INFRASTRUCTUR     | Soleil Hills Public Infrastructure District No 1                                | CUSIP: 834201AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2007452.40   | 0.24%             | 2055-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AUTH FL EDUCTNL      | Capital Trust Authority                                                         | CUSIP: 14054WBV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $986341.00    | 0.12%             | 2050-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MOBILE CNTY AL INDL DEV AUTH S     | Mobile County Industrial Development Authority                                  | CUSIP: 60733UAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5612247.60   | 0.66%             | 2054-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| WOODBURY MN CHRT SCH LEASE REV     | City of Woodbury MN                                                             | CUSIP: 979134AT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $712482.58    | 0.08%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EPPERSON N CDD FL CAPITAL IMPT     | Epperson North Community Development District                                   | CUSIP: 29429VAJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3040000 | PA      | $2550111.60   | 0.30%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLEVELAND OH ARPT SYS REVENUE      | City of Cleveland OH Airport System Revenue                                     | CUSIP: 186352RU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1640000 | PA      | $1656689.46   | 0.20%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AEROTROPOLIS REGL TRANPRTN AUT     | Aerotropolis Regional Transportation Authority                                  | CUSIP: 008051AE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010803.00   | 0.12%             | 2054-12-01      | Fixed         | 5.75%                 | 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      | $1069888.13   | 0.13%             | 2041-05-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA     | Chicago O'Hare International Airport                                            | CUSIP: 167593L59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5018197.50   | 0.59%             | 2048-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE     | South Carolina Jobs-Economic Development Authority                              | CUSIP: 837031WJ8<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    275000 | PA      | $274639.97    | 0.03%             | 2032-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PINON PINES MET DIST #2 CO         | Pinon Pines Metropolitan District No 2                                          | CUSIP: 72352VAB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1236197.88   | 0.15%             | 2050-12-01      | 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      | $1194505.20   | 0.14%             | 2045-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| W CORNWALL TWP PA MUNI AUTH        | West Cornwall Township Municipal Authority                                      | CUSIP: 95235TAS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $451159.38    | 0.05%             | 2041-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE     | Public Finance Authority                                                        | CUSIP: 74442EKL3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1138074.43   | 0.13%             | 2042-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| THREE RIVERS CDD FL                | Three Rivers Community Development District                                     | CUSIP: 88563MAN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1250428.50   | 0.15%             | 2045-05-01      | Fixed         | 5.50%                 | 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      | $809512.60    | 0.10%             | 2041-02-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| LINCOLNWOOD IL TAX INCREMENT A     | Village of Lincolnwood Il                                                       | CUSIP: 53509AAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1660000 | PA      | $1636682.98   | 0.19%             | 2041-01-01      | Fixed         | 4.82%                 | 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      | $1242187.80   | 0.15%             | 2033-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BEXLEY CDD FL SPL ASSMNT REVEN     | Bexley Community Development District                                           | CUSIP: 088570AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1952123.00   | 0.23%             | 2047-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ROWLETT TX SPL ASSMNT REVENUE      | City of Rowlett TX                                                              | CUSIP: 779719AK9<br>LEI: 549300XN25SMDVQJM820 | Long             | DBT              | MUN               | US        |    500000 | PA      | $444742.45    | 0.05%             | 2041-09-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CCP MET DIST NO 3 CO               | CCP Metropolitan District No 3                                                  | CUSIP: 12520DAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1170981.97   | 0.14%             | 2053-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT WTRWKS AUTH WTR & WS     | Guam Government Waterworks Authority                                            | CUSIP: 40065FDF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $156187.64    | 0.02%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE ST HLTH FACS AUTH REV     | Delaware State Health Facilities Authority                                      | CUSIP: 246388UQ3<br>LEI: 549300RXU7M05ZYSJG42 | Long             | DBT              | MUN               | US        |   3140000 | PA      | $3146781.14   | 0.37%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE        | City of Houston TX Airport System Revenue                                       | CUSIP: 442349JU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2148529.60   | 0.25%             | 2050-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WEST MEADOW MET DIST CO            | West Meadow Metropolitan District                                               | CUSIP: 954261AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $728290.36    | 0.09%             | 2038-12-01      | Fixed         | 6.00%                 | 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        |   1000000 | PA      | $1020646.20   | 0.12%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EDGEWATER EAST CDD FL SPL ASSM     | Edgewater East Community Development District                                   | CUSIP: 280286AH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2635000 | PA      | $2138500.92   | 0.25%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX CULTURAL EDU FA     | Harris County Cultural Education Facilities Finance Corp                        | CUSIP: 414009KM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501312.70    | 0.06%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COOK CNTY IL MF HSG REVENUE        | County of Cook IL                                                               | CUSIP: 213226AE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1415000 | PA      | $1426115.25   | 0.17%             | 2045-01-01      | Fixed         | 6.50%                 | 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        |   1000000 | PA      | $1005037.40   | 0.12%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CROSSINGS CDD FL SPL ASSMNT        | Crossings Community Development District                                        | CUSIP: 22766NAG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503273.90    | 0.06%             | 2054-05-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| LINCOLNWOOD IL TAX INCREMENT A     | Village of Lincolnwood Il                                                       | CUSIP: 53509AAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1115720.65   | 0.13%             | 2043-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AUTH FL EDUCTNL      | Capital Trust Authority                                                         | CUSIP: 14054WBU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $243992.05    | 0.03%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY OH HLTH CARE REV     | County of Hamilton OH                                                           | CUSIP: 40727RDG0<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |    105000 | PA      | $105722.60    | 0.01%             | 2045-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HGR EDU ASSISTAN     | New Jersey Higher Education Student Assistance Authority                        | CUSIP: 646080SS1<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100001.52    | 0.01%             | 2030-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT CHARLES CNTY MO PUBLIC W     | St Charles County Public Water Supply District No 2                             | CUSIP: 78764YFJ1<br>LEI: 54930038VJHZW7PR1R14 | Long             | DBT              | MUN               | US        |    250000 | PA      | $242329.95    | 0.03%             | 2044-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN     | Virginia Small Business Financing Authority                                     | CUSIP: 928104PN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050971.50   | 0.12%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES MI WTR AUTH WTR SP     | Great Lakes Water Authority Water Supply System Revenue                         | CUSIP: 39081JGP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1075894.60   | 0.13%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE     | Public Finance Authority                                                        | CUSIP: 744396FT4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1117847.25   | 0.13%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV     | Colorado Health Facilities Authority                                            | CUSIP: 19648FTB0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    670000 | PA      | $672737.15    | 0.08%             | 2035-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALLENTOWN COMMERCIAL & INDL DE     | Allentown Commercial and Industrial Development Authority                       | CUSIP: 01843AAM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1438166.10   | 0.17%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST CHRT SCH FIN AUTH CHRT     | Utah Charter School Finance Authority                                           | CUSIP: 91754TS61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3010000 | PA      | $3018707.33   | 0.36%             | 2042-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| TERRE HAUTE IN MF HSG REVENUE      | City of Terre Haute IN                                                          | CUSIP: 881080AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $490918.30    | 0.06%             | 2032-01-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| ROWLETT TX SPL ASSMNT REVENUE      | City of Rowlett TX                                                              | CUSIP: 779719AJ2<br>LEI: 549300XN25SMDVQJM820 | Long             | DBT              | MUN               | US        |    215000 | PA      | $201009.91    | 0.02%             | 2031-09-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE        | City of Houston TX Airport System Revenue                                       | CUSIP: 442349DJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020180.20   | 0.12%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL      | Connecticut State Health & Educational Facilities Authority                     | CUSIP: 20775DYV8<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2463190.75   | 0.29%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HANOVER CNTY VA ECON DEV AUTHR     | Hanover County Economic Development Authority                                   | CUSIP: 41077CAS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2824334.10   | 0.33%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI HOTEL REVEN     | Public Finance Authority                                                        | CUSIP: 74447DAB3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031954.50   | 0.12%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FIREFLY PUBLIC INFRASTRUCTURE      | Firefly Public Infrastructure District No 1                                     | CUSIP: 31816AAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030254.90   | 0.12%             | 2054-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI RETMNT CMNT     | Public Finance Authority                                                        | CUSIP: 74446CAB6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1723798.83   | 0.20%             | 2049-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI RETMNT FAC      | Public Finance Authority                                                        | CUSIP: 74444VAG5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    510000 | PA      | $488509.21    | 0.06%             | 2048-10-01      | 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      | $1618186.19   | 0.19%             | 2042-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| OMAHA NE ARPT AUTH                 | Omaha Airport Authority                                                         | CUSIP: 681725NH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $801662.70    | 0.09%             | 2043-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE CNTY FL INDL DEV AUT     | Charlotte County Industrial Development Authority/FL                            | CUSIP: 16080TAG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4750000 | PA      | $3979157.65   | 0.47%             | 2051-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV     | Colorado Health Facilities Authority                                            | CUSIP: 19648FJZ8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    950000 | PA      | $941661.95    | 0.11%             | 2039-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SUNRISE CDD FL CAPITAL IMPT RE     | Sunrise Community Development District                                          | CUSIP: 86771UAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1580000 | PA      | $1568860.37   | 0.19%             | 2045-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| LEES SUMMIT MO INDL DEV AUTH S     | Lees Summit Industrial Development Authority                                    | CUSIP: 524292BJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023213.40   | 0.12%             | 2039-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                        | State of Illinois                                                               | CUSIP: 452152P21<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2076182.80   | 0.25%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT BEAUMONT TX NAV DIST DOCK     | Port of Beaumont Navigation District                                            | CUSIP: 73360CAP9<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1479274.35   | 0.18%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FATE TX SPL ASSESSMENT REVENUE     | City of Fate TX                                                                 | CUSIP: 31189RCB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1445000 | PA      | $1172463.75   | 0.14%             | 2051-08-15      | Fixed         | 4.00%                 | 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        |   1085000 | PA      | $1068618.67   | 0.13%             | 2047-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH SP     | New Jersey Economic Development Authority                                       | CUSIP: 64578CBW0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    950000 | PA      | $950013.78    | 0.11%             | 2030-11-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP      | Lakewood Ranch Stewardship District                                             | CUSIP: 51265KEN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $83434.51     | 0.01%             | 2050-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL HLTH FACS A     | Palm Beach County Health Facilities Authority                                   | CUSIP: 69650MAW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1800961.20   | 0.21%             | 2045-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DUTCHESS CNTY NY LOCAL DEV COR     | Dutchess County Local Development Corp                                          | CUSIP: 26704AAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $486027.72    | 0.06%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VERK INDL REGL PUBLIC INFRASTR     | Verk Industrial Regional Public Infrastructure District                         | CUSIP: 92348YAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1574724.15   | 0.19%             | 2047-09-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX HGR EDU FIN CORP UN     | Houston Higher Education Finance Corp                                           | CUSIP: 44237QAH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $593489.94    | 0.07%             | 2051-10-01      | Fixed         | 5.12%                 | 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        |   1031000 | PA      | $1000939.65   | 0.12%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| PRINCETON TX SPL ASSMNT REVENU     | City of Princeton TX                                                            | CUSIP: 742400BS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1555395.09   | 0.18%             | 2042-09-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM     | North Carolina Medical Care Commission                                          | CUSIP: 65820YSL1<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2495000 | PA      | $2091281.80   | 0.25%             | 2046-09-01      | Fixed         | 4.00%                 | 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      | $765699.98    | 0.09%             | 2031-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT BEAUMONT TX NAV DIST DOCK     | Port of Beaumont Navigation District                                            | CUSIP: 73360CAQ7<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1473828.90   | 0.17%             | 2044-01-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HGR EDU FACS AUT     | Washington Higher Education Facilities Authority                                | CUSIP: 9397813X6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $808242.93    | 0.10%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A     | California Health Facilities Financing Authority                                | CUSIP: 13032UMH8<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2535441.75   | 0.30%             | 2042-02-01      | 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        |   2500000 | PA      | $2724531.25   | 0.32%             | 2054-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| W VLGS FL IMPT DIST                | West Villages Improvement District                                              | CUSIP: 956454AP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1760000 | PA      | $1763240.34   | 0.21%             | 2038-05-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| LANTERNS MET DIST #3 CO            | Lanterns Metropolitan District No 3                                             | CUSIP: 51654GAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041023.10   | 0.12%             | 2053-12-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE     | Public Finance Authority                                                        | CUSIP: 744396FR8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    350000 | PA      | $343678.90    | 0.04%             | 2030-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP     | New York Transportation Development Corp                                        | CUSIP: 650110AD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $447372.90    | 0.05%             | 2046-10-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BLACK DESERT PUB INFRASTRUCTUR     | Black Desert Public Infrastructure District                                     | CUSIP: 09204PAD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1235616.30   | 0.15%             | 2051-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FOUR CORNERS BUSINESS IMPT DIS     | Four Corners Business Improvement District                                      | CUSIP: 35084NAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1515940.35   | 0.18%             | 2052-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE     | Public Finance Authority                                                        | CUSIP: 744396JZ6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004846.60   | 0.12%             | 2054-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R     | Massachusetts Development Finance Agency                                        | CUSIP: 57585BJT6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010512.10   | 0.12%             | 2050-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY OH HLTH CARE REV     | County of Hamilton OH                                                           | CUSIP: 40727RDH8<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |   2025000 | PA      | $2057908.68   | 0.24%             | 2050-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE     | Public Finance Authority                                                        | CUSIP: 744396EZ1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    925000 | PA      | $921009.83    | 0.11%             | 2039-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MATTAWAN MI CONSOL SCH DIST        | Mattawan Consolidated School District/MI                                        | CUSIP: 577056MP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1568193.45   | 0.19%             | 2047-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP      | Lakewood Ranch Stewardship District                                             | CUSIP: 51265KBN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $764672.03    | 0.09%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GULFPORT MS HOSP FAC REVENUE       | City of Gulfport MS                                                             | CUSIP: 402682DG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1470428.26   | 0.17%             | 2050-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE     | California Municipal Finance Authority                                          | CUSIP: 13048T4F7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    205000 | PA      | $209405.41    | 0.02%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP     | New York Transportation Development Corp                                        | CUSIP: 650116CV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2910000 | PA      | $3045103.73   | 0.36%             | 2031-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LOWRY CROSSING TX SPL ASSMNT R     | City of Lowry Crossing TX                                                       | CUSIP: 54877WAC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    501000 | PA      | $514684.06    | 0.06%             | 2045-09-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| LAVON TX SPL ASSMT REVENUE         | City of Lavon TX                                                                | CUSIP: 51946PCG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $607060.02    | 0.07%             | 2044-09-15      | Fixed         | 5.12%                 | 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        |    500000 | PA      | $408402.60    | 0.05%             | 2056-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT OF GTR CINCINNATI DEV AUT     | Port of Greater Cincinnati Development Authority                                | CUSIP: 73421NAD9<br>LEI: 549300IK2RCZBY62ST97 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2929536.30   | 0.35%             | 2055-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST UNIV COPS              | Kentucky State University                                                       | CUSIP: 491588AQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $232789.46    | 0.03%             | 2041-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SP     | California Municipal Finance Authority                                          | CUSIP: 13050RAA0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011121.50   | 0.12%             | 2029-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SHAWNEE CNTY KS PUBLIC BLDG CO     | County of Shawnee KS                                                            | CUSIP: 820561BA5<br>LEI: 5493007F3P7G61QTP515 | Long             | DBT              | MUN               | US        |    175000 | PA      | $203267.49    | 0.02%             | 2034-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MOBILE AL INDL DEV BRD POLL CO     | Industrial Development Board of the City of Mobile Alabama                      | CUSIP: 607167DY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 0.59%             | 2034-06-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| BRIDGEVILLE DE SPL OBLIG           | Town of Bridgeville DE                                                          | CUSIP: 108588AN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $789611.24    | 0.09%             | 2044-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE     | South Carolina Jobs-Economic Development Authority                              | CUSIP: 837031WN9<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    250000 | PA      | $241179.98    | 0.03%             | 2052-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| APPLE VY MN SENIOR HSG REVENUE     | City of Apple Valley MN                                                         | CUSIP: 03800RBK1<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |    600000 | PA      | $606312.66    | 0.07%             | 2055-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI RETMNT CMNT     | Public Finance Authority                                                        | CUSIP: 74446CAD2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1360048.87   | 0.16%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N SUMTER CNTY FL UTILITY DEPEN     | North Sumter County Utility Dependent District                                  | CUSIP: 66272RCH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2048006.80   | 0.24%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGIN ISLANDS PUBLIC FIN AUTH     | Virgin Islands Public Finance Authority                                         | CUSIP: 927677AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027433.00   | 0.12%             | 2053-04-01      | Fixed         | 6.00%                 | 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        |   2000000 | PA      | $2109876.80   | 0.25%             | 2043-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI     | Washington State Housing Finance Commission                                     | CUSIP: 93978TS59<br>LEI: 549300YL1HU59NREG764 | Long             | ABS-MBS          | MUN               | US        |    932151 | PA      | $907201.37    | 0.11%             | 2035-12-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MISSION TX ECON DEV CORP SOL W     | Mission Economic Development Corp                                               | CUSIP: 605155BW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1171053.90   | 0.14%             | 2064-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| VENICE FL                          | City of Venice FL                                                               | CUSIP: 922687AD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $708146.14    | 0.08%             | 2055-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HENRICO CNTY VA ECON DEV AUTH      | Henrico County Economic Development Authority                                   | CUSIP: 42605QFJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $880332.29    | 0.10%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STERLING RANCH CMNTY AUTH BRD      | Sterling Ranch Community Authority Board                                        | CUSIP: 85950NAV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $575184.83    | 0.07%             | 2039-12-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN      | New York City Municipal Water Finance Authority                                 | CUSIP: 64972GCM4<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.24%             | 2050-06-15      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| HAMILTON BLUFF CMNTY DEV DIST      | Hamilton Bluff Community Development District                                   | CUSIP: 40702EAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507101.80    | 0.06%             | 2044-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL REVENUE         | County of Palm Beach FL                                                         | CUSIP: 696547HW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1033466.20   | 0.12%             | 2055-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MORONGO BAND OF MISSION INDIAN     | Morongo Band of Mission Indians/The                                             | CUSIP: 61773RAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $303686.31    | 0.04%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| V-DANA CDD FL SPL ASSMNT           | V-Dana Community Development District                                           | CUSIP: 91822RAN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    895000 | PA      | $903593.52    | 0.11%             | 2045-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST CONVENTION CENTE     | Washington State Convention Center Public Facilities District                   | CUSIP: 93976ACF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    975000 | PA      | $976531.34    | 0.12%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP     | New York Transportation Development Corp                                        | CUSIP: 650116GY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1044097.90   | 0.12%             | 2054-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PEAK MET DIST #1 CO                | Peak Metropolitan District No 1                                                 | CUSIP: 704676AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $920571.60    | 0.11%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAVON TX SPL ASSMT REVENUE         | City of Lavon TX                                                                | CUSIP: 51946PCH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    729000 | PA      | $734317.76    | 0.09%             | 2054-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LANCASTER PA MUNI AUTH HLTHCAR     | Lancaster Municipal Authority                                                   | CUSIP: 514350AS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1264197.61   | 0.15%             | 2055-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF BUDGET & FIN     | State of Hawaii Department of Budget & Finance                                  | CUSIP: 419800PV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $944598.80    | 0.11%             | 2043-07-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST HLTH FACS AUTH          | Arizona Health Facilities Authority                                             | CUSIP: 040507QB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1075000.00   | 0.13%             | 2046-01-01      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL AVIATION RE     | County of Miami-Dade FL Aviation Revenue                                        | CUSIP: 59333P4D7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2513349.75   | 0.30%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NTHRN PALM BEACH CNTY FL IMPT      | Northern Palm Beach County Improvement District                                 | CUSIP: 665588SL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $182734.13    | 0.02%             | 2041-08-01      | Fixed         | 3.45%                 | 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        |   1250000 | PA      | $1304410.25   | 0.15%             | 2039-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PARRISH LAKES CDD CAPITAL IMPT     | Parrish Lakes Community Development District                                    | CUSIP: 70183FAH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    925000 | PA      | $936763.97    | 0.11%             | 2044-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WINROCK TOWN CENTER NM TAX INC     | Winrock Town Center Tax Increment Development District No 1                     | CUSIP: 97535RAE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    529000 | PA      | $522630.47    | 0.06%             | 2028-05-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| BRADDOCK LAKES CDD FL CAPITAL      | Braddock Lakes Community Development District                                   | CUSIP: 104026AB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001804.60   | 0.12%             | 2045-05-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA JOBS ECONOMIC DEVL  | SOUTH CAROLINA ST 5 12/40                                                       | CUSIP: 837033KW8<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $991719.70    | 0.12%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| APPLE VY MN SENIOR HSG REVENUE     | City of Apple Valley MN                                                         | CUSIP: 03800RBL9<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |    815000 | PA      | $824965.66    | 0.10%             | 2065-09-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV     | City & County of Denver CO Airport System Revenue                               | CUSIP: 249182QT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1220000 | PA      | $1289411.78   | 0.15%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAMILTON BLUFF CMNTY DEV DIST      | Hamilton Bluff Community Development District                                   | CUSIP: 40702EAC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008888.20   | 0.12%             | 2054-05-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| EDEN HILLS CMNTY DEV DIST FL S     | Eden Hills Community Development District                                       | CUSIP: 279449AG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1640000 | PA      | $1524683.40   | 0.18%             | 2042-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FULTON CNTY GA RSDL CARE FACS      | Fulton County Residential Care Facilities for the Elderly Authority             | CUSIP: 360059AL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1345250.93   | 0.16%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R     | Arizona Industrial Development Authority                                        | CUSIP: 04052BGP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008068.70   | 0.12%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE ST HLTH & EDU FA     | New Hampshire Health and Education Facilities Authority Act                     | CUSIP: 64461XME2<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3772644.05   | 0.45%             | 2050-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R     | Massachusetts Development Finance Agency                                        | CUSIP: 57584Y2W8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1019298.55   | 0.12%             | 2040-01-01      | Fixed         | 5.12%                 | 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      | $6515.47      | 0.00%             | 2032-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY OH HLTH CARE REV     | County of Hamilton OH                                                           | CUSIP: 40727RCJ5<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |    500000 | PA      | $527486.70    | 0.06%             | 2038-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL SEAPORT REV     | County of Miami-Dade Seaport Department                                         | CUSIP: 59335KFB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1942875.59   | 0.23%             | 2052-10-01      | Fixed         | 5.25%                 | 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        |   2000000 | PA      | $1877759.60   | 0.22%             | 2041-05-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| West Villages Improvement District | W VILLAGES IMPT DT 5.25 5                                                       | CUSIP: 956454CY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500731.85    | 0.06%             | 2045-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| VALPARAISO IN EXEMPT FACS REVE     | City of Valparaiso IN                                                           | CUSIP: 92028RAE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504666.45    | 0.06%             | 2044-01-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| LTC RANCH WEST RSDL CMNTY DEV      | LTC Ranch West Residential Community Development District                       | CUSIP: 50218SAG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $305040.63    | 0.04%             | 2044-05-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST ENTERPRISE DEV A     | California Enterprise Development Authority                                     | CUSIP: 13069AAZ1<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |    650000 | PA      | $612553.18    | 0.07%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL PARK DIST               | Chicago Park District                                                           | CUSIP: 167615ZX4<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1338746.63   | 0.16%             | 2032-01-01      | Fixed         | 4.00%                 | 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        |   1650000 | PA      | $1505552.07   | 0.18%             | 2038-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HENRICO CNTY VA ECON DEV AUTH      | Henrico County Economic Development Authority                                   | CUSIP: 42605QFH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1060000 | PA      | $1080735.61   | 0.13%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REVENU     | Louisiana Public Facilities Authority                                           | CUSIP: 546399SZ0<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2075278.60   | 0.25%             | 2064-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH POLL CO     | Development Authority of Burke County/The                                       | CUSIP: 121342PQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000000.00   | 0.36%             | 2052-11-01      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| PORT OF GTR CINCINNATI DEV AUT     | Port of Greater Cincinnati Development Authority                                | CUSIP: 734195BQ2<br>LEI: 549300IK2RCZBY62ST97 | Long             | DBT              | MUN               | US        |    410000 | PA      | $414932.63    | 0.05%             | 2031-12-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE & JEFFERSON CNTY KY     | Louisville/Jefferson County Metropolitan Government                             | CUSIP: 54659LBZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $975837.60    | 0.12%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH REVENUE       | New Hampshire Business Finance Authority                                        | CUSIP: 63607YCW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1584876.15   | 0.19%             | 2050-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| EAST MONTGOMERY CNTY MUN UTILI     | East Montgomery County Municipal Utility District No 7                          | CUSIP: 27373DHC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $63463.76     | 0.01%             | 2045-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH SPL REVEN     | New Hampshire Business Finance Authority                                        | CUSIP: 63608TAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2900000 | PA      | $2902159.92   | 0.34%             | 2035-12-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| LAVON TX SPL ASSMT REVENUE         | City of Lavon TX                                                                | CUSIP: 51946PCD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    429000 | PA      | $430955.64    | 0.05%             | 2044-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH HLTH FAC R     | Indiana Finance Authority                                                       | CUSIP: 45471CCK2<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    535000 | PA      | $563691.30    | 0.07%             | 2044-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP      | Lakewood Ranch Stewardship District                                             | CUSIP: 51265KFZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    765000 | PA      | $771372.14    | 0.09%             | 2055-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JUSTIN TX SPL ASSMNT REVENUE       | City of Justin TX                                                               | CUSIP: 482184AL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $369963.41    | 0.04%             | 2041-09-01      | Fixed         | 3.38%                 | 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        |   2000000 | PA      | $1729789.60   | 0.20%             | 2053-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| AUBREY TX SPL ASSMNT               | City of Aubrey TX                                                               | CUSIP: 050197BF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028815.20   | 0.12%             | 2045-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE     | Public Finance Authority                                                        | CUSIP: 744396JE3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    300000 | PA      | $311808.48    | 0.04%             | 2043-07-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| SKAGIT CNTY WA PUBLIC HOSP DIS     | Skagit County Public Hospital District No 1                                     | CUSIP: 830227EP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1950000 | PA      | $2009941.05   | 0.24%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WOODBURY MN CHRT SCH LEASE REV     | City of Woodbury MN                                                             | CUSIP: 979134AU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    660000 | PA      | $488575.96    | 0.06%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CUYAHOGA CNTY OH POR     | Cleveland-Cuyahoga County Port Authority                                        | CUSIP: 18611HAB1<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    900000 | PA      | $725973.57    | 0.09%             | 2055-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NASSAU CNTY NY LOCAL ECON ASSI     | Nassau County Local Economic Assistance Corp                                    | CUSIP: 63165CAB8<br>LEI: 549300FCI13UFG0Y6Y37 | Long             | DBT              | MUN               | US        |    950000 | PA      | $962794.89    | 0.11%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY OH HLTH CARE REV     | County of Hamilton OH                                                           | CUSIP: 40727RCK2<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |    500000 | PA      | $516770.75    | 0.06%             | 2043-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MERIDIAN RANCH MET DIST 2018 S     | Meridian Ranch Metropolitan District 2018 Subdistrict                           | CUSIP: 58977PAC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015655.90   | 0.12%             | 2052-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FREDERICK CNTY MD TAX INCR & S     | County of Frederick MD                                                          | CUSIP: 355612AE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $779391.28    | 0.09%             | 2043-07-01      | Fixed         | 4.62%                 | 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        |    995000 | PA      | $1029528.99   | 0.12%             | 2039-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TROUT CREEK CDD FL CAPITAL IMP     | Trout Creek Community Development District                                      | CUSIP: 897188AL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $878176.22    | 0.10%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAMILTON BLUFF CMNTY DEV DIST      | Hamilton Bluff Community Development District                                   | CUSIP: 40702EAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $448221.00    | 0.05%             | 2031-05-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT     | California Statewide Communities Development Authority                          | CUSIP: 13080SVJ0<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    550000 | PA      | $568096.82    | 0.07%             | 2033-12-01      | Fixed         | 5.00%                 | 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        |   1000000 | PA      | $390000.00    | 0.05%             | 2033-01-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| COLUMBIA CNTY GA HOSP AUTH         | Columbia County Hospital Authority/GA                                           | CUSIP: 197479AD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1215248.63   | 0.14%             | 2053-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTHORITY A C     | Southeast Energy Authority A Cooperative District                               | CUSIP: 84136HAU7<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3201455.40   | 0.38%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU              | Chicago Board of Education                                                      | CUSIP: 167505WB8<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   3090000 | PA      | $2807308.88   | 0.33%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH SPL REVEN     | New Hampshire Business Finance Authority                                        | CUSIP: 63608TAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1905504.30   | 0.23%             | 2030-12-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA     | Main Street Natural Gas Inc                                                     | CUSIP: 56035DFK3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   3660000 | PA      | $3917189.30   | 0.46%             | 2053-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| LAVON TX SPL ASSMT REVENUE         | City of Lavon TX                                                                | CUSIP: 51946PCE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400758.20    | 0.05%             | 2052-09-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP     | New York Transportation Development Corp                                        | CUSIP: 650116BP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000228.80   | 0.12%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA DEV AUTH                | Atlanta Development Authority/The                                               | CUSIP: 04780NMY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $892184.00    | 0.11%             | 2048-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE     | Public Finance Authority                                                        | CUSIP: 744396FM9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    810000 | PA      | $803414.54    | 0.10%             | 2040-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PRINCETON TX SPL ASSMNT REVENU     | City of Princeton TX                                                            | CUSIP: 742400DA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $212231.88    | 0.03%             | 2045-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE     | Public Finance Authority                                                        | CUSIP: 74442ECS7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1483747.05   | 0.18%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT JAMES PARISH LA REVENUE      | Parish of St James LA                                                           | CUSIP: 790103AW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1088841.70   | 0.13%             | 2040-10-01      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| TENNESSEE ST ENERGY ACQUISITIO     | Tennessee Energy Acquisition Corp                                               | CUSIP: 880443JF4<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |    800000 | PA      | $829185.92    | 0.10%             | 2053-05-01      | Variable      | 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        |    560000 | PA      | $615083.39    | 0.07%             | 2041-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| OAK POINT TX SPL ASSMNT REVENU     | City of Oak Point TX                                                            | CUSIP: 67176TAW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1093473.92   | 0.13%             | 2044-09-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R     | Arizona Industrial Development Authority                                        | CUSIP: 04052BHD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1258834.50   | 0.15%             | 2038-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NORTH PARK ISLE CMNTY DEV DIST     | North Park Isle Community Development District                                  | CUSIP: 661416AG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1284040.95   | 0.15%             | 2041-11-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| NEW ORLEANS LA SEWAGE SVC REVE     | City of New Orleans LA Sewerage Service Revenue                                 | CUSIP: 647719PU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022734.80   | 0.12%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BRIGHTON CROSSING MET DIST #6      | Brighton Crossing Metropolitan District No 6                                    | CUSIP: 10933PAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $532012.16    | 0.06%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO INDL TOURIST EDUCT     | Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth | CUSIP: 74528LAB7<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | US        |    250000 | PA      | $283487.15    | 0.03%             | 2042-01-01      | Fixed         | 6.50%                 | 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      | $537362.45    | 0.06%             | 2051-01-01      | Variable      | 5.45%                 | No            |                  2 | On Loan: No      |
| KYLE TX SPL ASSMNT REVENUE         | City of Kyle TX                                                                 | CUSIP: 50156CAS9<br>LEI: 549300K0SYODYQ0ANN48 | Long             | DBT              | MUN               | US        |    935000 | PA      | $789991.41    | 0.09%             | 2046-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS NV SPL ASSMNT DIST #     | City of Las Vegas NV Special Improvement District No 817                        | CUSIP: 51779BAM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445000 | PA      | $472089.73    | 0.06%             | 2043-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TEMPE AZ INDL DEV AUTH REVENUE     | Tempe Industrial Development Authority                                          | CUSIP: 87972MBY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003865.60   | 0.12%             | 2046-12-01      | Fixed         | 5.38%                 | 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        |    720000 | PA      | $735915.60    | 0.09%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST CHRT SCH FIN AUTH CHRT     | Utah Charter School Finance Authority                                           | CUSIP: 91754TPX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1705000 | PA      | $1553587.82   | 0.18%             | 2046-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REUNION E FL CDD SPL ASSMNT        | Reunion East Community Development District                                     | CUSIP: 761311AW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1730000 | PA      | $1434062.05   | 0.17%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                 | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   3002265 | PA      | $2951666.93   | 0.35%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP STUD     | Maryland Economic Development Corp                                              | CUSIP: 57420VSL8<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1079125.90   | 0.13%             | 2038-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| FLOYD CNTY GA DEV AUTH             | Development Authority Of Floyd County                                           | CUSIP: 343571AE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.24%             | 2026-09-01      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM     | North Carolina Medical Care Commission                                          | CUSIP: 65820YTT3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004749.80   | 0.12%             | 2055-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEWARK HGR EDU FIN CORP TX EDU     | Newark Higher Education Finance Corp                                            | CUSIP: 650346FP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $636140.58    | 0.08%             | 2042-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM     | North Carolina Medical Care Commission                                          | CUSIP: 65820YTE6<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1892376.20   | 0.22%             | 2044-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CYPRESS BLUFF CDD FL SPL ASSMN     | Cypress Bluff Community Development District                                    | CUSIP: 232677AL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $558914.22    | 0.07%             | 2040-05-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| EAGAN MN CHRTR SCH LEASE REVEN     | City of Eagan MN                                                                | CUSIP: 26940AAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $488349.85    | 0.06%             | 2055-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| SAN LUIS OBISPO CNTY CA FING A     | San Luis Obispo County Financing Authority                                      | CUSIP: 798712DB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1615000 | PA      | $1775612.88   | 0.21%             | 2042-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV     | City & County of Denver CO Airport System Revenue                               | CUSIP: 249182TM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1188473.33   | 0.14%             | 2045-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE     | Public Finance Authority                                                        | CUSIP: 744396FL1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    670000 | PA      | $664116.86    | 0.08%             | 2030-06-15      | 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        |   1410000 | PA      | $1421636.17   | 0.17%             | 2035-05-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT     | California Statewide Communities Development Authority                          | CUSIP: 13080SSJ4<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000709.10   | 0.12%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE     | Public Finance Authority                                                        | CUSIP: 74442EDH0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $996806.70    | 0.12%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT LOUIS CNTY MO INDL DEV A     | St Louis County Industrial Development Authority                                | CUSIP: 791524CP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    730000 | PA      | $721512.29    | 0.09%             | 2053-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SAINT JAMES PARISH LA REVENUE      | Parish of St James LA                                                           | CUSIP: 790103AX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1760343.84   | 0.21%             | 2040-12-01      | Variable      | 6.10%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CO     | Mississippi Business Finance Corp                                               | CUSIP: 60528ABH6<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   1925000 | PA      | $1925000.00   | 0.23%             | 2030-12-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R     | Arizona Industrial Development Authority                                        | CUSIP: 04052BKK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1790000 | PA      | $1791767.80   | 0.21%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BABCOCK RANCH CMNTY INDEP SPL      | Babcock Ranch Community Independent Special District                            | CUSIP: 05616KBS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $968534.40    | 0.11%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                 | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   2900000 | PA      | $2868961.88   | 0.34%             | 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        |    610000 | PA      | $563871.43    | 0.07%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GEISINGER PA AUTH HLTH SYS REV     | Geisinger Authority                                                             | CUSIP: 368497JV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $679129.65    | 0.08%             | 2050-04-01      | Fixed         | 4.00%                 | 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        |    530000 | PA      | $565209.49    | 0.07%             | 2053-02-01      | Variable      | 5.25%                 | 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        |   1000000 | PA      | $1002034.70   | 0.12%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY S     | Massachusetts Development Finance Agency                                        | CUSIP: 57563WAC2<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2501212.75   | 0.30%             | 2060-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| KYLE TX SPL ASSMNT REVENUE         | City of Kyle TX                                                                 | CUSIP: 50156CAC4<br>LEI: 549300K0SYODYQ0ANN48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500419.10    | 0.06%             | 2039-09-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| WARREN CNTY OH HOSP FACS REVEN     | County of Warren OH                                                             | CUSIP: 935158BE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1420000 | PA      | $1399539.22   | 0.17%             | 2049-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT      | Buckeye Tobacco Settlement Financing Authority                                  | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4250000 | PA      | $3567380.73   | 0.42%             | 2055-06-01      | Fixed         | 5.00%                 | 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        |   1000000 | PA      | $1015283.00   | 0.12%             | 2036-04-01      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS NV SPL ASSMNT DIST #     | City of Las Vegas NV Special Improvement District No 817                        | CUSIP: 51779BAN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $529530.95    | 0.06%             | 2048-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TEMPE AZ INDL DEV AUTH REVENUE     | Tempe Industrial Development Authority                                          | CUSIP: 87972MBZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007873.20   | 0.12%             | 2055-12-01      | Fixed         | 5.62%                 | 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        |   1245000 | PA      | $1283204.07   | 0.15%             | 2043-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CELEBRATION POINTE CMNTY DEV D     | Celebration Pointe Community Development District No 1                          | CUSIP: 15102HAK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $800000.00    | 0.09%             | 2053-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GEISINGER PA AUTH HLTH SYS REV     | Geisinger Authority                                                             | CUSIP: 368497HQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1035000 | PA      | $947827.02    | 0.11%             | 2047-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH     | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 792909FM0<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1390000 | PA      | $1375993.94   | 0.16%             | 2047-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CROSSWINDS EAST CDD FL SPL ASS     | Crosswinds East Community Development District                                  | CUSIP: 22769LAC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1526529.90   | 0.18%             | 2054-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE     | California Municipal Finance Authority                                          | CUSIP: 13048V3F3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    775000 | PA      | $792044.58    | 0.09%             | 2045-11-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| POUDRE HEIGHTS VLY MET DIST CO     | Poudre Heights Valley Metropolitan District                                     | CUSIP: 73856AAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    975000 | PA      | $927214.67    | 0.11%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FERRIS TX SPL ASSMNT REVENUE       | City of Ferris TX                                                               | CUSIP: 315388AG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1577000 | PA      | $1290597.72   | 0.15%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PARKLAND PRESERVE CDD FL SPL A     | Parkland Preserve Community Development District                                | CUSIP: 701403AC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    465000 | PA      | $480630.70    | 0.06%             | 2039-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WINROCK TOWN CENTER NM TAX INC     | Winrock Town Center Tax Increment Development District No 1                     | CUSIP: 97535RAF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $487662.60    | 0.06%             | 2033-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FULTON CNTY GA DEV AUTH REVENU     | Development Authority for Fulton County                                         | CUSIP: 36005FGE9<br>LEI: 549300533NJL38F4K144 | Long             | DBT              | MUN               | US        |   2275000 | PA      | $2066407.98   | 0.24%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA DEV AUTH                | Atlanta Development Authority/The                                               | CUSIP: 04780NMW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $510888.25    | 0.06%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY AZ INDL DEV AUTH SEN     | Industrial Development Authority of the County of Pima/The                      | CUSIP: 72178AAG7<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1087364.00   | 0.13%             | 2042-11-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MOBILE AL INDL DEV BRD SOL WST     | Industrial Development Board of the City of Mobile Alabama                      | CUSIP: 607168AZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.12%             | 2034-06-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| HENDERSON KY EXEMPT FACS REVEN     | City of Henderson KY                                                            | CUSIP: 425099AA6<br>LEI: 549300UJ32J1O26W1T80 | Long             | DBT              | MUN               | US        |    875000 | PA      | $865423.91    | 0.10%             | 2042-01-01      | Fixed         | 4.45%                 | 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      | $468328.75    | 0.06%             | 2036-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                 | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   3358267 | PA      | $3085493.11   | 0.37%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KINSTON MET DIST CO #5             | Kinston Metropolitan District No 5                                              | CUSIP: 49717MAE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507042.90    | 0.06%             | 2045-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VERMONT ST ECON DEV AUTH MTGER     | Vermont Economic Development Authority                                          | CUSIP: 92415TCA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $247849.63    | 0.03%             | 2037-05-01      | Fixed         | 4.00%                 | 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        |    925000 | PA      | $864724.78    | 0.10%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP            | Florida Development Finance Corp                                                | CUSIP: 34062AAC5<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    750000 | PA      | $734946.75    | 0.09%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KYLE TX SPL ASSMNT REVENUE         | City of Kyle TX                                                                 | CUSIP: 50156CAB6<br>LEI: 549300K0SYODYQ0ANN48 | Long             | DBT              | MUN               | US        |    245000 | PA      | $245565.61    | 0.03%             | 2029-09-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD VLG TX SPL ASSMNT REV     | Town of Lakewood Village TX                                                     | CUSIP: 51270AAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2421013.92   | 0.29%             | 2052-09-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| OLYMPIA PUBLIC INFRASTRUCTURE      | Olympia Public Infrastructure District No 1                                     | CUSIP: 681483AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1485000 | PA      | $1532005.74   | 0.18%             | 2055-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CROSSWINDS EAST CDD FL SPL ASS     | Crosswinds East Community Development District                                  | CUSIP: 22769LAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022439.30   | 0.12%             | 2044-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TULSA OK MUNI ARPT TRUST TRUST     | Tulsa Municipal Airport Trust Trustees/OK                                       | CUSIP: 899661EM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $865627.73    | 0.10%             | 2035-12-01      | Fixed         | 6.25%                 | 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        |   2425000 | PA      | $2481061.64   | 0.29%             | 2051-11-01      | Variable      | 4.00%                 | 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        |   2090000 | PA      | $1978404.66   | 0.23%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KYLE TX SPL ASSMNT REVENUE         | City of Kyle TX                                                                 | CUSIP: 50156CBD1<br>LEI: 549300K0SYODYQ0ANN48 | Long             | DBT              | MUN               | US        |    690000 | PA      | $700813.06    | 0.08%             | 2033-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE     | Public Finance Authority                                                        | CUSIP: 744396CU4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    375000 | PA      | $377112.11    | 0.04%             | 2037-07-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE     | California Municipal Finance Authority                                          | CUSIP: 13048TG23<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1929096.20   | 0.23%             | 2046-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC     | Health & Educational Facilities Authority of the State of Missouri              | CUSIP: 60635HU23<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10029.58     | 0.00%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HSG FIN AGY MF HSG REV     | Ohio Housing Finance Agency                                                     | CUSIP: 676900YF4<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3032460.60   | 0.36%             | 2045-01-01      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| MAINE ST FIN AUTH                  | Finance Authority of Maine                                                      | CUSIP: 56042BCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1612752.00   | 0.19%             | 2050-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NORTH PARKWAY MUNI MGMT DIST #     | North Parkway Municipal Management District No 1                                | CUSIP: 661441AD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $713494.73    | 0.08%             | 2051-09-15      | 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        |   1000000 | PA      | $1086212.50   | 0.13%             | 2053-12-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI     | Washington State Housing Finance Commission                                     | CUSIP: 93978LGG5<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    710000 | PA      | $612632.16    | 0.07%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CO     | Mississippi Business Finance Corp                                               | CUSIP: 60528ABZ6<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1020000.00   | 0.12%             | 2035-11-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP      | Lakewood Ranch Stewardship District                                             | CUSIP: 51265KCX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1105507.26   | 0.13%             | 2050-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARROWHEAD SPRINGS PUBLIC INFRA     | Arrowhead Springs Public Infrastructure District                                | CUSIP: 04280BAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2122744.26   | 0.25%             | 2054-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| BLACK DESERT PUB INFRASTRUCTUR     | Black Desert Public Infrastructure District                                     | CUSIP: 09204TAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2022050.20   | 0.24%             | 2053-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV     | Colorado Health Facilities Authority                                            | CUSIP: 19648FTE4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    500000 | PA      | $425605.50    | 0.05%             | 2048-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT JAMES PARISH LA REVENUE      | Parish of St James LA                                                           | CUSIP: 790103AV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1088906.70   | 0.13%             | 2040-07-01      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| WINROCK TOWN CENTER NM TAX INC     | Winrock Town Center Tax Increment Development District No 1                     | CUSIP: 97535RAG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $472355.60    | 0.06%             | 2040-05-01      | Fixed         | 4.25%                 | 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      | $1092552.13   | 0.13%             | 2038-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEMPE AZ INDL DEV AUTH REVENUE     | Tempe Industrial Development Authority                                          | CUSIP: 87972MBX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000659.50   | 0.12%             | 2036-12-01      | Fixed         | 4.38%                 | 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      | $1654819.20   | 0.20%             | 2054-04-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE     | Public Finance Authority                                                        | CUSIP: 74442ECC2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    200000 | PA      | $189244.16    | 0.02%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEE CNTY FL INDL DEV AUTH HLTH     | Lee County Industrial Development Authority/FL                                  | CUSIP: 52349EDX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1128101.13   | 0.13%             | 2049-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT     | California Statewide Communities Development Authority                          | CUSIP: 13080SVN1<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2007925.40   | 0.24%             | 2058-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| W VLGS FL IMPT DIST                | West Villages Improvement District                                              | CUSIP: 956454CL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    990000 | PA      | $1004473.50   | 0.12%             | 2044-05-01      | Fixed         | 5.38%                 | 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        |    750000 | PA      | $654068.33    | 0.08%             | 2041-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH POLL CO     | Development Authority of Burke County/The                                       | CUSIP: 121342NQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1800000.00   | 0.21%             | 2052-11-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST HOSP FIN AUTH     | West Virginia Hospital Finance Authority                                        | CUSIP: 956622W91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1130607.87   | 0.13%             | 2048-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FLORIDA LOC GOVT FIN COMMISSIO     | Florida Local Government Finance Commission                                     | CUSIP: 34077UAG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1051954.20   | 0.12%             | 2045-11-15      | Fixed         | 6.62%                 | 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        |   1500000 | PA      | $1160742.90   | 0.14%             | 2056-07-01      | Fixed         | 4.00%                 | 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        |   2500000 | PA      | $2500000.00   | 0.30%             | 2063-08-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY     | San Francisco City & County Airport Comm-San Francisco International Airport    | CUSIP: 79766DMA4<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   3735000 | PA      | $3811346.39   | 0.45%             | 2044-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PRINCETON TX SPL ASSMNT REVENU     | City of Princeton TX                                                            | CUSIP: 742400BZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2184543.68   | 0.26%             | 2043-09-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR     | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JRJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5866000 | PA      | $5694967.97   | 0.67%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| BALTIMORE MD SPL OBLIG             | City of Baltimore MD                                                            | CUSIP: 05923TBY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1029954.08   | 0.12%             | 2038-09-01      | 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        |    610000 | PA      | $555901.78    | 0.07%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC     | Health & Educational Facilities Authority of the State of Missouri              | CUSIP: 60635H2S7<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1073119.05   | 0.13%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BALTIMORE MD SPL OBLIG             | City of Baltimore MD                                                            | CUSIP: 05923TCL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $185101.15    | 0.02%             | 2030-06-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| WOOD RANCH PUB INFRASTRUCTURE      | Wood Ranch Public Infrastructure District                                       | CUSIP: 97850AAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1315479.49   | 0.16%             | 2053-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| HENDERSON NV LOCAL IMPT DISTS      | Henderson Local Improvement Districts                                           | CUSIP: 425208WS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $783607.35    | 0.09%             | 2038-03-01      | Fixed         | 5.00%                 | 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        |   1880000 | PA      | $1881609.66   | 0.22%             | 2040-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI RETMNT FAC      | Public Finance Authority                                                        | CUSIP: 74444VBU3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    685000 | PA      | $601110.17    | 0.07%             | 2046-10-01      | Fixed         | 4.00%                 | 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        |    420000 | PA      | $386185.46    | 0.05%             | 2054-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CNTY CA TOBACCO SEC     | California County Tobacco Securitization Agency                                 | CUSIP: 13016NCT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $1829475.20   | 0.22%             | 2046-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SEAGROVE CDD FL SPL ASSMNT         | Seagrove Community Development District                                         | CUSIP: 811897AB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1459050.45   | 0.17%             | 2044-06-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R     | Massachusetts Development Finance Agency                                        | CUSIP: 57584YMF3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    400000 | PA      | $412464.84    | 0.05%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R     | Arizona Industrial Development Authority                                        | CUSIP: 04052BMS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1835000 | PA      | $1596644.33   | 0.19%             | 2041-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL PROJS FIN AUTH FL EDUC     | Capital Projects Finance Authority/FL                                           | CUSIP: 14043FAM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1569365.71   | 0.19%             | 2054-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE     | Public Finance Authority                                                        | CUSIP: 74442EMF4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    400000 | PA      | $351678.40    | 0.04%             | 2049-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH     | Maricopa County Industrial Development Authority                                | CUSIP: 56681NAX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $916399.50    | 0.11%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CRANDALL TX SPL ASSMNT REVENUE     | City of Crandall TX                                                             | CUSIP: 224384AG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1556000 | PA      | $1456271.45   | 0.17%             | 2041-09-15      | Fixed         | 4.25%                 | 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      | $1074060.90   | 0.13%             | 2055-01-01      | Variable      | 5.45%                 | No            |                  2 | On Loan: No      |
| WESTPOINTE SPL IMPT DIST TX        | Westpointe Special Improvement District                                         | CUSIP: 96124RBT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $549098.39    | 0.07%             | 2041-08-15      | Fixed         | 5.00%                 | 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        |    260000 | PA      | $259197.41    | 0.03%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH CHRT SCHR     | Illinois Finance Authority                                                      | CUSIP: 452022AY2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    250000 | PA      | $254549.18    | 0.03%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL PROJS FIN AUTH FL EDUC     | Capital Projects Finance Authority/FL                                           | CUSIP: 14043FAL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1985000 | PA      | $1884900.22   | 0.22%             | 2044-06-15      | Fixed         | 5.00%                 | 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        |   2570000 | PA      | $2573484.66   | 0.30%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RED BARN MET DIST CO               | Red Barn Metropolitan District                                                  | CUSIP: 75633SAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3550000 | PA      | $3579196.62   | 0.42%             | 2055-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MIDA GOLF & EQUESTRIAN CTR PUB     | Mida Golf and Equestrian Center Public Infrastructure District                  | CUSIP: 59561BAC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1666007.40   | 0.20%             | 2057-06-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| VOLUSIA CNTY FL EDUCTNL FAC AU     | Volusia County Educational Facility Authority                                   | CUSIP: 928836NY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3400000 | PA      | $3502254.32   | 0.41%             | 2049-06-01      | Fixed         | 5.25%                 | 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        |   1000000 | PA      | $773472.50    | 0.09%             | 2051-12-15      | 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        |    500000 | PA      | $500164.90    | 0.06%             | 2037-07-01      | 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        |    500000 | PA      | $502711.25    | 0.06%             | 2048-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HILLSBOROUGH CNTY FL AVIATION      | Hillsborough County Aviation Authority                                          | CUSIP: 432308L85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1825000 | PA      | $1832166.23   | 0.22%             | 2048-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUSKINGUM CNTY OH HOSP FACS        | County of Muskingum OH                                                          | CUSIP: 628077CV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2428944.50   | 0.29%             | 2044-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALEM OR HOSP FAC AUTH REVENUE     | Salem Hospital Facility Authority                                               | CUSIP: 794458EW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    840000 | PA      | $840251.41    | 0.10%             | 2043-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PALM DESERT CA SPL TAX             | City of Palm Desert CA                                                          | CUSIP: 696627ER5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $432510.39    | 0.05%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC     | Health & Educational Facilities Authority of the State of Missouri              | CUSIP: 60635H2Q1<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    550000 | PA      | $562408.83    | 0.07%             | 2029-02-01      | Fixed         | 5.00%                 | 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      | $481410.85    | 0.06%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES     | New York State Dormitory Authority                                              | CUSIP: 65000BT65<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    300000 | PA      | $309060.81    | 0.04%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI     | Washington State Housing Finance Commission                                     | CUSIP: 939783Q66<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1519977.60   | 0.18%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R     | Massachusetts Development Finance Agency                                        | CUSIP: 57584Y4S5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501773.75    | 0.06%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY INDL DEV AUTH EX     | Maricopa County Industrial Development Authority                                | CUSIP: 56678TAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2558280.30   | 0.30%             | 2047-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IDAHO FALLS ID AUDITORIUM DIST     | Idaho Falls Auditorium District                                                 | CUSIP: 45118AAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $860728.59    | 0.10%             | 2051-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH     | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 852297BG4<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    105000 | PA      | $105089.01    | 0.01%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HENDERSON NV LOCAL IMPT DISTS      | Henderson Local Improvement Districts                                           | CUSIP: 425208WU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    975000 | PA      | $982294.37    | 0.12%             | 2048-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUB FIN AUTH WI TAX INCREMENT      | Public Finance Authority                                                        | CUSIP: 74448EAA2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3110000 | PA      | $3163134.35   | 0.37%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY PA INDL DEV AU     | Montgomery County Industrial Development Authority/PA                           | CUSIP: 613609F92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1494997.65   | 0.18%             | 2048-12-01      | Fixed         | 5.00%                 | 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        |   2000000 | PA      | $2131353.20   | 0.25%             | 2054-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NORMANDY CDD FL CAPITAL IMPT R     | Normandy Community Development District                                         | CUSIP: 65618HAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1475664.15   | 0.17%             | 2044-05-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH SPL REVEN     | New Hampshire Business Finance Authority                                        | CUSIP: 63608TAK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2005749.80   | 0.24%             | 2031-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ELBERT & HIGHWAY 86 CO COMMERC     | Elbert & Highway 86 Commercial Metropolitan District                            | CUSIP: 28421SAB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1707997.99   | 0.20%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VILLAGE MET DIST CO                | Village Metropolitan District/The                                               | CUSIP: 92708CAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1211066.76   | 0.14%             | 2055-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SALEM OR HOSP FAC AUTH REVENUE     | Salem Hospital Facility Authority                                               | CUSIP: 794458EV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    735000 | PA      | $745614.28    | 0.09%             | 2038-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PROSPERITY LAKES CMNTY DEV DIS     | Prosperity Lakes Community Development District                                 | CUSIP: 74363HAC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    995000 | PA      | $1064553.98   | 0.13%             | 2053-12-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| THOMPSON CROSSING MET DIST #4      | Thompson Crossing Metropolitan District No 4                                    | CUSIP: 88477EAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $904606.92    | 0.11%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH REVENUE       | New Hampshire Business Finance Authority                                        | CUSIP: 63607YAJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1660311.20   | 0.20%             | 2045-07-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| TRIPLE CREEK FL CDD SPL ASSMNT     | Triple Creek Community Development District                                     | CUSIP: 89677RBF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    835000 | PA      | $697036.12    | 0.08%             | 2051-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MILLSBORO DE SPL OBLG              | Town of Millsboro DE                                                            | CUSIP: 601266AB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    214000 | PA      | $215654.84    | 0.03%             | 2028-07-01      | 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      | $2723278.50   | 0.32%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PIONEER RANCH CDD FL SPL ASSMN     | Pioneer Ranch Community Development District                                    | CUSIP: 723846AB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $784841.68    | 0.09%             | 2044-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GEO L SMITH II GA CONGRESS CTR     | George L Smith II Congress Center Authority                                     | CUSIP: 37255MAE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $511364.25    | 0.06%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE         | Port of Seattle WA                                                              | CUSIP: 735389Q76<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1062881.40   | 0.13%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH MIDWSTRN DISA     | Iowa Finance Authority                                                          | CUSIP: 46246SAE5<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000015.60   | 0.36%             | 2042-08-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| UTAH ST CHRT SCH FIN AUTH CHRT     | Utah Charter School Finance Authority                                           | CUSIP: 91754TYL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $652136.33    | 0.08%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX HOSP DIST CTFS      | Harris County Hospital District                                                 | CUSIP: 41415UCC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2139142.40   | 0.25%             | 2050-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FRANKLIN CNTY OH REVENUE           | County of Franklin OH                                                           | CUSIP: 353202FP4<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |   2245000 | PA      | $2262139.23   | 0.27%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE     | Public Finance Authority                                                        | CUSIP: 744396FN7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    685000 | PA      | $626867.27    | 0.07%             | 2054-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FINGA     | Pennsylvania Economic Development Financing Authority                           | CUSIP: 708686ET3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1780000 | PA      | $1796105.08   | 0.21%             | 2037-12-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI HOSP REVENU     | Public Finance Authority                                                        | CUSIP: 74442CDG6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1372613.40   | 0.16%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY PA INDL DEV AU     | Montgomery County Industrial Development Authority/PA                           | CUSIP: 61361TAC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1655000 | PA      | $1710231.32   | 0.20%             | 2034-10-01      | Variable      | 4.45%                 | No            |                  2 | On Loan: No      |
| KENTWOOD MI ECON DEV CORP          | Kentwood Economic Development Corp                                              | CUSIP: 491740EV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1758482.43   | 0.21%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA ARPT REVENUE       | City of Philadelphia PA Airport Revenue                                         | CUSIP: 717817UM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001410.30   | 0.12%             | 2047-07-01      | 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: 71885DCS9<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102031.00    | 0.01%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PROSPERITY LAKES CMNTY DEV DIS     | Prosperity Lakes Community Development District                                 | CUSIP: 74363HAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    690000 | PA      | $735978.91    | 0.09%             | 2043-12-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE        | City of Houston TX Airport System Revenue                                       | CUSIP: 442349HX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1639927.05   | 0.19%             | 2037-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY PA INDL DEV AU     | Montgomery County Industrial Development Authority/PA                           | CUSIP: 613609D60<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $947046.00    | 0.11%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH CHRT SCHR     | Illinois Finance Authority                                                      | CUSIP: 452022AZ9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    250000 | PA      | $254360.33    | 0.03%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST CHRT SCH FIN AUTH CHRT     | Utah Charter School Finance Authority                                           | CUSIP: 91754TYQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $450980.91    | 0.05%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EAST WALLER CNTY MGMT DIST TX      | East Waller County Management District                                          | CUSIP: 275737AC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028052.10   | 0.12%             | 2055-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS CNTY OR HOSP FAC AUT     | Clackamas County Hospital Facility Authority                                    | CUSIP: 179027YL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1156192.29   | 0.14%             | 2040-11-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL      | New York City Transitional Finance Authority Future Tax Secured Revenue         | CUSIP: 64971XL30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2625000 | PA      | $2590056.26   | 0.31%             | 2042-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAND SPRINGS OK MUNI AUTH UTIL     | Sand Springs Municipal Authority Water Sewer Utility & 1% Sales Tax Revenue     | CUSIP: 799773BJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1214177.08   | 0.14%             | 2042-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R     | Massachusetts Development Finance Agency                                        | CUSIP: 57585BBU1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $943287.10    | 0.11%             | 2060-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING      | Pennsylvania Economic Development Financing Authority                           | CUSIP: 70868YAW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2550000 | PA      | $2584460.19   | 0.31%             | 2053-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| VERANDA CDD II FL SPL ASSMNT R     | Veranda Community Development District II                                       | CUSIP: 92338HAY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    995000 | PA      | $1010472.25   | 0.12%             | 2054-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MONONGALIA CNTY WV COMMISSION      | County of Monongalia WV                                                         | CUSIP: 61022DAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $464781.64    | 0.06%             | 2043-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CLARK CNTY NV SCH DIST             | Clark County School District                                                    | CUSIP: 181059Z33<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    930000 | PA      | $794455.29    | 0.09%             | 2041-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH STUDENT H     | Illinois Finance Authority                                                      | CUSIP: 45203KAH8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    145000 | PA      | $147524.99    | 0.02%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AGY FL EDUCTNL F     | Capital Trust Agency Inc                                                        | CUSIP: 14054CDD8<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    135000 | PA      | $135906.05    | 0.02%             | 2030-08-01      | 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        |   1500000 | PA      | $1503472.50   | 0.18%             | 2041-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AGY FL EDUCTNL F     | Capital Trust Agency Inc                                                        | CUSIP: 14054CDE6<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1083622.17   | 0.13%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SPRING VLY CMNTY INFRASTRUCTUR     | Spring Valley Community Infrastructure District No 1                            | CUSIP: 850072AB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4106557.20   | 0.49%             | 2053-09-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SALEM VA ECON DEV AUTH EDUCTNL     | Salem Economic Development Authority                                            | CUSIP: 794565BL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $524835.60    | 0.06%             | 2055-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| WILDBLUE CDD FL SPL ASSMNT         | Wildblue Community Development District                                         | CUSIP: 96809YAC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1210000 | PA      | $1148288.55   | 0.14%             | 2039-06-15      | Fixed         | 4.25%                 | 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        |    250000 | PA      | $245740.03    | 0.03%             | 2032-01-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN     | Virginia Small Business Financing Authority                                     | CUSIP: 928103AY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3072047.10   | 0.36%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R     | Arizona Industrial Development Authority                                        | CUSIP: 04052BPM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $364721.28    | 0.04%             | 2034-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OYSTER BAY NY                      | Town of Oyster Bay NY                                                           | CUSIP: 692160TG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $428818.00    | 0.05%             | 2035-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BERKS CNTY PA INDL DEV AUTH HL     | Berks County Industrial Development Authority                                   | CUSIP: 08452RAD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $585283.74    | 0.07%             | 2047-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MANGROVE POINT & MANGROVE MANO     | Mangrove Point & Mangrove Manor Community Development District                  | CUSIP: 56271TAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1130000 | PA      | $990004.64    | 0.12%             | 2042-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL      | Connecticut State Health & Educational Facilities Authority                     | CUSIP: 20775DFA5<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    800000 | PA      | $804949.36    | 0.10%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA GAS WKS REVENU     | Philadelphia Gas Works Co                                                       | CUSIP: 71783MAY1<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1727858.58   | 0.20%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA     | Main Street Natural Gas Inc                                                     | CUSIP: 56035DGB2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1077415.70   | 0.13%             | 2053-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN     | Florida Development Finance Corp                                                | CUSIP: 34061UHH4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1385000 | PA      | $899300.17    | 0.11%             | 2056-06-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DOUGLAS CNTY NE HOSP AUTH #2       | Douglas County Hospital Authority No 2                                          | CUSIP: 259230KT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $600000.00    | 0.07%             | 2032-08-15      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP     | New York Transportation Development Corp                                        | CUSIP: 650116HM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1515000 | PA      | $1549872.88   | 0.18%             | 2054-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ASTORIA OR HOSP FACS AUTH          | Astoria Hospital Facilities Authority                                           | CUSIP: 046279CT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $759587.25    | 0.09%             | 2049-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MONONGALIA CNTY WV COMMISSION      | County of Monongalia WV                                                         | CUSIP: 61022DAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $628430.52    | 0.07%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HILLSBOROUGH CNTY FL AVIATION      | Hillsborough County Aviation Authority                                          | CUSIP: 432308W91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $537977.60    | 0.06%             | 2049-10-01      | Fixed         | 5.50%                 | 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        |   1600000 | PA      | $1449419.68   | 0.17%             | 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        |   1120000 | PA      | $1040190.14   | 0.12%             | 2047-12-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| WAKARA RIDGE PUB INFRASTRUCTUR     | Wakara Ridge Public Infrastructure District                                     | CUSIP: 930814AA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2765492.01   | 0.33%             | 2054-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| EAST WALLER CNTY MGMT DIST TX      | East Waller County Management District                                          | CUSIP: 275737AB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026921.90   | 0.12%             | 2045-09-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH SPL REVEN     | New Hampshire Business Finance Authority                                        | CUSIP: 63608TAN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1229080.60   | 0.15%             | 2033-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MANGROVE POINT & MANGROVE MANO     | Mangrove Point & Mangrove Manor Community Development District                  | CUSIP: 56271TAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    435000 | PA      | $354309.63    | 0.04%             | 2052-05-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                         | City of Chicago IL                                                              | CUSIP: 167486P60<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    750000 | PA      | $775192.20    | 0.09%             | 2040-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL      | Philadelphia Authority for Industrial Development                               | CUSIP: 71780CBJ8<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    850000 | PA      | $641778.05    | 0.08%             | 2056-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TANEY CNTY MO INDL DEV AUTH SA     | Taney County Industrial Development Authority                                   | CUSIP: 87539QAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2002796.20   | 0.24%             | 2049-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BERKS CNTY PA INDL DEV AUTH HL     | Berks County Industrial Development Authority                                   | CUSIP: 08452RAC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $511187.89    | 0.06%             | 2042-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH A     | Metropolitan Washington Airports Authority Aviation Revenue                     | CUSIP: 592647PC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2189018.40   | 0.26%             | 2045-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PHELPS CNTY MO HOSP REVENUE        | County of Phelps MO                                                             | CUSIP: 717252DB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1076606.30   | 0.13%             | 2055-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS CNTY OR HOSP FAC AUT     | Clackamas County Hospital Facility Authority                                    | CUSIP: 179027YN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2211619.05   | 0.26%             | 2055-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| SIERRA VISTA AZ INDL DEV AUTH      | Sierra Vista Industrial Development Authority                                   | CUSIP: 82652UAW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1376695.50   | 0.16%             | 2054-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH STUDENT H     | Illinois Finance Authority                                                      | CUSIP: 45203KAF2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100246.91    | 0.01%             | 2026-02-15      | Fixed         | 5.00%                 | 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      | $905893.80    | 0.11%             | 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        |   1065000 | PA      | $978359.91    | 0.12%             | 2041-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BABCOCK RANCH CMNTY INDEP SPL      | Babcock Ranch Community Independent Special District                            | CUSIP: 05616KBN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $497318.94    | 0.06%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| POMPANO BEACH FL REVENUE           | City of Pompano Beach FL                                                        | CUSIP: 732203BE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $853256.46    | 0.10%             | 2050-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV     | Colorado Health Facilities Authority                                            | CUSIP: 19648FTD6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1045857.04   | 0.12%             | 2041-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DECATUR TX SPL ASSMNT REVENUE      | City of Decatur TX                                                              | CUSIP: 243340AE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    565000 | PA      | $571417.55    | 0.07%             | 2045-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LANGLEY SOUTH CDD FL SPL ASSMN     | Langley South Community Development District                                    | CUSIP: 515816AB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1295000 | PA      | $1295458.95   | 0.15%             | 2044-05-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP R     | Tobacco Settlement Financing Corp/RI                                            | CUSIP: 888809BE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2500195.25   | 0.30%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                        | State of Illinois                                                               | CUSIP: 452153FL8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1365000 | PA      | $1437331.76   | 0.17%             | 2047-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BERKELEY CNTY SC ASSMNT REVENU     | County of Berkeley SC                                                           | CUSIP: 084220AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $377200.20    | 0.04%             | 2030-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE         | Port of Seattle WA                                                              | CUSIP: 735389R26<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2045617.20   | 0.24%             | 2046-08-01      | 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      | $1016932.90   | 0.12%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SANDRIDGE CMNTY DEV DIST FL SP     | Sandridge Community Development District                                        | CUSIP: 80007LAJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1880000 | PA      | $1614778.06   | 0.19%             | 2052-05-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA     | Main Street Natural Gas Inc                                                     | CUSIP: 56035DCZ3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020551.00   | 0.12%             | 2052-05-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP      | Lakewood Ranch Stewardship District                                             | CUSIP: 51265KED6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $485481.15    | 0.06%             | 2040-05-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH SPL REVEN     | New Hampshire Business Finance Authority                                        | CUSIP: 63608TAX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1359224.60   | 0.16%             | 2031-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SOUTHCENTRL PA GEN AUTH REVENU     | General Authority of Southcentral Pennsylvania                                  | CUSIP: 84129NMD8<br>LEI: 549300QBNU5LBV4QX812 | Long             | DBT              | MUN               | US        |    960000 | PA      | $867223.30    | 0.10%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER CNTY SC ASSMNT REVEN     | County of Lancaster SC                                                          | CUSIP: 514088AM5<br>LEI: 5493004EFQNI7UOCFI47 | Long             | DBT              | MUN               | US        |    230000 | PA      | $230116.86    | 0.03%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STAMFORD CT HSG AUTH               | Stamford Housing Authority                                                      | CUSIP: 852640AK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2245925.22   | 0.27%             | 2055-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| WESTCHESTER CNTY NY LOCAL DEV      | Westchester County Local Development Corp                                       | CUSIP: 95737TEH5<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |    100000 | PA      | $103093.14    | 0.01%             | 2034-07-01      | 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      | $1146704.74   | 0.14%             | 2050-11-15      | Fixed         | 5.25%                 | 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        |   2000000 | PA      | $2033542.40   | 0.24%             | 2044-12-01      | Fixed         | 5.75%                 | 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      | $517142.45    | 0.06%             | 2055-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN STUDENT HSG REV     | City of Minneapolis MN                                                          | CUSIP: 60379NCD6<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    100000 | PA      | $98957.03     | 0.01%             | 2027-08-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH STUDENT H     | Illinois Finance Authority                                                      | CUSIP: 45203KAG0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    300000 | PA      | $303968.01    | 0.04%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SUFFOLK REGL OFF-TRACK BETTING     | Suffolk Regional Off-Track Betting Corp                                         | CUSIP: 86480TAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2029863.40   | 0.24%             | 2053-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REVENU     | Louisiana Public Facilities Authority                                           | CUSIP: 546399UY0<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2010330.20   | 0.24%             | 2059-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE     | Public Finance Authority                                                        | CUSIP: 744396FB3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1453271.20   | 0.17%             | 2054-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEVADA DEPT OF BUSINESS & INDU     | State of Nevada Department of Business & Industry                               | CUSIP: 641454AC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $700094.78    | 0.08%             | 2037-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE         | Public Finance Authority                                                        | CUSIP: 74442PVQ5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1370180.40   | 0.16%             | 2051-01-01      | Fixed         | 6.85%                 | Yes           |                  2 | On Loan: No      |
| FATE TX SPL ASSESSMENT REVENUE     | City of Fate TX                                                                 | CUSIP: 31189RCQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $996871.90    | 0.12%             | 2044-08-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH REVENUE        | Indiana Finance Authority                                                       | CUSIP: 45506ENZ2<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1251861.88   | 0.15%             | 2050-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R     | Arizona Industrial Development Authority                                        | CUSIP: 04052BJC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400647.84    | 0.05%             | 2039-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FORT LAUDERDALE FL WTR & SWR R     | City of Fort Lauderdale FL Water & Sewer Revenue                                | CUSIP: 347658ZA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1900316.08   | 0.22%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| STAMFORD CT HSG AUTH               | Stamford Housing Authority                                                      | CUSIP: 852640AJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028854.20   | 0.12%             | 2045-10-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CO     | Mississippi Business Finance Corp                                               | CUSIP: 60528ACC6<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   1940000 | PA      | $1940000.00   | 0.23%             | 2035-11-01      | Variable      | 3.98%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP      | Lakewood Ranch Stewardship District                                             | CUSIP: 51265KGG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2565000 | PA      | $2666448.57   | 0.32%             | 2045-05-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA JOBS ECONOMIC DEVL  | SOUTH CAROLINA 5.5 12/45                                                        | CUSIP: 837033KX6<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    500000 | PA      | $497646.05    | 0.06%             | 2045-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| RIVINGTON CDD FL SPL ASSMNT RE     | Rivington Community Development District                                        | CUSIP: 769656AG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $324237.11    | 0.04%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP      | Lakewood Ranch Stewardship District                                             | CUSIP: 51265KGH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1813852.78   | 0.21%             | 2056-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BRAINERD MN SENIOR HSG & HLTHC     | City of Brainerd MN                                                             | CUSIP: 10501DAE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012826.70   | 0.12%             | 2055-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TULSA CNTY OK INDL AUTH SENIOR     | Tulsa County Industrial Authority                                               | CUSIP: 899530AY5<br>LEI: 549300WEYXBXLGN1E271 | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1181485.22   | 0.14%             | 2037-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BERRY BAY II CDD FL SPL ASSMNT     | Berry Bay II Community Development District                                     | CUSIP: 08577DAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $499397.90    | 0.06%             | 2044-05-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R     | Massachusetts Development Finance Agency                                        | CUSIP: 57585BBT4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1386500.59   | 0.16%             | 2054-07-01      | 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        |   1460000 | PA      | $1341432.38   | 0.16%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SIX MILE CREEK FL CDD CAPITAL      | Six Mile Creek Community Development District                                   | CUSIP: 83005TBB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1945000 | PA      | $1634001.31   | 0.19%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH HOTEL     | Industrial Development Authority of the City of Phoenix Arizona/The             | CUSIP: 71885JAB5<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1342153.80   | 0.16%             | 2051-12-01      | Fixed         | 4.00%                 | 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        |   1510000 | PA      | $1417422.05   | 0.17%             | 2051-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SHELBY CNTY TENN HEALTH EDL &      | Shelby County Health & Educational Facilities Board                             | CUSIP: 82170LAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1952859.00   | 0.23%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV     | City & County of Denver CO Airport System Revenue                               | CUSIP: 249182TJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1248856.78   | 0.15%             | 2040-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R     | Arizona Industrial Development Authority                                        | CUSIP: 04052BJD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $642890.92    | 0.08%             | 2049-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SHINGLE CREEK AT BRONSON CDD F     | Shingle Creek at Bronson Community Development District                         | CUSIP: 82459NAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $914611.50    | 0.11%             | 2041-06-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| COOL WTR MUNI UTILITY DIST TX      | Cool Water Municipal Utility District                                           | CUSIP: 21640ABZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1430911.57   | 0.17%             | 2045-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PALISADE CO MET DIST #2 LIMITE     | Palisade Metropolitan District No 2                                             | CUSIP: 696392AD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2371122.50   | 0.28%             | 2054-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MOUNTAIN BROOK MET DIST CO         | Mountain Brook Metropolitan District                                            | CUSIP: 62387TAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    905000 | PA      | $775885.91    | 0.09%             | 2041-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV     | Colorado Health Facilities Authority                                            | CUSIP: 19648FBT0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1308067.76   | 0.15%             | 2030-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH A     | Metropolitan Washington Airports Authority Aviation Revenue                     | CUSIP: 592647MB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1535377.89   | 0.18%             | 2043-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| RIVINGTON CDD FL SPL ASSMNT RE     | Rivington Community Development District                                        | CUSIP: 769656AB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $737967.30    | 0.09%             | 2031-05-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| JORDANELLE RIDGE PUBLIC INFRA      | Jordanelle Ridge Public Infrastructure District No 2                            | CUSIP: 480790AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2095214.80   | 0.25%             | 2054-03-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC     | Health & Educational Facilities Authority of the State of Missouri              | CUSIP: 60635H4B2<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   2045000 | PA      | $2053945.65   | 0.24%             | 2048-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN      | New Hope Cultural Education Facilities Finance Corp                             | CUSIP: 64542UDV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $302626.32    | 0.04%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA SMALL BUSINESS FING A     | Virginia Small Business Financing Authority                                     | CUSIP: 928097AB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3545000 | PA      | $3506892.67   | 0.42%             | 2049-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COBB CNTY GA DEV AUTH CHARTERS     | Development Authority of Cobb County/The                                        | CUSIP: 190779AH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1750821.28   | 0.21%             | 2053-06-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI     | Pennsylvania Turnpike Commission                                                | CUSIP: 709224PL7<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10091.21     | 0.00%             | 2039-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COCO PALMS FL CDD SPL ASSMNT       | Coco Palms Community Development District                                       | CUSIP: 191653AD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000431.10   | 0.12%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV     | Build NYC Resource Corp                                                         | CUSIP: 12008ETX4<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010465.50   | 0.12%             | 2052-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE     | California Municipal Finance Authority                                          | CUSIP: 13048VLB2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1254328.13   | 0.15%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDUCTNL REV     | Public Finance Authority                                                        | CUSIP: 74445GAK8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    160000 | PA      | $163081.31    | 0.02%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEXINGTON CNTY SC HLTH SVCS DI     | Lexington County Health Services District Inc                                   | CUSIP: 529050DZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2008498.00   | 0.24%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA PUBLIC FIN AUTH SEN     | California Public Finance Authority                                             | CUSIP: 13057GAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $223537.73    | 0.03%             | 2051-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BALTIMORE MD SPL OBLIG             | City of Baltimore MD                                                            | CUSIP: 05923TCK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $195538.98    | 0.02%             | 2029-06-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI SENIOR LIVI     | Public Finance Authority                                                        | CUSIP: 74443UAY9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1289952.05   | 0.15%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LIBERTY HILL TX SPL ASSMNT REV     | City of Liberty Hill TX                                                         | CUSIP: 530575AS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1091896.20   | 0.13%             | 2052-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU     | Texas Private Activity Bond Surface Transportation Corp                         | CUSIP: 882667CL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1827159.08   | 0.22%             | 2042-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP     | New York Transportation Development Corp                                        | CUSIP: 650116DA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2540000 | PA      | $2377697.05   | 0.28%             | 2045-10-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| LENEXA KS HLTH CARE FAC REVENU     | City of Lenexa KS                                                               | CUSIP: 526039CU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1950000 | PA      | $1923880.14   | 0.23%             | 2043-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEWLIN CROSSING MET DIST CO        | Newlin Crossing Metropolitan District                                           | CUSIP: 65152HAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1145000 | PA      | $1148462.14   | 0.14%             | 2054-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ALLENTOWN PA NEIGHBORHOOD IMPT     | Allentown Neighborhood Improvement Zone Development Authority                   | CUSIP: 018444CH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1348125.38   | 0.16%             | 2042-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R     | Arizona Industrial Development Authority                                        | CUSIP: 04052BPR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $790240.12    | 0.09%             | 2041-07-15      | 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        |    705000 | PA      | $663643.57    | 0.08%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HORACE ND                          | City of Horace ND                                                               | CUSIP: 440365GV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $443272.18    | 0.05%             | 2036-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CARMEL IN REDEV AUTH               | Carmel Redevelopment Authority                                                  | CUSIP: 143293BL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1296978.77   | 0.15%             | 2040-07-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| OLD HICKORY CDD FL SPL ASSMNT      | Old Hickory Community Development District                                      | CUSIP: 679792AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1219067.59   | 0.14%             | 2040-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING      | Pennsylvania Economic Development Financing Authority                           | CUSIP: 70869PPE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013371.80   | 0.12%             | 2046-07-01      | 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        |    550000 | PA      | $554989.44    | 0.07%             | 2032-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM     | North Carolina Medical Care Commission                                          | CUSIP: 65820YSW7<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    525000 | PA      | $532366.01    | 0.06%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES     | New York State Dormitory Authority                                              | CUSIP: 65000B7X0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1274241.75   | 0.15%             | 2049-10-01      | Fixed         | 5.25%                 | 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        |   1000000 | PA      | $850602.40    | 0.10%             | 2041-05-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH EDU R     | Industrial Development Authority of the City of Phoenix Arizona/The             | CUSIP: 71885FDV6<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1951627.20   | 0.23%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N SPRINGS FL IMPT DIST             | North Springs Improvement District                                              | CUSIP: 662543BB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013082.40   | 0.12%             | 2038-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| COBB CNTY GA DEV AUTH CHARTERS     | Development Authority of Cobb County/The                                        | CUSIP: 190779AG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502377.45    | 0.06%             | 2043-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GRANDVIEW RESERVE MET DIST #3      | Grandview Reserve Metropolitan District No 3                                    | CUSIP: 386810AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $995727.50    | 0.12%             | 2052-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MIDA CORMONT PUBLIC INFRASTRUC     | Mida Cormont Public Infrastructure District                                     | CUSIP: 59561JAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1692481.60   | 0.20%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE     | Public Finance Authority                                                        | CUSIP: 744396CT7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    230000 | PA      | $229963.84    | 0.03%             | 2027-07-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI     | Washington State Housing Finance Commission                                     | CUSIP: 93978LHF6<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    500000 | PA      | $515688.30    | 0.06%             | 2049-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AVE MARIA FL STEWARDSHIP CMNTY     | Ave Maria Stewardship Community District                                        | CUSIP: 05355AAY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $95074.64     | 0.01%             | 2042-05-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM     | North Carolina Medical Care Commission                                          | CUSIP: 65820YSX5<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1505626.50   | 0.18%             | 2049-10-01      | 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        |   3550000 | PA      | $1805384.81   | 0.21%             | 2037-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI STUDENT HSG     | Public Finance Authority                                                        | CUSIP: 74439YCV1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1896984.70   | 0.22%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FIELDS ESTATES PUBLIC INFRASTR     | Fields Estates Public Infrastructure District                                   | CUSIP: 31657CAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2213351.78   | 0.26%             | 2053-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP      | Arlington Higher Education Finance Corp                                         | CUSIP: 041807PV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012356.10   | 0.12%             | 2055-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU              | Chicago Board of Education                                                      | CUSIP: 167505SL1<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    300000 | PA      | $304069.92    | 0.04%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX ARPT SYS REVENUE         | City of Austin TX Airport System Revenue                                        | CUSIP: 052398FU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2080000 | PA      | $2083249.17   | 0.25%             | 2046-11-15      | 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: 852297DS6<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1129324.46   | 0.13%             | 2032-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PRINCETON TX SPL ASSMNT REVENU     | City of Princeton TX                                                            | CUSIP: 742400CN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003341.70   | 0.12%             | 2054-09-01      | 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        |   1175000 | PA      | $1050784.41   | 0.12%             | 2041-06-15      | Fixed         | 4.00%                 | 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        |    485000 | PA      | $489753.63    | 0.06%             | 2032-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN      | New Hope Cultural Education Facilities Finance Corp                             | CUSIP: 64542UDT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1580000 | PA      | $1601804.16   | 0.19%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOMEWOOD AL EDUCTNL BLDG AUTH      | Homewood Educational Building Authority                                         | CUSIP: 437887HX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1537740.30   | 0.18%             | 2049-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU              | Chicago Board of Education                                                      | CUSIP: 167505XV3<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1807011.33   | 0.21%             | 2030-12-01      | 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        |   1500000 | PA      | $1511208.90   | 0.18%             | 2033-12-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CANYONS MET DIST #5 CO             | Canyons Metropolitan District No 5                                              | CUSIP: 139071AZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1132163.66   | 0.13%             | 2054-12-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM     | North Carolina Medical Care Commission                                          | CUSIP: 65821DYF2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3063754.32   | 0.36%             | 2041-03-01      | 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        |   1500000 | PA      | $1097497.35   | 0.13%             | 2051-07-15      | Fixed         | 4.00%                 | 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        |   1750000 | PA      | $1799599.20   | 0.21%             | 2052-09-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM     | North Carolina Medical Care Commission                                          | CUSIP: 65820YTG1<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2650000 | PA      | $2674193.44   | 0.32%             | 2054-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DETROIT MI                         | City of Detroit MI                                                              | CUSIP: 2510935F3<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |   4650000 | PA      | $4675749.38   | 0.55%             | 2050-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WESTSIDE FL CDD SPL ASSMNT REV     | Westside Community Development District                                         | CUSIP: 96149TAR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $874207.71    | 0.10%             | 2038-05-01      | Fixed         | 4.12%                 | 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        |   1250000 | PA      | $1370239.75   | 0.16%             | 2035-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE     | Public Finance Authority                                                        | CUSIP: 74442ELZ1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1668124.20   | 0.20%             | 2049-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC     | Health & Educational Facilities Authority of the State of Missouri              | CUSIP: 60635HZ85<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1145000 | PA      | $1118763.58   | 0.13%             | 2046-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN HLTH EDL FACS AUTH S     | Wisconsin Health & Educational Facilities Authority                             | CUSIP: 97671VCP8<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004407.70   | 0.12%             | 2055-07-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SUNSET PARKS MET DIST CO           | Sunset Parks Metropolitan District                                              | CUSIP: 86777VAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1379204.47   | 0.16%             | 2054-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| MIDA CORMONT PUBLIC INFRASTRUC     | Mida Cormont Public Infrastructure District                                     | CUSIP: 59561JAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1174538.10   | 0.14%             | 2055-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| COLUMBUS OH REGL ARPT AUTH REV     | Columbus Regional Airport Authority                                             | CUSIP: 199546DC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3987930.75   | 0.47%             | 2050-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NORTH LAS VEGAS NV LOCAL IMPT      | City of North Las Vegas NV                                                      | CUSIP: 66041HGV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $184370.76    | 0.02%             | 2029-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SALTLEAF CDD FL CAPITAL IMPT R     | Saltleaf Community Development District                                         | CUSIP: 79575MAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2765000 | PA      | $2823694.87   | 0.33%             | 2056-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING      | Pennsylvania Economic Development Financing Authority                           | CUSIP: 70869PHX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $310786.81    | 0.04%             | 2042-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP      | Arlington Higher Education Finance Corp                                         | CUSIP: 041807PU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $508685.80    | 0.06%             | 2045-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP     | New York Transportation Development Corp                                        | CUSIP: 650116HK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $166882.78    | 0.02%             | 2049-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH AQUEDUCT &      | Puerto Rico Commonwealth Aqueduct & Sewer Authority                             | CUSIP: 745160SJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2701699.83   | 0.32%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AVE MARIA FL STEWARDSHIP CMNTY     | Ave Maria Stewardship Community District                                        | CUSIP: 05355AAZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1655000 | PA      | $1484846.80   | 0.18%             | 2052-05-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH SPL REVEN     | New Hampshire Business Finance Authority                                        | CUSIP: 63608TAT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $1913489.10   | 0.23%             | 2032-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH A     | Metropolitan Washington Airports Authority Aviation Revenue                     | CUSIP: 592647NA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1470000 | PA      | $1548955.02   | 0.18%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNION CNTY OR HOSP FAC AUTH        | Union County Hospital Facility Authority                                        | CUSIP: 906420CG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $762496.05    | 0.09%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER CNTY PA HOSP AUTH        | Lancaster County Hospital Authority/PA                                          | CUSIP: 514045W66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2014256.20   | 0.24%             | 2051-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN      | New Hope Cultural Education Facilities Finance Corp                             | CUSIP: 64542UDS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1235000 | PA      | $1252706.94   | 0.15%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GALVESTON TX WHARVES & TERMINA     | City of Galveston TX Wharves & Terminal Revenue                                 | CUSIP: 364568JH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $431427.24    | 0.05%             | 2037-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DENTON CNTY TX SPL ASSMNT REVE     | County of Denton TX                                                             | CUSIP: 24880GAJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2007050.00   | 0.24%             | 2054-12-31      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| DETROIT MI                         | City of Detroit MI                                                              | CUSIP: 2510935E6<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1113770.35   | 0.13%             | 2046-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI SENIOR LIVI     | Public Finance Authority                                                        | CUSIP: 74443UAX1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1229284.15   | 0.15%             | 2031-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL     | Maryland Health & Higher Educational Facilities Authority                       | CUSIP: 57421CKA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3675000 | PA      | $3833224.19   | 0.45%             | 2050-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LIBERTY HILL TX SPL ASSMNT REV     | City of Liberty Hill TX                                                         | CUSIP: 530575AR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $808498.20    | 0.10%             | 2042-09-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| VIRGINIA BEACH VA DEV AUTH RSD     | Virginia Beach Development Authority                                            | CUSIP: 92774NAL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026144.40   | 0.12%             | 2029-09-01      | Fixed         | 5.00%                 | 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        |   2450000 | PA      | $2639280.88   | 0.31%             | 2042-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MILITARY INSTALLATION DEV AUTH     | Military Installation Development Authority                                     | CUSIP: 599772AF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2474174.40   | 0.29%             | 2052-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA     | Wisconsin Health & Educational Facilities Authority                             | CUSIP: 97712JGT4<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1071732.50   | 0.13%             | 2052-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST STRATEGIC FUND LTD     | Michigan Strategic Fund                                                         | CUSIP: 594698PM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $992003.60    | 0.12%             | 2042-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FIELDS ESTATES PUBLIC INFRASTR     | Fields Estates Public Infrastructure District                                   | CUSIP: 316576AA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $758046.30    | 0.09%             | 2055-03-01      | Fixed         | 6.12%                 | 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        |   2075000 | PA      | $2080001.58   | 0.25%             | 2039-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| THE HEIGHTS CDD FL SPL ASSESSM     | Heights Community Development District                                          | CUSIP: 88339EAD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2257775.22   | 0.27%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARKANSAS ST DEV FIN AUTH INDL      | Arkansas Development Finance Authority                                          | CUSIP: 04108WCE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2155474.80   | 0.26%             | 2048-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM     | North Carolina Medical Care Commission                                          | CUSIP: 65820YMR4<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2850000 | PA      | $2853950.10   | 0.34%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU              | Chicago Board of Education                                                      | CUSIP: 167505XL5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003565.10   | 0.12%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA JOBS ECONOMIC DEVL  | SC JOBS ECO DEV-A 5.8 2/5                                                       | CUSIP: 837033KY4<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001174.80   | 0.12%             | 2050-12-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IN LOCAL PUBLIC I     | Indianapolis Local Public Improvement Bond Bank                                 | CUSIP: 45528U6X4<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1778156.99   | 0.21%             | 2053-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                        | State of Illinois                                                               | CUSIP: 452153DB2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1841335.48   | 0.22%             | 2047-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VIRGINIA BEACH VA DEV AUTH RSD     | Virginia Beach Development Authority                                            | CUSIP: 92774NBB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2201305.00   | 0.26%             | 2053-09-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE     | South Carolina Jobs-Economic Development Authority                              | CUSIP: 83704HAL1<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021899.90   | 0.12%             | 2044-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| OKALOOSA CNTY FL INDL DEV REVE     | County of Okaloosa FL                                                           | CUSIP: 678226AB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1260400.98   | 0.15%             | 2045-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BALTIMORE MD SPL OBLIG             | City of Baltimore MD                                                            | CUSIP: 05923TCJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $181151.41    | 0.02%             | 2028-06-01      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| AEROTROPOLIS REGL TRANPRTN AUT     | Aerotropolis Regional Transportation Authority                                  | CUSIP: 008051AD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1515819.15   | 0.18%             | 2044-12-01      | Fixed         | 5.50%                 | 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      | $2014036.80   | 0.24%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR     | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JPV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1161998.14   | 0.14%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| BRIDGEWATER NORTH CMNTY DEV DI     | Bridgewater North Community Development District                                | CUSIP: 10865PAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1437775.20   | 0.17%             | 2042-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV     | Colorado Health Facilities Authority                                            | CUSIP: 19648FAZ7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1400961.52   | 0.17%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA HOSP DEV AUT     | Allegheny County Hospital Development Authority                                 | CUSIP: 01728A4A1<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |   1855000 | PA      | $1863439.69   | 0.22%             | 2047-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SHELL POINT CMNTY DEV DIST FL      | Shell Point Community Development District                                      | CUSIP: 822666AD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $503475.15    | 0.06%             | 2039-11-01      | Fixed         | 5.25%                 | 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        |   3000000 | PA      | $3229177.80   | 0.38%             | 2056-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| ARKANSAS DEV FIN AUTH ENVIRONM     | Arkansas Development Finance Authority                                          | CUSIP: 04110FAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4019868.40   | 0.48%             | 2052-09-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY MO INDL DEV AUTH E     | Kansas City Industrial Development Authority                                    | CUSIP: 48502MAB9<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1774804.88   | 0.21%             | 2054-06-01      | 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        |   1765000 | PA      | $1391845.99   | 0.16%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GULFSTREAM POLO CMNTY DEV DIST     | Gulfstream Polo Community Development District                                  | CUSIP: 40275MAG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2405000 | PA      | $2085107.82   | 0.25%             | 2049-11-01      | Fixed         | 4.38%                 | 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        |   2035000 | PA      | $1967123.19   | 0.23%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OKALOOSA CNTY FL INDL DEV REVE     | County of Okaloosa FL                                                           | CUSIP: 678226AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016337.10   | 0.12%             | 2055-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| INDIANA ST MUNI PWR AGY            | Indiana Municipal Power Agency                                                  | CUSIP: 454898XD4<br>LEI: AX0ZCCVOQ71Z4RXBL233 | Long             | DBT              | MUN               | US        |   4625000 | PA      | $4625000.00   | 0.55%             | 2042-01-01      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV     | Colorado Health Facilities Authority                                            | CUSIP: 19648FA87<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013429.00   | 0.12%             | 2048-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| VILLAMAR CDD FL SPL ASSMNT         | Villamar Community Development District                                         | CUSIP: 92715KAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $186078.09    | 0.02%             | 2029-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARKANSAS DEV FIN AUTH ENVIRONM     | Arkansas Development Finance Authority                                          | CUSIP: 04110FAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021391.20   | 0.12%             | 2053-05-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AGY FL EDUCTNL F     | Capital Trust Agency Inc                                                        | CUSIP: 14054CEB1<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    525000 | PA      | $401053.07    | 0.05%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HASLET TX SPL ASSMNT REVENUE       | City of Haslet TX                                                               | CUSIP: 418304AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $961617.59    | 0.11%             | 2039-09-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FA     | California School Finance Authority                                             | CUSIP: 13059THM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $253866.70    | 0.03%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                        | State of Illinois                                                               | CUSIP: 4521526J5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    250000 | PA      | $253111.70    | 0.03%             | 2026-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-22

**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