# EDGAR Filing Document

**Accession Number:** 0001424212
**File Stem:** 0000940400-25-002879
**Filing Date:** 2025-9
**Character Count:** 732131
**Document Hash:** 0ac2743891c55fe0afe05c30b58f432a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-002879.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0000940400-25-002879

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**PERIOD START**: 20251031

**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:** 251348996

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

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

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

**Portfolio of Investments**

**July 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 — 99.1%** | **MUNICIPAL BONDS — 99.1%** | **MUNICIPAL BONDS — 99.1%** | **MUNICIPAL BONDS — 99.1%** | **MUNICIPAL BONDS — 99.1%** |
|  | **Alabama — 5.0%** | **Alabama — 5.0%** | **Alabama — 5.0%** |  |
| $225000 | &nbsp;&nbsp;&nbsp; AL Cmnty Clg Sys Brd of Trustees Rev Bishop St Cmnty Clg, <br> BAM | 4.00% | 01/01/35 | $225746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; AL St Port Auth Docks Facs Rev Ref Docks Facs Rev, Ser A, AG, <br> AMT | 5.00% | 10/01/25 | 501366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7695000 | &nbsp;&nbsp;&nbsp; Black Belt Energy Gas Dist AL Gas Proj Rev Bonds Proj No 7, <br>Ser C-1 (Mandatory put 12/01/26) | 4.00% | 10/01/52 | 7753549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10070000 | &nbsp;&nbsp;&nbsp; Black Belt Energy Gas Dist AL Gas Proj Rev Proj No 6, Ser B <br> (Mandatory put 12/01/26) | 4.00% | 10/01/52 | 10144000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4150000 | &nbsp;&nbsp;&nbsp; Black Belt Energy Gas Dist AL Gas Proj Rev, Ser C (Mandatory <br> put 06/01/32) | 5.50% | 10/01/54 | 4480426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5300000 | &nbsp;&nbsp;&nbsp; Black Belt Energy Gas Dist AL Gas Proj Rev, Ser C-1 (Mandatory <br> put 06/01/29) | 5.25% | 02/01/53 | 5561792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; Black Belt Energy Gas Dist AL Gas Proj Rev, Ser F (Mandatory put <br> 12/01/28) | 5.50% | 11/01/53 | 1312582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; Black Belt Energy Gas Dist AL Gas Sply Rev, Ser B (Mandatory <br> put 12/01/30) | 5.25% | 12/01/53 | 3223031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8600000 | &nbsp;&nbsp;&nbsp; Energy SE AL A Cooperative Dist Energy Sply Rev, Ser A-1 <br> (Mandatory put 01/01/31) | 5.50% | 11/01/53 | 9258044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp; Energy SE AL A Cooperative Dist Energy Sply Rev, Ser B-1 <br> (Mandatory put 11/01/31) | 5.75% | 04/01/54 | 4926147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; Homewood AL Eductnl Bldg Auth Rev Ref Samford Univ Proj, <br>Ser A | 4.00% | 12/01/33 | 388875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp; Homewood AL Eductnl Bldg Auth Rev Ref Samford Univ Proj, <br>Ser A | 4.00% | 12/01/34 | 912235 |
| &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 | 1479881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; Infirmary Hlth Sys AL Spl Care Facs Fing Auth Rev Infirmary Hlth <br> Sys Inc, Ser A | 5.00% | 02/01/36 | 451478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2225000 | Jacksonville Pub Eductnl Bldg Auth JSU Fdtn Proj, Ser A, BAM | 5.13% | 08/01/44 | 2259803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | Jefferson Cnty AL Swr Rev Warrants Ref Warrants | 5.00% | 10/01/39 | 621291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2280000 | Jefferson Cnty AL Swr Rev Warrants Ref Warrants | 5.25% | 10/01/40 | 2389966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3050000 | Jefferson Cnty AL Swr Rev Warrants Ref Warrants | 5.25% | 10/01/42 | 3141515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; Lower AL Gas Dist Gas Proj Rev Bonds Proj 2 (Mandatory put <br> 12/01/25) | 4.00% | 12/01/50 | 4007702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Midcity Impt Dist AL Spl Assmnt Rev | 4.50% | 11/01/42 | 842101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | Mobile AL Impt Dist Sales Tax Rev Mcgowin Park Proj, Ser A | 5.00% | 08/01/25 | 75000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1605000 | Prichard AL Wtrwks & Swr Brd Wtr & Swr Rev Ref (a) (b) | 4.00% | 11/01/32 | 1043250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1765000 | Prichard AL Wtrwks & Swr Brd Wtr & Swr Rev Ref (a) (b) | 4.00% | 11/01/34 | 1147250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8170000 | &nbsp;&nbsp;&nbsp; SE Energy Auth AL Cmdy Sply Rev Proj #1, Ser A (Mandatory put <br> 10/01/28) | 4.00% | 11/01/51 | 8209227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; SE Energy Auth AL Cmdy Sply Rev Var Proj No 3, Ser A-1 <br> (Mandatory put 12/01/29) | 5.50% | 01/01/53 | 1596248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp; SE Energy Auth AL Cooperative Dist Cmdy Sply Rev Proj #6, Ser <br> B (Mandatory put 06/01/30) | 5.00% | 01/01/54 | 4751351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; SE Energy Auth AL Cooperative Dist Gas Sply Rev, Ser F <br> (Mandatory put 11/01/35) | 5.25% | 11/01/55 | 2150201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2920000 | SE Energy Auth AL Cooperative, Ser C (Mandatory put 11/01/32) | 5.00% | 10/01/55 | 3101377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1650000 | Univ of AL at Birmingham Gen Rev Brd of Trustees, Ser B | 3.00% | 10/01/41 | 1306445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp; Walker Cnty AL Econ & Indl Dev Auth Sol Wst Disp Rev Var AL <br> Pwr Co Plant Gorgas Proj, AMT (c) | 2.90% | 08/01/63 | 6000000 |
|  |  |  |  | 93261879 |

---

------

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

**Portfolio of Investments (Continued)**

**July 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)** |
|  | **Alaska — 0.1%** | **Alaska — 0.1%** | **Alaska — 0.1%** |  |
| $1880000 | &nbsp;&nbsp;&nbsp; AK St Indl Dev & Export Auth Pwr Rev Ref Snettisham <br> Hydroelectric Proj, AMT | 4.00% | 01/01/28 | $1880189 |
|  | **Arizona — 2.1%** | **Arizona — 2.1%** | **Arizona — 2.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | AZ St Indl Dev Auth Edu Rev Acads of Math & Science Proj (d) | 5.00% | 07/01/49 | 1775574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 395000 | AZ St Indl Dev Auth Edu Rev Cadence Cmps Proj, Ser A (d) | 4.00% | 07/15/30 | 392803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 925000 | AZ St Indl Dev Auth Edu Rev Cadence Cmps Proj, Ser A (d) | 4.00% | 07/15/40 | 799496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp; AZ St Indl Dev Auth Edu Rev Doral Acdmy NV Fire Mesa & Red <br> Rock Cmps Proj, Ser A | 5.00% | 07/15/39 | 168380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 385000 | AZ St Indl Dev Auth Edu Rev Doral Acdmy NV Pebble, Ser A (d) | 4.00% | 07/15/30 | 380793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; AZ St Indl Dev Auth Edu Rev Macombs Fac Proj Sustainable <br> Bonds, Ser A | 4.00% | 07/01/41 | 437554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375000 | AZ St Indl Dev Auth Edu Rev Ref Basis Sch Projs, Ser D (d) | 5.00% | 07/01/37 | 375910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225000 | AZ St Indl Dev Auth Edu Rev Ref Basis Schs Projs, Ser A (d) | 5.00% | 07/01/26 | 227049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1030000 | AZ St Indl Dev Auth Edu Rev Ref Basis Schs Projs, Ser G (d) | 5.00% | 07/01/37 | 1031753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; AZ St Indl Dev Auth Edu Rev Ref Doral Acdmy of Northern NV <br> Proj, Ser A (d) | 4.00% | 07/15/51 | 349250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; AZ St Indl Dev Auth Edu Rev Ref Doral Acdmy of Northern NV <br> Proj, Ser A (d) | 4.00% | 07/15/56 | 742500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; AZ St Indl Dev Auth Edu Rev Somerset Acdmy of LV Aliante & <br> Skye Canyon Cmps Proj, Ser A (d) | 4.00% | 12/15/51 | 588467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp; AZ St Indl Dev Auth Natl Chrt Sch Revolving Loan Fd Equitable <br> Sch Revolving Fund Sustainable Bonds, Ser A | 5.00% | 11/01/41 | 326444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp; AZ St Indl Dev Auth Natl Chrt Sch Revolving Loan Fd Equitable <br> Sch Revolving Fund Sustainable Bonds, Ser A | 5.00% | 11/01/42 | 356999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; AZ St Indl Dev Auth Natl Chrt Sch Revolving Loan Fd Equitable <br> Sch Revolving Fund Sustainable Bonds, Ser A | 5.00% | 11/01/43 | 489291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1165000 | &nbsp;&nbsp;&nbsp; AZ St Indl Dev Auth Natl Chrt Sch Revolving Loan Fd Equitable <br> Sch Revolving Fund Sustainable Bonds, Ser A | 5.00% | 11/01/49 | 1102185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 595000 | &nbsp;&nbsp;&nbsp; AZ St Indl Dev Auth Natl Chrt Sch Revolving Loan Fd Sustainable <br> Bonds Equitable Sch Revolving Fund, Ser A | 4.00% | 11/01/38 | 546894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3800000 | &nbsp;&nbsp;&nbsp; AZ St Indl Dev Auth Natl Chrt Sch Revolving Loan Fd Sustainable <br> Bonds Equitable Sch Revolving Fund, Ser A | 4.00% | 11/01/46 | 3105353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Chandler AZ Indl Dev Auth Indl Dev Rev Var Intel Corp Proj, Ser <br> 2022-2, AMT (Mandatory put 09/01/27) | 5.00% | 09/01/52 | 2034765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; Glendale AZ Indl Dev Auth Sr Living Facs Rev Ref Sun Hlth <br> Svcs, Ser A | 5.00% | 11/15/42 | 3952478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | Maricopa Cnty AZ Indl Dev Auth Edu Rev Legacy Trad Schs Proj | 4.00% | 07/01/32 | 450314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 985000 | Maricopa Cnty AZ Indl Dev Auth Edu Rev Legacy Trad Schs Proj | 4.00% | 07/01/34 | 964784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Horizon Cmnty <br> Learning Ctr Proj | 5.00% | 07/01/35 | 500752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Legacy Trad Sch <br> Proj | 4.00% | 07/01/34 | 489738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Legacy Trad Schs <br> Proj Auth, Ser B (d) | 5.00% | 07/01/39 | 1001579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp; Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Legacy Trad Schs <br> Proj Auth, Ser B (d) | 5.00% | 07/01/49 | 1929431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Paradise Schs Projs <br> Paragon Mgmt Inc (d) | 4.00% | 07/01/26 | 99771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1475000 | &nbsp;&nbsp;&nbsp; Maricopa Cnty AZ Indl Dev Auth Ref Banner Hlth Oblig Grp, <br>Ser A | 4.00% | 01/01/38 | 1402534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Phoenix AZ Civic Impt Corp Arpt Rev Ref Junior Lien | 5.00% | 07/01/39 | 1072365 |

---

------

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

**Portfolio of Investments (Continued)**

**July 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)** |  |
| $100000 | &nbsp;&nbsp;&nbsp; Phoenix AZ Indl Dev Auth Edu Rev Fac Legacy Trad Schs <br> Projs, Ser A (d) | 4.00% | 07/01/26 | $100486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3655000 | Phoenix AZ Indl Dev Auth Edu Rev Ref Basis Schs Projs, Ser A (d) | 5.00% | 07/01/35 | 3655873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; Phoenix AZ Indl Dev Auth Hotel Rev Sr Falcon Properties LLC <br> Proj, Ser A (d) | 4.00% | 12/01/41 | 1898485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; Phoenix AZ Indl Dev Auth Stdt Hsg Rev Downtown Phoenix Stdt <br> Hsg II LLC AZ St Univ Proj, Ser A | 5.00% | 07/01/32 | 308685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; Phoenix AZ Indl Dev Auth Stdt Hsg Rev Downtown Phoenix Stdt <br> Hsg II LLC AZ St Univ Proj, Ser A | 5.00% | 07/01/33 | 306993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; Phoenix AZ Indl Dev Auth Stdt Hsg Rev Downtown Phoenix Stdt <br> Hsg II LLC AZ St Univ Proj, Ser A | 5.00% | 07/01/34 | 305548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; Phoenix AZ Indl Dev Auth Stdt Hsg Rev Downtown Phoenix Stdt <br> Hsg II LLC AZ St Univ Proj, Ser A | 5.00% | 07/01/35 | 861499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; Phoenix AZ Indl Dev Auth Stdt Hsg Rev Downtown Phoenix Stdt <br> Hsg II LLC AZ St Univ Proj, Ser A | 5.00% | 07/01/44 | 663248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; Phoenix AZ Indl Dev Auth Stdt Hsg Rev Ref Downtown Phoenix <br> Stdt Hsg LLC AZ St Univ Proj, Ser A | 5.00% | 07/01/26 | 202453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Tempe AZ Indl Dev Auth Rev Ref Friendship Vlg of Tempe <br> Proj, Ser A | 4.00% | 12/01/38 | 899292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2150000 | Yuma AZ Indl Dev Auth Hosp Rev Ref Yuma Regl Med Ctr, Ser A | 5.25% | 08/01/49 | 2172837 |
|  |  |  |  | 38470605 |
|  | **California — 6.1%** | **California — 6.1%** | **California — 6.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1245000 | Burbank CA Wtr & Pwr Elec Rev | 5.00% | 06/01/43 | 1289245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; CA Cmnty Choice Fing Auth Clean Energy Proj Rev Sustainable <br> Bond, Ser A-1 (Mandatory put 08/01/28) | 4.00% | 05/01/53 | 2009774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; CA Cmnty Choice Fing Auth Clean Energy Proj Rev Sustainable <br> Bond, Ser A-1 (Mandatory put 04/01/32) | 5.00% | 05/01/54 | 2115107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp; CA Cmnty Choice Fing Auth Clean Energy Proj Rev Sustainable <br> Bond, Ser B-1 (Mandatory put 08/01/31) | 4.00% | 02/01/52 | 2386273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; CA Cmnty Choice Fing Auth Clean Energy Proj Rev Sustainable <br> Bond, Ser B-1 (Mandatory put 08/01/29) | 5.00% | 07/01/53 | 3138812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; CA Cmnty Choice Fing Auth Clean Energy Proj Rev Var <br> Sustainable Bond Clean Energy Proj Rev Bonds, Ser B <br> (Mandatory put 11/01/35) | 5.00% | 03/01/56 | 3185971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; CA Cnty CA Tobacco Securitization Agy Tobacco Stlmt Ref <br> Sonoma Cnty Securitization Corp, Ser A | 4.00% | 06/01/36 | 243716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; CA Sch Fin Auth Sch Fac Rev Alliance Clg Ready Pub Schs <br> Proj, Ser C (d) | 4.50% | 07/01/26 | 302205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | CA Sch Fin Auth Sch Fac Rev Granada Hills Chrt Oblig Grp (d) | 5.00% | 07/01/43 | 1914662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 455000 | CA Sch Fin Auth Sch Fac Rev Ref Hth Learning Proj, Ser A (d) | 4.00% | 07/01/26 | 455375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | CA Sch Fin Auth Sch Fac Rev Ref Hth Learning Proj, Ser A (d) | 5.00% | 07/01/32 | 808275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 655000 | CA Sch Fin Auth Sch Fac Rev, Ser A (d) | 5.00% | 07/01/40 | 645332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; CA St Enterprise Dev Auth Lease Rev Riverside Cnty Library Fac <br> Proj | 4.00% | 11/01/37 | 224234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; CA St Enterprise Dev Auth Lease Rev Riverside Cnty Mead Vly <br> Wellness Vlg Proj, Ser A | 5.00% | 11/01/44 | 2067540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | CA St Hlth Facs Fing Auth Rev Ref El Camino Hlth, Ser A | 5.00% | 02/01/42 | 1304410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Chrt Sch Lease Rev Vista Chrt Middle Sch <br> Proj (a) | 5.38% | 07/01/34 | 445032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Chrt Sch Rev Palmdale Aerospace Acdmy <br> Proj (d) | 4.00% | 07/01/26 | 198408 |

---

------

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

**Portfolio of Investments (Continued)**

**July 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)** |  |
| $500000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Chrt Sch Rev Palmdale Aerospace Acdmy <br> Proj, Ser A (d) | 5.00% | 07/01/38 | $479335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | CA St Muni Fin Auth Ref Palomar Hlth, Ser A, AG, COPS | 5.25% | 11/01/35 | 1062158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | CA St Muni Fin Auth Rev Channing House Proj, Ser B | 5.00% | 05/15/37 | 204064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1125000 | CA St Muni Fin Auth Rev Ref CA Baptist Univ, Ser A (d) | 5.00% | 11/01/35 | 1160532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | CA St Muni Fin Auth Rev Ref HumanGood Oblig Grp, Ser A | 4.00% | 10/01/34 | 600291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | CA St Muni Fin Auth Rev Ref HumanGood Oblig Grp, Ser A | 4.00% | 10/01/36 | 970835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 680000 | CA St Muni Fin Auth Rev Ref Retmnt Hsg Fdtn Oblig Grp, Ser A | 5.00% | 11/15/27 | 720257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2750000 | CA St Muni Fin Auth Spl Fac Rev United Airls Inc Proj, AMT | 4.00% | 07/15/29 | 2703562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Stdt Hsg Rev Sustainable Bond Orchard Park <br> Stdt Hsg Proj, BAM | 4.00% | 05/15/40 | 956537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; CA St Poll Control Fin Auth Sol Wst Disp Rev Var Ref Rep Svcs <br> Inc Proj Remk, AMT (Mandatory put 08/15/25) (d) | 3.70% | 07/01/43 | 999988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5990000 | &nbsp;&nbsp;&nbsp; CA St Poll Control Fing Auth Wtr Furnishing Rev Plant Bonds, <br> AMT (d) | 5.00% | 07/01/37 | 5971882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | CA St Pub Wks Brd Lease Rev Various Capital Proj, Ser B | 4.00% | 05/01/37 | 1004467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; CA Stwd Cmntys Dev Auth Rev Loma Linda Univ Med Ctr, <br>Ser A (d) | 5.00% | 12/01/30 | 354044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; CA Stwd Cmntys Dev Auth Rev Loma Linda Univ Med Ctr, <br>Ser A (d) | 5.00% | 12/01/33 | 456593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | CA Stwd Cmntys Dev Auth Rev Ref CA Baptist Univ, Ser A (d) | 5.00% | 11/01/32 | 506754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; CA Stwd Cmntys Dev Auth Rev Ref Front Porch Cmntys & <br> Svcs, Ser A | 5.00% | 04/01/30 | 102631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp; CA Stwd Cmntys Dev Auth Rev Ref Front Porch Cmntys & <br> Svcs, Ser A | 5.00% | 04/01/31 | 199632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Centrl Vly CA Energy Auth Cmdy Sply Rev Var (Mandatory put <br> 08/01/35) | 5.00% | 12/01/55 | 2136968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 370000 | Chino CA Cmnty Facs Dist Spl Tax #2003-3 Impt Area #7 | 5.00% | 09/01/30 | 386905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Chino Vly CA Unif Sch Dist, Ser B | 5.00% | 08/01/38 | 318889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Chino Vly CA Unif Sch Dist, Ser B | 5.00% | 08/01/39 | 263614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; CSCDA Cmnty Impt Auth CA Essential Hsg Rev The Link <br> Glendale Sustainable Bonds, Ser A-2 (d) | 4.00% | 07/01/56 | 729782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; CSCDA Cmnty Impt Auth CA Essential Hsg Rev Union S Bay <br> Sustainable Bonds, Ser A-2 (d) | 4.00% | 07/01/56 | 744505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Elk Grove CA Fin Auth Spl Tax Rev Cmnty Facs Dt No 2005-1 <br> Laguna Ridge | 5.00% | 09/01/44 | 994151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp; Folsom Ranch CA Fing Auth Spl Tax Rev Cmnty Facs Dist No <br> 19 Mangini | 4.00% | 09/01/25 | 155104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp; Folsom Ranch CA Fing Auth Spl Tax Rev White Rock Springs <br> Ranch | 4.00% | 09/01/39 | 154751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp; Folsom Ranch CA Fing Auth Spl Tax Rev White Rock Springs <br> Ranch | 4.00% | 09/01/40 | 156677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp; Folsom Ranch CA Fing Auth Spl Tax Rev White Rock Springs <br> Ranch | 4.00% | 09/01/41 | 158338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Fontana CA Spl Tax Cmnty Facs Dt #109 | 5.00% | 09/01/44 | 995363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Fontana CA Spl Tax Spl Tax The Meadows | 4.00% | 09/01/27 | 253971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265000 | Fontana CA Spl Tax Spl Tax The Meadows | 4.00% | 09/01/28 | 270594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280000 | Fontana CA Spl Tax Spl Tax The Meadows | 4.00% | 09/01/29 | 286568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 535000 | Fontana CA Spl Tax Spl Tax The Meadows | 4.00% | 09/01/36 | 517273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1360000 | &nbsp;&nbsp;&nbsp; Hawthorne CA Cmnty Redev Agy Successor Agy Tax Allocation <br> Ref Sub, AG | 5.00% | 09/01/32 | 1362736 |

---

------

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

**Portfolio of Investments (Continued)**

**July 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)** |  |
| $2000000 | &nbsp;&nbsp;&nbsp; Irvine CA Facs Fing Auth Lease Rev Gateway Preserve Land Acq <br> Proj, Ser A | 5.25% | 05/01/43 | $2009886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175000 | Irvine CA Unif Sch Dist Spl Tax Cmnty Facs Dist No 09-1, Ser A | 5.00% | 09/01/31 | 186546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 365000 | Irvine CA Unif Sch Dist Spl Tax Cmnty Facs Dist No 09-1, Ser A | 5.00% | 09/01/32 | 386465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 | Irvine CA Unif Sch Dist Spl Tax Cmnty Facs Dist No 09-1, Ser A | 5.00% | 09/01/34 | 130757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Kern CA Cmnty Clg Dist, Ser D | 5.25% | 08/01/40 | 1074875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp; Lammersville CA Jt Unif Sch Dist Spl Tax Cmnty Facs Dist <br> #2014-1 Impt Area #1 Mountain House Sch Facs | 5.00% | 09/01/42 | 826361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1045000 | &nbsp;&nbsp;&nbsp; Lammersville CA Jt Unif Sch Dist Spl Tax Cmnty Facs Dist <br> #2014-1 Mountain House Sch Facs | 4.00% | 09/01/49 | 868662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2620000 | Long Beach CA Unif Sch Dist Ref | 4.00% | 08/01/31 | 2634829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp; Los Angeles CA Dept of Arpts Arpt Rev Prerefunded Subord <br> Ref, Ser D, AMT (Pre-refunded maturity 11/15/31) | 5.00% | 05/15/33 | 205593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1340000 | &nbsp;&nbsp;&nbsp; Los Angeles CA Dept of Arpts Arpt Rev Sr Bonds Priv <br> Activity, Ser H, AMT | 5.00% | 05/15/41 | 1355052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Los Angeles CA Dept of Arpts Arpt Rev Sr Bonds Sustainable <br> Bond Priv Activity, Ser G, AMT | 5.00% | 05/15/34 | 1596989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Los Angeles CA Dept of Arpts Arpt Rev Sr Bonds Sustainable <br> Bond Priv Activity, Ser G, AMT | 5.50% | 05/15/35 | 1632633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Los Angeles CA Dept of Arpts Arpt Rev Subord Los Angeles Intl <br> Arpt, Ser F, AMT | 5.00% | 05/15/36 | 2051894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Los Angeles CA Dept of Arpts Arpt Rev Sustainable Bond Ref <br> Subord Priv Activity, Ser A, AMT | 5.25% | 05/15/42 | 2055987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3645000 | &nbsp;&nbsp;&nbsp; Los Angeles CA Dept of Arpts Arpt Rev Unrefunded Subord <br> Ref, Ser D, AMT | 5.00% | 05/15/31 | 3965629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; Los Angeles CA Dept of Arpts Arpt Rev Unrefunded Subord <br> Ref, Ser D, AMT | 5.00% | 05/15/36 | 3136402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Los Angeles CA Trans | 5.00% | 06/25/26 | 1024105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Marina CA Redev Agy Successor Agy Tax Allocation Hsg, Ser B | 5.00% | 09/01/33 | 101598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325000 | Menifee CA Union Sch Dist Pub Fing Auth Spl Tax Rev Ref, Ser A | 5.00% | 09/01/28 | 325640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175000 | Menifee CA Union Sch Dist Spl Tax Cmnty Facs Dist #2011-1 | 5.00% | 09/01/30 | 183058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | Menifee CA Union Sch Dist Spl Tax Cmnty Facs Dist #2011-1 | 5.00% | 09/01/31 | 156651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145000 | Menifee CA Union Sch Dist Spl Tax Cmnty Facs Dist #2011-1 | 5.00% | 09/01/32 | 151218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165000 | Menifee CA Union Sch Dist Spl Tax Cmnty Facs Dist #2011-1 | 5.00% | 09/01/33 | 171723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp; Rancho Cordova CA Cmnty Facs Dist Spl Tax No 2018-1 Grantline <br> 208 | 5.00% | 09/01/26 | 112678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; Rancho Cordova CA Cmnty Facs Dist Spl Tax Rev Grantline 208 <br> Cmnty Fac Dt #2018-1 | 4.00% | 09/01/50 | 162161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; River Islands CA Pub Fing Auth Spl Tax Cmnty Facs Dist #2003-<br> 1, Ser A | 5.00% | 09/01/43 | 490445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; River Islands CA Pub Fing Auth Spl Tax Cmnty Facs Dist #2019-1 <br> Phase 2 Pub Impts | 4.00% | 09/01/33 | 494592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp; Riverside CA Unif Sch Dist Cmnty Facs Dt #33 Citrus Heights II <br> Spl Tax | 4.00% | 09/01/27 | 218458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; Riverside CA Unif Sch Dist Cmnty Facs Dt #33 Citrus Heights II <br> Spl Tax | 4.00% | 09/01/28 | 229882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315000 | Riverside CA Unif Sch Dist Impt Area No 2 | 5.00% | 09/01/39 | 319505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 480000 | Riverside CA Unif Sch Dist Impt Area No 2 | 5.00% | 09/01/44 | 473145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 | Roseville CA Spl Tax Fiddyment Ranch Cmnty Facs | 5.00% | 09/01/30 | 115041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Roseville CA Spl Tax Fiddyment Ranch Cmnty Facs | 5.00% | 09/01/31 | 104324 |

---

------

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

**Portfolio of Investments (Continued)**

**July 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)** |  |
| $350000 | &nbsp;&nbsp;&nbsp; Roseville CA Spl Tax Svsp Westpark Federico Cmnty Facs Dt <br>No 1 | 4.00% | 09/01/37 | $336721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 640000 | &nbsp;&nbsp;&nbsp; Roseville CA Spl Tax Svsp Westpark Federico Cmnty Facs Dt <br>No 1 | 4.00% | 09/01/46 | 540567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205000 | Roseville CA Spl Tax Vlg CFD #1 | 4.00% | 09/01/32 | 207058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310000 | Roseville CA Spl Tax Vlg CFD #1 | 4.00% | 09/01/41 | 277603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 520000 | Roseville CA Spl Tax Vlg CFD #1 | 4.00% | 09/01/46 | 439210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 710000 | Roseville CA Spl Tax Vlg CFD #1 | 4.00% | 09/01/51 | 577210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp; Sacramento CA Spl Tax Greenbriar Cmnty Facs Dist #2018-03 <br> Impt Area #1 | 4.00% | 09/01/30 | 268018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp; Sacramento CA Spl Tax Greenbriar Cmnty Facs Dist #2018-03 <br> Impt Area #1 | 4.00% | 09/01/31 | 225176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp;&nbsp; Sacramento CA Spl Tax Greenbriar Cmnty Facs Dist #2018-03 <br> Impt Area #1 | 4.00% | 09/01/32 | 320460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 515000 | &nbsp;&nbsp;&nbsp; Sacramento CA Spl Tax Greenbriar Cmnty Facs Dist #2018-03 <br> Impt Area #1 | 4.00% | 09/01/33 | 519031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 615000 | &nbsp;&nbsp;&nbsp; Sacramento CA Spl Tax Greenbriar Cmnty Facs Dist #2018-03 <br> Impt Area #1 | 4.00% | 09/01/35 | 607915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Sacramento CA Transient Occupancy Tax Rev Sub Convention Ctr <br> Complex, Ser C | 5.00% | 06/01/35 | 518114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1435000 | &nbsp;&nbsp;&nbsp; San Diego Cnty CA Regl Arpt Auth Arpt Rev Sr Priv Activity, Ser <br> B, AMT | 5.25% | 07/01/35 | 1567107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; San Diego Cnty CA Regl Arpt Auth Arpt Rev Sr Priv Activity, Ser <br> B, AMT | 5.25% | 07/01/37 | 819394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; San Diego Cnty CA Regl Arpt Auth Arpt Rev Sr Priv Activity, Ser <br> B, AMT | 5.25% | 07/01/40 | 1588833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4285000 | &nbsp;&nbsp;&nbsp; San Francisco CA City & Cnty Arpts Commn Intl Arpt Rev Ref <br> Second Ser San Francisco Intl, Ser A, AMT | 5.25% | 05/01/40 | 4511068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; San Francisco CA City & Cnty Arpts Commn Intl Arpt Rev <br> Ref, Ser A, AMT | 5.00% | 05/01/34 | 1051545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp; San Francisco CA City & Cnty Arpts Commn Intl Arpt Rev, Ser A, <br> AMT | 5.00% | 05/01/39 | 7062870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; San Francisco CA City & Cnty Dev Spl Tax Dist No Mission Rock <br> Fac and Svcs, Ser A (d) | 4.00% | 09/01/41 | 616888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185000 | San Francisco City & Cnty CA Cmnty Facs Dist #2016-1 | 4.00% | 09/01/29 | 188208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145000 | San Francisco City & Cnty CA Cmnty Facs Dist #2016-1 | 4.00% | 09/01/30 | 146962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 335000 | San Francisco City & Cnty CA Cmnty Facs Dist #2016-1 | 4.00% | 09/01/31 | 337131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245000 | San Francisco City & Cnty CA Cmnty Facs Dist #2016-1 | 4.00% | 09/01/32 | 244948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | San Francisco City & Cnty CA Cmnty Facs Dist #2016-1 | 4.00% | 09/01/33 | 296958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525000 | San Francisco City & Cnty CA Cmnty Facs Dist #2016-1 | 4.00% | 09/01/42 | 450831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp; San Francisco City & Cnty CA Redev Agy Successor Agy Tax Ref <br> Mission Bay N Redev Proj, Ser A | 5.00% | 08/01/35 | 283077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | San Luis Obispo CA Cmnty Facs Dist #2019-1 Spl Tax | 4.00% | 09/01/36 | 781737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2110000 | &nbsp;&nbsp;&nbsp; San Luis Obispo Cnty CA Fing Auth Lease Rev Multiple Capital <br> Projs Ref, Ser A | 5.25% | 11/15/40 | 2285954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1665000 | &nbsp;&nbsp;&nbsp; San Luis Obispo Cnty CA Fing Auth Lease Rev Multiple Capital <br> Projs Ref, Ser A | 5.25% | 11/15/41 | 1786688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Tobacco Securitization Auth Nthrn CA Tobacco Stlmt Rev Ref Sr <br> Bonds Sacramento Co Tobacco Secur Corp Class 1, Ser A | 4.00% | 06/01/37 | 955657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Tobacco Securitization Auth Sthrn CA Tobacco Stlmt Rev Ref San <br> Diego Co Asset Securitization Corp, Class 1, Ser A | 5.00% | 06/01/34 | 1030938 |

---

------

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

**Portfolio of Investments (Continued)**

**July 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)** |  |
| $1500000 | &nbsp;&nbsp;&nbsp; Tobacco Securitization Auth Sthrn CA Tobacco Stlmt Rev Ref San <br> Diego Co Asset Securitization Corp, Class 1, Ser A | 5.00% | 06/01/35 | $1540426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp; Victor CA Elem Sch Dist Cmnty Facs Dist Spl Tax Ref 2005-1, <br> BAM | 5.00% | 09/01/46 | 1059077 |
|  |  |  |  | 113470286 |
|  | **Colorado — 5.7%** | **Colorado — 5.7%** | **Colorado — 5.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; Adams & Arapahoe Cntys Co Jt Sch Dist #28J Aurora, BAM, <br> COPS | 5.25% | 12/01/42 | 780354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | Adams & Weld Cntys Co Sch Dist #27J Brighton | 5.00% | 12/01/40 | 4009044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1640000 | Adams Cnty CO, COPS | 5.00% | 12/01/41 | 1719721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 880000 | Adams Cnty CO Sch Dist #14 | 5.50% | 12/01/38 | 988275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1120000 | Allison Vly Met Dist #2 CO Ref | 4.70% | 12/01/47 | 974606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Bennett Ranch Met Dist #1 Co, Ser A (a) | 5.00% | 12/01/51 | 810859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1340000 | Brighton Crossing Met Dist #6 CO, Ser A | 5.00% | 12/01/50 | 1208737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 455000 | Buffalo Ridge CO Met Dist Ref & Impt Sr, Ser A, BAM | 5.00% | 12/01/25 | 458233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Buffalo Ridge CO Met Dist Ref & Impt Sr, Ser A, BAM | 5.00% | 12/01/26 | 257366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | Canyons Met Dist #5 CO Ref, Ser A, BAM | 5.00% | 12/01/44 | 149848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1010000 | Cathedral Pines CO Met Dist Ref | 5.00% | 12/01/37 | 1011677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 880000 | Centrl Weld Cnty CO Wtr Dist Rev, AG | 4.00% | 12/01/38 | 856033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2115000 | Cherry Creek CO Sch Dist #5 | 5.25% | 12/15/43 | 2242824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 495000 | &nbsp;&nbsp;&nbsp; CO Springs CO Pikes Peak Americas Mountain Enterprise Pikes <br> Peak | 5.00% | 12/01/25 | 498434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | CO Springs CO Sch Dist #11, BAM, COPS | 5.00% | 12/15/41 | 465328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | CO Springs CO Sch Dist #11, BAM, COPS | 5.00% | 12/15/42 | 513132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | CO Springs CO Sch Dist #11, BAM, COPS | 5.25% | 12/15/48 | 1020805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1920000 | &nbsp;&nbsp;&nbsp; CO St Eductnl & Cultural Facs Auth Rev Chrt Sch Loveland <br> Classical Schs Proj (d) | 5.00% | 07/01/36 | 1925081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 660000 | &nbsp;&nbsp;&nbsp; CO St Eductnl & Cultural Facs Auth Rev Ref & Impt Chrt Sch <br> Univ Lab Bldg Corp (d) | 5.00% | 12/15/28 | 662706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2245000 | &nbsp;&nbsp;&nbsp; CO St Eductnl & Cultural Facs Auth Rev Ref & Impt Chrt Sch <br> Univ Lab Bldg Corp (d) | 5.00% | 12/15/35 | 2246380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; CO St Eductnl & Cultural Facs Auth Rev Ref & Impt Chrt Sch <br> Univ Lab Bldg Corp (d) | 5.00% | 12/15/45 | 3666176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4215000 | CO St Hlth Facs Auth Rev Ref Adventhealth Oblig, Ser A | 4.00% | 11/15/38 | 4063844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1245000 | &nbsp;&nbsp;&nbsp; CO St Hlth Facs Auth Rev Ref Christian Living Neighborhoods <br> Proj | 5.00% | 01/01/31 | 1248681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505000 | CO St Hlth Facs Auth Rev Ref Commonspirit Hlth, Ser A | 5.00% | 12/01/39 | 525311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | CO St Hlth Facs Auth Rev Ref Commonspirit Hlth, Ser A-1 | 5.00% | 08/01/35 | 258047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4630000 | CO St Hlth Facs Auth Rev Ref Commonspirit Hlth, Ser A-1 | 4.00% | 08/01/39 | 4280502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | CO St Hlth Facs Auth Rev Ref Commonspirit Hlth, Ser A-2 | 5.00% | 08/01/34 | 1558311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3025000 | CO St Hlth Facs Auth Rev Ref Commonspirit Hlth, Ser A-2 | 5.00% | 08/01/44 | 2963983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | CO St Hlth Facs Auth Rev Ref Commonspirit Hlth, Ser A-2 | 4.00% | 08/01/49 | 1446933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | CO St Hlth Facs Auth Rev Ref Covenant Living Cmntys and Svcs | 5.00% | 12/01/35 | 1068715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | CO St Hlth Facs Auth Rev Ref Covenant Living Cmntys and Svcs | 5.13% | 12/01/45 | 986014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; CO St Hlth Facs Auth Rev Ref Frasier Meadows Retmnt Cmnty <br> Proj, Ser A | 5.00% | 05/15/26 | 351891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1580000 | CO St Hlth Facs Auth Rev Ref Intermountain Hlth, Ser A | 5.00% | 05/15/44 | 1595247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1800000 | CO St Hlth Facs Auth Rev Ref Intermountain Hlth, Ser A | 5.00% | 05/15/45 | 1809880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7580000 | CO St Hlth Facs Auth Rev Ref Scl Hlth Sys, Ser B | 4.00% | 01/01/40 | 7036653 |
| &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 (a) (b) | 5.25% | 11/01/32 | 5049 |

---

------

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

**Portfolio of Investments (Continued)**

**July 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 | CO St Hlth Facs Auth Rev Var Intermountain Hlth, Ser D (c) | 2.70% | 05/15/64 | $1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | CO St Hlth Sciences Fac, Ser A, COPS | 5.00% | 11/01/44 | 513084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1755000 | CO St, Ser A, COPS | 3.00% | 12/15/36 | 1553925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | Denver City & Cnty CO Arpt Rev Ref Sub Sys, Ser A, AMT | 5.00% | 12/01/32 | 5193922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | Denver City & Cnty CO Arpt Rev Ref Sub Sys, Ser A, AMT | 5.00% | 12/01/34 | 5150181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | Denver City & Cnty CO Arpt Rev Ref Subord, Ser B, AMT | 5.25% | 11/15/36 | 805206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Denver City & Cnty CO Arpt Rev Ref Subord, Ser B, AMT | 5.50% | 11/15/41 | 526120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900000 | Denver City & Cnty CO Arpt Rev Ref, Ser D, AMT | 5.50% | 11/15/33 | 1004681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | Denver City & Cnty CO Arpt Rev Ref, Ser D, AMT | 5.75% | 11/15/41 | 1386647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Denver City & Cnty CO Arpt Rev, Ser A, AMT | 5.50% | 11/15/42 | 1562550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Denver City & Cnty CO Arpt Rev, Ser A, AMT | 5.00% | 11/15/47 | 1979199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1787000 | Denver CO Intl Busn Ctr CO Met Dist #1 Subord, Ser B | 6.00% | 12/01/48 | 1788826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Eagle Cnty CO, COPS | 5.25% | 12/01/39 | 271416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Eagle Cnty CO, COPS | 5.25% | 12/01/44 | 1048983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | El Paso Cnty CO Sch Dist #20 | 5.25% | 12/15/41 | 375976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 385000 | El Paso Cnty CO Sch Dist #20 | 5.25% | 12/15/42 | 408871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375000 | El Paso Cnty CO Sch Dist #20 | 5.25% | 12/15/43 | 395312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Elbert & Hwy 86 CO Comml Spl Rev & Tax Supported Ref Sr <br> Bonds, Ser A (d) | 5.00% | 12/01/51 | 1758251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225000 | Flying Horse CO Met Dist #2 Ref, Ser A, AG | 4.00% | 12/01/38 | 215154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Jefferson Ctr CO Met Dist #1 Spl Rev, Ser A-2 | 4.38% | 12/01/47 | 859983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170000 | Lorson Ranch Met Dist #2 CO | 5.00% | 12/01/27 | 173244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | Nexus N at Dia Met Dist CO | 5.00% | 12/01/51 | 1492463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; Park Creek CO Met Dist Rev Ref Sr Ltd Property Tax <br> Supported, Ser A | 5.00% | 12/01/31 | 150799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; Park Creek CO Met Dist Rev Ref Sr Ltd Property Tax <br> Supported, Ser A | 5.00% | 12/01/34 | 150549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp; Park Creek CO Met Dist Rev Ref Sr Ltd Property Tax <br> Supported, Ser A | 5.00% | 12/01/35 | 155479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2950000 | Park Creek CO Met Dist Rev Sr Lien, Ser A, AG | 4.00% | 12/01/34 | 2968586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420000 | Park Creek CO Met Dist Rev Sr, Ser A | 5.00% | 12/01/30 | 444097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp; Park Creek Met Dist CO Ltd Property Tax Supported Rev Sr, Ser <br> A, AG | 5.00% | 12/01/43 | 1314083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 920000 | Pinon Pines Met Dist #2 CO MDD | 5.00% | 12/01/40 | 863747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1195000 | Pinon Pines Met Dist #2 CO MDD | 5.00% | 12/01/50 | 1046241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Prairie Ctr CO Met Dist #3 Ltd Property Tax Supported Pri Ref, <br>Ser A (d) | 4.13% | 12/15/27 | 502080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; Prairie Ctr CO Met Dist #3 Ltd Property Tax Supported Pri Ref, <br>Ser A (d) | 5.00% | 12/15/41 | 2421066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Ravenna CO Met Dist Ref, AG | 5.00% | 12/01/38 | 517081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Sagebrush Farm Met Dist #1 CO Sr Bonds, Ser A | 6.38% | 12/01/42 | 1020270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Sand Creek CO Met Dist, AG | 5.00% | 12/01/36 | 265231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Sand Creek CO Met Dist, AG | 5.00% | 12/01/37 | 315228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Sand Creek CO Met Dist, AG | 5.00% | 12/01/38 | 313399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1650000 | Silverthorne CO, COPS | 5.00% | 12/01/44 | 1688482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175000 | Sterling Hills CO W Met Dist Ref | 5.00% | 12/01/32 | 180667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; Sterling Ranch Cmnty Auth Brd CO Spl Assmnt Rev Spl Impt Dist <br> No 1 | 5.63% | 12/01/43 | 788530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1800000 | Takoda CO Met Dist Ref | 6.00% | 12/01/36 | 1877236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Telluride CO, COPS | 5.00% | 12/01/43 | 507394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 825000 | Third Creek Met Dist #1 CO Sr Bonds, Ser A-1 (a) | 4.50% | 12/01/37 | 706660 |

---

------

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

**Portfolio of Investments (Continued)**

**July 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)** |  |
| $825000 | Third Creek Met Dist #1 CO Sr Bonds, Ser A-1 (a) | 4.50% | 12/01/42 | $646378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | Thompson Crossing Met Dist #4 CO Ref | 5.00% | 12/01/39 | 1368117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 625000 | Trails at Crowfoot Met Dist #3 Co Ref, Ser A, AG | 5.00% | 12/01/39 | 648594 |
|  |  |  |  | 105988668 |
|  | **Connecticut — 1.9%** | **Connecticut — 1.9%** | **Connecticut — 1.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | CT St Hlth & Eductnl Facs Auth Rev Covenant Home Inc, Ser B | 5.00% | 12/01/40 | 1965720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 445000 | CT St Hlth & Eductnl Facs Auth Rev Hartford Hlthcare, Ser A | 5.00% | 07/01/34 | 468039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4700000 | CT St Hlth & Eductnl Facs Auth Rev Hartford Hlthcare, Ser A | 4.00% | 07/01/37 | 4508918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5130000 | CT St Hlth & Eductnl Facs Auth Rev Ref Fairfield Univ, Ser R | 4.00% | 07/01/42 | 4684383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | CT St Hlth & Eductnl Facs Auth Rev Ref Quinnipiac Univ, Ser L | 4.00% | 07/01/33 | 200054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2445000 | CT St Spl Tax Oblig Rev, Ser A | 5.00% | 05/01/41 | 2528278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1680000 | CT St Spl Tax Oblig Rev, Ser A | 5.25% | 07/01/43 | 1766754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | CT St, Ser A | 5.00% | 03/15/37 | 553300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5145000 | CT St, Ser A | 4.00% | 04/15/37 | 5092545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5695000 | CT St, Ser A | 4.00% | 01/15/38 | 5641219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | CT St, Ser A | 5.00% | 03/15/38 | 546809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 965000 | CT St, Ser A | 3.00% | 01/15/39 | 806188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Harbor Point CT Infra Impt Dist Spl Oblig Rev Ref Harbor Point <br> Proj Ltd (d) | 5.00% | 04/01/39 | 500994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | Stamford CT Hsg Auth Ref Mozaic Concierge Living Proj, Ser A | 6.00% | 10/01/40 | 1766309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | Univ of CT CT, Ser A | 5.00% | 02/15/39 | 4149239 |
|  |  |  |  | 35178749 |
|  | **Delaware — 0.6%** | **Delaware — 0.6%** | **Delaware — 0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3025000 | &nbsp;&nbsp;&nbsp; DE St Econ Dev Auth Retmnt Cmntys Rev Acts Retmnt Life <br> Cmntys Inc, Ser B | 5.00% | 11/15/43 | 2940606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325000 | DE St Hlth Facs Auth Rev Beebe Med Ctr | 5.00% | 06/01/26 | 329456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4335000 | &nbsp;&nbsp;&nbsp; DE St Hlth Facs Auth Rev Ref Christiana Hlth Care Sys Oblig <br> Grp, Ser A | 5.00% | 10/01/35 | 4539062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; DE St Hlth Facs Auth Rev Ref Christiana Hlth Care Sys Oblig <br> Grp, Ser A | 5.00% | 10/01/38 | 3083837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1320000 | Millsboro DE Spl Oblig Ref Plantation Lakes Spl Dev Dist (d) | 5.00% | 07/01/28 | 1332559 |
|  |  |  |  | 12225520 |
|  | **District of Columbia — 0.9%** | **District of Columbia — 0.9%** | **District of Columbia — 0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Met WA DC Arpts Auth Arpt Sys Rev Ref Arpt Sys Rev, Ser A, <br> AMT | 5.00% | 10/01/32 | 2095879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3175000 | Met WA DC Arpts Auth Arpt Sys Rev Ref, Ser A, AMT | 5.00% | 10/01/33 | 3341459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Met WA DC Arpts Auth Arpt Sys Rev Ref, Ser A, AMT | 5.00% | 10/01/35 | 1627839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1390000 | Met WA DC Arpts Auth Arpt Sys Rev Ref, Ser A, AMT | 5.25% | 10/01/40 | 1472763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | Met WA DC Arpts Auth Arpt Sys Rev Ref, Ser A, AMT | 5.25% | 10/01/42 | 718284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1850000 | Met WA DC Arpts Auth Arpt Sys Rev Ref, Ser A, AMT | 5.25% | 10/01/45 | 1875983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | Met WA DC Arpts Auth Arpt Sys Rev Ref, Ser A, AMT | 5.25% | 10/01/46 | 1767907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3250000 | Met WA DC Arpts Auth Arpt Sys Rev Ref, Ser A, AMT | 5.25% | 10/01/48 | 3275345 |
|  |  |  |  | 16175459 |
|  | **Florida — 7.1%** | **Florida — 7.1%** | **Florida — 7.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Academical Vlg CDD FL Spl Assmnt Rev CDD | 3.63% | 05/01/40 | 816520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 545000 | &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 | 481354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2945000 | &nbsp;&nbsp;&nbsp; Alachua Cnty FL Hlth Facs Auth Ref Shands Teaching Hosp & <br> Clinics Inc, Ser B-1 | 5.00% | 12/01/37 | 3026945 |

---

------

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

**Portfolio of Investments (Continued)**

**July 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)** |  |
| $1565000 | &nbsp;&nbsp;&nbsp; Ave Maria FL Stewardship Cmnty Dist Capital Impt Rev Phase 4 <br> Master Impt Proj (d) | 4.50% | 05/01/33 | $1578405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Beach Cmnty Dev Dist FL Capital Impt Rev Ref, AG | 5.25% | 05/01/44 | 1008450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 955000 | Berry Bay CDD FL Spl Assmnt Rev Assmnt Area One | 3.63% | 05/01/41 | 782349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Bexley CDD FL Spl Assmnt Rev | 4.10% | 05/01/26 | 100228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2725000 | Broward Cnty FL Arpt Sys Rev, Ser A, AMT | 5.00% | 10/01/38 | 2761340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Buckhead Trails CDD FL Spl Assmnt | 5.60% | 05/01/44 | 955569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Charlotte Cnty FL Indl Dev Auth Util Sys Rev Town & Country <br> Utils Proj (d) | 5.00% | 10/01/34 | 1517497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1490000 | Coco Palms FL CDD Spl Assmnt | 4.50% | 05/01/32 | 1500245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Collier Cnty FL Indl Dev Auth NCH Hlthcare Sys Projs, Ser A, AG | 5.00% | 10/01/40 | 521979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | Collier Cnty FL Indl Dev Auth NCH Hlthcare Sys Projs, Ser A, AG | 5.00% | 10/01/42 | 822679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185000 | Creekview CDD FL Spl Assmnt Rev Phase I Proj | 3.88% | 05/01/27 | 185316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Cross Creek N CDD FL Spl Assmnt, Ser 2022 | 4.50% | 05/01/52 | 862516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 925000 | Cypress Mill CDD FL Spl Assmnt CDD Assmnt Area Two Proj | 4.00% | 06/15/40 | 813891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 | Edgewater E CDD FL Spl Assmnt Rev Assmnt Area One | 2.50% | 05/01/26 | 108984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Edgewater E CDD FL Spl Assmnt Rev Assmnt Area One | 4.00% | 05/01/51 | 777125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | Epperson N CDD FL Capital Impt Rev Assmnt Area #2 | 2.50% | 05/01/26 | 44535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 710000 | Epperson N CDD FL Capital Impt Rev Assmnt Area 1, Ser A-1 (d) | 5.00% | 11/01/29 | 726660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1780000 | Epperson N CDD FL Capital Impt Rev Assmnt Area 1, Ser A-1 (d) | 5.50% | 11/01/39 | 1801575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | Epperson N CDD FL Capital Impt Rev Assmnt Area Three, Ser A | 3.40% | 11/01/41 | 621455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | Fallschase Cmnty Dev Dist FL Spl Assmnt | 3.38% | 05/01/41 | 989867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1060000 | &nbsp;&nbsp;&nbsp; FL Dev Fin Corp Hlthcare Facs Rev Tampa General Hosp Proj, Ser <br> A | 5.00% | 08/01/42 | 1065616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp; FL St Dev Fin Corp Eductnl Facs Rev River City Science Acdmy <br> Projs, Ser A | 4.00% | 07/01/29 | 157106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; FL St Dev Fin Corp Eductnl Facs Rev River City Science Acdmy <br> Projs, Ser A | 4.00% | 07/01/45 | 368102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Fort Pierce FL Utils Auth Ref, Ser A, AG | 5.00% | 10/01/35 | 1072954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | GIR E CDD FL Capital Impt Rev Assmnt Area One | 5.30% | 05/01/45 | 932407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Halifax FL Hosp Med Ctr Ref | 5.00% | 06/01/36 | 2004683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Hillsborough Cnty FL Indl Dev Auth Hlth Sys Rev Ref Baycare <br> Hlth Sys, Ser C | 5.00% | 11/15/43 | 1537600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Hillsborough Cnty FL Indl Dev Auth Hlth Sys Rev Ref Baycare <br> Hlth Sys, Ser C | 5.25% | 11/15/49 | 2037927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2710000 | Hyde Park CDD #1 FL Spl Assmnt | 4.00% | 05/01/42 | 2247579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1825000 | JEA FL Elec Sys Rev Ref Sub, Ser III B | 5.00% | 10/01/31 | 1897250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Kingston One CDD FL Spl Assmnt Area One 2025 Proj Area | 5.00% | 05/01/35 | 2029815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Lakeland FL Energy Sys Rev Ref | 5.00% | 10/01/42 | 1025510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Lakeland FL Hosp Sys Rev Ref Lakeland Regl Hlth Sys | 5.00% | 11/15/41 | 2052759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Lakeland FL Hosp Sys Rev Ref Lakeland Regl Hlth Sys | 5.00% | 11/15/43 | 1010640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Lakewood Ranch FL Stewardship Dist Util Rev Sys Acq Proj, AG | 5.25% | 10/01/48 | 1517788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | Lee Cnty FL Arpt Rev, AMT | 5.25% | 10/01/41 | 3631317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Lee Cnty FL Arpt Rev, AMT | 5.25% | 10/01/44 | 1020510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4225000 | &nbsp;&nbsp;&nbsp; Lee Cnty FL Indl Dev Auth Hosp Rev Exchange Ref Lee Hlth <br> Sys, Ser 2019 A-1 | 5.00% | 04/01/44 | 4093529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Lee Cnty FL Loc Optional Gas Tax Rev | 5.00% | 08/01/40 | 308145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | Lee Cnty FL Loc Optional Gas Tax Rev | 5.00% | 08/01/41 | 1272148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1085000 | Liberty Cove CDD FL Spl Assmnt Rev Assmnt Area One Proj | 5.38% | 05/01/44 | 1015324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210000 | Miami World Ctr CDD FL Spl Assmnt | 4.75% | 11/01/27 | 213600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Miami World Ctr CDD FL Spl Assmnt | 5.13% | 11/01/39 | 2012442 |

---

------

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

**Portfolio of Investments (Continued)**

**July 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 | Miami-Dade Cnty FL Aviation Rev Ref, Ser A | 4.00% | 10/01/36 | $992692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Miami-Dade Cnty FL Aviation Rev Ref, Ser A, AMT | 5.00% | 10/01/36 | 2110975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2575000 | Miami-Dade Cnty FL Aviation Rev Ref, Ser A, AMT | 5.00% | 10/01/38 | 2569265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1650000 | &nbsp;&nbsp;&nbsp; Miami-Dade Cnty FL Eductnl Facs Auth Rev Ref Univ of <br> Miami, Ser A | 5.25% | 04/01/47 | 1666896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1155000 | &nbsp;&nbsp;&nbsp; Miami-Dade Cnty FL Eductnl Facs Auth Rev Ref Univ of <br> Miami, Ser A | 5.25% | 04/01/48 | 1163540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1790000 | &nbsp;&nbsp;&nbsp; Miami-Dade Cnty FL Eductnl Facs Auth Rev Ref Univ of <br> Miami, Ser B | 5.25% | 04/01/41 | 1883049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 | Miami-Dade Cnty FL Indl Dev Auth Doral Acdmy Proj | 5.00% | 01/15/32 | 559903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1210000 | Miami-Dade Cnty FL Indl Dev Auth Doral Acdmy Proj | 5.00% | 01/15/37 | 1212145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Miami-Dade Cnty FL Seaport Rev Ref Sr Bonds, Ser A, AMT | 5.00% | 10/01/42 | 1986472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1610000 | N Miami Beach FL Spl Oblig Parks Proj | 5.00% | 11/01/44 | 1636384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 605000 | N Park Isle Cmnty Dev Dist FL Spl Assmnt Rev Assmnt Area One | 4.00% | 05/01/30 | 607851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1375000 | N Park Isle Cmnty Dev Dist FL Spl Assmnt Rev Assmnt Area One | 4.50% | 05/01/40 | 1288653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | N River Ranch CDD FL Capital Impt Rev Phase 1 Proj, Ser A-1 | 4.25% | 05/01/51 | 1230281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 780000 | &nbsp;&nbsp;&nbsp; N Sumter Cnty FL Util Dependent Dist Util Rev Sumter Wtr <br> Conservation Auth Proj, AG | 4.00% | 10/01/41 | 734657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355000 | Nthrn Palm Beach Cnty FL Impt Dist | 5.00% | 08/01/37 | 356635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp; Orange Cnty FL Hlth Facs Auth Rev Orlando Hlth Oblig Grp, <br>Ser A | 5.00% | 10/01/36 | 155657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Orange Cnty FL Hlth Facs Auth Rev Orlando Hlth Oblig Grp, <br>Ser A | 5.00% | 10/01/37 | 532301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Orange Cnty FL Hlth Facs Auth Rev Orlando Hlth Oblig Grp, <br>Ser A | 5.00% | 10/01/41 | 1541163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Orange Cnty FL Hlth Facs Auth Rev Ref Orlando Hlth Oblig Grp, <br>Ser A | 5.00% | 10/01/44 | 2022879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; Orange Cnty FL Hlth Facs Auth Rev Ref Orlando Hlth Oblig Grp, <br>Ser A | 5.00% | 10/01/45 | 1762332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Orange Cnty FL Hlth Facs Auth Rev Ref Orlando Hlth Oblig <br> Grp, Ser A | 5.00% | 10/01/46 | 2005708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1115000 | &nbsp;&nbsp;&nbsp; Palm Beach Cnty FL Hlth Facs Auth Ref Acts Retmnt Life Cmntys <br> Inc Oblig Grp, Ser B | 5.00% | 11/15/42 | 1095546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1880000 | Pasco Cnty FL Sch Brd, Ser C, AG, COPS | 5.00% | 08/01/34 | 2020820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4250000 | &nbsp;&nbsp;&nbsp; Polk Cnty FL Indl Dev Auth Mineral Dev LLC Secondary <br> Phosphate Tailings Recovery Proj (b) (e) | 5.88% | 01/01/33 | 2337500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 605000 | Pompano Beach FL Rev John Knox Vlg Proj, Ser A | 4.00% | 09/01/41 | 522265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2290000 | Putnam Cnty FL Dev Auth Ref Seminole Proj, Ser A | 5.00% | 03/15/42 | 2293040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 815000 | Rhodine Road N CDD FL Spl Assmnt 2019 Assmnt Area | 4.50% | 05/01/40 | 772726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Ridge at Apopka CDD FL Spl Assmnt, Ser 22 | 5.38% | 05/01/42 | 503175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | Rivington CDD FL Spl Assmnt Rev 2022 Assmnt Area | 3.25% | 05/01/27 | 148656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | S Broward FL Hosp Dist Ref | 4.00% | 05/01/33 | 2007717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp; Saint Johns Cnty FL Indl Dev Auth Sr Living Rev Ref Vicar's <br> Landing Proj, Ser A | 4.00% | 12/15/31 | 195079 |
| &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 | 440529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1175000 | &nbsp;&nbsp;&nbsp; Saint Johns Cnty FL Indl Dev Auth Sr Living Rev Ref Vicar's <br> Landing Proj, Ser A | 4.00% | 12/15/41 | 945776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Saint Johns Cnty FL Sch Brd, Ser A, AG, COPS | 5.25% | 07/01/46 | 1535154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 335000 | San Simeon Cmnty Dev Dist FL Spl Assmnt (d) | 4.13% | 06/15/39 | 299165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | Sarasota Cnty FL Pub Hosp Dist Sarasota Memorial Hosp Dt | 5.00% | 07/01/41 | 3000722 |

---

------

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

**Portfolio of Investments (Continued)**

**July 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 | Sarasota Natl FL CDD Spl Assmnt Ref | 3.50% | 05/01/31 | $501672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1745000 | Sarasota Natl FL CDD Spl Assmnt Ref | 4.00% | 05/01/39 | 1654245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1615000 | Sawyers Landing CDD FL Spl Assmnt Rev | 4.13% | 05/01/41 | 1416172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3635000 | Sawyers Landing CDD FL Spl Assmnt Rev | 4.25% | 05/01/53 | 2931359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2050000 | SE Overtown Park W Cmnty Redev Agy FL Tax, Ser A-1 (d) | 5.00% | 03/01/30 | 2052954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2730000 | Stoneybrook FL S CDD Spl Assmnt Rev Assmnt Area Two A Proj | 5.13% | 11/01/34 | 2853145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1245000 | Summer Woods CDD FL Spl Assmnt Area Two 2020 Proj | 4.00% | 05/01/50 | 967666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 | Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B | 5.00% | 07/01/31 | 129242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B | 5.00% | 07/01/32 | 213640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B | 5.00% | 07/01/33 | 264668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B | 4.00% | 07/01/38 | 373498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B | 4.00% | 07/01/39 | 277756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230000 | Tampa FL Rev Ref The Univ of Tampa Proj, Ser A | 5.00% | 04/01/34 | 242503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420000 | Tern Bay CDD FL Spl Assmnt | 3.13% | 06/15/27 | 414595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2850000 | Tern Bay CDD FL Spl Assmnt | 4.00% | 06/15/42 | 2429414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 665000 | The Heights CDD FL Spl Assmnt Rev CDD | 4.00% | 01/01/28 | 667793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 775000 | Tolomato FL CDD Ref 2022A Assmnt Area, Ser A, AG | 3.00% | 05/01/26 | 774774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 825000 | Tolomato FL CDD Ref 2022A Assmnt Area, Ser A, AG | 3.00% | 05/01/28 | 827891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 635000 | Trout Creek CDD FL Capital Impt Rev | 4.00% | 05/01/40 | 561307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | Two Lakes CDD FL Spl Assmnt | 5.00% | 05/01/44 | 734067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | Two Rivers W CDD FL Spl Assmnt Proj, Ser 2024 | 5.63% | 05/01/44 | 733625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; Veranda CDD II FL Spl Assmnt Rev Ref Assmt Area 3 Preserve E <br> Proj | 5.13% | 05/01/44 | 1690163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Villamar CDD FL Spl Assmnt Area Six Proj | 5.50% | 05/01/44 | 984181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Volusia Cnty FL Eductnl Fac Auth Ref Embry Riddle Aeronautical <br> Univ Inc Proj, Ser A | 4.00% | 10/15/36 | 498573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Volusia Cnty FL Eductnl Fac Auth Ref Embry Riddle Aeronautical <br> Univ Inc Proj, Ser A | 4.00% | 10/15/37 | 491521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000 | Volusia Cnty FL Eductnl Fac Auth Stetson Univ Inc Proj | 5.25% | 06/01/41 | 864983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1315000 | Volusia Cnty FL Eductnl Fac Auth Stetson Univ Inc Proj | 5.25% | 06/01/42 | 1330323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 835000 | Westside FL CDD Spl Assmnt Rev Ref (d) | 4.10% | 05/01/37 | 777291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1020000 | Westview S CDD FL Spl Assmnt Area One 2023 Proj Area | 5.38% | 05/01/43 | 994437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 775000 | Yarborough Lane CDD FL Spl Assmnt Proj, Ser 2024 | 5.35% | 05/01/44 | 724597 |
|  |  |  |  | 132845598 |
|  | **Georgia — 4.0%** | **Georgia — 4.0%** | **Georgia — 4.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8980000 | &nbsp;&nbsp;&nbsp; Atlanta GA Arpt Passenger Fac Charge Rev Arpt Rev Subord, <br>Ser D, AMT | 4.00% | 07/01/37 | 8597563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Atlanta GA Arpt Rev Ref, Ser C, AMT | 4.00% | 07/01/39 | 936455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | Atlanta GA Arpt Rev, Ser A | 5.00% | 07/01/42 | 3105581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp; Bartow Cnty GA Dev Auth Solid Waste Disp Fac Rev Var GA Pwr <br> Co Plt Bowen Proj, AMT (c) | 2.85% | 11/01/62 | 2400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; Bartow Cnty GA Dev Auth Var Ref GA Pwr Co Plt Bowen Proj <br> Remk, First Ser (Mandatory put 03/08/28) | 3.95% | 12/01/32 | 3574355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | Brookhaven Dev Auth GA Children's Hlthcare of Atlanta, Ser A | 5.00% | 07/01/35 | 1370030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Burke Cnty GA Dev Auth Poll Control Rev Var GA Pwr Co Plant <br> Vogtle Proj Remk, 2nd Ser (Mandatory put 03/12/27) | 3.38% | 11/01/48 | 1001618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp; Burke Cnty GA Dev Auth Poll Control Rev Var GA Pwr Co Plant <br> Vogtle Proj Remk, 5th Ser (Mandatory put 06/13/28) | 3.70% | 10/01/32 | 884532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp; Carroll City Cnty GA Hosp Auth Ref Tanner Med Ctr Inc Proj, <br> RANS | 5.00% | 07/01/41 | 1470350 |

---

------

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

**Portfolio of Investments (Continued)**

**July 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)** |  |
| $1000000 | &nbsp;&nbsp;&nbsp; Carroll City Cnty GA Hosp Auth Ref Tanner Med Ctr Inc Proj, <br> RANS | 5.00% | 07/01/42 | $1040127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; Columbia Cnty GA Hosp Auth Rev Anticipation Ctfs Wellstar Hlth <br> Sys Inc Proj, Ser B | 5.00% | 04/01/31 | 666478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Columbia Cnty GA Hosp Auth Rev Anticipation Ctfs Wellstar Hlth <br> Sys Inc Proj, Ser B | 5.00% | 04/01/36 | 272168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Columbia Cnty GA Hosp Auth Rev Anticipation Ctfs Wellstar Hlth <br> Sys Inc Proj, Ser B | 5.00% | 04/01/37 | 270121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Columbia Cnty GA Hosp Auth Rev Anticipation Ctfs Wellstar Hlth <br> Sys Inc Proj, Ser B | 5.00% | 04/01/38 | 267828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 625000 | De Kalb GA Priv Hosp Auth Children's Hlthcare of Atlanta, Ser B | 4.00% | 07/01/37 | 616657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2775000 | &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 | 2799042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; GA St Hgr Edu Facs Auth Rev Ref USG Real Estate Fdtn II LLC <br> Projs | 5.00% | 06/15/34 | 788065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 890000 | &nbsp;&nbsp;&nbsp; GA St Hgr Edu Facs Auth Rev Ref USG Real Estate Fdtn II LLC <br> Projs | 5.00% | 06/15/35 | 930969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2525000 | GA St Hsg & Fin Auth Rev Sf Mtge, Ser C | 3.25% | 12/01/33 | 2379257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp; Gainesville & Hall Cnty GA Hosp Auth Ref NE GA Hlth Sys Inc <br> Proj, Ser A | 5.00% | 02/15/26 | 40468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Geo L Smith II GA Congress Ctr Auth Convention Ctr Hotel First <br> Tier, Ser A | 4.00% | 01/01/36 | 248490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Geo L Smith II GA Congress Ctr Auth Convention Ctr Hotel First <br> Tier, Ser A | 4.00% | 01/01/54 | 803254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3625000 | &nbsp;&nbsp;&nbsp; Main Street Nat Gas Inc GA Gas Sply Rev, Ser A (Mandatory put <br> 09/01/27) | 4.00% | 07/01/52 | 3663994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14500000 | &nbsp;&nbsp;&nbsp; Main Street Nat Gas Inc GA Gas Sply Rev, Ser A (Mandatory put <br> 12/01/29) | 4.00% | 09/01/52 | 14523098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp; Main Street Nat Gas Inc GA Gas Sply Rev, Ser A (Mandatory put <br> 09/01/31) | 5.00% | 05/01/54 | 1803146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; Main Street Nat Gas Inc GA Gas Sply Rev, Ser A (Mandatory put <br> 06/01/32) | 5.00% | 06/01/55 | 2661018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2795000 | &nbsp;&nbsp;&nbsp; Main Street Nat Gas Inc GA Gas Sply Rev, Ser B (Mandatory put <br> 03/01/30) | 5.00% | 07/01/53 | 2951114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Main Street Nat Gas Inc GA Gas Sply Rev, Ser D (Mandatory put <br> 04/01/31) | 5.00% | 04/01/54 | 2121996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2265000 | &nbsp;&nbsp;&nbsp; Main Street Nat Gas Inc GA Gas Sply Rev, Ser D (Mandatory put <br> 12/01/30) | 5.00% | 05/01/54 | 2391543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; Monroe Cnty GA Dev Auth Poll Control Rev Var Ref GA Pwr Co <br> Plant Scherer Proj Remk, 2nd Ser (Mandatory put 03/06/26) | 3.88% | 12/01/41 | 2509706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; Muni Elec Auth of GA Plant Vogtle Units 3&4 Proj J Bonds, Ser A, <br> AG | 5.00% | 07/01/38 | 633814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | Muni Elec Auth of GA Ref Proj One Subord Bonds, Ser A | 5.00% | 01/01/42 | 815736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | Muni Elec Auth of GA Ref Proj One Subord Bonds, Ser A | 5.00% | 01/01/43 | 757489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1815000 | Muni Elec Auth of GA Ref Proj One Subord Bonds, Ser A, BAM | 5.00% | 01/01/45 | 1821155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | Muni Elec Auth of GA Ref Proj One Subord Bonds, Ser A | 5.25% | 01/01/49 | 1789173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp; Paulding Cnty GA Hosp Auth Ref Antic Ctfs Wellstar Hlth Sys <br> Inc, Ser A | 5.00% | 04/01/43 | 687878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275000 | Priv Clgs & Univs Auth GA Ref Mercer Univ Proj | 5.00% | 10/01/29 | 296496 |
|  |  |  |  | 73890764 |

---

------

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

**Portfolio of Investments (Continued)**

**July 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)** |
|  | **Guam — 0.0%** | **Guam — 0.0%** | **Guam — 0.0%** |  |
| $300000 | Guam Port Auth Port Rev, Ser B, AMT | 5.00% | 07/01/32 | $308180 |
|  | **Hawaii — 0.2%** | **Hawaii — 0.2%** | **Hawaii — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3460000 | HI St Arpts Sys Rev, Ser A, AMT | 5.00% | 07/01/43 | 3422144 |
|  | **Idaho — 0.5%** | **Idaho — 0.5%** | **Idaho — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | ID St Hlth Facs Auth Rev Ref Madison Memorial Hosp | 5.00% | 09/01/25 | 1000551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1265000 | ID St Hlth Facs Auth Rev Ref Madison Memorial Hosp | 5.00% | 09/01/30 | 1272033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | ID St Hlth Facs Auth Rev Ref Madison Memorial Hosp | 5.00% | 09/01/37 | 966315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | ID St Hlth Facs Auth Rev Ref St Luke's Hlth Sys Proj, Ser A | 5.00% | 03/01/34 | 2065824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | ID St Hlth Facs Auth Rev Var St Luke's Hlth Sys Proj, Ser D (c) | 2.75% | 03/01/60 | 2500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; ID St Hsg & Fin Assn Sales Tax Rev Transprtn Expansion & <br> Congestion Mitigation Fund, Ser A | 5.00% | 08/15/48 | 2032329 |
|  |  |  |  | 9837052 |
|  | **Illinois — 4.4%** | **Illinois — 4.4%** | **Illinois — 4.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Bolingbrook IL Ref, Ser A, AG | 5.00% | 01/01/31 | 1045347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1210000 | Bolingbrook IL Ref, Ser A | 4.00% | 01/01/35 | 1112345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Chicago IL Brd of Edu Dedicated Capital Impt Tax | 5.25% | 04/01/36 | 1068235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | Chicago IL Brd of Edu Dedicated Capital Impt Tax | 5.25% | 04/01/37 | 1323700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Chicago IL Brd of Edu Ref Dedicated, Ser C | 5.00% | 12/01/30 | 508836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3435000 | Chicago IL Brd of Edu Ref, Ser B | 5.00% | 12/01/30 | 3582492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Chicago IL Brd of Edu, Ser A | 5.50% | 12/01/37 | 517243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Chicago IL Brd of Edu, Ser A | 5.50% | 12/01/38 | 512506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2600000 | Chicago IL Chicago Wks, Ser A | 5.00% | 01/01/35 | 2679514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Chicago IL Chicago Wks, Ser A | 5.50% | 01/01/41 | 2019382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 560000 | Chicago IL ETM, Ser A | 5.00% | 01/01/27 | 579131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | Chicago IL Midway Arpt Rev Sr Lien Ref, Ser A, AMT, BAM | 5.50% | 01/01/37 | 217932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Chicago IL Midway Arpt Rev Sr Lien Ref, Ser A, AMT, BAM | 5.75% | 01/01/42 | 532418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp; Chicago IL O'Hare Intl Arpt Rev Ref Sr Lien O'Hare Intl Arpt, Ser <br> C, AMT | 5.00% | 01/01/34 | 343549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3320000 | Chicago IL O'Hare Intl Arpt Rev Ref Sr Lien, Ser A, AMT | 5.00% | 01/01/36 | 3386947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2100000 | Chicago IL O'Hare Intl Arpt Rev Ref Sr Lien, Ser A, AMT | 5.00% | 01/01/37 | 2129784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1455000 | Chicago IL O'Hare Intl Arpt Rev Ref, Ser C, AMT | 5.00% | 01/01/39 | 1490849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | Chicago IL O'Hare Intl Arpt Rev Ref, Ser C, AMT | 5.25% | 01/01/41 | 1294109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1350000 | Chicago IL Park Dist Ref, Ser A, BAM | 4.00% | 01/01/32 | 1376029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2155000 | Chicago IL Park Dist Ref, Ser A, BAM | 4.00% | 01/01/37 | 2056066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Chicago IL Ref, Ser A | 5.63% | 01/01/29 | 513528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 645000 | Chicago IL Ref, Ser C | 5.00% | 01/01/26 | 651180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Chicago IL Unrefunded, Ser A | 5.00% | 01/01/27 | 1531223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Cook Cnty IL Sch Dist #81 Schiller Park, BAM | 3.00% | 12/01/35 | 901860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1650000 | DuPage Cnty IL Sch Dist #58 Downers Grove | 5.50% | 12/15/42 | 1775787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp; IL St Fin Auth Acad Facs Lease Rev Univ of IL at Urbana <br> Champaign Proj, Ser A | 5.00% | 10/01/33 | 341100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; IL St Fin Auth Acad Facs Lease Rev Univ of IL at Urbana <br> Champaign Proj, Ser A | 5.00% | 10/01/34 | 885321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 970000 | &nbsp;&nbsp;&nbsp; IL St Fin Auth Acad Facs Lease Rev Univ of IL at Urbana <br> Champaign Proj, Ser A | 5.00% | 10/01/35 | 1001672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; IL St Fin Auth Acad Facs Lease Rev Univ of IL at Urbana <br> Champaign Proj, Ser A | 5.00% | 10/01/36 | 308184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 845000 | IL St Fin Auth Rev Ref Mercy Hlth Sys Oblig Grp | 5.00% | 12/01/33 | 850143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4350000 | IL St Fin Auth Rev Township High Sch Dist #207 Proj | 4.00% | 12/01/38 | 4163134 |

---

------

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

**Portfolio of Investments (Continued)**

**July 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)** |  |
| $500000 | &nbsp;&nbsp;&nbsp; IL St Fin Auth Stdt Hsg & Acad Fac Rev CHF Chicago LLC Univ <br> IL Chicago Proj, Ser A | 5.00% | 02/15/27 | $507232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp; IL St Fin Auth Stdt Hsg & Acad Fac Rev CHF Chicago LLC Univ <br> IL Chicago Proj, Ser A | 5.00% | 02/15/31 | 96146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp; IL St Fin Auth Stdt Hsg & Acad Fac Rev CHF Chicago LLC Univ <br> IL Chicago Proj, Ser A | 5.00% | 02/15/32 | 469055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2170000 | &nbsp;&nbsp;&nbsp; IL St Hsg Dev Auth Mf Hsg Rev Var S Shore HHDC (Mandatory <br> put 02/01/26) | 5.00% | 02/01/27 | 2191675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3175000 | IL St Sales Tax Rev Junior Oblig, Ser A, BAM | 3.00% | 06/15/34 | 2868093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | IL St Toll Hwy Auth Ref Sr, Ser A | 5.00% | 01/01/38 | 533429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | IL St, Ser A | 5.00% | 12/01/26 | 1542550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | IL St, Ser A | 4.00% | 03/01/38 | 1863123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | IL St, Ser A | 5.50% | 03/01/42 | 2590627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | IL St, Ser A | 5.50% | 03/01/47 | 1779057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | IL St, Ser B | 5.25% | 05/01/38 | 788200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | IL St, Ser B | 5.25% | 05/01/39 | 1043350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | IL St, Ser B | 5.25% | 05/01/45 | 1009250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4500000 | IL St, Ser C | 5.00% | 11/01/29 | 4685301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325000 | IL St, Ser D | 5.00% | 11/01/26 | 333720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3460000 | Kane Cook & DuPage Cntys IL Cmnty Clg Dist #509 | 4.00% | 12/15/40 | 3361385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Lincolnwood IL Tax Incr Allocation Rev NTS Dist 1860 Dev <br> Proj, Ser A, COPS (d) | 4.82% | 01/01/41 | 1429286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1175000 | Madison Bond Etc Cntys IL Cmnty Unit Sch Dist #5, Ser B, AG | 5.50% | 02/01/39 | 1236388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | Madison Bond Etc Cntys IL Cmnty Unit Sch Dist #5, Ser B, AG | 5.50% | 02/01/40 | 732332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1140000 | &nbsp;&nbsp;&nbsp; Moultrie Shelby & Coles Cntys IL Cmnty Unit Sch Dist #300, <br> BAM | 5.00% | 12/01/43 | 1186761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp; Moultrie Shelby & Coles Cntys IL Cmnty Unit Sch Dist #300, <br> BAM | 5.00% | 12/01/44 | 916295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 | Romeoville IL Rev Ref Lewis Univ Proj | 5.00% | 10/01/25 | 125078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; S Wstrn IL Dev Auth Rev Ref Traid Cmnty USD #2 Proj, Ser B, <br> BAM | 5.50% | 04/01/42 | 2116225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; S Wstrn IL Dev Auth Rev Ref Traid Cmnty USD #2 Proj, Ser B, <br> BAM | 5.50% | 04/01/43 | 1050108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Sales Tax Securitization Corp IL Ref Second Lien, Ser A, BAM | 4.00% | 01/01/40 | 1860516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 950000 | Sales Tax Securitization Corp IL Ref, Ser C | 5.50% | 01/01/36 | 997926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1025000 | Sales Tax Securitization Corp IL Ref, Ser C | 5.25% | 01/01/43 | 1037612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 885000 | Skokie IL Park Dist, Ser A | 5.00% | 12/01/34 | 948486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 510000 | Skokie IL Park Dist, Ser A | 5.00% | 12/01/35 | 543703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1295000 | Univ of IL IL Rev Auxiliary Facs Sys, Ser A, AG | 3.00% | 04/01/37 | 1119144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 630000 | Will Cnty IL Forest Preserve Dist | 5.00% | 12/15/41 | 651905 |
|  |  |  |  | 82313504 |
|  | **Indiana — 2.9%** | **Indiana — 2.9%** | **Indiana — 2.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3080000 | Borden Henryville Multi Sch Bldg Corp IN | 5.00% | 07/15/39 | 3203833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Brownsburg IN 1999 Sch Bldg Corp First Mtge, Ser A | 5.00% | 07/15/42 | 2051699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Carmel IN Redev Auth | 3.00% | 07/15/40 | 1703867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2550000 | Danville IN Multi Sch Bldg Corp First Mtg | 5.00% | 07/15/41 | 2639331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Fort Wayne IN Mf Hsg Rev Silver Birch at Cook Road (d) | 5.30% | 01/01/32 | 239901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | Franklin Twp IN Multi Sch Bldg Corp First Mtge | 5.00% | 07/15/40 | 786818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Franklin Twp IN Multi Sch Bldg Corp First Mtge | 5.00% | 07/15/41 | 1036523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1010000 | Franklin Twp IN Multi Sch Bldg Corp First Mtge | 5.00% | 07/15/42 | 1038345 |

---

------

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

**Portfolio of Investments (Continued)**

**July 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)** |
|  | **Indiana (Continued)** | **Indiana (Continued)** | **Indiana (Continued)** |  |
| $1210000 | Franklin Twp IN Multi Sch Bldg Corp First Mtge | 5.00% | 07/15/43 | $1235951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; IN Fin Auth Midwestern Disaster Relief Rev OH Vly Elec Corp <br> Proj Remk, Ser A | 4.25% | 11/01/30 | 3046582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1355000 | &nbsp;&nbsp;&nbsp; IN St Fin Auth Econ Dev Rev Ref Rep Svcs Inc Proj Remk, Ser A, <br> AMT (Mandatory put 09/02/25) | 3.95% | 05/01/28 | 1355624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; IN St Fin Auth Envrnmntl Rev Ref Var Duke Energy IN Inc Proj <br> Remk, Ser A-1, AMT (Mandatory put 06/01/32) | 4.50% | 05/01/35 | 1516405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1555000 | IN St Fin Auth Hlth Fac Rev Margaret Mary Hlth Proj, Ser A | 5.00% | 03/01/31 | 1653357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | IN St Fin Auth Hlth Fac Rev Margaret Mary Hlth Proj, Ser A | 5.50% | 03/01/39 | 1047771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | IN St Fin Auth Hlth Sys Rev IN Univ Hlth, Ser A | 5.00% | 10/01/43 | 2036407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 430000 | IN St Fin Auth Hosp Rev Goshen Hlth, Ser A | 4.00% | 11/01/36 | 406949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1330000 | IN St Fin Auth Hosp Rev Goshen Hlth, Ser A | 4.00% | 11/01/37 | 1250471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | IN St Fin Auth Hosp Rev Reid Hlth, AG | 5.00% | 01/01/40 | 1013452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | IN St Fin Auth Rev Marian Univ Proj, Ser A | 5.00% | 09/15/34 | 507082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | IN St Hsg & Cmnty Dev Auth Sf Mtge Rev Var Remk, Ser C-3 (c) | 2.75% | 07/01/47 | 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2800000 | IN St Muni Pwr Agy Ref, Ser A | 5.00% | 01/01/42 | 2823695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | IN St Muni Pwr Agy Var Ref Remk, Ser B (c) | 2.75% | 01/01/42 | 3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | IPS Multi Sch Bldg Corp IN Sustainable Bond First Mtge | 5.00% | 07/15/42 | 5134031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1080000 | Msd Warren Twp IN Vision 2005 Sch Bldg Corp Rev | 3.00% | 07/10/35 | 974518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2485000 | Northern IN Commuter Transprtn Dist Indl Rev | 5.25% | 01/01/49 | 2552299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Penn IN High Sch Bldg Corp 1st Mtge Bonds, Ser A | 5.00% | 07/15/42 | 1031148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Sunman Dearborn IN High Sch Bldg Corp First Mtge | 5.00% | 07/15/41 | 1553750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Sunman Dearborn IN High Sch Bldg Corp First Mtge | 5.00% | 07/15/42 | 2054954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Whiting IN Envrnmntl Facs Rev Ref BP Products N America Inc <br> Proj, Ser A, AMT (Mandatory put 06/05/26) | 5.00% | 12/01/44 | 1520025 |
|  |  |  |  | 53414788 |
|  | **Iowa — 0.9%** | **Iowa — 0.9%** | **Iowa — 0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2385000 | Coralville IA Ref, Ser A | 5.00% | 05/01/38 | 2381862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Dallas Ctr IA Grimes Cmnty Sch Dist | 3.00% | 05/01/39 | 1661422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; IA St Brd Regents Hosp Rev Univ of IA Hlth Cares Hosp Sys, Ser <br> A | 5.00% | 09/01/40 | 4183303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; IA St Fin Auth Midwstrn Disaster Area Rev Ref IA Fertilizer Co <br> Proj (Pre-refunded maturity 12/01/32) | 5.00% | 12/01/50 | 3388060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | St Univ of IA Univ Rev Ref the St Univ of IA, Ser S.U.I. 2025 | 5.00% | 07/01/46 | 2522445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | Tobacco Stlmt Auth IA Tobacco Stlmt Rev Ref Sr, Ser A-2, Class 1 | 4.00% | 06/01/38 | 188692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Tobacco Stlmt Auth IA Tobacco Stlmt Rev Ref Sr, Ser A-2, Class 1 | 4.00% | 06/01/39 | 279649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1060000 | Univ of IA IA Facs Corp Museum of Art Proj | 3.00% | 06/01/38 | 911683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1085000 | Univ of IA IA Facs Corp Museum of Art Proj | 3.00% | 06/01/39 | 906848 |
|  |  |  |  | 16423964 |
|  | **Kansas — 0.6%** | **Kansas — 0.6%** | **Kansas — 0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1120000 | Douglas Cnty KS, Ser A | 5.00% | 09/01/40 | 1185960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1025000 | Douglas Cnty KS, Ser A | 5.00% | 09/01/41 | 1075326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1240000 | KS Muni Energy Agy Pwr Proj Rev Dogwood Proj, Ser A, BAM | 5.00% | 04/01/29 | 1260108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1470000 | KS Muni Energy Agy Pwr Proj Rev Dogwood Proj, Ser A, BAM | 5.00% | 04/01/30 | 1493740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Leavenworth Cnty KS Unif Sch Dist #464 Ref, Ser A | 4.00% | 09/01/31 | 506547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 625000 | Leavenworth Cnty KS Unif Sch Dist #464 Ref, Ser A | 4.00% | 09/01/32 | 631506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575000 | Leavenworth Cnty KS Unif Sch Dist #464 Ref, Ser A | 4.00% | 09/01/33 | 579100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Leavenworth Cnty KS Unif Sch Dist #464 Ref, Ser A | 4.00% | 09/01/34 | 501840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525000 | Leavenworth Cnty KS Unif Sch Dist #464 Ref, Ser A | 4.00% | 09/01/35 | 523629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | Leavenworth Cnty KS Unif Sch Dist #464 Ref, Ser A | 4.00% | 09/01/36 | 586732 |

---

------

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

**Portfolio of Investments (Continued)**

**July 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)** |
|  | **Kansas (Continued)** | **Kansas (Continued)** | **Kansas (Continued)** |  |
| $2000000 | &nbsp;&nbsp;&nbsp; Wyandotte Cnty KS Kansas City Unif Govt Spl Oblg Rev Ref Vlg <br> E Proj Areas 2B 3 5 (d) | 5.75% | 09/01/39 | $2028867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; Wyandotte Cnty KS Unif Sch Dist #202, Ser A, AG (Pre-refunded <br> maturity 09/01/27) | 5.00% | 09/01/32 | 157861 |
|  |  |  |  | 10531216 |
|  | **Kentucky — 2.6%** | **Kentucky — 2.6%** | **Kentucky — 2.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp; Ashland KY Med Ctr Rev Ref Ashland Hosp Corp DBA Kings <br> Daughters Med Ctr, AG | 3.00% | 02/01/40 | 1129829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5100000 | Boyle Cnty KY Eductnl Facs Rev Ref Ctr Clg, Ser A | 5.25% | 06/01/43 | 5164213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Jefferson Cnty KY Sch Dist Fin Corp Sch Bldg Rev, Ser B | 3.00% | 12/01/38 | 1694960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145000 | KY St Econ Dev Fin Auth Baptist Hlthcare Sys, Ser B | 5.00% | 08/15/28 | 150683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2950000 | KY St Econ Dev Fin Auth Baptist Hlthcare Sys, Ser B | 5.00% | 08/15/46 | 2913782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp; KY St Econ Dev Fin Auth Hlth Sys Rev Norton Hlthcare Inc, Ser <br> B, CABS, NATL-RE | (f) | 10/01/25 | 158973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 625000 | KY St Econ Dev Fin Auth Ref Commonspirit Hlth, Ser A-1 | 4.00% | 08/01/38 | 582666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 895000 | KY St Econ Dev Fin Auth Ref Commonspirit Hlth, Ser A-2 | 5.00% | 08/01/36 | 918500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1480000 | KY St Hsg Corp Sf Mtge, Ser C | 4.00% | 07/01/39 | 1394636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4545000 | KY St Muni Energy Agy Pwr Sys Rev Energy Ctr I Proj | 5.00% | 01/01/44 | 4603494 |
| &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 | 1608883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6300000 | &nbsp;&nbsp;&nbsp; KY St Pub Energy Auth Gas Sply Rev Var, Ser C (Mandatory put <br> 02/01/28) | 4.00% | 02/01/50 | 6329301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Louisville & Jefferson Cnty KY Met Govt Hlth Sys Rev Norton <br> Hlthcare Inc, Ser A | 4.00% | 10/01/39 | 1367172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp; Louisville & Jefferson Cnty KY Met Govt Hlth Sys Rev Ref Norton <br> Hlthcare Inc, Ser A | 5.00% | 10/01/40 | 1336411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Louisville & Jefferson Cnty KY Met Govt Hlth Sys Rev Ref Norton <br> Hlthcare Inc, Ser A | 5.00% | 10/01/41 | 1019362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp; Louisville & Jefferson Cnty KY Met Swr Dist Swr & Drain Sys <br> Sustainable Bond, Ser A | 5.00% | 05/15/29 | 315618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16200000 | &nbsp;&nbsp;&nbsp; Meade Cnty KY Indl Bldg Rev Var Nucor Steel Brandenburg Proj <br> Sustainable Bond, Ser B-1 (c) | 3.25% | 08/01/61 | 16200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Trimble Cnty KY Envrnmntl Facs Rev Var Louisville Gas & Elec <br> Co Proj, Ser A, AMT (Mandatory put 06/01/27) | 4.70% | 06/01/54 | 1011242 |
|  |  |  |  | 47899725 |
|  | **Louisiana — 1.0%** | **Louisiana — 1.0%** | **Louisiana — 1.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3690000 | E Baton Rouge Parish LA Capital Impts Dist Movebr Sales T | 5.00% | 08/01/48 | 3736050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6500000 | E Baton Rouge Parish LA Swr Commn Rev Ref, Ser A | 4.00% | 02/01/45 | 5747370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | LA Pub Facs Auth Rev Ref Ochsner Clinic Fdtn Proj | 5.00% | 05/15/36 | 1011050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp; LA St Loc Govt Envrnmntl Facs & Cmnty Dev Auth Rev Ref Hosp <br> Womans Fdtn Proj, Ser A | 5.00% | 10/01/37 | 1712651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; LA St Loc Govt Envrnmntl Facs & Cmnty Dev Auth Rev Ref <br> Westlake Chemical Corp Proj Remk | 3.50% | 11/01/32 | 1434885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1525000 | &nbsp;&nbsp;&nbsp; LA St Pub Facs Auth Sol Wst Disp Fac Rev Var Elementus <br> Minerals LLC Proj (Mandatory put 11/01/25) (d) | 5.00% | 10/01/43 | 1529715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Lafayette LA Utils Rev Electric Projs, AG | 5.00% | 11/01/46 | 2011009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1330000 | Lafayette Parish LA Sch Brd Sales Tax Rev | 5.50% | 04/01/45 | 1400500 |
|  |  |  |  | 18583230 |
|  | **Maine — 0.1%** | **Maine — 0.1%** | **Maine — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2400000 | Bar Harbor ME | 5.00% | 09/01/49 | 2463119 |

---

------

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

**Portfolio of Investments (Continued)**

**July 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)** |
|  | **Maryland — 1.1%** | **Maryland — 1.1%** | **Maryland — 1.1%** |  |
| $565000 | Baltimore Cnty MD Rev Ref Oak Crest Vlg Inc Fac | 4.00% | 01/01/39 | $526858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 | Baltimore Cnty MD Rev Ref Oak Crest Vlg Inc Fac | 4.00% | 01/01/40 | 592361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 685000 | Baltimore Cnty MD Rev Ref Riderwood Vlg Inc Proj | 4.00% | 01/01/34 | 685458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 | Baltimore Cnty MD Rev Ref Riderwood Vlg Inc Proj | 4.00% | 01/01/36 | 635497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020000 | Baltimore MD Spl Oblig Ref E Baltimore Rsrch Park Proj, Ser A | 5.00% | 09/01/38 | 2020573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135000 | Baltimore MD Spl Oblig Ref Sr Lien Harbor Point Proj, Ser A (d) | 2.85% | 06/01/26 | 133830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Cmnty Dev Admin MD Mf Dev Rev Sustainable Bonds Vlgs at <br> Marley Station, Ser D-2 | 3.30% | 01/01/29 | 2021889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; MD St Dept of Transprtn BWI Thurgood Marshall Arpt Proj, Ser A, <br> AG, AMT | 5.25% | 08/01/41 | 778335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; MD St Dept of Transprtn BWI Thurgood Marshall Arpt Proj, Ser A, <br> AG, AMT | 5.25% | 08/01/42 | 771473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | MD St Econ Dev Corp Stdt Hsg Rev Bowie St Univ Proj | 4.00% | 07/01/40 | 427423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2660000 | &nbsp;&nbsp;&nbsp; MD St Econ Dev Corp Stdt Hsg Rev College Park Leonard Town <br> Proj, AG | 5.00% | 07/01/40 | 2729852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | MD St Hlth & Hgr Eductnl Facs Auth Rev Ref Meritus Hlth Issue | 5.00% | 07/01/38 | 3165666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; MD St Hlth & Hgr Eductnl Facs Auth Rev Ref Stevenson Univ <br> Proj, Ser A | 4.00% | 06/01/35 | 239648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; MD St Hlth & Hgr Eductnl Facs Auth Rev Ref Stevenson Univ <br> Proj, Ser A | 4.00% | 06/01/36 | 212734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; MD St Hlth & Hgr Eductnl Facs Auth Rev Ref Stevenson Univ <br> Proj, Ser A | 4.00% | 06/01/46 | 618427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; MD St Hlth & Hgr Eductnl Facs Auth Rev Ref Univ of MD Med <br> Sys Issue, Ser A | 5.00% | 07/01/40 | 1045951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; MD St Hlth & Hgr Eductnl Facs Auth Rev Ref Univ of MD Med <br> Sys Issue, Ser A | 5.00% | 07/01/41 | 1553404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | MD St Stadium Auth Rev Football Stadium Issue, Ser A | 5.00% | 09/01/37 | 1081946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1480000 | WA MD Suburban San Dist Consol Pub Impt | 3.00% | 06/01/39 | 1247353 |
|  |  |  |  | 20488678 |
|  | **Massachusetts — 0.9%** | **Massachusetts — 0.9%** | **Massachusetts — 0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | MA St Dev Fin Agy Rev Lasell Vlg Inc | 5.25% | 07/01/45 | 980323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160000 | MA St Dev Fin Agy Rev Linden Ponds Inc Fac (d) | 5.00% | 11/15/28 | 165544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; MA St Dev Fin Agy Rev Ref UMass Memorial Hlth Care Oblig <br> Grp, Ser N-1 | 5.00% | 07/01/41 | 2040735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1935000 | &nbsp;&nbsp;&nbsp; MA St Dev Fin Agy Rev Ref UMass Memorial Hlth Care Oblig <br> Grp, Ser N-1 | 5.00% | 07/01/45 | 1911602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; MA St Dev Fin Agy Rev Tufts Univ Stdt Hsg Proj Prg Medford <br> Properties Inc | 5.25% | 06/01/41 | 522638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; MA St Dev Fin Agy Rev Var Amherst Clg Issue, Ser A (Mandatory <br> put 11/01/35) | 5.00% | 11/01/55 | 2834281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3920000 | MA St Port Auth Ref, Ser A, AMT | 5.00% | 07/01/32 | 4108498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1555000 | MA St Port Auth, Ser C, AMT | 5.00% | 07/01/31 | 1637517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | MA St Transprtn Fund Rev Rail Enhancement Prog, Ser A | 5.00% | 06/01/45 | 1999902 |
|  |  |  |  | 16201040 |
|  | **Michigan — 2.2%** | **Michigan — 2.2%** | **Michigan — 2.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1620000 | Charles Stewart Mott MI Cmnty Clg Ref, AG | 5.00% | 05/01/41 | 1684095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155000 | Genesee Cnty MI Swr Disp Sys Rev, Ser A, BAM | 4.00% | 06/01/36 | 156583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | Grand Rapids MI Santn Swr Sys Rev | 5.00% | 01/01/43 | 2515968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Great Lakes MI Wtr Auth Sewage Disposal Sys Rev Ref Sr <br> Lien, Ser A | 5.00% | 07/01/37 | 2159060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1415000 | Great Lakes MI Wtr Auth Wtr Sply Sys Rev Ref Sr Lien, Ser A | 5.00% | 07/01/38 | 1528515 |

---

------

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

**Portfolio of Investments (Continued)**

**July 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)** |
|  | **Michigan (Continued)** | **Michigan (Continued)** | **Michigan (Continued)** |  |
| $1000000 | Great Lakes MI Wtr Auth Wtr Sply Sys Rev Ref Sr Lien, Ser C | 5.00% | 07/01/31 | $1016979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1070000 | Great Lakes MI Wtr Auth Wtr Sply Sys Rev Sr Lien, Ser C | 5.25% | 07/01/43 | 1124007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Great Lakes MI Wtr Auth Wtr Sply Sys Rev Sr Lien, Ser C | 5.25% | 07/01/44 | 1044692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 | Howell MI Pub Schs, Ser II | 5.00% | 05/01/39 | 691016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Howell MI Pub Schs, Ser II | 5.00% | 05/01/40 | 525467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4965000 | &nbsp;&nbsp;&nbsp; Kalamazoo MI Hosp Fin Auth Unrefunded Ref Bronson Hlthcare <br> Grp | 4.00% | 05/15/36 | 4802533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1325000 | Kentwood MI | 5.00% | 10/01/43 | 1364848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1195000 | Lake Shore MI Pub Schs, Ser I | 5.00% | 11/01/37 | 1277036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Lakeview MI Pub Sch Dist | 3.00% | 11/01/35 | 899863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | L'Anse Creuse MI Pub Schs, Ser I | 5.00% | 05/01/42 | 1049225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; MI St Fin Auth Act 38 Facs Sr Rev Sustainable Bonds Henry Ford <br> Hlth Detroit Util Plant Proj | 5.25% | 02/28/42 | 513794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 890000 | MI St Fin Auth Ltd Oblig Rev Ref Clg for Creative Studies Proj | 5.00% | 12/01/25 | 890447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 795000 | MI St Fin Auth Rev Multi Modal McLaren Hlth Care, Ser A | 5.00% | 02/15/37 | 819477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | MI St Fin Auth Rev Multi Modal McLaren Hlth Care, Ser A | 4.00% | 02/15/44 | 1726685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1070000 | MI St Fin Auth Rev Ref Beaumont Spectrum Consolidation, Ser A | 5.00% | 04/15/33 | 1177289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; MI St Fin Auth Rev Ref CHE Trinity Hlth Credit Grp Remk, Ser <br> 2013-2 | 4.00% | 12/01/35 | 985335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 665000 | MI St Fin Auth Rev Ref Henry Ford Hlth Sys | 4.00% | 11/15/36 | 633986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | MI St Fin Auth Rev Ref Hosp McLaren Hlth Care, Ser B | 5.00% | 05/15/33 | 2001474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | MI St Fin Auth Rev Ref Sr Turbo, Ser A-2 | 5.00% | 06/01/40 | 2512606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3810000 | Troy MI City Sch Dist | 5.00% | 05/01/47 | 3837795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4500000 | Univ of MI MI, Ser A | 3.00% | 04/01/28 | 4500055 |
|  |  |  |  | 41438830 |
|  | **Minnesota — 0.5%** | **Minnesota — 0.5%** | **Minnesota — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1740000 | &nbsp;&nbsp;&nbsp; Minneapolis MN & Saint Paul MN Hsg & Redev Auth Hlth Care <br> Children's Hlth Care | 5.00% | 08/15/39 | 1842994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Minneapolis MN & Saint Paul MN Hsg & Redev Auth Hlth Care <br> Children's Hlth Care | 5.00% | 08/15/41 | 2072165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp; Minneapolis Saint Paul MN Met Arpts Commn Arpt Rev Ref <br> Sub, Ser B, AMT | 5.00% | 01/01/39 | 960962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; Minneapolis Saint Paul MN Met Arpts Commn Arpt Rev Subord <br> Priv Activity, Ser B, AMT | 5.25% | 01/01/42 | 3079160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 285000 | MN St Agric & Econ Devbrd HealthPartners Oblig Grp | 5.00% | 01/01/40 | 295129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Rochester MN Hlth Care Facs Rev Mayo Clinic, Ser A | 4.25% | 11/15/50 | 452196 |
|  |  |  |  | 8702606 |
|  | **Mississippi — 0.7%** | **Mississippi — 0.7%** | **Mississippi — 0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Gulfport MS Hosp Fac Rev Memorial Hosp at Gulfport Proj | 5.25% | 07/01/41 | 516783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Gulfport MS Hosp Fac Rev Memorial Hosp at Gulfport Proj | 5.25% | 07/01/42 | 512663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Gulfport MS Hosp Fac Rev Memorial Hosp at Gulfport Proj | 5.25% | 07/01/43 | 509131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 645000 | MS Dev Bk Spl Oblig Lamar Co Sch Dt Go Bond Proj | 5.25% | 06/01/41 | 676797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000 | MS Dev Bk Spl Oblig Lamar Co Sch Dt Go Bond Proj | 5.25% | 06/01/42 | 883459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4400000 | &nbsp;&nbsp;&nbsp; MS St Busn Fin Corp Sol Wst Disp Rev Adj Ref MS Pwr Co Proj <br> Remk, AMT (c) | 2.85% | 05/01/28 | 4400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; MS St Hosp Equipment & Facs Auth Baptist Memorial Hlth <br> Care, Ser A | 5.00% | 09/01/41 | 4833691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | Warren Cnty MS Lease Pur Jail Proj, BAM, COPS | 6.00% | 09/01/43 | 1255710 |
|  |  |  |  | 13588234 |

---

------

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

**Portfolio of Investments (Continued)**

**July 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 — 2.1%** | **Missouri — 2.1%** | **Missouri — 2.1%** |  |
| $2150000 | Jackson Cnty MO Consol Sch Dist #4 | 4.00% | 03/01/31 | $2182466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Jackson Cnty MO Consol Sch Dist #4 | 5.00% | 03/01/35 | 2043632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 735000 | Jackson Cnty MO Consol Sch Dist #4 | 5.75% | 03/01/39 | 832566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 690000 | Jackson Cnty MO Consol Sch Dist #4 | 5.75% | 03/01/42 | 757439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1610000 | Jackson Cnty MO Consol Sch Dist #4 | 5.75% | 03/01/43 | 1733746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | Jackson Cnty MO Spl Oblig Ref Truman Sports Complex Proj | 5.00% | 12/01/31 | 702261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1260000 | &nbsp;&nbsp;&nbsp; Kansas City MO Indl Dev Auth Arpt Spl Oblig Kansas City Intl <br> Arpt Terminal Mod Proj, Ser B, AMT | 5.00% | 03/01/46 | 1230792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4310000 | &nbsp;&nbsp;&nbsp; Kansas City MO Indl Dev Auth Arpt Spl Oblig Kansas City Intl <br> Arpt Terminal Mod, Ser A, AMT | 5.00% | 03/01/31 | 4513421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220000 | Lincoln Cnty MO Pub Wtr Sply Dist #1 Ref, COPS | 4.00% | 07/01/30 | 222492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415000 | Lincoln Cnty MO Pub Wtr Sply Dist #1 Ref, COPS | 4.00% | 07/01/31 | 419083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1550000 | Maryville MO Sch Dist #R-II | 5.00% | 03/01/41 | 1573396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530000 | &nbsp;&nbsp;&nbsp; MO Jt Muni Elec Util Commn Pwr Proj Rev Dogwood Energy Fac <br> Proj, Ser C, BAM | 5.00% | 06/01/38 | 572925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 555000 | &nbsp;&nbsp;&nbsp; MO Jt Muni Elec Util Commn Pwr Proj Rev Dogwood Energy Fac <br> Proj, Ser C, BAM | 5.00% | 06/01/39 | 596622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | MO Jt Muni Elec Util Commn Pwr Proj Rev Ref Prairie St Proj | 5.00% | 12/01/39 | 1071591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; MO St Hlth & Eductnl Facs Auth Hlth Facs Rev Cox Health & <br> Oblig Grp, Ser A | 5.00% | 11/15/37 | 515763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 | MO St Hlth & Eductnl Facs Auth Hlth Facs Rev Mercy Hlth | 5.50% | 12/01/42 | 579865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp; MO St Hlth & Eductnl Facs Auth Hlth Facs Rev Ref BJC Hlth <br> Sys, Ser A | 4.00% | 07/01/46 | 824215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 710000 | &nbsp;&nbsp;&nbsp; MO St Hlth & Eductnl Facs Auth Hlth Facs Rev Ref Mosaic Hlth <br> Sys, Ser A | 4.00% | 02/15/39 | 666448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; MO St Hlth & Eductnl Facs Auth Hlth Facs Rev Ref, Ser C <br> (Mandatory put 05/01/28) | 5.00% | 05/01/52 | 1061192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1960000 | MO St Hlth & Eductnl Facs Auth Lutheran Sr Svcs Projs | 4.00% | 02/01/29 | 1974998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2120000 | MO St Hlth & Eductnl Facs Auth Lutheran Sr Svcs Projs | 4.00% | 02/01/31 | 2116296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 555000 | MO St Hlth & Eductnl Facs Auth Lutheran Sr Svcs Projs | 4.00% | 02/01/32 | 548117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260000 | MO St Hlth & Eductnl Facs Auth Med Rsrch Lutheran Svcs, Ser A | 5.00% | 02/01/28 | 261651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | MO St Hlth & Eductnl Facs Auth Ref Lutheran Sr Svcs Projs, Ser A | 5.25% | 02/01/44 | 687343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2700000 | Phelps Cnty MO Hosp Rev Phelps Hlth (g) | 5.75% | 12/01/45 | 2817869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2795000 | Springfield MO Pub Utils Brd, COPS | 5.00% | 11/01/38 | 2992365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2570000 | &nbsp;&nbsp;&nbsp; St Charles Cnty MO Pub Wtr Sply Dist #2 Pub Wtr Sply Dist No 2, <br> COPS | 5.25% | 12/01/46 | 2651657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1295000 | St Louis Cnty MO Spl Oblig Convention Ctr, Ser A | 5.25% | 12/01/38 | 1339716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1900000 | St Louis MO Muni Library Dist Ref, BAM, COPS | 3.00% | 03/15/39 | 1527518 |
|  |  |  |  | 39017445 |
|  | **Montana — 0.1%** | **Montana — 0.1%** | **Montana — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Forsyth MT Poll Control Rev Ref Puget Sound Energy Proj, Ser A | 3.90% | 03/01/31 | 1999932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | MT St Brd of Hsg Sf Mtge Ref, Ser A-1 | 2.80% | 12/01/39 | 195784 |
|  |  |  |  | 2195716 |
|  | **Nebraska — 0.2%** | **Nebraska — 0.2%** | **Nebraska — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; Centrl Plains Energy Proj NE Gas Proj Rev Var Ref Proj #4, Ser A <br> (Mandatory put 11/01/29) | 5.00% | 05/01/54 | 3150245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Centrl Plains Energy Proj NE Gas Sply Rev, Subser A-1 <br> (Mandatory put 08/01/31) | 5.00% | 08/01/55 | 1593095 |
|  |  |  |  | 4743340 |

---

------

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

**Portfolio of Investments (Continued)**

**July 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)** |
|  | **Nevada — 0.7%** | **Nevada — 0.7%** | **Nevada — 0.7%** |  |
| $750000 | Carson City NV Hosp Rev Ref Carson Tahoe Regl Med Ctr, Ser A | 5.00% | 09/01/30 | $768937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2505000 | Clark Cnty NV Arpt Rev Ref, Ser B | 5.00% | 07/01/38 | 2580228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; Clark Cnty NV Poll Control Rev Var Ref NV Pwr CO Proj Remk <br> (Mandatory put 03/31/26) | 3.75% | 01/01/36 | 1752194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1035000 | Clark Cnty NV Ref Las Vegas Convention & Visitors Auth, Ser C | 3.00% | 07/01/33 | 987082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245000 | Las Vegas NV Spl Impt Dist #816 Summerlin Vlg 22 | 2.25% | 06/01/27 | 236974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245000 | Las Vegas NV Spl Impt Dist #816 Summerlin Vlg 22 | 2.50% | 06/01/28 | 233166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Las Vegas NV Spl Impt Dist #818 Summerlin Vlg 27 | 5.00% | 12/01/39 | 997194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1230000 | Las Vegas Vly NV Wtr Dist Ref Wtr Impt, Ser A | 5.00% | 06/01/46 | 1230349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165000 | N Las Vegas NV Loc Impt Vly Vista Spl Impt Dist #64 | 3.75% | 06/01/26 | 164949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220000 | N Las Vegas NV Loc Impt Vly Vista Spl Impt Dist #64 | 3.75% | 06/01/27 | 219751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260000 | NV Dept of Busn & Ind NV Doral Acdmy, Ser A | 5.00% | 07/15/27 | 260145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 950000 | Reno NV Capital Impt Rev Ref, Ser A-1, AG | 5.00% | 06/01/30 | 985182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275000 | Reno NV Capital Impt Rev Ref, Ser A-1, AG | 5.00% | 06/01/31 | 284985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | Reno Tahoe NV Arpt Auth Arpt Rev Tahoe Intl Arpt, Ser B | 5.00% | 07/01/43 | 458953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | Reno Tahoe NV Arpt Auth Arpt Rev Tahoe Intl Arpt, Ser B | 5.00% | 07/01/49 | 1198069 |
|  |  |  |  | 12358158 |
|  | **New Hampshire — 0.7%** | **New Hampshire — 0.7%** | **New Hampshire — 0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320000 | Natl Fin Auth NH Rev Adventist Hlth Energy Proj, Ser C | 5.25% | 07/01/41 | 325904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1575000 | Natl Fin Auth NH Rev Adventist Hlth Energy Proj, Ser C | 5.25% | 07/01/43 | 1584528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5500000 | &nbsp;&nbsp;&nbsp; Natl Fin Auth NH Sol Wst Disp Rev Var Ref Wst Mgmt Inc Proj <br> Remk, Ser A- 3, AMT (Mandatory put 07/01/26) | 4.00% | 07/01/33 | 5495707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Natl Fin Auth NH Spl Rev (d) | 5.88% | 12/15/33 | 1504730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Natl Fin Auth NH Spl Rev The Wildflower Proj, CABS (d) | (f) | 12/15/33 | 1211306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; NH St Hlth & Edu Facs Auth Rev Ref Dartmouth Hlth Oblig Grp <br> Issue | 5.00% | 08/01/36 | 1083575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; NH St Hlth & Edu Facs Auth Rev Ref Dartmouth Hlth Oblig Grp <br> Issue | 5.00% | 08/01/37 | 1072731 |
|  |  |  |  | 12278481 |
|  | **New Jersey — 1.4%** | **New Jersey — 1.4%** | **New Jersey — 1.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; NJ St Econ Dev Auth Mtr Vehcl Surcharge Rev Ref Sub, Ser A, <br> BAM | 5.00% | 07/01/28 | 466256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; NJ St Econ Dev Auth Rev Portal N Bridge Proj NJ Transit <br> Transprtn Proj Bonds, Ser A | 5.25% | 11/01/40 | 2090180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3250000 | NJ St Econ Dev Auth Rev Sch Facs Constr Prog, Ser LLL | 5.00% | 06/15/39 | 3319099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3880000 | NJ St Econ Dev Auth Rev Sch Facs Constr Prog, Ser LLL | 5.00% | 06/15/44 | 3889379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1050000 | NJ St Econ Dev Auth Rev Sustainable Bonds, Ser QQQ | 5.00% | 06/15/31 | 1150737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp; NJ St Econ Dev Auth Spl Fac Rev Ref Port Newark Container <br> Terminal LLC Proj, AMT | 5.00% | 10/01/25 | 490810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; NJ St Econ Dev Auth Wtr Facs Rev Var Ref NJ American Wtr Co <br> Inc Proj Remk, Ser B, AMT (Mandatory put 06/01/28) | 3.75% | 11/01/34 | 748879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1290000 | &nbsp;&nbsp;&nbsp; NJ St Transprtn Trust Fund Auth Cap Apprec Transprtn Sys, Ser C, <br> AMBAC | (f) | 12/15/25 | 1276837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; NJ St Transprtn Trust Fund Auth Fun Auth Transprtn Prog <br> Bonds, Ser CC | 5.25% | 06/15/41 | 2608649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140000 | NJ St Transprtn Trust Fund Auth Ref Transprtn Sys Bonds, Ser A | 5.00% | 12/15/39 | 142656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | NJ St Transprtn Trust Fund Auth Ref Transprtn Sys, Ser A | 5.00% | 12/15/30 | 533266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | NJ St Transprtn Trust Fund Auth Ref, Ser AA | 5.25% | 06/15/41 | 1052981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp; NJ St Transprtn Trust Fund Auth Transprtn Prog Bonds, Ser AA <br> (Pre-refunded maturity 12/15/28) | 5.00% | 06/15/31 | 2437124 |

---

------

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

**Portfolio of Investments (Continued)**

**July 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 Jersey (Continued)** | **New Jersey (Continued)** | **New Jersey (Continued)** |  |
| $1000000 | NJ St Transprtn Trust Fund Auth Transprtn Prog Bonds, Ser AA | 5.00% | 06/15/34 | $1039847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | NJ St Transprtn Trust Fund Auth Transprtn Prog, Ser CC | 5.25% | 06/15/50 | 3052422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp; NJ St Transprtn Trust Fund Auth, Ser BB (Pre-refunded maturity <br> 12/15/28) | 5.00% | 06/15/31 | 238297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | NJ St Transprtn Trust Fund Auth, Ser BB | 5.00% | 06/15/34 | 1039847 |
|  |  |  |  | 25577266 |
|  | **New Mexico — 0.6%** | **New Mexico — 0.6%** | **New Mexico — 0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2555000 | Albuquerque NM, Ser A | 2.50% | 07/01/27 | 2536759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Farmington NM Poll Control Rev Var Ref Pub Svc Co NM San <br> Juan Proj Remk, Ser D (Mandatory put 06/01/28) | 3.90% | 06/01/40 | 2025267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 565000 | &nbsp;&nbsp;&nbsp; Los Ranchos De Albuquerque NM Eductnl Facs Rev Ref <br> Albuquerque Acdmy Proj | 4.00% | 09/01/33 | 571462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp; Los Ranchos De Albuquerque NM Eductnl Facs Rev Ref <br> Albuquerque Acdmy Proj | 4.00% | 09/01/34 | 377164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; Los Ranchos De Albuquerque NM Eductnl Facs Rev Ref <br> Albuquerque Acdmy Proj | 4.00% | 09/01/35 | 298971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240000 | Lower Petroglyphs Pub Impt Dist NM Spl Levy Rev Ref | 4.30% | 10/01/25 | 239832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Lower Petroglyphs Pub Impt Dist NM Spl Levy Rev Ref | 4.45% | 10/01/26 | 249067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260000 | Lower Petroglyphs Pub Impt Dist NM Spl Levy Rev Ref | 4.55% | 10/01/27 | 257743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 365000 | Lower Petroglyphs Pub Impt Dist NM Spl Levy Rev Ref | 5.00% | 10/01/33 | 358235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 825000 | NM St Hosp Equipment Loan Council Hosp Rev Ref | 5.00% | 06/01/32 | 859823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; NM St Muni Energy Acq Auth Gas Sply Ref (Mandatory put <br> 11/01/30) | 5.00% | 06/01/54 | 3185151 |
|  |  |  |  | 10959474 |
|  | **New York — 6.7%** | **New York — 6.7%** | **New York — 6.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp; Build NYC Res Corp NY Rev Sustainable Bond Kipp NYC Pub <br> Sch Facs Canal W Proj | 5.00% | 07/01/36 | 429766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Build NYC Res Corp NY Rev Sustainable Bond Kipp NYC Pub <br> Sch Facs Canal W Proj | 5.00% | 07/01/42 | 1969948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2700000 | &nbsp;&nbsp;&nbsp; Chautauqua Cnty NY Capital Res Corp Exempt Facs Rev Var Ref <br> NRG Energy Proj Remk (Mandatory put 04/03/28) | 4.25% | 04/01/42 | 2730864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 495000 | Hudson Yards Infra Corp NY 2nd Indenture Rev Ref, Ser A | 5.00% | 02/15/37 | 504135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Kings Park NY Centrl Sch Dist, Ser B | 3.00% | 07/15/31 | 975115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | Long Island NY Pwr Auth Elec Sys Rev Ref, Ser A | 5.00% | 09/01/35 | 373884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9000000 | Met Transprtn Auth NY Rev Var Ref Remk, Ser 2002D-2A-1 (c) | 2.75% | 11/01/32 | 9000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Monroe Cnty NY Indl Dev Corp Rev Ref St John Fisher Univ Proj | 5.00% | 06/01/44 | 251659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 630000 | Monroe Cnty NY Indl Dev Corp Rev Ref St John Fisher Univ Proj | 5.25% | 06/01/49 | 641585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375000 | N Babylon NY Union Free Sch Dist | 3.00% | 07/01/35 | 344656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; New York City NY Hsg Dev Corp Mf Hsg Rev Sustainable Dev <br> Bonds, Ser F-2A (Mandatory put 12/22/26) | 3.40% | 11/01/62 | 5000586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &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 (c) | 2.75% | 06/15/50 | 3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp; New York City NY Muni Wtr Fin Auth Wtr & Swr Sys Rev Ref <br> 2nd Gen Resolution, Subser EE-2 | 5.00% | 06/15/40 | 178853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; New York City NY Muni Wtr Fin Auth Wtr & Swr Sys Rev Ref <br> Fiscal 2025, Ser DD | 5.50% | 06/15/39 | 2258478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; New York City NY Muni Wtr Fin Auth Wtr & Swr Sys Rev Var <br> 2nd Gen Resolution, Subser CC (c) | 2.80% | 06/15/53 | 1500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; New York City NY Transitional Fin Auth Bldg Aid Rev Subord <br> Ref, Ser S-2A | 5.00% | 07/15/34 | 1050563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | New York City NY Transitional Fin Auth Rev Sub, Ser B-1 | 4.00% | 11/01/37 | 9776682 |

---

------

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

**Portfolio of Investments (Continued)**

**July 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)** |  |
| $2500000 | New York City NY Transitional Fin Auth Rev Sub, Ser B-1 | 4.00% | 11/01/38 | $2393798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | New York City NY Transitional Fin Auth Rev Subord, Ser A-1 | 5.25% | 08/01/40 | 4226904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1875000 | NY Energy Fin Dev Corp Var (Mandatory put 12/01/33) | 5.00% | 07/01/56 | 1955738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4365000 | NY NY Adjustable Fiscal 2020, Subser B-3 (c) | 2.75% | 10/01/46 | 4365000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5690000 | NY NY, Ser A, Subser A-1 | 4.00% | 08/01/40 | 5363156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5730000 | NY NY, Ser B, Subser B-1 | 5.25% | 10/01/39 | 6100917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2925000 | NY NY, Ser B, Subser B-1 | 5.25% | 10/01/41 | 3083637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | NY NY, Ser C, Subser C-1 | 5.25% | 09/01/45 | 3105690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6015000 | NY NY, Ser F-1 | 5.00% | 03/01/42 | 6125064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | NY St Dorm Auth Revs Non St Supported Debt Pratt Institute Ref | 5.00% | 07/01/39 | 450927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp; NY St Dorm Auth Revs Non St Supported Debt Ref New Sch, <br>Ser A | 5.00% | 07/01/31 | 305916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; NY St Dorm Auth Revs Non St Supported Debt Ref Northwell Hlth <br> Oblig Grp, Ser A | 5.00% | 05/01/38 | 523395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; NY St Dorm Auth Revs Non St Supported Debt Var Memorial <br> Sloan Kettering Cancer Ctr, Ser 2-B (Mandatory put 07/01/32) | 5.00% | 07/01/49 | 1086853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; NY St Dorm Auth Revs Non St Supported Debt White Plains Hosp <br> Obligated Grp, AG | 5.25% | 10/01/43 | 1031232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; NY St Dorm Auth Revs Non St Supported Debt White Plains Hosp <br> Obligated Grp, AG | 5.25% | 10/01/44 | 767602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8000000 | NY St Dorm Auth Sales Tax Rev Ref Grp 3, Ser E | 5.00% | 03/15/38 | 8217537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1925000 | NY St Dorm Auth St Personal Income Tax Rev Ref, Ser A | 3.00% | 03/15/42 | 1490900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; NY St Envrnmntl Facs Corp Sol Wst Disp Rev Var Ref Wst Mgmt <br> Inc Remk, AMT (Mandatory put 11/03/25) | 4.10% | 05/01/30 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4625000 | &nbsp;&nbsp;&nbsp; NY St Hsg Fin Agy Affordable Hsg Rev Var 320 W 38th St Hsg <br> Remk, Ser A (Mandatory put 11/01/31) | 3.57% | 05/01/42 | 4655373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195000 | NY St Thruway Auth Gen Rev Jr Indebtedness Obl Subord, Ser B | 4.00% | 01/01/45 | 171641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2225000 | NY St Thruway Auth Personal Income Tax Rev Ref Bidding Grp 3 | 5.00% | 03/15/40 | 2311531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4185000 | NY St Thruway Auth Personal Income Tax Rev Ref Bidding Grp 3 | 5.00% | 03/15/41 | 4308925 |
| &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 | 4.00% | 10/01/30 | 1227622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2720000 | &nbsp;&nbsp;&nbsp; NY St Transprtn Dev Corp Spl Fac Rev Delta Airls Inc LaGuardia <br> Arpt Terminals C&D Redev, AMT | 5.00% | 10/01/35 | 2753836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; NY St Transprtn Dev Corp Spl Fac Rev LaGuardia Arpt Terminal <br> C&D Redev Proj, AMT | 6.00% | 04/01/35 | 1083444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; NY St Transprtn Dev Corp Spl Fac Rev Sustainable Bond JFK Intl <br> Arpt New Terminal, AMT | 5.25% | 06/30/40 | 1015313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; NY St Transprtn Dev Corp Spl Fac Rev Sustainable Bond JFK Intl <br> Arpt New Terminal, AMT | 5.25% | 06/30/43 | 997254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1240000 | &nbsp;&nbsp;&nbsp; NY St Transprtn Dev Corp Spl Fac Rev Sustainable Bond JFK Intl <br> Arpt Terminal One Prj, AG, AMT | 5.50% | 06/30/42 | 1267300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; NY St Transprtn Dev Corp Spl Fac Rev Sustainable Bond JFK Intl <br> Arpt Terminal One Prj, AG, AMT | 5.50% | 06/30/43 | 508712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; NY St Transprtn Dev Corp Spl Fac Rev Sustainable Bond JFK Intl <br> Arpt Terminal One Prj, AG, AMT | 5.50% | 06/30/44 | 760235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2750000 | Port Auth of NY & NJ NY Ref, Ser 246, AMT | 5.00% | 09/01/44 | 2756303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | Rockland Cnty NY Sol Wst Mgmt Auth Animal Shelter Proj, Ser A | 6.25% | 12/15/49 | 1383310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | Suffolk Regl Off Track Betting Corp NY Rev | 5.75% | 12/01/44 | 4074182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | Syracuse Regl Arpt Auth NY Sr Arpt Rev Ref, AMT | 4.00% | 07/01/36 | 144370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2165000 | &nbsp;&nbsp;&nbsp; Util Debt Securitization Auth NY Ref Restructuring Bonds, <br>Ser TE-1 | 5.00% | 12/15/39 | 2325048 |

---

------

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

**Portfolio of Investments (Continued)**

**July 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)** |  |
| $675000 | &nbsp;&nbsp;&nbsp; Westchester Cnty NY Loc Dev Corp Rev Westchester Med Ctr <br> Oblig Grp Proj, AG | 5.75% | 11/01/48 | $715968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Westchester Cnty NY Loc Dev Corp Rev Westchester Med Ctr <br> Oblig Grp Proj, AG | 5.75% | 11/01/49 | 528817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000 | Yonkers NY, Ser F, BAM | 5.00% | 11/15/40 | 892107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Yonkers NY, Ser F, BAM | 5.00% | 11/15/41 | 519255 |
|  |  |  |  | 125231586 |
|  | **North Carolina — 0.7%** | **North Carolina — 0.7%** | **North Carolina — 0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 890000 | Charlotte NC Arpt Rev Charlotte Douglas Intl Arpt, Ser B, AMT | 5.00% | 07/01/29 | 954782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 925000 | Charlotte NC Arpt Rev, Ser A | 5.00% | 07/01/42 | 960878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Charlotte NC Arpt Rev, Ser B, AMT | 5.00% | 07/01/40 | 509719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; NC St Med Care Commn Hlth Care Facs Rev Ref Duke Univ Hlth <br> Sys, Ser A | 5.00% | 06/01/38 | 1347787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375000 | NC St Med Care Commn Hosp Rev Caromont Hlth, Ser A | 5.00% | 02/01/32 | 408396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | NC St Med Care Commn Retmnt Facs Rev Carolina Meadows | 5.25% | 12/01/44 | 3948231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; NC St Med Care Commn Retmnt Facs Rev Pennybyrn at Maryfield <br> Proj, Ser A | 5.00% | 10/01/45 | 446936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; NC St Med Care Commn Retmnt Facs Rev United Methodist <br> Retmnt Homes Proj, Ser A | 5.00% | 10/01/39 | 761252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; NC St Med Care Commn Retmnt Facs Rev United Methodist <br> Retmnt Homes, Ser 2024 B-1 | 4.25% | 10/01/28 | 250140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Raleigh Durham NC Arpt Auth Arpt Rev Ref, Ser A, AMT | 5.00% | 05/01/35 | 1015761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2450000 | Wake Cnty NC Ltd Oblig | 4.00% | 03/01/38 | 2428099 |
|  |  |  |  | 13031981 |
|  | **Ohio — 2.9%** | **Ohio — 2.9%** | **Ohio — 2.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | Bedford OH City Sch Dist, BAM | 5.50% | 12/01/40 | 1314598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1325000 | Bedford OH City Sch Dist, BAM | 5.50% | 12/01/41 | 1382999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Brunswick OH City Sch Dist, BAM | 5.25% | 12/01/53 | 1014919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | Buckeye OH Tobacco Stlmt Fing Auth Ref Sr, Class 1, Ser A-2 | 4.00% | 06/01/37 | 1645757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Buckeye OH Tobacco Stlmt Fing Auth Ref Sr, Class 1, Ser A-2 | 4.00% | 06/01/48 | 1616917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1875000 | Buckeye OH Tobacco Stlmt Fing Auth Ref Sr, Class 2, Ser B-2 | 5.00% | 06/01/55 | 1525184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp; Butler Cnty OH Port Auth Econ Dev Lease Rev Ref Cmnty First <br> Solutions Oblg Grp Proj, Ser A | 4.00% | 05/15/46 | 292692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; Columbus OH Regl Arpt Auth Rev Ref John Glenn Columbus Intl <br> Arpt, Ser A, AMT | 5.00% | 01/01/39 | 3073915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; Columbus OH Regl Arpt Auth Rev Ref John Glenn Columbus Intl <br> Arpt, Ser A, AMT | 5.25% | 01/01/42 | 771085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; Columbus OH Regl Arpt Auth Rev Ref John Glenn Columbus Intl <br> Arpt, Ser A, AMT | 5.25% | 01/01/43 | 663847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | Columbus OH, Ser A | 3.00% | 07/01/27 | 5000146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 895000 | Ehove OH Jt Vocational Sch Dist | 5.50% | 12/01/39 | 960490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp; Hamilton Cnty OH Hosp Facs Rev Ref Trihealth Inc Oblig Grp <br> Proj, Ser A | 5.00% | 08/15/31 | 336290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Hamilton Cnty OH Hosp Facs Rev Ref Trihealth Inc Oblig Grp <br> Proj, Ser A | 5.00% | 08/15/32 | 269486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp; Hamilton Cnty OH Hosp Facs Rev Ref Trihealth Inc Oblig Grp <br> Proj, Ser A | 5.00% | 08/15/33 | 406957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Hamilton Cnty OH Hosp Facs Rev UC Hlth | 4.00% | 09/15/50 | 770705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Hamilton Cnty OH Hosp Facs Rev Var Ref Trihealth Inc Obligated <br> Grp Proj Remk, Ser B (c) | 2.80% | 08/15/51 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2860000 | Kings OH Loc Sch Dist | 5.25% | 12/01/49 | 2896573 |

---

------

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

**Portfolio of Investments (Continued)**

**July 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)** |
|  | **Ohio (Continued)** | **Ohio (Continued)** | **Ohio (Continued)** |  |
| $960000 | &nbsp;&nbsp;&nbsp; Miami Cnty OH Hosp Facs Rev Ref & Impt Kettering Hlth <br> Network Oblig Grp | 5.00% | 08/01/32 | $1000370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360000 | Montgomery Cnty OH Hlth Care Facs Rev Ref Solvita Proj | 5.25% | 09/01/42 | 369569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | Montgomery Cnty OH Hlth Care Facs Rev Ref Solvita Proj | 5.25% | 09/01/43 | 408575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | Montgomery Cnty OH Hlth Care Facs Rev Ref Solvita Proj | 5.25% | 09/01/44 | 406401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Montgomery Cnty OH Hlth Care Facs Rev Ref Solvita Proj | 5.25% | 09/01/49 | 495167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; Montgomery Cnty OH Hosp Rev Ref Kettering Hlth Network Oblig <br> Grp Proj | 4.00% | 08/01/37 | 379621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1375000 | &nbsp;&nbsp;&nbsp; Montgomery Cnty OH Hosp Rev Ref Kettering Hlth Network Oblig <br> Grp Proj | 4.00% | 08/01/41 | 1240274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; OH St Air Quality Dev Auth American Elec Pwr Co Proj Remk, Ser <br> A (Mandatory put 10/01/29) | 2.40% | 12/01/38 | 2369963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; OH St Air Quality Dev Auth OH Vly Electric Corp Proj Remk, Ser <br> B, AMT (Mandatory put 10/01/29) | 2.60% | 06/01/41 | 2855741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2225000 | OH St Air Quality Dev Auth Ref OH Vly Elec Corp Proj, Ser A | 3.25% | 09/01/29 | 2193719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; OH St Air Quality Dev Auth Var Ref Duke Energy Corp Proj, <br>Ser A, AMT (Mandatory put 06/01/27) | 4.25% | 11/01/39 | 1014583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; OH St Air Quality Dev Auth Var Ref Duke Energy Corp Proj, Ser <br> B (Mandatory put 06/01/27) | 4.00% | 09/01/30 | 2028902 |
| &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 | 454434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | OH St Hgr Eductnl Fac Commn Ref Univ of Dayton 2025 Proj | 5.00% | 02/01/41 | 1353223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325000 | OH St Hosp Rev Ref, Ser A | 5.00% | 01/15/35 | 340471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | OH St Hosp Rev Ref, Ser A | 4.00% | 01/15/38 | 470545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | OH St Wtr Dev Auth Rev Sustainable Bond, Ser A | 5.00% | 12/01/39 | 740713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2275000 | OH St, Ser A | 5.00% | 02/01/34 | 2294967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp; Port of Gtr Cincinnati Dev Auth OH Rev Subord Ref Duke Energy <br> Convention Ctr Proj, Ser B | 5.00% | 12/01/42 | 590584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 685000 | &nbsp;&nbsp;&nbsp; Port of Gtr Cincinnati Dev Auth OH Rev Subord Ref Duke Energy <br> Convention Ctr Proj, Ser B | 5.00% | 12/01/43 | 693325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Univ of Cincinnati OH Recpts, Ser A | 5.25% | 06/01/49 | 2048790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1075000 | &nbsp;&nbsp;&nbsp; Warren Cnty OH Hlth Care Facs Rev Ref Otterbein Homes <br> Obligated Grp | 5.00% | 07/01/35 | 1146007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Warren Cnty OH Hlth Care Facs Rev Ref Otterbein Homes <br> Obligated Grp | 5.00% | 07/01/42 | 993912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1950000 | &nbsp;&nbsp;&nbsp; Warren Cnty OH Hosp Facs Rev Ref Cmnty First Solutions <br> Obligated Grp, Ser A | 5.00% | 05/15/44 | 1869512 |
|  |  |  |  | 53701928 |
|  | **Oklahoma — 0.5%** | **Oklahoma — 0.5%** | **Oklahoma — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 335000 | Catoosa OK Indl Auth Sales Tax Rev | 4.50% | 10/01/32 | 325250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3900000 | OK St Dev Fin Auth Sr OK Proton Ctr, Ser A1 (e) | 7.25% | 09/01/51 | 3692571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | OK St Turnpike Auth Sr Bonds, Ser A | 5.25% | 01/01/46 | 1562809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2305000 | &nbsp;&nbsp;&nbsp; Oklahoma Cnty OK Fin Auth Eductnl Facs Lease Rev Midwest <br> City Del City Pub Schs Proj, BAM | 5.00% | 10/01/43 | 2367375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Tulsa Cnty OK Indl Auth Sr Living Cmnty Rev Ref Montereau Inc <br> Proj | 5.00% | 11/15/25 | 1001145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Tulsa Cnty OK Indl Auth Sr Living Cmnty Rev Ref Montereau Inc <br> Proj | 5.00% | 11/15/26 | 251910 |
|  |  |  |  | 9201060 |
|  | **Oregon — 0.8%** | **Oregon — 0.8%** | **Oregon — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | Astoria OR Hosp Facs Auth Columbia Memorial Hosp Proj | 5.25% | 08/01/40 | 773727 |

---

------

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

**Portfolio of Investments (Continued)**

**July 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)** |
|  | **Oregon (Continued)** | **Oregon (Continued)** | **Oregon (Continued)** |  |
| $750000 | Astoria OR Hosp Facs Auth Columbia Memorial Hosp Proj | 5.25% | 08/01/44 | $740440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Clackamas Cnty OR Hosp Fac Auth Rev Ref Rose Villa Proj, Ser A | 5.25% | 11/15/50 | 445701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp; Clackamas Cnty OR Hosp Fac Auth Rev Ref Sr Living Willamette <br> View Proj, Ser A | 4.00% | 05/15/26 | 169746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Clackamas Cnty OR Hosp Fac Auth Rev Ref Sr Living Willamette <br> View Proj, Ser A | 5.00% | 11/15/32 | 252367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | Medford OR Hosp Facs Auth Rev Ref Asante Proj, Ser A | 5.00% | 08/15/34 | 1321890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1820000 | OR St Ref Article XI-G Proj, Ser G | 5.00% | 08/01/44 | 1887030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1890000 | Port of Portland OR Arpt Rev Portland Intl Arpt, Ser 25B, AMT | 5.00% | 07/01/29 | 2027571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Port of Portland OR Arpt Rev Portland Intl Arpt, Ser 25B, AMT | 5.00% | 07/01/38 | 1014501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4950000 | Tri Cnty Met Transprtn Dist OR Rev, Ser A, GARVEE | 5.00% | 10/01/32 | 5182560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Union Cnty OR Hosp Fac Auth Grande Ronde Hosp | 5.00% | 07/01/47 | 947949 |
|  |  |  |  | 14763482 |
|  | **Pennsylvania — 5.2%** | **Pennsylvania — 5.2%** | **Pennsylvania — 5.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2245000 | &nbsp;&nbsp;&nbsp; Adams Cnty PA Gen Auth Rev Ref The Brethren Home Cmnty <br> Proj, Ser A | 5.00% | 06/01/44 | 2135950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Allegheny Cnty PA Arpt Auth Arpt Rev Pittsburgh Arpt, Ser A, <br> AG, AMT | 5.50% | 01/01/42 | 1571137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2300000 | &nbsp;&nbsp;&nbsp; Allegheny Cnty PA Arpt Auth Arpt Rev Pittsburgh Arpt, Ser A, <br> AG, AMT | 5.50% | 01/01/43 | 2395956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Allegheny Cnty PA Hosp Dev Auth Ref Allegheny Hlth Network <br> Obligated Grp Issue, Ser A | 5.00% | 04/01/32 | 1554784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3050000 | &nbsp;&nbsp;&nbsp; Allegheny Cnty PA Hosp Dev Auth Ref Univ Pittsburgh Med <br> Ctr, Ser A | 4.00% | 07/15/35 | 2980795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2180000 | &nbsp;&nbsp;&nbsp; Allegheny Cnty PA Hosp Dev Auth Ref Univ Pittsburgh Med <br> Ctr, Ser A | 4.00% | 07/15/36 | 2104359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Armstrong PA Sch Dist Ref, Ser A, BAM | 4.00% | 03/15/37 | 493721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp; Berks Cnty PA Indl Dev Auth Hlthcare Facs Rev Ref Highlands at <br> Wyomissing, Ser A | 5.00% | 05/15/32 | 466399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp; Bucks Cnty PA Indl Dev Auth Hosp Rev St Luke's Univ Hlth <br> Network Proj | 4.00% | 08/15/44 | 902339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1185000 | Bucks Cnty PA Indl Dev Auth Ref Pennswood Vlg Proj, Ser A | 5.00% | 10/01/32 | 1205674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415000 | Bucks Cnty PA Indl Dev Auth Ref Pennswood Vlg Proj, Ser A | 5.00% | 10/01/33 | 421085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Chester Cnty PA Indl Dev Auth Nts Avon Grove Chrt Sch | 5.00% | 03/01/27 | 2026849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Cmwlth Fing Auth PA Tobacco Master Stlmt Payment Rev Bonds, <br> AG | 4.00% | 06/01/39 | 1869556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Colonial PA Sch Dist, Ser A | 5.00% | 02/15/34 | 300266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Cumberland Cnty PA Muni Auth Ref Diakon Lutheran Social <br> Ministries | 5.00% | 01/01/33 | 1000259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1075000 | Cumberland Cnty PA Muni Auth Ref Messiah Vlg Proj | 5.00% | 07/01/28 | 1084640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; Cumberland Cnty PA Muni Auth Unrefunded Ref Diakon Lutheran <br> Ministries Proj | 5.00% | 01/01/30 | 100030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp; Cumberland Cnty PA Muni Auth Unrefunded Ref Diakon Lutheran <br> Ministries Proj | 5.00% | 01/01/38 | 230707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Dubois PA Hosp Auth Penn Highlands Hlthcare | 5.00% | 07/15/32 | 100066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115000 | Dubois PA Hosp Auth Penn Highlands Hlthcare | 5.00% | 07/15/33 | 113656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1810000 | Geisinger PA Auth Hlth Sys Rev Ref Geisinger Hlth Sys, Ser A-1 | 4.00% | 02/15/47 | 1520746 |
| &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 | 1039461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | Lancaster Cnty PA Hosp Auth Penn St Hlth | 5.00% | 11/01/38 | 1125995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1735000 | Lancaster Cnty PA Hosp Auth Penn St Hlth | 5.00% | 11/01/40 | 1765101 |

---

------

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

**Portfolio of Investments (Continued)**

**July 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)** |  |
| $1500000 | &nbsp;&nbsp;&nbsp; Lancaster PA Muni Auth Hlthcare Facs Rev Ref Luthercare <br> Proj, Ser A | 5.00% | 12/01/45 | $1423504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 | Latrobe PA Indl Dev Auth Univ Rev Ref Seton Hill Univ | 4.00% | 03/01/46 | 419106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2415000 | Latrobe PA Indl Dev Auth Univ Rev Ref Seton Hill Univ | 4.00% | 03/01/51 | 1770672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Lehigh Cnty PA Indl Dev Auth Ref Ppl Elec Util Corp Proj <br> Remk, Ser A | 3.00% | 09/01/29 | 1006132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Maxatawny Twp PA Muni Auth Rev Diakon Lutheran Social <br> Ministries Proj, Ser A | 5.00% | 01/01/41 | 479732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 | Mifflinburg PA Area Sch Dist Ref, Ser A | 4.00% | 06/15/36 | 552238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4750000 | &nbsp;&nbsp;&nbsp; Montgomery Cnty PA Indl Dev Auth Exempt Facs Rev Var <br> Constellation Energy Generation LLC Proj Ref, Ser A <br> (Mandatory put 04/03/28) | 4.10% | 04/01/53 | 4825982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1015000 | &nbsp;&nbsp;&nbsp; Montgomery Cnty PA Indl Dev Auth Ref Acts Retmnt Life Cmntys <br> In Obligated Grp, Ser A | 5.00% | 11/15/42 | 997291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp; Montgomery Cnty PA Indl Dev Auth Ref Meadowood Sr Living <br> Proj, Ser A | 5.00% | 12/01/26 | 487841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Montgomery Cnty PA Indl Dev Auth Ref Waverly Heights Ltd Proj | 4.00% | 12/01/33 | 98245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 285000 | Montgomery Cnty PA Indl Dev Auth Ref Waverly Heights Ltd Proj | 4.00% | 12/01/34 | 276629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 580000 | Montgomery Cnty PA Indl Dev Auth Ref Waverly Heights Ltd Proj | 5.00% | 12/01/44 | 551145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140000 | Northampton Cnty PA Gen Purp Auth Clg Rev Ref Moravian Clg | 5.00% | 10/01/25 | 140243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | PA St Econ Dev Fing Auth Rev PA Bridges Finco LP P3 Proj | 5.00% | 12/31/34 | 2008104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; PA St Econ Dev Fing Auth Rev Ref Presbyterian Sr Living Prj, <br>Ser B-2 | 5.00% | 07/01/42 | 1472604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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) (d) | 5.45% | 01/01/51 | 507935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; PA St Econ Dev Fing Auth Solid Wst Disposal Rev Var Wst Mgmt <br> Inc Proj, Ser A, AMT (Mandatory put 09/02/25) | 3.95% | 06/01/49 | 1250074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; PA St Econ Dev Fing Auth T/E Priv Activity Rev The Penndot <br> Major Bridges Package One Proj P3 Proj, AMT | 5.25% | 06/30/35 | 2115895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5835000 | &nbsp;&nbsp;&nbsp; PA St Econ Dev Fing Auth T/E Priv Activity Rev The Penndot <br> Major Bridges Package One Proj P3 Proj, AMT | 5.25% | 06/30/36 | 6097892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp; PA St Econ Dev Fing Auth T/E Priv Activity Rev The Penndot <br> Major Bridges Package One Proj P3 Proj, AMT | 5.50% | 06/30/37 | 220615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2630000 | &nbsp;&nbsp;&nbsp; PA St Econ Dev Fing Auth UPMC Rev Ref UPMC Obligated <br> Grp, Ser B | 5.00% | 03/15/41 | 2677692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | PA St Hsg Fin Agy Sf Mtge Rev Non Ace, Ser 125B, AMT | 3.65% | 10/01/42 | 2177037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 880000 | PA St Hsg Fin Agy Sf Mtge Rev Non Ace, Ser 125B, AMT | 3.70% | 10/01/47 | 719662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | PA St Turnpike Commn Turnpike Rev Ref Subord, First Ser | 5.00% | 12/01/38 | 797745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900000 | PA St Turnpike Commn Turnpike Rev Ref Subord, Ser 2017-3 | 5.00% | 12/01/40 | 906333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | PA St Turnpike Commn Turnpike Rev Ref, Ser B | 5.25% | 12/01/41 | 1056488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 545000 | PA St Turnpike Commn Turnpike Rev Ref, Ser B | 5.25% | 12/01/42 | 570702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2875000 | PA St Turnpike Commn Turnpike Rev Sub, Ser A, BAM | 5.00% | 12/01/44 | 2906670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4500000 | PA St Turnpike Commn Turnpike Rev Subord, Ser A | 4.00% | 12/01/45 | 3878010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2420000 | PA St Turnpike Commn Turnpike Rev, Ser B | 5.00% | 12/01/40 | 2424516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | Philadelphia PA Arpt Rev Ref Priv Activity, AG, AMT | 4.00% | 07/01/38 | 1134891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | Philadelphia PA Arpt Rev Ref, Ser B, AMT | 5.00% | 07/01/29 | 4127818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 620000 | &nbsp;&nbsp;&nbsp; Philadelphia PA Auth for Indl Dev Chrt Sch Rev Mast Chrt Sch <br> Proj | 5.00% | 08/01/40 | 608302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2425000 | &nbsp;&nbsp;&nbsp; Philadelphia PA Auth for Indl Dev Chrt Sch Rev Philadelphia E&T <br> Chrt High Sch, Ser A | 4.00% | 06/01/41 | 2023851 |

---

------

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

**Portfolio of Investments (Continued)**

**July 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)** |  |
| $1000000 | &nbsp;&nbsp;&nbsp; Philadelphia PA Energy Auth Sustainable Bonds Philadelphia Street <br> Lighting Proj, Ser A | 5.00% | 11/01/41 | $1032611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Philadelphia PA Energy Auth Sustainable Bonds Philadelphia Street <br> Lighting Proj, Ser A | 5.00% | 11/01/42 | 1030853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2415000 | &nbsp;&nbsp;&nbsp; Philadelphia PA Gas Wks Rev 1998 General Ordinance <br> Seventeenth, Ser A | 5.00% | 08/01/44 | 2455625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290000 | Philadelphia PA Gas Wks Rev Ref | 5.00% | 08/01/25 | 290000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1760000 | Philadelphia PA Sch Dist Sustainable Bond, Ser B | 5.00% | 09/01/35 | 1914511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Philadelphia PA, Ser A | 4.00% | 05/01/41 | 1818770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | S Estrn PA Transprtn Auth Asset Impt Progr | 5.25% | 06/01/40 | 2118263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3650000 | S Estrn PA Transprtn Auth Asset Impt Progr | 5.25% | 06/01/41 | 3847197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235000 | S Wayne Cnty PA Wtr & Swr Auth Wtr & Swr Rev Ref, BAM | 4.00% | 02/15/36 | 236342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp; W Cornwall Twp PA Muni Auth Ref Lebanon Vly Brethren Home <br> Proj, Ser A | 4.00% | 11/15/29 | 134379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp; W Cornwall Twp PA Muni Auth Ref Lebanon Vly Brethren Home <br> Proj, Ser A | 4.00% | 11/15/36 | 199745 |
|  |  |  |  | 96299423 |
|  | **Puerto Rico — 0.9%** | **Puerto Rico — 0.9%** | **Puerto Rico — 0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | Puerto Rico Cmwlth Restructured, Ser A1 | 4.00% | 07/01/33 | 4878964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 307000 | &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Fing Corp Sales Tax Rev Restructured, <br>Ser A-1, CABS | (f) | 07/01/27 | 287720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8258000 | &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Fing Corp Sales Tax Rev Restructured, <br>Ser A-1 | 4.50% | 07/01/34 | 8257585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Fing Corp Sales Tax Rev Restructured, <br>Ser A-2 | 4.33% | 07/01/40 | 3257768 |
|  |  |  |  | 16682037 |
|  | **Rhode Island — 0.4%** | **Rhode Island — 0.4%** | **Rhode Island — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1275000 | &nbsp;&nbsp;&nbsp; Providence RI Pub Bldgs Auth Rev Capital Impt Prog Proj, Ser A, <br> AG | 5.25% | 09/15/42 | 1336462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Providence RI Pub Bldgs Auth Rev Capital Impt Prog Proj, Ser A, <br> AG | 5.25% | 09/15/43 | 1040801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230000 | Providence RI Pub Bldgs Auth Rev, Ser B, AG | 5.00% | 06/15/35 | 238182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2975000 | &nbsp;&nbsp;&nbsp; RI St Hlth & Eductnl Bldg Corp Pub Schs Rev City of Cranston <br> Issue, Ser D, AG | 5.50% | 05/15/49 | 3109981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1125000 | &nbsp;&nbsp;&nbsp; RI St Hlth & Eductnl Bldg Corp Rev Ref Hosp Fing Lifespan Oblig <br> Grp | 5.00% | 05/15/29 | 1136654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1460000 | &nbsp;&nbsp;&nbsp; RI St Hlth & Eductnl Bldg Corp Rev Ref Hosp Fing Lifespan Oblig <br> Grp | 5.00% | 05/15/32 | 1463326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp; RI St Hlth & Eductnl Bldg Corp Rev Ref Hosp Fing Lifespan Oblig <br> Grp | 5.00% | 05/15/39 | 34051 |
|  |  |  |  | 8359457 |
|  | **South Carolina — 1.9%** | **South Carolina — 1.9%** | **South Carolina — 1.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2250000 | Berkeley Cnty SC Assmnt Rev Nexton Impt Dist | 4.25% | 11/01/40 | 1988180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 760000 | Charleston Cnty SC Arpt Dist Arpt Sys Rev, Ser A, AMT | 5.25% | 07/01/41 | 787907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 955000 | Charleston Cnty SC Arpt Dist Arpt Sys Rev, Ser A, AMT | 5.25% | 07/01/42 | 981401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Charleston Cnty SC Arpt Dist Arpt Sys Rev, Ser A, AMT | 5.25% | 07/01/43 | 1021122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3775000 | Clemson SC Univ Univ Revs, Ser A | 5.00% | 05/01/50 | 3861540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 685000 | &nbsp;&nbsp;&nbsp; Lancaster Cnty SC Assmnt Rev Ref Walnut Creek Impt Dist, <br>Ser A-1 | 5.00% | 12/01/26 | 685544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Lancaster Cnty SC Assmnt Rev Ref Walnut Creek Impt Dist, <br>Ser A-1 | 5.00% | 12/01/31 | 1000287 |

---

------

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

**Portfolio of Investments (Continued)**

**July 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)** |  |
| $1500000 | &nbsp;&nbsp;&nbsp; SC Jobs Econ Dev Auth Envrnmntl Impt Rev Var Intl Paper Co <br> Proj, Ser A, AMT (Mandatory put 04/01/26) | 4.00% | 04/01/33 | $1504888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; SC St Jobs Econ Dev Auth Econ Dev Rev Ref The Woodlands at <br> Furman | 5.25% | 11/15/47 | 928461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; SC St Jobs Econ Dev Auth Econ Dev Rev Woodlands at Furman <br> Proj, Ser A | 5.00% | 11/15/54 | 948291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; SC St Jobs Econ Dev Auth Hlth Facs Rev Novant Hlth Oblig <br> Grp, Ser A | 5.25% | 11/01/41 | 1042582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1475000 | &nbsp;&nbsp;&nbsp; SC St Jobs Econ Dev Auth Hlth Facs Rev Novant Hlth Oblig <br> Grp, Ser A | 5.25% | 11/01/43 | 1516312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5250000 | &nbsp;&nbsp;&nbsp; SC St Jobs Econ Dev Auth Hlth Facs Rev Novant Hlth Oblig <br> Grp, Ser A | 5.50% | 11/01/46 | 5454419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; SC St Jobs Econ Dev Auth Hlthcare Rev Beaufort Memorial Hosp <br> & South of Broad Hlthcare Proj | 5.00% | 11/15/35 | 357020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; SC St Jobs Econ Dev Auth Hlthcare Rev Beaufort Memorial Hosp <br> & South of Broad Hlthcare Proj | 5.25% | 11/15/39 | 820110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; SC St Jobs Econ Dev Auth Hosp Facs Rev Bon Secours Mercy Hlth <br> Inc, Ser A | 5.25% | 11/01/42 | 365307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; SC St Jobs Econ Dev Auth Hosp Facs Rev Bon Secours Mercy Hlth <br> Inc, Ser A | 5.25% | 11/01/43 | 1036656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | SC St Pub Svc Auth Rev Ref Santee Cooper, Ser B | 5.00% | 12/01/41 | 1036185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2375000 | SC St Pub Svc Auth Rev Ref Santee Cooper, Ser C, AG | 5.50% | 12/01/39 | 2564312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | SC St Pub Svc Auth Rev Ref Santee Cooper, Ser C, AG | 5.50% | 12/01/40 | 2149134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1995000 | SC St Pub Svc Auth Rev Ref Santee Cooper, Ser C, AG | 5.50% | 12/01/42 | 2111464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | SC St Pub Svc Auth Rev, Ser A | 5.00% | 12/01/40 | 1048029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1125000 | SC St Pub Svc Auth Rev, Ser A | 5.00% | 12/01/42 | 1150941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | SC St Pub Svc Auth Rev, Ser A | 5.00% | 12/01/43 | 1014411 |
|  |  |  |  | 35374503 |
|  | **South Dakota — 0.0%** | **South Dakota — 0.0%** | **South Dakota — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105000 | SD St Hlth & Eductnl Facs Auth Ref Sanford Oblig Grp | 5.00% | 11/01/35 | 105226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; SD St Hlth & Eductnl Facs Auth Ref Westhills Vlg Retmnt Cmnty <br> Issue | 3.00% | 09/01/28 | 196444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 640000 | &nbsp;&nbsp;&nbsp; SD St Hlth & Eductnl Facs Auth Ref Westhills Vlg Retmnt Cmnty <br> Issue | 3.00% | 09/01/32 | 594728 |
|  |  |  |  | 896398 |
|  | **Tennessee — 1.6%** | **Tennessee — 1.6%** | **Tennessee — 1.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3035000 | Chattanooga TN Hlth Eductnl & Hsg Fac Brd Ref Erlanger Hlth | 5.25% | 12/01/42 | 3119596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4175000 | Chattanooga TN Hlth Eductnl & Hsg Fac Brd Ref Erlanger Hlth | 5.25% | 12/01/49 | 4176114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Chattanooga TN Hlth Eductnl & Hsg Fac Brd Rev Ref <br> Commonspirit Hlth, Ser A-1 | 5.00% | 08/01/34 | 259719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; Chattanooga TN Hlth Eductnl & Hsg Fac Brd Rev Ref <br> Commonspirit Hlth, Ser A-1 | 4.00% | 08/01/37 | 189810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5590000 | &nbsp;&nbsp;&nbsp; Chattanooga TN Hlth Eductnl & Hsg Fac Brd Rev Ref <br> Commonspirit Hlth, Ser A-2 | 5.00% | 08/01/44 | 5477245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Cleveland TN Hlth & Eductnl Facs Brd Rev Hamilton Hlth Care <br> Sys Inc Proj, Ser A | 5.00% | 08/15/43 | 1526532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; Cleveland TN Hlth & Eductnl Facs Brd Rev Hamilton Hlth Care <br> Sys Inc Proj, Ser A | 5.00% | 08/15/49 | 2941602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 595000 | &nbsp;&nbsp;&nbsp; Hamilton Cnty & Chattanooga Sports Auth TN Pub Fac Rev <br> Stadium Proj, Ser A | 5.50% | 12/01/43 | 646353 |

---

------

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

**Portfolio of Investments (Continued)**

**July 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)** |
|  | **Tennessee (Continued)** | **Tennessee (Continued)** | **Tennessee (Continued)** |  |
| $790000 | &nbsp;&nbsp;&nbsp; Hamilton Cnty & Chattanooga Sports Auth TN Pub Fac Rev <br> Stadium Proj, Ser A | 5.50% | 12/01/44 | $853508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 745000 | &nbsp;&nbsp;&nbsp; Hamilton Cnty & Chattanooga Sports Auth TN Pub Fac Rev <br> Stadium Proj, Ser A | 5.50% | 12/01/45 | 801395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Hamilton Cnty & Chattanooga Sports Auth TN Pub Fac Rev <br> Stadium Proj, Ser A | 5.75% | 12/01/50 | 1081413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; Knox Cnty TN Hlth Eductnl & Hsg Fac Brd Stdt Hsg Rev Univ of <br> TN Proj, Ser A-1, BAM | 5.00% | 07/01/43 | 553785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 930000 | &nbsp;&nbsp;&nbsp; Met Govt Nashville & Davidson Cnty TN Hlth & Eductnl Fac Brd <br> Belmont Univ | 5.00% | 05/01/42 | 937481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Met Govt Nashville & Davidson Cnty TN Hlth & Eductnl Fac Brd <br> Belmont Univ | 5.25% | 05/01/48 | 1002277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1385000 | &nbsp;&nbsp;&nbsp; Met Govt Nashville & Davidson Cnty TN Hlth & Eductnl Fac Brd <br> Ref Lipscomb Univ Proj, Ser A | 5.00% | 10/01/29 | 1408804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270000 | Met Knoxville TN Arpt Auth Arpt Rev, Ser A | 5.00% | 06/01/43 | 275324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525000 | Met Knoxville TN Arpt Auth Arpt Rev, Ser A | 5.00% | 06/01/44 | 532538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | Met Nashville TN Arpt Auth Arpt Rev, Ser B, AMT | 5.25% | 07/01/35 | 645383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | Met Nashville TN Arpt Auth Arpt Rev, Ser B, AMT | 5.50% | 07/01/38 | 800544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; TN St Energy Acq Corp Gas Rev Var Ref Gas Proj, Ser A-1 <br> (Mandatory put 05/01/28) | 5.00% | 05/01/53 | 2061229 |
|  |  |  |  | 29290652 |
|  | **Texas — 11.2%** | **Texas — 11.2%** | **Texas — 11.2%** |  |
| &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 | 770840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Arlington TX Hsg Fin Corp Mf Hsg Rev Var 6900 Matlok Road <br> (Mandatory put 04/01/27) | 4.50% | 04/01/41 | 2020187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Aubrey TX Spl Assmnt Ref Jackson Ridge Pub Impt Dt Phase #1 & <br> #2 Assmnts, BAM | 5.00% | 09/01/40 | 1028317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1305000 | Austin TX Arpt Sys Rev, AMT | 5.00% | 11/15/30 | 1409310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | Austin TX Arpt Sys Rev, AMT | 5.00% | 11/15/35 | 368757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1390000 | Austin TX Arpt Sys Rev, AMT | 5.00% | 11/15/40 | 1410031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3150000 | Austin TX Arpt Sys Rev, Ser B, AMT | 5.00% | 11/15/37 | 3210776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1860000 | Barbers Hill TX Indep Sch Dist Sch Bldg | 5.00% | 02/15/39 | 1887069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | Bexar Cnty TX Ctfs Oblig | 5.00% | 06/15/42 | 4161148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 555000 | Bexar Cnty TX Hosp Dist Ref | 3.00% | 02/15/35 | 503105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 910000 | Bexar Cnty TX Rev Ref Tax Exempt Venue Proj | 4.00% | 08/15/38 | 894798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2145000 | Canton TX Indep Sch Dist (g) | 5.25% | 02/15/41 | 2276908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Celina TX Spl Assmnt Rev Ref Sutton Fields II Pub Impt Dt <br> Neighborhood Proj, BAM | 5.00% | 09/01/37 | 1038109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Celina TX Spl Assmnt Rev Ref Sutton Fields II Pub Impt Dt <br> Neighborhood Proj, BAM | 5.00% | 09/01/40 | 1015299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Celina TX Spl Assmnt Rev Ref Sutton Fields II Pub Impt Dt <br> Neighborhood Proj, BAM | 5.00% | 09/01/45 | 971933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 808000 | &nbsp;&nbsp;&nbsp; Celina TX Spl Assmnt Rev Ref The Lakes at Mustang Ranch Pub <br> Impt Dt Major Impt Area, AG | 5.00% | 09/01/39 | 836959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 445000 | Centrl TX Regl Mobility Auth Rev, Ser B | 5.00% | 01/01/39 | 461569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 640000 | Centrl TX Regl Mobility Auth Rev, Ser B | 4.00% | 01/01/41 | 593914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1050000 | Cmnty TX Indep Sch Dist, Ser B | 5.25% | 02/15/40 | 1101104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415000 | Corpus Christi TX Util Sys Rev Junior Lien, Ser B | 5.00% | 07/15/35 | 448824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Cypress-Fairbanks TX Indep Sch Dist | 5.00% | 02/15/43 | 2060358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | Dallas Fort Worth TX Intl Arpt Rev Ref, Ser B | 5.00% | 11/01/41 | 2599219 |

---

------

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

**Portfolio of Investments (Continued)**

**July 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)** |  |
| $490000 | Dallas TX Hotel Occupancy Tax Rev Ref | 4.00% | 08/15/37 | $460930 |
| &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 (d) | 5.38% | 12/31/45 | 876617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 825000 | Flower Mound TX Ctfs Oblig | 3.00% | 03/01/37 | 737011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 707000 | &nbsp;&nbsp;&nbsp; Fort Worth TX Spl Assmnt Rev Walsh Ranch / Quail Vly Impt <br> Area #1-3 Proj, BAM | 5.00% | 09/01/30 | 763578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Fort Worth TX Spl Assmnt Rev Walsh Ranch / Quail Vly Impt <br> Area #1-3 Proj, BAM | 5.00% | 09/01/44 | 1013411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 560000 | Fort Worth TX Spl Tax Rev Convention Ctr Venue Proj | 5.50% | 03/01/42 | 590969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000 | Fort Worth TX Spl Tax Rev Convention Ctr Venue Proj | 5.50% | 03/01/43 | 888366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505000 | Gainesville TX Ctfs Oblig | 5.00% | 02/15/36 | 539941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 535000 | Gainesville TX Ctfs Oblig | 5.00% | 02/15/37 | 568561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1170000 | Galveston Cnty TX Muni Util Dist #54 Ref | 2.50% | 12/01/31 | 1071111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2240000 | Garland TX Wtr & Swr Rev Ref | 5.00% | 03/01/38 | 2363135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Harris Cnty Houston TX Sports Auth Rev Ref Sr Lien, Ser A, AG | 5.00% | 11/15/38 | 2120654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Harris Cnty TX Cultural Edu Facs Fin Corp Rev Ref Memorial <br> Hermann Hlth Sys, Ser B | 5.00% | 07/01/39 | 525907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Harris Cnty TX Toll Road Rev Ref, Ser A | 3.00% | 08/15/37 | 1759667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Hidalgo Cnty TX Ctfs Oblig | 3.00% | 08/15/41 | 785044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000 | Hidalgo Cnty TX Ctfs Oblig | 5.25% | 08/15/42 | 879951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2310000 | Houston TX Arpt Sys Rev Ref Subord Lien, Ser A, AG, AMT | 5.00% | 07/01/37 | 2402605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3540000 | Houston TX Arpt Sys Rev Ref Subord Lien, Ser A, AG, AMT | 5.25% | 07/01/42 | 3617177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275000 | Houston TX Arpt Sys Rev Ref Subord Lien, Ser A, AG, AMT | 5.25% | 07/01/48 | 275563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1770000 | &nbsp;&nbsp;&nbsp; Houston TX Arpt Sys Rev Ref United Airls Inc Terminal E <br> Proj, Ser A, AMT | 5.00% | 07/01/27 | 1777239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp; Houston TX Arpt Sys Rev Ref United Airls Inc Terminal Impt <br> Proj, Ser B-2, AMT | 5.00% | 07/15/27 | 2761491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Houston TX Arpt Sys Rev Sub, Ser A, AMT | 4.00% | 07/01/38 | 1891485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1180000 | Houston TX Arpt Sys Rev Sub, Ser A, AMT | 4.00% | 07/01/38 | 1115976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Houston TX Arpt Sys Rev Sub, Ser A, AMT | 4.00% | 07/01/40 | 228798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; Houston TX Arpt Sys Rev United Airls Inc Terminal E Proj, Ser A, <br> AMT | 4.00% | 07/01/41 | 644566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Houston TX Arpt Sys Rev United Airls Inc Terminal Impt Proj, <br>Ser B-1, AMT | 4.00% | 07/15/41 | 1718434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 675000 | &nbsp;&nbsp;&nbsp; Justin TX Spl Assmnt Rev Timberbrook Pub Imp Dt #1 Imp Area <br> #2 Proj (d) | 3.38% | 09/01/41 | 527982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Krum TX Indep Sch Dist (g) | 5.25% | 08/15/41 | 1064770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Kyle TX Spl Assmnt Rev 6 Creeks Pub Impt Dist Impt Area #1 (d) | 4.63% | 09/01/39 | 474163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140000 | La Vernia TX Hgr Edu Fin Corp Edu Rev Meridian World Sch (d) | 4.35% | 08/15/25 | 140086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp; La Vernia TX Hgr Edu Fin Corp Edu Rev Meridian World Sch, Ser <br> A (d) | 4.20% | 08/15/25 | 140078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1290000 | &nbsp;&nbsp;&nbsp; Leander TX Spl Assmnt Rev Crystal Springs Pub Impt Dist Proj <br> Accd Inv (d) | 5.13% | 09/01/38 | 1270824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3795000 | Liberty Hill TX Indep Sch Dist Ref, Ser A | 5.00% | 02/01/36 | 4100741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330000 | Lindsay TX Indep Sch Dist | 5.00% | 02/15/40 | 347881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; Lower CO River TX Auth Trans Contract Rev Ref LCRA Trans <br> Svcs Corp Proj | 5.00% | 05/15/37 | 405454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Lower CO River TX Auth Trans Contract Rev Ref LCRA Trans <br> Svcs Corp Proj | 5.00% | 05/15/42 | 1541389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1190000 | &nbsp;&nbsp;&nbsp; Lower CO River TX Auth Trans Contract Rev Ref LCRA Trans <br> Svcs Corp Proj | 5.00% | 05/15/43 | 1215081 |

---

------

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

**Portfolio of Investments (Continued)**

**July 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)** |  |
| $2375000 | &nbsp;&nbsp;&nbsp; Lower CO River TX Auth Trans Contract Rev Ref LCRA Trans <br> Svcs Corp Proj | 5.00% | 05/15/45 | $2402276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; Lowry Crossing TX Spl Assmnt Rev Simpson Road Pub Impt Dist <br> Proj (d) | 4.75% | 09/15/35 | 551528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2635000 | Lubbock TX Elec Light & Pwr Sys | 4.00% | 04/15/41 | 2404723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 370000 | Mission TX Ctfs Oblig, AG | 5.00% | 02/15/30 | 386090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Mission TX Econ Dev Corp Sol Wst Disp Rev Var Ref Wst Mgmt <br> Inc Proj Remk, Ser B, AMT (Mandatory put 09/01/25) | 3.95% | 07/01/40 | 1000059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1570000 | N Fort Bend TX Wtr Auth Wtr Sys Rev Ref, BAM | 3.00% | 12/15/35 | 1429772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2003000 | &nbsp;&nbsp;&nbsp; N Parkway Muni Mgmt Dist #1 TX Spl Assmnt Rev Major Impts <br> Proj (d) | 4.75% | 09/15/41 | 1834246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | N TX St Muni Wtr Dist Wtr Sys Rev Ref | 5.00% | 09/01/41 | 1836950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | N TX St Muni Wtr Dist Wtr Sys Rev Ref | 5.00% | 09/01/42 | 1039835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | N TX Tollway Auth Rev Ref 2nd Tier, Ser B | 5.00% | 01/01/32 | 1227555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | N TX Tollway Auth Rev Ref First Tier Bonds, Ser A | 5.25% | 01/01/38 | 1068863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5950000 | N TX Tollway Auth Rev Ref First Tier Bonds, Ser A | 4.00% | 01/02/38 | 5863298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; New Hope Cultural Edu Facs Fin Corp TX Edu Rev Ref Jubilee <br> Acad Ctr (d) | 4.00% | 08/15/36 | 909204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1085000 | &nbsp;&nbsp;&nbsp; New Hope Cultural Edu Facs Fin Corp TX Hosp Rev Ref Childrens <br> Hlth Sys of TX Proj, Ser A | 4.00% | 08/15/37 | 1016502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1415000 | &nbsp;&nbsp;&nbsp; New Hope Cultural Edu Facs Fin Corp TX Retmnt Fac Rev Ref <br> Longhorn Vlg Proj | 5.00% | 01/01/31 | 1431525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; New Hope Cultural Edu Facs Fin Corp TX Retmnt Fac Rev Ref <br> Longhorn Vlg Proj | 5.00% | 01/01/32 | 1211738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1410000 | &nbsp;&nbsp;&nbsp; New Hope Cultural Edu Facs Fin Corp TX Retmnt Fac Rev Ref <br> Westminster Proj | 5.00% | 11/01/40 | 1416952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505000 | Newark Hgr Edu Fin Corp TX Edu Rev Hughen Ctr Inc Proj, Ser A | 5.00% | 08/15/32 | 556646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Newark Hgr Edu Fin Corp TX Edu Rev Hughen Ctr Inc Proj, Ser A | 5.00% | 08/15/37 | 531925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1550000 | Northside TX Indep Sch Dist Ref, Ser A | 4.00% | 08/15/33 | 1555567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | Pecos Barstow Toyah TX Indep Sch Dist | 5.00% | 02/15/39 | 2512405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | Pecos Barstow Toyah TX Indep Sch Dist | 5.00% | 02/15/40 | 3514212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1675000 | Pflugerville TX Ctfs Oblig | 5.00% | 08/01/39 | 1775331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1770000 | Pflugerville TX Ctfs Oblig | 5.00% | 08/01/40 | 1859977 |
| &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 (d) | 6.38% | 09/15/55 | 502974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Princeton TX Indep Sch Dist (g) | 5.00% | 02/15/41 | 1040609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1012000 | &nbsp;&nbsp;&nbsp; Princeton TX Spl Assmnt Rev Winchester Pub Impr Dist #2 <br> Proj (d) | 5.13% | 09/01/42 | 962495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Quinlan TX Indep Sch Dist | 5.25% | 08/15/41 | 1062925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Quinlan TX Indep Sch Dist | 5.25% | 08/15/42 | 1054418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Quinlan TX Indep Sch Dist | 5.25% | 08/15/43 | 1048270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 515000 | Robinson TX Ctfs Oblig | 5.00% | 08/15/36 | 553572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 595000 | Robinson TX Ctfs Oblig | 5.00% | 08/15/39 | 622268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425000 | Robinson TX Ctfs Oblig | 5.00% | 08/15/40 | 442148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 915000 | Round Rock TX Ctfs Oblig | 5.00% | 08/15/42 | 946344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5185000 | Round Rock TX Indep Sch Dist Ref Sch Bldg | 3.00% | 08/01/37 | 4552251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1120000 | San Antonio TX Elec & Gas Rev Ref, Ser B | 5.25% | 02/01/49 | 1153899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4710000 | &nbsp;&nbsp;&nbsp; Tarrant Cnty TX Cultural Edu Facs Fin Corp Hosp Rev Methodist <br> Hosp of Dallas Proj | 4.00% | 10/01/41 | 4334770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp; Tarrant Cnty TX Cultural Edu Facs Fin Corp Hosp Rev Ref Baylor <br> Scott & White Hlth Proj, Ser A | 4.00% | 11/15/34 | 2200922 |

---

------

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

**Portfolio of Investments (Continued)**

**July 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)** |  |
| $6500000 | &nbsp;&nbsp;&nbsp; Tarrant Cnty TX Cultural Edu Facs Fin Corp Hosp Rev Ref Cook <br> Childrens Med Ctr | 5.25% | 12/01/49 | $6669616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; Tarrant Cnty TX Cultural Edu Facs Fin Corp Hosp Rev Var Baylor <br> Scott & White Hlth Proj, Ser F (Mandatory put 11/15/30) | 5.00% | 11/15/52 | 811420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 690000 | &nbsp;&nbsp;&nbsp; Tarrant Cnty TX Cultural Edu Facs Fin Corp Rev Ref Trinity <br> Terrace Proj | 5.00% | 10/01/40 | 695723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1075000 | &nbsp;&nbsp;&nbsp; Tarrant Cnty TX Cultural Edu Facs Fin Corp Rev Ref Trinity <br> Terrace Proj | 5.00% | 10/01/44 | 1035424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Tarrant Cnty TX Hosp Dist | 5.25% | 08/15/37 | 1611905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Tarrant Cnty TX Hosp Dist | 5.25% | 08/15/39 | 528612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1835000 | &nbsp;&nbsp;&nbsp; Tarrant Cnty TX Hsg Fin Corp Var Nts Wildwood Branch <br> (Mandatory put 02/01/28) | 3.60% | 02/01/43 | 1852955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Temple TX JNR Clg Dist | 3.00% | 07/01/39 | 815369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1180000 | Travis Cnty TX | 4.00% | 03/01/41 | 1116565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; TX St Dept of Hsg & Cmnty Affairs Mf Hsg Rev Var Nts Aspen <br> Park (Mandatory put 03/01/26) | 5.00% | 03/01/41 | 1003971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; TX St Muni Gas Acq & Sply Corp IV, Ser A (Mandatory put <br> 01/01/30) | 5.50% | 01/01/54 | 4258335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | TX St Muni Gas Acq & Sply Corp IV, Ser B | 5.50% | 01/01/32 | 1642679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | TX St Muni Gas Acq & Sply Corp IV, Ser B | 5.50% | 01/01/34 | 1098567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8505000 | &nbsp;&nbsp;&nbsp; TX St Muni Gas Acq & Sply Corp IV, Ser B (Mandatory put <br> 01/01/34) | 5.50% | 01/01/54 | 9241570 |
| &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 | 5.38% | 06/30/37 | 1822728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1795000 | &nbsp;&nbsp;&nbsp; TX St Priv Activity Bond Surface Transprtn Corp Rev Ref Sr Lien <br> Bond Surface Transprtn Corp, AMT | 5.50% | 06/30/41 | 1832121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; TX St Priv Activity Bond Surface Transprtn Corp Rev Ref Sr N <br> Tarrant Express Managed Lanes Proj, Ser A | 5.00% | 12/31/34 | 5217197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2450000 | &nbsp;&nbsp;&nbsp; TX St Priv Activity Bond Surface Transprtn Corp Rev Ref Sr N <br> Tarrant Express Managed Lanes Proj, Ser A | 5.00% | 12/31/36 | 2528541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; TX St Transprtn Commn Central TX Turnpike Sys Rev Ref Second <br> Tier, Ser C | 5.00% | 08/15/36 | 2170275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1410000 | &nbsp;&nbsp;&nbsp; TX St Transprtn Commn Central TX Turnpike Sys Rev Ref Second <br> Tier, Ser C | 5.00% | 08/15/38 | 1494392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; TX St Transprtn Commn Central TX Turnpike Sys Rev Ref Second <br> Tier, Ser C | 5.00% | 08/15/40 | 519802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; TX St Transprtn Commn Central TX Turnpike Sys Rev Ref Second <br> Tier, Ser C | 5.00% | 08/15/42 | 255585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | TX St Univ Sys Fing Rev Ref | 5.00% | 03/15/43 | 1026282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 785000 | TX St Wtr Dev Brd St Wtr Implementation Fund, Ser A | 5.00% | 04/15/30 | 820451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | TX Wtr Dev Brd St Wtr Implementation Rev Fund Master Trust | 4.70% | 10/15/41 | 5067476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; TX Wtr Dev Brd St Wtr Implementation Rev Fund Master <br> Trust, Ser A | 5.00% | 10/15/49 | 1512966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | TX Wtr Dev Brd St Wtr Implementation Rev Fund, Ser A | 4.88% | 10/15/48 | 2998794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1195000 | Tyler TX Wtr & Swr Sys Rev | 5.00% | 09/01/38 | 1273743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | Univ of Houston TX Univ Revs Ref, Ser A | 5.00% | 02/15/26 | 152077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4105000 | Univ of N TX Univ Rev Ref, Ser A | 5.00% | 04/15/38 | 4155009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | Univ of TX TX Permanent Univ Fnd Ref, Ser B | 5.00% | 07/01/44 | 1748243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1560000 | Uptown Dev Auth TX Incr Contract Rev, Ser A | 5.00% | 09/01/36 | 1564004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Vidor TX Indep Sch Dist | 5.00% | 02/15/42 | 1542212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1605000 | W Harris Cnty TX Regl Wtr Auth Wtr Sys Rev Ref, BAM | 3.00% | 12/15/36 | 1415972 |

---

------

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

**Portfolio of Investments (Continued)**

**July 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)** |  |
| $1290000 | Walnut Creek Spl Util Dist TX Wtr Sys Rev, AG | 4.38% | 01/10/40 | $1268630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1350000 | Walnut Creek Spl Util Dist TX Wtr Sys Rev, AG | 4.50% | 01/10/41 | 1329201 |
|  |  |  |  | 208588626 |
|  | **Utah — 1.2%** | **Utah — 1.2%** | **Utah — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4400000 | Black Desert Pub Infra Dist Sr Bonds, Ser A (d) | 4.00% | 03/01/51 | 3403663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Downtown Revitalization Pub Infra Dist UT Sales First Lien Seg <br> Redev Proj, Ser A, AG | 5.25% | 06/01/41 | 1064006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1650000 | &nbsp;&nbsp;&nbsp; Downtown Revitalization Pub Infra Dist UT Sales First Lien Seg <br> Redev Proj, Ser A, AG | 5.25% | 06/01/42 | 1740206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Downtown Revitalization Pub Infra Dist UT Sales First Lien Seg <br> Redev Proj, Ser A, AG | 5.25% | 06/01/43 | 1047763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Firefly Pub Infra Dist #1 UT Spl Assmnt Firefly Assmnt Area <br> #1, Ser A-2 (d) | 5.63% | 12/01/43 | 1940489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | Intermountain Pwr Agy UT Pwr Sply Rev Ref, Ser A | 5.00% | 07/01/40 | 3075022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1110000 | Mida Cormont Pub Infra Dist UT, Ser A-1 (d) | 6.25% | 06/01/55 | 1132749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | Military Installation Dev Auth UT Tax Allocation Rev, Ser A-1 | 4.00% | 06/01/52 | 1348142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2750000 | Military Installation Dev Auth UT Tax Allocation Rev, Ser A-2 | 4.00% | 06/01/52 | 2121639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | Ogden City UT Muni Bldg Auth Lease Rev, Ser A | 5.00% | 01/15/43 | 719049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1050000 | Salt Lake City UT Arpt Rev, Ser A, AMT | 5.25% | 07/01/37 | 1111643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Salt Lake City UT Arpt Rev, Ser A, AMT | 5.25% | 07/01/42 | 1015248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | UT St Chrt Sch Fin Auth Chrt Sch Rev Ref Quest Acdmy | 5.00% | 04/15/32 | 403643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325000 | UT St Chrt Sch Fin Auth Chrt Sch Rev Ref Quest Acdmy | 5.00% | 04/15/37 | 326283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1590000 | &nbsp;&nbsp;&nbsp; UT St Chrt Sch Fin Auth Chrt Sch Rev Wallace Stegner Acdmy <br> Proj, Ser A (d) | 5.00% | 06/15/49 | 1338418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | UT St Telecommunication Open Infra Agy Sales Tax Ref | 5.25% | 06/01/33 | 841231 |
|  |  |  |  | 22629194 |
|  | **Vermont — 0.1%** | **Vermont — 0.1%** | **Vermont — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 585000 | VT St Econ Dev Auth Mtge Rev Ref Wake Robin Corp Proj, Ser A | 5.00% | 05/01/26 | 587342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; VT St Econ Dev Auth Solid Wst Disp Rev Var Casella Wst Sys Inc <br> Remk, AMT (Mandatory put 04/03/28) (d) | 4.63% | 04/01/36 | 2006168 |
|  |  |  |  | 2593510 |
|  | **Virginia — 2.0%** | **Virginia — 2.0%** | **Virginia — 2.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; Gloucester Cnty VA Indl Dev Auth Sol Wst Disp Rev Var Wst <br> Mgmt Svsc Remk, Ser A, AMT (Mandatory put 07/01/27) | 4.25% | 09/01/38 | 3013437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5335000 | Isle of Wight Cnty VA Econ Dev Auth Riverside Hlth Sys, AG | 5.25% | 07/01/43 | 5478544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 510000 | Loudoun Cnty VA Econ Dev Auth Pub Fac Rev Ref, Ser A | 3.00% | 12/01/35 | 458560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4590000 | Loudoun Cnty VA, Ser A | 4.00% | 12/01/41 | 4421716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | VA Clg Bldg Auth Eductnl Facs Rev Ref Regent Univ Proj | 4.00% | 06/01/36 | 191233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | VA Clg Bldg Auth Eductnl Facs Rev Ref Regent Univ Proj | 4.00% | 06/01/46 | 289364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1790000 | &nbsp;&nbsp;&nbsp; VA St Small Busn Fing Auth Hlthcare Facs Rev Ref Mary <br> Washington Hlthcare Obligated Grp, Ser A-1 | 5.00% | 06/15/38 | 1882071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1665000 | &nbsp;&nbsp;&nbsp; VA St Small Busn Fing Auth Hlthcare Facs Rev Ref Mary <br> Washington Hlthcare Obligated Grp, Ser A-1 | 5.00% | 06/15/39 | 1734884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4105000 | &nbsp;&nbsp;&nbsp; VA St Small Busn Fing Auth Rev Ref Sr Lien 95 Express <br> Lanes LLC Proj, AMT | 5.00% | 01/01/35 | 4248701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; VA St Small Busn Fing Auth Rev Ref Sr Lien 95 Express <br> Lanes LLC Proj, AMT | 5.00% | 07/01/38 | 2518971 |
| &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 | 754521 |

---

------

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

**Portfolio of Investments (Continued)**

**July 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)** |
|  | **Virginia (Continued)** | **Virginia (Continued)** | **Virginia (Continued)** |  |
| $2000000 | &nbsp;&nbsp;&nbsp; VA St Small Busn Fing Auth Rsdl Fac Care Rev Ref Lifespire of <br> VA, Ser A | 5.00% | 12/01/39 | $2037117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1570000 | &nbsp;&nbsp;&nbsp; Virginia Beach VA Dev Auth Rsdl Care Fac Rev Ref Westminster <br> Canterbury on Chesapeake Bay | 5.00% | 09/01/32 | 1596197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Virginia Beach VA Dev Auth Rsdl Care Fac Rev Ref Westminster <br> Canterbury on Chesapeake Bay | 5.00% | 09/01/35 | 1005303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp; Virginia Beach VA Dev Auth Rsdl Care Fac Rev Ref Westminster <br> Canterbury on Chesapeake Bay | 5.00% | 09/01/36 | 275524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1790000 | &nbsp;&nbsp;&nbsp; Virginia Beach VA Dev Auth Rsdl Care Fac Rev Westminster <br> Canterbury on Chesapeake Bay, Ser A | 6.50% | 09/01/43 | 1932310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Williamsburg VA Econ Dev Auth Stdt Hsg Rev William & Mary <br> Proj, Ser A, AG | 5.25% | 07/01/53 | 1028615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Winchester VA Econ Dev Auth Rev Ref Vly Hlth Sys, Ser A | 5.00% | 01/01/43 | 2020271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1185000 | &nbsp;&nbsp;&nbsp; Wstrn VA Regl Jail Auth Regl Jail Facs Rev Prerefunded Ref (Pre-<br> refunded maturity 12/01/26) | 5.00% | 12/01/34 | 1220700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1180000 | Wstrn VA Regl Jail Auth Regl Jail Facs Rev Unrefunded Ref | 5.00% | 12/01/34 | 1205512 |
|  |  |  |  | 37313551 |
|  | **Washington — 2.8%** | **Washington — 2.8%** | **Washington — 2.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1235000 | Benton Cnty WA Pub Util Dist #1 Ref | 4.00% | 11/01/36 | 1237209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 945000 | &nbsp;&nbsp;&nbsp; Centrl Puget Sound WA Regl Transit Auth Sales Tax & Mtr Ve <br> Sustainable Bond, Ser S-1 | 5.00% | 11/01/31 | 968115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 585000 | Pierce Cnty WA Sch Dist #403 Bethel | 5.00% | 12/01/36 | 610333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Port of Seattle WA Rev Intermediate Lien, Ser C, AMT | 5.00% | 05/01/30 | 2051024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2445000 | &nbsp;&nbsp;&nbsp; Port of Seattle WA Rev Ref Intermediate Lien Priv Activity, Ser C, <br> AMT | 5.00% | 08/01/33 | 2590657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; Port of Seattle WA Rev Ref Intermediate Lien Priv Activity, Ser C, <br> AMT | 5.00% | 08/01/39 | 5068745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1725000 | &nbsp;&nbsp;&nbsp; Port of Seattle WA Rev Ref Intermediate Lien Priv Activity, Ser C, <br> AMT | 5.00% | 08/01/46 | 1658998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1895000 | Port of Seattle WA Rev Ref Intermediate Lien, Ser B, AMT | 5.00% | 08/01/35 | 1989760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2315000 | Port of Seattle WA Rev Ref Intermediate Lien, Ser B, AMT | 5.00% | 08/01/37 | 2388638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Port of Seattle WA Rev Ref Intermediate Lien, Ser B, AMT | 5.00% | 08/01/39 | 2034953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2195000 | Seattle WA Muni Light & Pwr Rev Sustainable Bond, Ser A | 4.00% | 07/01/38 | 2143092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | Skagit Cnty WA Pub Hosp Dist #1 | 5.50% | 12/01/42 | 766855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Skagit Cnty WA Pub Hosp Dist #1 | 5.50% | 12/01/44 | 1014750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Snohomish Cnty WA Hsg Auth | 5.00% | 04/01/34 | 523309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3025000 | Spokane Cnty WA Arpt Rev, Ser B, AMT | 5.25% | 01/01/40 | 3126155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | WA St Bid Grp 2, Ser 2024-A | 5.00% | 08/01/41 | 5214169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; WA St Convention Ctr Pub Facs Dist for Exchange Pur Sustainable <br> Bond 1st Priority, Ser 2021-B | 4.00% | 07/01/58 | 763879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3240000 | &nbsp;&nbsp;&nbsp; WA St Convention Ctr Pub Facs Dist Sub For Exchange Pur <br> Sustainable Bond, Ser B | 4.00% | 07/01/58 | 2431893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | WA St Hlth Care Facs Auth Seattle Cancer Care Alliance (d) | 5.00% | 12/01/32 | 485061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1580000 | &nbsp;&nbsp;&nbsp; WA St Hsg Fin Commn Nonprofit Hsg Rev Ref Emerald Heights <br> Proj, Ser A | 5.00% | 07/01/38 | 1608646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp; WA St Hsg Fin Commn Nonprofit Rev Radford Court & Nordheim <br> Court Portfolio | 5.50% | 07/01/44 | 2143232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2340872 | WA St Hsg Fin Commn Sustainable Ctf, Ser A-1, Class A | 3.50% | 12/20/35 | 2200104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | WA St Ref, Ser D | 4.00% | 07/01/39 | 2939293 |

---

------

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

**Portfolio of Investments (Continued)**

**July 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)** |  |
| $4000000 | WA St, Ser A-1 | 5.00% | 08/01/37 | $4000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | WA St, Ser C | 5.00% | 02/01/41 | 2063337 |
|  |  |  |  | 52022207 |
|  | **West Virginia — 0.0%** | **West Virginia — 0.0%** | **West Virginia — 0.0%** |  |
| &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) (d) | 5.45% | 01/01/55 | 1016727 |
|  | **Wisconsin — 2.1%** | **Wisconsin — 2.1%** | **Wisconsin — 2.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1375000 | Pub Fin Auth WI Chrt Sch Rev Eno River Acdmy Proj, Ser A (d) | 5.00% | 06/15/54 | 1193954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Chrt Sch Rev Founders of Acdmy Las Vegas <br> Proj, Ser A (d) | 5.00% | 07/01/40 | 460772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 605000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Chrt Sch Rev Ltd American Prep Acdmy Las <br> Vegas Proj, Ser A (d) | 4.20% | 07/15/27 | 606009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Chrt Sch Rev Ltd American Prep Acdmy Las <br> Vegas Proj, Ser A (d) | 5.13% | 07/15/37 | 1242850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Edu Rev Coral Acdmy of Science Las Vegas, <br>Ser A | 4.00% | 07/01/51 | 2094571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 545000 | Pub Fin Auth WI Edu Rev Ref Mountain Island Chrt Sch Ltd | 4.00% | 07/01/27 | 545017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1730000 | Pub Fin Auth WI Edu Rev Ref Mountain Island Chrt Sch Ltd | 5.00% | 07/01/37 | 1723111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Pub Fin Auth WI Edu Rev Ref Mountain Island Chrt Sch Ltd | 5.00% | 07/01/52 | 1758955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | Pub Fin Auth WI Edu Rev Ref Triad Eductnl Svcs Inc | 5.25% | 06/15/45 | 1154532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1275000 | Pub Fin Auth WI Edu Rev Triad Eductnl Svcs Inc, Ser A | 4.00% | 06/15/41 | 1089968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 610000 | Pub Fin Auth WI Eductnl Rev Piedmont Cmnty Chrt Sch | 5.00% | 06/15/34 | 622578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Pub Fin Auth WI Exempt Facs Rev Ref Celanese Proj, Ser B, AMT | 5.00% | 12/01/25 | 1002000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Retmnt Cmntys Rev Acts Retmnt Life Cmntys Inc <br> Oblig Grp, Ser A | 4.00% | 11/15/37 | 1142514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Pub Fin Auth WI Retmnt Fac Rev Southminster (d) | 5.00% | 10/01/43 | 939907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2369000 | Pub Fin Auth WI Rev Anthem Freedom Proj, CABS (d) | (f) | 12/15/37 | 1176352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1125000 | Pub Fin Auth WI Rev Ref Kahala Nui Proj | 5.25% | 11/15/50 | 1111405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Pub Fin Auth WI Rev Sr Proton Intl AR LLC, Ser A (e) | 6.50% | 01/01/41 | 1094264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Rev Sustainable Fargo Moorhead Met Area Flood <br> Mgmnt, AMT | 4.00% | 03/31/56 | 1506699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | Pub Fin Auth WI Rev TX Biomedical Rsrch Institute Proj, Ser A | 4.00% | 06/01/37 | 552420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 535000 | Pub Fin Auth WI Rev TX Biomedical Rsrch Institute Proj, Ser A | 4.00% | 06/01/38 | 480233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1595000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Stdt Hsg Rev NC A&T Real Estate Fdtn LLC <br> Proj, Ser B | 5.00% | 06/01/39 | 1595783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | Pub Fin Auth WI Tax Incr Rev Miami Worldcenter Proj, Ser A (d) | 5.00% | 06/01/41 | 2921027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1675000 | &nbsp;&nbsp;&nbsp; Univ Hosps & Clinics Auth WI Var Ref Univ WI Hosp & Clinic <br> Oblig Grp, Ser B (c) | 2.70% | 04/01/48 | 1675000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 825000 | WI St Hlth & Eductnl Facs Auth Rev Aspirus Inc Obligated Grp | 5.00% | 08/15/41 | 855331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 840000 | WI St Hlth & Eductnl Facs Auth Rev Aspirus Inc Obligated Grp | 5.00% | 08/15/42 | 862432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 925000 | WI St Hlth & Eductnl Facs Auth Rev Aspirus Inc Obligated Grp | 5.00% | 08/15/43 | 943019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; WI St Hlth & Eductnl Facs Auth Rev Bellin Memorial Hosp <br> Inc, Ser A | 5.00% | 12/01/39 | 778042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1555000 | WI St Hlth & Eductnl Facs Auth Rev Fort Hlthcare Inc, Ser A | 5.00% | 10/01/36 | 1624469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; WI St Hlth & Eductnl Facs Auth Rev Marshfield Clinic Hlth Sys <br> Inc, Ser A | 5.25% | 02/15/35 | 2193603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; WI St Hlth & Eductnl Facs Auth Rev Marshfield Clinic Hlth Sys <br> Inc, Ser A | 5.25% | 02/15/36 | 2172531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1890000 | &nbsp;&nbsp;&nbsp; WI St Hlth & Eductnl Facs Auth Rev Var Fort Hlthcare Inc, Ser B <br> (Mandatory put 10/03/34) | 5.00% | 10/01/54 | 2018979 |
|  |  |  |  | 39138327 |

---

------

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

**Portfolio of Investments (Continued)**

**July 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)** |
|  | **Wyoming — 0.2%** | **Wyoming — 0.2%** | **Wyoming — 0.2%** |  |
| $1750000 | &nbsp;&nbsp;&nbsp; Consol Muni Elec Pwr Sys Wy Jt Pwrs Brd Sys Jt Pwrs Brd Ref <br> Electrical Sys Proj | 5.25% | 06/01/38 | $1874562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Consol Muni Elec Pwr Sys Wy Jt Pwrs Brd Sys Jt Pwrs Brd Ref <br> Electrical Sys Proj | 5.25% | 06/01/39 | 1064577 |
|  |  |  |  | 2939139 |
|  | **Total Investments — 99.1%** | **Total Investments — 99.1%** | **Total Investments — 99.1%** | 1845207695 |
|  | (Cost $1,886,810,862) | (Cost $1,886,810,862) | (Cost $1,886,810,862) |  |
|  | **Net Other Assets and Liabilities — 0.9%** | **Net Other Assets and Liabilities — 0.9%** | **Net Other Assets and Liabilities — 0.9%** | 16071978 |
|  | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1861279673 |

---

**Futures Contracts at July 31, 2025:**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts Short** | **Number of** <br>**Contracts**<br>| **Expiration** <br>**Date**<br>| **Notional** <br>**Value**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)/** <br>**Value**<br>|
| Ultra 10-Year U.S. Treasury Notes | 508 | Sep-2025 | &nbsp;&nbsp; $(57443688)<br>| &nbsp;&nbsp; $(341726)<br>|

---

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) This security, sold within the terms of a private placement memorandum, is exempt
 from registration upon resale under Rule 144A of the Securities Act of 1933, as amended (the "1933 Act"), and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Trust's Board of Trustees, this security has been determined to be liquid by the Advisor. Although market instability
 can result in periods of increased overall market illiquidity, liquidity for each security is determined based on security specific
 factors and assumptions, which require subjective judgment. At July 31, 2025, securities noted as such amounted to $92,268,077
 or 5.0% of net assets.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) When-issued security. The interest rate shown reflects the rate in effect at July
 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. |
| AMBAC | – American Municipal Bond Assurance Corp. |
| AMT | – Alternative Minimum Tax |
| BAM | – Build America Mutual |
| CABS | – Capital Appreciation Bonds |
| COPS | – Certificates of Participation |
| GARVEE | – Grant Anticipation Revenue Vehicle |
| NATL-RE | – National Public Finance Guarantee Corp. |
| RANS | – Revenue Anticipation Notes |

---

------

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

**Portfolio of Investments (Continued)**

**July 31, 2025 (Unaudited)**

------

**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 July 31, 2025 is as follows:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
|  | **Total** <br>**Value at** <br>**7/31/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Municipal Bonds\* | $1845207695 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1845207695 | &nbsp;&nbsp; $— |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** |
|  | **Total** <br>**Value at** <br>**7/31/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Futures Contracts | $(341726)<br>| &nbsp;&nbsp; $(341726)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

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

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

------

**Restricted Securities**

As of July 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> 10/14/21<br>| &nbsp;&nbsp; $3900000 | &nbsp;&nbsp; $94.68 | &nbsp;&nbsp; $4024579 | &nbsp;&nbsp; $3692571 | 0.20<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 - <br> 11/12/20<br>| &nbsp;&nbsp; 4250000 | 55.00 | &nbsp;&nbsp; 4260631 | &nbsp;&nbsp; 2337500 | 0.13 |
| &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Rev Sr Proton Intl <br> AR LLC, Ser A, 6.50%, 01/01/41<br>| 12/17/21 | &nbsp;&nbsp; 1500000 | 72.95 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1094264 | 0.06 |
|  |  |  |  | &nbsp;&nbsp; $9785210 | &nbsp;&nbsp; $7124335 | 0.39<br> %<br>|

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Wheaton

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60187

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

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

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

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

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

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1871361239.28

**Total Liabilities:** $10081566.63

**Net Assets:** $1861279672.65

**Delayed Delivery Securities:** $7159290.05

**Cash Not Reported:** $1835823.24

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1671.68932000 | **1-Year:** 43177.05944000 | **5-Year:** 264940.46270000 | **10-Year:** 978612.59990000 | **30-Year:** 38791.16393000

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

- **3-Month:** 188.05236000 | **1-Year:** 2570.13202000 | **5-Year:** 9825.05177000 | **10-Year:** 17076.41343000 | **30-Year:** 722.66048000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000138174 | -0.10%               | 0.63%                | -0.29%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-3525384.50             | $-4630197.94                               |
| Month 2  | $-1434434.08             | $8915099.05                                |
| Month 3  | $-2230516.17             | $-9308266.96                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| LEE CNTY FL LOCAL OPTIONAL GAS              | County of Lee FL Local Option Gas Tax Revenue                                    | CUSIP: 52349LDT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $308145.24    | 0.02%             | 2040-08-01      | Fixed         | 5.00%                 | 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        |   1200000 | PA      | $1211737.56   | 0.07%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH AL COOPE              | Southeast Energy Authority A Cooperative District                                | CUSIP: 84136GAK1<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4751351.10   | 0.26%             | 2054-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| DUBOIS PA HOSP AUTH                         | DuBois Hospital Authority                                                        | CUSIP: 263804BZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $113655.56    | 0.01%             | 2033-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VILLAMAR CDD FL SPL ASSMNT                  | Villamar Community Development District                                          | CUSIP: 92715KAV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $984181.20    | 0.05%             | 2044-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VOLUSIA CNTY FL EDUCTNL FAC AU              | Volusia County Educational Facility Authority                                    | CUSIP: 928836NV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1315000 | PA      | $1330322.64   | 0.07%             | 2042-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                 | City of Houston TX Airport System Revenue                                        | CUSIP: 442349GN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2310000 | PA      | $2402605.13   | 0.13%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV              | Colorado Health Facilities Authority                                             | CUSIP: 19648FJZ8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   4630000 | PA      | $4280502.14   | 0.23%             | 2039-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                  | Public Finance Authority                                                         | CUSIP: 74442PL78<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2369000 | PA      | $1176352.06   | 0.06%             | 2037-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| RIVER ISLANDS CA PUBLIC FING A              | River Islands Public Financing Authority                                         | CUSIP: 76827QEK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $494591.90    | 0.03%             | 2033-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TOLOMATO FL CDD                             | Tolomato Community Development District                                          | CUSIP: 889560ED6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $827890.88    | 0.04%             | 2028-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST DEPT OF TRANSPRTN               | State of Maryland Department of Transportation                                   | CUSIP: 57421FBS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $778335.38    | 0.04%             | 2041-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM              | North Carolina Medical Care Commission                                           | CUSIP: 65821DZQ7<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1347787.38   | 0.07%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IRVINE CA FACS FING AUTH LEASE              | Irvine Facilities Financing Authority                                            | CUSIP: 46360XAN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2009886.40   | 0.11%             | 2043-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HILLSBOROUGH CNTY FLA INDL DEV              | Hillsborough County Industrial Development Authority                             | CUSIP: 43233KAS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1537600.20   | 0.08%             | 2043-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LUBBOCK TX ELEC LIGHT & PWR SY              | City of Lubbock TX Electric Light & Power System Revenue                         | CUSIP: 549203XL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2635000 | PA      | $2404722.87   | 0.13%             | 2041-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                 | City of Houston TX Airport System Revenue                                        | CUSIP: 442349DZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1180000 | PA      | $1115976.15   | 0.06%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLUMBIA CNTY GA HOSP AUTH                  | Columbia County Hospital Authority/GA                                            | CUSIP: 197479AT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $267827.83    | 0.01%             | 2038-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EPPERSON N CDD FL CAPITAL IMPT              | Epperson North Community Development District                                    | CUSIP: 29429VAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    710000 | PA      | $726660.01    | 0.04%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                       | Chicago Board of Education                                                       | CUSIP: 167505ZD1<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    500000 | PA      | $517243.15    | 0.03%             | 2037-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH A              | Metropolitan Washington Airports Authority Aviation Revenue                      | CUSIP: 592647NS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1627839.30   | 0.09%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R              | Arizona Industrial Development Authority                                         | CUSIP: 04052BPS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $349250.40    | 0.02%             | 2051-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GA                        | Municipal Electric Authority of Georgia                                          | CUSIP: 62620HGH9<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    600000 | PA      | $633814.20    | 0.03%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST HSG CORP SF MTGE                | Kentucky Housing Corp                                                            | CUSIP: 491309HY9<br>LEI: 549300NTBUU903EKQ287 | Long             | DBT              | MUN               | US        |   1480000 | PA      | $1394635.82   | 0.07%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST DEPT OF TRANSPRTN               | State of Maryland Department of Transportation                                   | CUSIP: 57421FBT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $771472.58    | 0.04%             | 2042-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LA VERNIA TX HGR EDU FIN CORP               | La Vernia Higher Education Finance Corp                                          | CUSIP: 505237CE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $140078.27    | 0.01%             | 2025-08-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CO              | Mississippi Business Finance Corp                                                | CUSIP: 60527MAZ2<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   4400000 | PA      | $4400000.00   | 0.24%             | 2028-05-01      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R              | Massachusetts Development Finance Agency                                         | CUSIP: 57584YMF3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    160000 | PA      | $165543.81    | 0.01%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FL HLTH FACS AUTH               | Orange County Health Facilities Authority                                        | CUSIP: 68450LJM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1762331.55   | 0.09%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PECOS BARSTOW TOYAH TX INDEP S              | Pecos Barstow Toyah Independent School District                                  | CUSIP: 705227HQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3514211.75   | 0.19%             | 2040-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DALLAS TX HOTEL OCCUPANCY TAX               | City of Dallas TX Hotel Occupancy Tax Revenue                                    | CUSIP: 235286AR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $460930.31    | 0.02%             | 2037-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LINCOLN CNTY MO PUBLIC WTR SPL              | Public Water Supply District No 1 of Lincoln County                              | CUSIP: 533251CU6<br>LEI: 5493008HL67F5D5IG427 | Long             | DBT              | MUN               | US        |    415000 | PA      | $419083.06    | 0.02%             | 2031-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE              | Public Finance Authority                                                         | CUSIP: 74442EGU8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2094570.78   | 0.11%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DOUGLAS CNTY KS                             | County of Douglas KS                                                             | CUSIP: 259039M36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1185960.27   | 0.06%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                  | City of Chicago IL                                                               | CUSIP: 167486R35<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    560000 | PA      | $579131.00    | 0.03%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKELAND FL HOSP SYS REVENUE                | City of Lakeland FL                                                              | CUSIP: 511665KP5<br>LEI: XRPK4ZALF4437WO3JQ94 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010640.40   | 0.05%             | 2043-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST THRUWAY AUTH PERSO              | New York State Thruway Authority                                                 | CUSIP: 650028YS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2225000 | PA      | $2311530.70   | 0.12%             | 2040-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT               | Buckeye Tobacco Settlement Financing Authority                                   | CUSIP: 118217CX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1616916.60   | 0.09%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PRINCETON TX INDEP SCH DIST                 | Princeton Independent School District                                            | CUSIP: 742395YW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040609.10   | 0.06%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CARROLL CITY-CNTY GA HOSP AUTH              | Carroll City-County Hospital Authority                                           | CUSIP: 144709LV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1470350.42   | 0.08%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUFFALO RIDGE CO MET DIST                   | Buffalo Ridge Metropolitan District                                              | CUSIP: 119802AM8<br>LEI: 549300NCEVFYCC5JD730 | Long             | DBT              | MUN               | US        |    250000 | PA      | $257365.55    | 0.01%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROBINSON TX                                 | City of Robinson TX                                                              | CUSIP: 770825LZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    515000 | PA      | $553571.59    | 0.03%             | 2036-08-15      | Fixed         | 5.00%                 | 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        |   6000000 | PA      | $6000000.00   | 0.32%             | 2063-08-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL              | Colorado Educational & Cultural Facilities Authority                             | CUSIP: 19645RB34<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   2245000 | PA      | $2246380.23   | 0.12%             | 2035-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL               | Black Belt Energy Gas District                                                   | CUSIP: 09182TDB0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   4150000 | PA      | $4480425.91   | 0.24%             | 2054-10-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH CH              | California Municipal Finance Authority                                           | CUSIP: 13048DCP1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    500000 | PA      | $479334.80    | 0.03%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF CONNECTICUT CT                      | University of Connecticut                                                        | CUSIP: 914233Z20<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4149239.20   | 0.22%             | 2039-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DALLAS CENTER IA GRIMES CMNTY               | Dallas Center-Grimes Community School District                                   | CUSIP: 234554JG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1661422.40   | 0.09%             | 2039-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JACKSON CNTY MO CONSOL SCH DIS              | Jackson County Consolidated School District No 4                                 | CUSIP: 467484SG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1610000 | PA      | $1733746.37   | 0.09%             | 2043-03-01      | Fixed         | 5.75%                 | 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      | $440528.55    | 0.02%             | 2036-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ELK GROVE CA FIN AUTH SPL TAX               | Elk Grove Finance Authority                                                      | CUSIP: 287254HU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $994150.70    | 0.05%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DOWNTOWN REVITALIZATION PUBLIC              | Downtown Revitalization Public Infrastructure District                           | CUSIP: 26118TAT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047763.20   | 0.06%             | 2043-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BOLINGBROOK IL                              | Village of Bolingbrook IL                                                        | CUSIP: 097552UD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1210000 | PA      | $1112344.65   | 0.06%             | 2035-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF ILLINOIS IL REVENUES                | University of Illinois                                                           | CUSIP: 9143532P1<br>LEI: 549300VD8PPC4Q5HK850 | Long             | DBT              | MUN               | US        |   1295000 | PA      | $1119143.53   | 0.06%             | 2037-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH                | Ohio Air Quality Development Authority                                           | CUSIP: 677525WV5<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014582.60   | 0.05%             | 2039-11-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST TURNPIKE AUTH                   | Oklahoma Turnpike Authority                                                      | CUSIP: 679111E67<br>LEI: 549300J83EP2PBDYH615 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1562809.05   | 0.08%             | 2046-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES              | New York State Dormitory Authority                                               | CUSIP: 65000BNB0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $523394.50    | 0.03%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA              | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712JKL6<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2172530.80   | 0.12%             | 2036-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TEXAS ST TRANSPRTN COMMISSION               | Central Texas Turnpike System                                                    | CUSIP: 88283KCD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1494391.74   | 0.08%             | 2038-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOMEWOOD AL EDUCTNL BLDG AUTH               | Homewood Educational Building Authority                                          | CUSIP: 437887GE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $388874.68    | 0.02%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST                                     | State of Ohio                                                                    | CUSIP: 677522YL2<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   2275000 | PA      | $2294967.45   | 0.12%             | 2034-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEMPE AZ INDL DEV AUTH REVENUE              | Tempe Industrial Development Authority                                           | CUSIP: 87972MBR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $899292.00    | 0.05%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV              | Colorado Health Facilities Authority                                             | CUSIP: 19648FZH0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $986014.00    | 0.05%             | 2045-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL              | Maryland Health & Higher Educational Facilities Authority                        | CUSIP: 57421CHR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045951.30   | 0.06%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ADAMS CNTY CO SCH DIST #14                  | Adams County School District No 14                                               | CUSIP: 005662PE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $988275.02    | 0.05%             | 2038-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PFLUGERVILLE TX                             | City of Pflugerville TX                                                          | CUSIP: 717088DC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1775331.50   | 0.10%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUTNAM CNTY FL DEV AUTH                     | Putnam County Development Authority/FL                                           | CUSIP: 746507AU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2290000 | PA      | $2293040.43   | 0.12%             | 2042-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN              | Virginia Small Business Financing Authority                                      | CUSIP: 928105CF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1665000 | PA      | $1734883.71   | 0.09%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EDGEWATER EAST CDD FL SPL ASSM              | Edgewater East Community Development District                                    | CUSIP: 280286AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $108983.99    | 0.01%             | 2026-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                              | State of Connecticut                                                             | CUSIP: 20772KJB6<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |   5695000 | PA      | $5641219.27   | 0.30%             | 2038-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ENERGY FIN DEV CORP                | New York Energy Finance Development Corp                                         | CUSIP: 64947PAA4<br>LEI: 254900PRGXZMJ912RI65 | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1955738.06   | 0.11%             | 2056-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| WALNUT CREEK SPL UTIL DIST TX               | Walnut Creek Special Utility District                                            | CUSIP: 932716JZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1329201.36   | 0.07%             | 2041-01-10      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| QUINLAN TX INDEP SCH DIST                   | Quinlan Independent School District                                              | CUSIP: 748743MH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054417.60   | 0.06%             | 2042-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH CH              | California Municipal Finance Authority                                           | CUSIP: 130486AM5<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    445000 | PA      | $445032.26    | 0.02%             | 2034-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT AUTH IA TOB              | Iowa Tobacco Settlement Authority                                                | CUSIP: 888805CD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $279648.93    | 0.02%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MOBILE AL IMPT DIST SALES TAX               | Mobile Improvement District                                                      | CUSIP: 607155AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75000.00     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLES STEWART MOTT MI CMNTY               | Charles Stewart Mott Community College                                           | CUSIP: 15987EJQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1620000 | PA      | $1684094.81   | 0.09%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R              | Arizona Industrial Development Authority                                         | CUSIP: 04052BLQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $392803.52    | 0.02%             | 2030-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CREEKVIEW CDD FL SPL ASSMNT RE              | Creekview Community Development District                                         | CUSIP: 225514AA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $185316.39    | 0.01%             | 2027-05-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| W HARRIS CNTY TX REGL WTR AUTH              | West Harris County Regional Water Authority                                      | CUSIP: 95308RWQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1605000 | PA      | $1415971.61   | 0.08%             | 2036-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BEXAR CNTY TX                               | County of Bexar TX                                                               | CUSIP: 0882815L0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4161148.40   | 0.22%             | 2042-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DALLAS-FORT WORTH TX INTERNATI              | Dallas Fort Worth International Airport                                          | CUSIP: 23503CDB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2599219.00   | 0.14%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOMEWOOD AL EDUCTNL BLDG AUTH               | Homewood Educational Building Authority                                          | CUSIP: 437887GF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $912235.03    | 0.05%             | 2034-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BAR HARBOR ME                               | Town of Bar Harbor ME                                                            | CUSIP: 066878NN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2463118.80   | 0.13%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHATTANOOGA TN HLTH EDUCTNL &H              | Chattanooga Health Educational & Housing Facility Board                          | CUSIP: 162410EJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $189810.32    | 0.01%             | 2037-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP              | New York Transportation Development Corp                                         | CUSIP: 650116GN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1083443.90   | 0.06%             | 2035-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE NC ARPT REVENUE                   | City of Charlotte NC Airport Revenue                                             | CUSIP: 161036VJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    925000 | PA      | $960878.25    | 0.05%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA              | Main Street Natural Gas Inc                                                      | CUSIP: 56035DDX7<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |  14500000 | PA      | $14523098.50  | 0.78%             | 2052-09-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV              | Colorado Health Facilities Authority                                             | CUSIP: 19648FAY0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1245000 | PA      | $1248680.84   | 0.07%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY & CNTY CA C              | City & County of San Francisco CA Community Facilities District No 2016-1        | CUSIP: 79773JAM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $244947.57    | 0.01%             | 2032-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BERRY BAY CDD FL SPL ASSMNT RE              | Berry Bay Community Development District                                         | CUSIP: 08577CAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    955000 | PA      | $782348.99    | 0.04%             | 2041-05-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST HLTH & EDUCTNL              | Rhode Island Health and Educational Building Corp                                | CUSIP: 7621967Q0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2975000 | PA      | $3109980.81   | 0.17%             | 2049-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA              | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712JMP5<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    925000 | PA      | $943019.46    | 0.05%             | 2043-08-15      | Fixed         | 5.00%                 | 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        |   2000000 | PA      | $1694959.60   | 0.09%             | 2038-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                | Michigan Finance Authority                                                       | CUSIP: 59447TMM2<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    665000 | PA      | $633986.26    | 0.03%             | 2036-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WHITING IN ENVRNMNTL FACS REVE              | City of Whiting IN                                                               | CUSIP: 96634RAU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1520025.30   | 0.08%             | 2044-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI              | Pennsylvania Turnpike Commission                                                 | CUSIP: 709224KW8<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2420000 | PA      | $2424515.96   | 0.13%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV              | Colorado Health Facilities Authority                                             | CUSIP: 19648FYG3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1580000 | PA      | $1595247.47   | 0.09%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LINCOLNWOOD IL TAX INCREMENT A              | Village of Lincolnwood Il                                                        | CUSIP: 53509AAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1429286.10   | 0.08%             | 2041-01-01      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX HOSP DIST                   | Tarrant County Hospital District                                                 | CUSIP: 876387EX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $528611.80    | 0.03%             | 2039-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP              | New York Transportation Development Corp                                         | CUSIP: 650116CX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1227621.75   | 0.07%             | 2030-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHANDLER AZ INDL DEV AUTH INDL              | Chandler Industrial Development Authority                                        | CUSIP: 158862CB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2034765.00   | 0.11%             | 2052-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY-HOUSTON TX SPORTS               | Harris County-Houston Sports Authority                                           | CUSIP: 413890GW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2120653.60   | 0.11%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PROVIDENCE RI PUBLIC BLDGS AUT              | Providence Public Building Authority                                             | CUSIP: 74381MDL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040801.20   | 0.06%             | 2043-09-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BEDFORD OH CITY SCH DIST                    | Bedford City School District                                                     | CUSIP: 076365LR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1314597.88   | 0.07%             | 2040-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| THIRD CREEK MET DIST #1 CO                  | Third Creek Metropolitan District No 1                                           | CUSIP: 88423EAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $646378.10    | 0.03%             | 2042-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REVENUE                        | State of Ohio                                                                    | CUSIP: 67756CEC8<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    500000 | PA      | $470544.95    | 0.03%             | 2038-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT              | California Statewide Communities Development Authority                           | CUSIP: 13080SSH8<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $506754.00    | 0.03%             | 2032-11-01      | 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        |   3900000 | PA      | $3692570.70   | 0.20%             | 2051-09-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL               | New York City Transitional Finance Authority Building Aid Revenue                | CUSIP: 64972HU34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050563.10   | 0.06%             | 2034-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI              | Pennsylvania Turnpike Commission                                                 | CUSIP: 709224C98<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    900000 | PA      | $906332.94    | 0.05%             | 2040-12-01      | Fixed         | 5.00%                 | 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        |   1020000 | PA      | $994436.96    | 0.05%             | 2043-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY OH HLTH CARE F              | County of Montgomery OH                                                          | CUSIP: 613518DF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $408574.64    | 0.02%             | 2043-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH ACADEMIC               | Illinois Finance Authority                                                       | CUSIP: 452017AM8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    300000 | PA      | $308183.73    | 0.02%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BEDFORD OH CITY SCH DIST                    | Bedford City School District                                                     | CUSIP: 076365LS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1382998.70   | 0.07%             | 2041-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CHATTANOOGA TN HLTH EDUCTNL &H              | Chattanooga Health Educational & Housing Facility Board                          | CUSIP: 162410FE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5590000 | PA      | $5477244.67   | 0.29%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING               | Pennsylvania Economic Development Financing Authority                            | CUSIP: 70869PPF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1472604.45   | 0.08%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F              | Tarrant County Cultural Education Facilities Finance Corp                        | CUSIP: 87638QPL7<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2200922.46   | 0.12%             | 2034-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MSD WARREN TWP IN VISION 2005               | MSD Warren Township Vision 2005 School Building Corp/IN                          | CUSIP: 553543FW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1080000 | PA      | $974518.45    | 0.05%             | 2035-07-10      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                | Illinois Finance Authority                                                       | CUSIP: 45204EBT4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    845000 | PA      | $850143.26    | 0.05%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                  | Public Finance Authority                                                         | CUSIP: 74442PTG0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1506699.20   | 0.08%             | 2056-03-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LINCOLN CNTY MO PUBLIC WTR SPL              | Public Water Supply District No 1 of Lincoln County                              | CUSIP: 533251CT9<br>LEI: 5493008HL67F5D5IG427 | Long             | DBT              | MUN               | US        |    220000 | PA      | $222491.85    | 0.01%             | 2030-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PROVIDENCE RI PUBLIC BLDGS AUT              | Providence Public Building Authority                                             | CUSIP: 74381MBU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $238182.23    | 0.01%             | 2035-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                              | State of Connecticut                                                             | CUSIP: 20772KA58<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $553299.55    | 0.03%             | 2037-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER CNTY PA HOSP AUTH                 | Lancaster County Hospital Authority/PA                                           | CUSIP: 514045V91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1125994.87   | 0.06%             | 2038-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST ECON DEV FIN AUTH               | Kentucky Economic Development Finance Authority                                  | CUSIP: 49126KLD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2950000 | PA      | $2913781.67   | 0.16%             | 2046-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX HSG FIN CORP                | Tarrant County Housing Finance Corp                                              | CUSIP: 876394UP0<br>LEI: 54930055IA4O4ZTEN156 | Long             | DBT              | MUN               | US        |   1835000 | PA      | $1852955.29   | 0.10%             | 2043-02-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV              | Colorado Health Facilities Authority                                             | CUSIP: 19648FJC9<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   4215000 | PA      | $4063843.78   | 0.22%             | 2038-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| E BATON ROUGE PARISH LA SWR CO              | East Baton Rouge Sewerage Commission                                             | CUSIP: 270618FQ9<br>LEI: 5493006BC84VNIRSCG97 | Long             | DBT              | MUN               | US        |   6500000 | PA      | $5747369.55   | 0.31%             | 2045-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH NATIO              | Arizona Industrial Development Authority                                         | CUSIP: 04052FCS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3800000 | PA      | $3105352.78   | 0.17%             | 2046-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA BEACH VA DEV AUTH RSD              | Virginia Beach Development Authority                                             | CUSIP: 92774NAP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1570000 | PA      | $1596196.55   | 0.09%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KYLE TX SPL ASSMNT REVENUE                  | City of Kyle TX                                                                  | CUSIP: 50156CAC4<br>LEI: 549300K0SYODYQ0ANN48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $474163.35    | 0.03%             | 2039-09-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| MAXATAWNY TWP PA MUNI AUTH REV              | Maxatawny Township Municipal Authority                                           | CUSIP: 57778PAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $479731.70    | 0.03%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                  | Public Finance Authority                                                         | CUSIP: 74442PSV8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    535000 | PA      | $480232.64    | 0.03%             | 2038-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY OH HOSP REVENU              | County of Montgomery OH                                                          | CUSIP: 613520NB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $379620.64    | 0.02%             | 2037-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CENTRL PLAINS ENERGY PROJ NE G              | Central Plains Energy Project                                                    | CUSIP: 154871CW5<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3150245.40   | 0.17%             | 2054-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA GAS WKS REVENU              | Philadelphia Gas Works Co                                                        | CUSIP: 7178237H5<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |    290000 | PA      | $290000.00    | 0.02%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY & CHATTANOOGA SP              | Hamilton County & Chattanooga Sports Authority                                   | CUSIP: 407081AT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    790000 | PA      | $853508.34    | 0.05%             | 2044-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST                               | State of Washington                                                              | CUSIP: 93974EH58<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5214169.00   | 0.28%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL EDUCTNL FAC              | Miami-Dade County Educational Facilities Authority                               | CUSIP: 59333APP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1790000 | PA      | $1883048.68   | 0.10%             | 2041-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PUBLIC SVC A              | South Carolina Public Service Authority                                          | CUSIP: 837151R43<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   1995000 | PA      | $2111463.91   | 0.11%             | 2042-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AUBREY TX SPL ASSMNT                        | City of Aubrey TX                                                                | CUSIP: 050197BE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028316.60   | 0.06%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL               | Black Belt Energy Gas District                                                   | CUSIP: 09182NCT5<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3223031.40   | 0.17%             | 2053-12-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                 | City of New York NY                                                              | CUSIP: 64966QVS6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   6015000 | PA      | $6125063.67   | 0.33%             | 2042-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EL PASO CNTY CO SCH DIST #20                | El Paso County School District No 20 Academy                                     | CUSIP: 283461N80<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $395311.73    | 0.02%             | 2043-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST PORT AUTH                  | Massachusetts Port Authority                                                     | CUSIP: 575896UX1<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   1555000 | PA      | $1637516.85   | 0.09%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUCKS CNTY PA INDL DEV AUTH                 | Bucks County Industrial Development Authority                                    | CUSIP: 118612MT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1185000 | PA      | $1205674.10   | 0.06%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET               | Minneapolis-St Paul Metropolitan Airports Commission                             | CUSIP: 603827E93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $960962.34    | 0.05%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU              | Texas Private Activity Bond Surface Transportation Corp                          | CUSIP: 882667CK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1795000 | PA      | $1832120.60   | 0.10%             | 2041-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL               | New York City Transitional Finance Authority Future Tax Secured Revenue          | CUSIP: 64971XNF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9776682.00   | 0.53%             | 2037-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RIDGE AT APOPKA CDD FL SPL ASS              | Ridge at Apopka Community Development District                                   | CUSIP: 76571AAC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503174.65    | 0.03%             | 2042-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| S ESTRN PA TRANSPRTN AUTH                   | Southeastern Pennsylvania Transportation Authority                               | CUSIP: 842039FM6<br>LEI: 98450061A2F3FD36E493 | Long             | DBT              | MUN               | US        |   3650000 | PA      | $3847197.09   | 0.21%             | 2041-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA              | Chicago O'Hare International Airport                                             | CUSIP: 167593K84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3320000 | PA      | $3386947.14   | 0.18%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC              | Health & Educational Facilities Authority of the State of Missouri               | CUSIP: 60637ANU2<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    500000 | PA      | $515763.45    | 0.03%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SPOKANE CNTY WA ARPT REVENUE                | County of Spokane WA Airport Revenue                                             | CUSIP: 848661JP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3025000 | PA      | $3126154.49   | 0.17%             | 2040-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY OH HOSP FACS REV              | County of Hamilton OH                                                            | CUSIP: 4072722B8<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.11%             | 2051-08-15      | Variable      | 2.88%                 | No            |                  2 | On Loan: No      |
| EAST BATON ROUGE PARISH LA CAP              | Parish of East Baton Rouge Capital Improvements District                         | CUSIP: 270773BV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3690000 | PA      | $3736050.46   | 0.20%             | 2048-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY & CNTY CA R              | San Francisco City & County Redevelopment Agency Successor Agency                | CUSIP: 79770GEQ5<br>LEI: 5493001TPOZL3UK8DX25 | Long             | DBT              | MUN               | US        |    280000 | PA      | $283077.31    | 0.02%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CNTY CA REGL ARPT AU              | San Diego County Regional Airport Authority                                      | CUSIP: 79739GRA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1435000 | PA      | $1567107.25   | 0.08%             | 2035-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COCO PALMS FL CDD SPL ASSMNT                | Coco Palms Community Development District                                        | CUSIP: 191653AB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1490000 | PA      | $1500245.09   | 0.08%             | 2032-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST HSG DEV AUTH MF HS              | Illinois Housing Development Authority                                           | CUSIP: 45203LEM1<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   2170000 | PA      | $2191674.61   | 0.12%             | 2027-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| COLUMBIA CNTY GA HOSP AUTH                  | Columbia County Hospital Authority/GA                                            | CUSIP: 197479AS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $270121.13    | 0.01%             | 2037-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH CO              | California Municipal Finance Authority                                           | CUSIP: 130493CJ6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1062158.00   | 0.06%             | 2035-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE                  | Port of Seattle WA                                                               | CUSIP: 735389P93<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   2445000 | PA      | $2590657.21   | 0.14%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA HOSP DEV AUT              | Allegheny County Hospital Development Authority                                  | CUSIP: 01728A4X1<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |   2180000 | PA      | $2104359.01   | 0.11%             | 2036-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| STAMFORD CT HSG AUTH                        | Stamford Housing Authority                                                       | CUSIP: 852640AH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1766308.95   | 0.09%             | 2040-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE               | County of Jefferson AL Sewer Revenue                                             | CUSIP: 472682ZK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2280000 | PA      | $2389965.54   | 0.13%             | 2040-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC              | Health & Educational Facilities Authority of the State of Missouri               | CUSIP: 60635H3N7<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    555000 | PA      | $548117.28    | 0.03%             | 2032-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LIBERTY HILL TX INDEP SCH DIST              | Liberty Hill Independent School District                                         | CUSIP: 530574RA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3795000 | PA      | $4100740.76   | 0.22%             | 2036-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL AVIATION RE              | County of Miami-Dade FL Aviation Revenue                                         | CUSIP: 59333P7N2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2110975.40   | 0.11%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE              | Port Authority of New York & New Jersey                                          | CUSIP: 73358XNX6<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2756303.28   | 0.15%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN              | Virginia Small Business Financing Authority                                      | CUSIP: 928105CE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1790000 | PA      | $1882071.34   | 0.10%             | 2038-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CNTY CA TOBACCO SEC              | California County Tobacco Securitization Agency                                  | CUSIP: 13016NGT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $243716.43    | 0.01%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH HOSP REVEN              | Indiana Finance Authority                                                        | CUSIP: 45471ASW3<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    430000 | PA      | $406948.82    | 0.02%             | 2036-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL               | Philadelphia Authority for Industrial Development                                | CUSIP: 71780CBG4<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   2425000 | PA      | $2023851.17   | 0.11%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F              | Tarrant County Cultural Education Facilities Finance Corp                        | CUSIP: 87638QSG5<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    750000 | PA      | $811420.28    | 0.04%             | 2052-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FL HLTH FACS AUTH               | Orange County Health Facilities Authority                                        | CUSIP: 68450LHD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $155656.83    | 0.01%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL               | Connecticut State Health & Educational Facilities Authority                      | CUSIP: 20774Y3A3<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   5130000 | PA      | $4684382.55   | 0.25%             | 2042-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH ACADEMIC               | Illinois Finance Authority                                                       | CUSIP: 452017AJ5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    325000 | PA      | $341100.44    | 0.02%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FORT PIERCE FL UTILITIES AUTH               | Fort Pierce Utilities Authority                                                  | CUSIP: 348430PL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1072954.40   | 0.06%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PFLUGERVILLE TX                             | City of Pflugerville TX                                                          | CUSIP: 717088DD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1770000 | PA      | $1859977.24   | 0.10%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV              | Build NYC Resource Corp                                                          | CUSIP: 12008ETU0<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    415000 | PA      | $429766.12    | 0.02%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY & CHATTANOOGA SP              | Hamilton County & Chattanooga Sports Authority                                   | CUSIP: 407081AU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    745000 | PA      | $801395.38    | 0.04%             | 2045-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| STERLING RANCH CMNTY AUTH BRD               | Sterling Ranch Community Authority Board                                         | CUSIP: 85950TAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $788529.76    | 0.04%             | 2043-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV              | City & County of Denver CO Airport System Revenue                                | CUSIP: 249182QV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1979198.80   | 0.11%             | 2047-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH              | Maricopa County Industrial Development Authority                                 | CUSIP: 56682HCH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1402534.43   | 0.08%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N FORT BEND TX WTR AUTH WTR SY              | North Fort Bend Water Authority                                                  | CUSIP: 65944RSG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1570000 | PA      | $1429771.84   | 0.08%             | 2035-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SP              | California Municipal Finance Authority                                           | CUSIP: 13050RAA0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2703562.40   | 0.15%             | 2029-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST CONVENTION CENTE              | Washington State Convention Center Public Facilities District                    | CUSIP: 93976AEL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3240000 | PA      | $2431892.81   | 0.13%             | 2058-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA              | Main Street Natural Gas Inc                                                      | CUSIP: 56035DFC1<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2795000 | PA      | $2951114.17   | 0.16%             | 2053-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| LEE CNTY FL ARPT REVENUE                    | County of Lee FL Airport Revenue                                                 | CUSIP: 523470HS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3631317.20   | 0.20%             | 2041-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| KRUM TX INDEP SCH DIST                      | Krum Independent School District                                                 | CUSIP: 501098VD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1064769.70   | 0.06%             | 2041-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                  | City of Chicago IL                                                               | CUSIP: 167486R50<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1531222.50   | 0.08%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TROUT CREEK CDD FL CAPITAL IMP              | Trout Creek Community Development District                                       | CUSIP: 897188AK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    635000 | PA      | $561307.42    | 0.03%             | 2040-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST               | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 6461364R9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039847.10   | 0.06%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY OH HLTH CARE F              | County of Montgomery OH                                                          | CUSIP: 613518DG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $406401.04    | 0.02%             | 2044-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP STUD              | Maryland Economic Development Corp                                               | CUSIP: 57420VRG0<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    500000 | PA      | $427422.75    | 0.02%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                              | State of Connecticut                                                             | CUSIP: 20772KA66<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $546809.05    | 0.03%             | 2038-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA                             | City of Philadelphia PA                                                          | CUSIP: 717813ZC6<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1818769.80   | 0.10%             | 2041-05-01      | Fixed         | 4.00%                 | 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        |   1415000 | PA      | $1431525.50   | 0.08%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE              | New Jersey Economic Development Authority                                        | CUSIP: 64577XCG9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1150737.21   | 0.06%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GAINESVILLE & HALL CNTY GA HOS              | Gainesville & Hall County Hospital Authority                                     | CUSIP: 362762LH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40467.67     | 0.00%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                 | State of Illinois                                                                | CUSIP: 452153KC2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009250.30   | 0.05%             | 2045-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH HOTEL              | Industrial Development Authority of the City of Phoenix Arizona/The              | CUSIP: 71885JAA7<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1898484.75   | 0.10%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE                  | Port of Seattle WA                                                               | CUSIP: 735389V54<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2034952.60   | 0.11%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX ELEC & GAS REVE              | City of San Antonio TX Electric & Gas Systems Revenue                            | CUSIP: 79625GKN2<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1153899.49   | 0.06%             | 2049-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE              | Public Finance Authority                                                         | CUSIP: 744396FN7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1193953.48   | 0.06%             | 2054-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JACKSON CNTY MO CONSOL SCH DIS              | Jackson County Consolidated School District No 4                                 | CUSIP: 467484RS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2150000 | PA      | $2182465.65   | 0.12%             | 2031-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST MUNI ENERGY AGY PW              | Kentucky Municipal Energy Agency                                                 | CUSIP: 491499AR0<br>LEI: 254900W8G3M70YHUAO94 | Long             | DBT              | MUN               | US        |   4545000 | PA      | $4603494.15   | 0.25%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA ENERGY AUTH                 | Philadelphia Energy Authority/The                                                | CUSIP: 71780UAP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032611.10   | 0.06%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH PARKWAY MUNI MGMT DIST #              | North Parkway Municipal Management District No 1                                 | CUSIP: 661441AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2003000 | PA      | $1834246.45   | 0.10%             | 2041-09-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BUCKS CNTY PA INDL DEV AUTH HO              | Bucks County Industrial Development Authority                                    | CUSIP: 11861MAP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $902339.45    | 0.05%             | 2044-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BARTOW CNTY GA DEV AUTH SOLID               | Bartow County Development Authority                                              | CUSIP: 06964KAB2<br>LEI: 5493006KLI0V8YELKW50 | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2400000.00   | 0.13%             | 2062-11-01      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                 | State of Illinois                                                                | CUSIP: 452153DB2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1779057.00   | 0.10%             | 2047-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ALBUQUERQUE NM                              | City of Albuquerque NM                                                           | CUSIP: 0135184Z5<br>LEI: 549300MV7H0GASZUCG39 | Long             | DBT              | MUN               | US        |   2555000 | PA      | $2536759.09   | 0.14%             | 2027-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                  | Public Finance Authority                                                         | CUSIP: 74442PVP7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1094263.50   | 0.06%             | 2041-01-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH WT              | New Jersey Economic Development Authority                                        | CUSIP: 645780FT9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    750000 | PA      | $748878.60    | 0.04%             | 2034-11-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX CULTURAL EDU FA              | Harris County Cultural Education Facilities Finance Corp                         | CUSIP: 414009SM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $525907.00    | 0.03%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| YARBOROUGH LANE CDD FL SPL ASS              | Yarborough Lane Community Development District                                   | CUSIP: 984853AB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $724597.26    | 0.04%             | 2044-05-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HLTH FACS AUTH REVENU              | Idaho Health Facilities Authority                                                | CUSIP: 451295YQ6<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   1265000 | PA      | $1272032.64   | 0.07%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL              | Colorado Educational & Cultural Facilities Authority                             | CUSIP: 19645RB42<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3666176.40   | 0.20%             | 2045-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY & CNTY CA C              | City & County of San Francisco CA Community Facilities District No 2016-1        | CUSIP: 79773JAR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $450830.78    | 0.02%             | 2042-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL               | Connecticut State Health & Educational Facilities Authority                      | CUSIP: 20774Y7F8<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1965720.20   | 0.11%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FOLSOM RANCH CA FING AUTH SPL               | Folsom Ranch Financing Authority                                                 | CUSIP: 344414BV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $155104.32    | 0.01%             | 2025-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GENESEE CNTY MI SWR DISP SYS R              | County of Genesee MI                                                             | CUSIP: 371643CL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $156582.91    | 0.01%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BOLINGBROOK IL                              | Village of Bolingbrook IL                                                        | CUSIP: 097552TK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045347.30   | 0.06%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SARASOTA NATIONAL FL CDD SPL A              | Sarasota National Community Development District                                 | CUSIP: 80342PAG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501671.90    | 0.03%             | 2031-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ISLE OF WIGHT CNTY VA ECON DEV              | Isle Wight County Industrial Development Authority                               | CUSIP: 464637AP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5335000 | PA      | $5478544.04   | 0.29%             | 2043-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING               | Pennsylvania Economic Development Financing Authority                            | CUSIP: 70868YAL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2115894.80   | 0.11%             | 2035-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| S WSTRN IL DEV AUTH REV                     | Southwestern Illinois Development Authority                                      | CUSIP: 84552YTG6<br>LEI: 549300B1KLLJ8NU5XK71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2116225.40   | 0.11%             | 2042-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A              | California Community Choice Financing Authority                                  | CUSIP: 13013JBJ4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2009773.80   | 0.11%             | 2053-05-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| PECOS BARSTOW TOYAH TX INDEP S              | Pecos Barstow Toyah Independent School District                                  | CUSIP: 705227HP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2512405.00   | 0.13%             | 2039-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VERANDA CDD II FL SPL ASSMNT R              | Veranda Community Development District II                                        | CUSIP: 92338HAX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1690162.95   | 0.09%             | 2044-05-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST TRANSPRTN FUN              | Commonwealth of Massachusetts Transportation Fund Revenue                        | CUSIP: 57604TCV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1999902.20   | 0.11%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROUND ROCK TX INDEP SCH DIST                | Round Rock Independent School District                                           | CUSIP: 779240LK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5185000 | PA      | $4552251.12   | 0.24%             | 2037-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TRIMBLE CNTY KY ENVRNMNTL FACS              | County of Trimble KY                                                             | CUSIP: 896221AF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011242.00   | 0.05%             | 2054-06-01      | Variable      | 4.70%                 | No            |                  2 | On Loan: No      |
| W CORNWALL TWP PA MUNI AUTH                 | West Cornwall Township Municipal Authority                                       | CUSIP: 95235TAR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $199745.15    | 0.01%             | 2036-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CA UNIF SCH DIST                  | Riverside Unified School District                                                | CUSIP: 769069N50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $229882.41    | 0.01%             | 2028-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WSTRN VA REGL JAIL AUTH REGL J              | Western Regional Jail Authority                                                  | CUSIP: 95984RDQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1185000 | PA      | $1220700.14   | 0.07%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FORT WORTH TX SPL ASSMNT REVEN              | City of Fort Worth TX                                                            | CUSIP: 349506AV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013410.80   | 0.05%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH BABYLON NY UNION FREE SC              | North Babylon Union Free School District                                         | CUSIP: 657430MB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $344656.13    | 0.02%             | 2035-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LAFAYETTE LA UTILITIES REVENUE              | City of Lafayette LA Utilities Revenue                                           | CUSIP: 506498F33<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2011009.00   | 0.11%             | 2046-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE              | Public Finance Authority                                                         | CUSIP: 744396CU4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1242849.50   | 0.07%             | 2037-07-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| LOWER COLORADO RIVER TX AUTH T              | Lower Colorado River Authority                                                   | CUSIP: 54811BR29<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1541388.90   | 0.08%             | 2042-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MADISON BOND ETC CNTYS IL CMNT              | Madison Bond Etc Counties Community Unit School District No 5 Highland           | CUSIP: 556627KY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1236387.99   | 0.07%             | 2039-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LOWER COLORADO RIVER TX AUTH T              | Lower Colorado River Authority                                                   | CUSIP: 54811BR52<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   2375000 | PA      | $2402276.16   | 0.13%             | 2045-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                  | City of Chicago IL                                                               | CUSIP: 167486P78<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2019382.20   | 0.11%             | 2041-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N SUMTER CNTY FL UTILITY DEPEN              | North Sumter County Utility Dependent District                                   | CUSIP: 66272REE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $734656.57    | 0.04%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOWER PETROGLYPHS PUBLIC IMPT               | Lower Petroglyphs Public Improvement District                                    | CUSIP: 54844CAH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $249066.78    | 0.01%             | 2026-10-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| EPPERSON N CDD FL CAPITAL IMPT              | Epperson North Community Development District                                    | CUSIP: 29429VAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1780000 | PA      | $1801575.02   | 0.10%             | 2039-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LA VERNIA TX HGR EDU FIN CORP               | La Vernia Higher Education Finance Corp                                          | CUSIP: 505237CJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $140086.32    | 0.01%             | 2025-08-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST HLTH & EDUCTNL              | Rhode Island Health and Educational Building Corp                                | CUSIP: 762244FP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $34050.69     | 0.00%             | 2039-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST WTR DEV AUTH REVENUE                | Ohio Water Development Authority                                                 | CUSIP: 67765QMG8<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |    700000 | PA      | $740712.63    | 0.04%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY OH HLTH CARE F              | County of Montgomery OH                                                          | CUSIP: 613518DH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $495166.80    | 0.03%             | 2049-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GULFPORT MS HOSP FAC REVENUE                | City of Gulfport MS                                                              | CUSIP: 402682DB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $516782.60    | 0.03%             | 2041-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BUCKHEAD TRAILS CDD FL SPL ASS              | Buckhead Trails Community Development District                                   | CUSIP: 11836UAF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $955568.90    | 0.05%             | 2044-05-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| KANSAS MUNI ENERGY AGY PWR PRO              | Kansas Municipal Energy Agency                                                   | CUSIP: 48526CBG1<br>LEI: 549300G77TEGJUQPZW28 | Long             | DBT              | MUN               | US        |   1470000 | PA      | $1493739.62   | 0.08%             | 2030-04-01      | 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      | $876617.09    | 0.05%             | 2045-12-31      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA ARPT REVENUE                     | City of Atlanta GA Department of Aviation                                        | CUSIP: 04780MC72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3105581.10   | 0.17%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL PARK DIST                        | Chicago Park District                                                            | CUSIP: 167615A45<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |   2155000 | PA      | $2056066.32   | 0.11%             | 2037-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GULFPORT MS HOSP FAC REVENUE                | City of Gulfport MS                                                              | CUSIP: 402682DC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $512662.60    | 0.03%             | 2042-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN HLTH CARE FACS RE              | City of Rochester MN                                                             | CUSIP: 771902HP1<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |    500000 | PA      | $452195.80    | 0.02%             | 2050-11-15      | Fixed         | 4.25%                 | 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      | $1490900.37   | 0.08%             | 2042-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TAMPA FL HOSP REVENUE                       | City of Tampa FL                                                                 | CUSIP: 875161DA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $277755.75    | 0.01%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KNOX CNTY TN HLTH EDUCTNL & HS              | Knox County Health Educational & Housing Facility Board                          | CUSIP: 499526AP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $553784.99    | 0.03%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRAVIS CNTY TX                              | County of Travis TX                                                              | CUSIP: 89453P7B9<br>LEI: 549300HEC6MNL5465K30 | Long             | DBT              | MUN               | US        |   1180000 | PA      | $1116565.32   | 0.06%             | 2041-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GLOUCESTER CNTY VA INDL DEV AU              | Gloucester County Economic Development Authority                                 | CUSIP: 37970RAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3013436.70   | 0.16%             | 2038-09-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| TAMPA FL HOSP REVENUE                       | City of Tampa FL                                                                 | CUSIP: 875161CU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $264668.40    | 0.01%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEE CNTY FL INDL DEV AUTH HOSP              | Lee County Industrial Development Authority/FL                                   | CUSIP: 52350LAQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4225000 | PA      | $4093528.99   | 0.22%             | 2044-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLESTON CNTY SC ARPT DIST A              | Charleston County Airport District                                               | CUSIP: 160070EE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $787906.82    | 0.04%             | 2041-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH ENVRNMNTL               | Indiana Finance Authority                                                        | CUSIP: 455054BG0<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1516404.90   | 0.08%             | 2035-05-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| MENIFEE CA UNION SCH DIST SPL               | Menifee Union School District                                                    | CUSIP: 586810P80<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $156650.99    | 0.01%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES MI WTR AUTH WTR SP              | Great Lakes Water Authority Water Supply System Revenue                          | CUSIP: 39081JHT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1415000 | PA      | $1528515.40   | 0.08%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GEO L SMITH II GA CONGRESS CTR              | George L Smith II Congress Center Authority                                      | CUSIP: 37255MAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $248489.80    | 0.01%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                              | State of Connecticut                                                             | CUSIP: 20772KJC4<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |    965000 | PA      | $806187.63    | 0.04%             | 2039-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL INDL DEV AU              | Miami-Dade County Industrial Development Authority                               | CUSIP: 59333EEB5<br>LEI: 549300RM19LZY32DAU30 | Long             | DBT              | MUN               | US        |    550000 | PA      | $559903.30    | 0.03%             | 2032-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MENIFEE CA UNION SCH DIST PUBL              | Menifee Union School District Public Financing Authority                         | CUSIP: 58680NBL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $325640.02    | 0.02%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GEO L SMITH II GA CONGRESS CTR              | George L Smith II Congress Center Authority                                      | CUSIP: 37255MAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $803253.90    | 0.04%             | 2054-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CARSON CITY NV HOSP REVENUE                 | Carson City NV                                                                   | CUSIP: 145810DN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $768936.75    | 0.04%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIDA CORMONT PUBLIC INFRASTRUC              | Mida Cormont Public Infrastructure District                                      | CUSIP: 59561JAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1132749.34   | 0.06%             | 2055-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| EAGLE CNTY CO COPS                          | County of Eagle CO                                                               | CUSIP: 26947NEM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048982.90   | 0.06%             | 2044-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY PA MUNI AUTH                | Cumberland County Municipal Authority                                            | CUSIP: 230614NC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1084640.28   | 0.06%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA BEACH VA DEV AUTH RSD              | Virginia Beach Development Authority                                             | CUSIP: 92774NAT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005302.60   | 0.05%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI              | Pennsylvania Turnpike Commission                                                 | CUSIP: 709225BB1<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $3878009.55   | 0.21%             | 2045-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TWO RIVERS WEST CDD FL SPL ASS              | Two Rivers West Community Development District                                   | CUSIP: 90207HAK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $733624.58    | 0.04%             | 2044-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HLTH FACS AUTH REVENU              | Idaho Health Facilities Authority                                                | CUSIP: 451295YK9<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000551.00   | 0.05%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC              | Health & Educational Facilities Authority of the State of Missouri               | CUSIP: 60635H4A4<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    700000 | PA      | $687342.74    | 0.04%             | 2044-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH ACADEMIC               | Illinois Finance Authority                                                       | CUSIP: 452017AK2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    850000 | PA      | $885320.82    | 0.05%             | 2034-10-01      | 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: 71885DEE8<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    700000 | PA      | $663248.25    | 0.04%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL               | New York City Transitional Finance Authority Future Tax Secured Revenue          | CUSIP: 64971XNG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2393798.25   | 0.13%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST DEPT OF HSG & CMNTY A              | Texas Department of Housing & Community Affairs                                  | CUSIP: 88275AEP1<br>LEI: 549300J3RRLLZZN4WP77 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003971.20   | 0.05%             | 2041-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL ARPT SYS REVEN              | County of Broward FL Airport System Revenue                                      | CUSIP: 114894YP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2725000 | PA      | $2761339.51   | 0.15%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV              | Colorado Health Facilities Authority                                             | CUSIP: 19648FKL7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1558310.70   | 0.08%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R              | Massachusetts Development Finance Agency                                         | CUSIP: 57585BES3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2040735.00   | 0.11%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAFAYETTE PARISH LA SCH BRD SA              | Lafayette Parish School Board Sale Tax Revenue                                   | CUSIP: 506624VH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1400500.24   | 0.08%             | 2045-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST               | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 6461366M8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    140000 | PA      | $142656.02    | 0.01%             | 2039-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST TRANSPRTN COMMISSION               | Central Texas Turnpike System                                                    | CUSIP: 88283KCF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $519801.65    | 0.03%             | 2040-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                  | City of Chicago IL                                                               | CUSIP: 167486WY1<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    645000 | PA      | $651179.55    | 0.03%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROSEVILLE CA SPL TAX                        | City of Roseville CA                                                             | CUSIP: 777870V78<br>LEI: 549300OH100KESVPND17 | Long             | DBT              | MUN               | US        |    310000 | PA      | $277602.61    | 0.01%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT              | California Statewide Communities Development Authority                           | CUSIP: 13080SRU0<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102630.63    | 0.01%             | 2030-04-01      | Fixed         | 5.00%                 | 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        |   1000000 | PA      | $928460.80    | 0.05%             | 2047-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| EPPERSON N CDD FL CAPITAL IMPT              | Epperson North Community Development District                                    | CUSIP: 29429VAM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $621454.48    | 0.03%             | 2041-11-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| FONTANA CA SPL TAX                          | City of Fontana CA                                                               | CUSIP: 344630WS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $270594.12    | 0.01%             | 2028-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES              | New York State Dormitory Authority                                               | CUSIP: 65000B7V4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031231.70   | 0.06%             | 2043-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LOWER PETROGLYPHS PUBLIC IMPT               | Lower Petroglyphs Public Improvement District                                    | CUSIP: 54844CAL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $358234.80    | 0.02%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BENNETT RANCH MET DIST #1 CO                | Bennett Ranch Metropolitan District No 1                                         | CUSIP: 08218DAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $810858.80    | 0.04%             | 2051-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV              | Colorado Health Facilities Authority                                             | CUSIP: 19648FBP8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    350000 | PA      | $351891.23    | 0.02%             | 2026-05-15      | Fixed         | 5.00%                 | 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        |   1400000 | PA      | $1368117.38   | 0.07%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH NATIO              | Arizona Industrial Development Authority                                         | CUSIP: 04052FFC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $489290.75    | 0.03%             | 2043-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVINGTON CDD FL SPL ASSMNT RE              | Rivington Community Development District                                         | CUSIP: 769656AE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $148656.30    | 0.01%             | 2027-05-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| MOULTRIE SHELBY & COLES CNTYS               | Moultrie Shelby & Coles Counties Community Unit School District No 300           | CUSIP: 620433DG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $916295.19    | 0.05%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLUMBIA CNTY GA HOSP AUTH                  | Columbia County Hospital Authority/GA                                            | CUSIP: 197479AL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $666477.54    | 0.04%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA              | Main Street Natural Gas Inc                                                      | CUSIP: 56035DGT3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1803145.80   | 0.10%             | 2054-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS VLY NV WTR DIST                   | Las Vegas Valley Water District                                                  | CUSIP: 517845AX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1230349.07   | 0.07%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST HOSP EQUIPMENT               | Mississippi Hospital Equipment & Facilities Authority                            | CUSIP: 605360SC1<br>LEI: 549300DW2GVUIGE04396 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4833691.50   | 0.26%             | 2041-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH                | Ohio Air Quality Development Authority                                           | CUSIP: 677525WU7<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2028901.80   | 0.11%             | 2030-09-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE              | South Carolina Jobs-Economic Development Authority                               | CUSIP: 837032BU4<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1042582.40   | 0.06%             | 2041-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GRAND RAPIDS MI SANTN SWR SYSR              | City of Grand Rapids MI Sanitary Sewer System Revenue                            | CUSIP: 386289LZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2515967.75   | 0.14%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY GA DEV AUTH POLL C              | Development Authority of Monroe County/The                                       | CUSIP: 610530FX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2509705.50   | 0.13%             | 2041-12-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| UNIV OF MICHIGAN MI                         | University of Michigan                                                           | CUSIP: 914455MT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4500054.90   | 0.24%             | 2028-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SECURITIZATION AUTH NT              | Tobacco Securitization Authority of Northern California                          | CUSIP: 888794BT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $955657.30    | 0.05%             | 2037-06-01      | 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        |   1000000 | PA      | $1000287.40   | 0.05%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLUMBIA CNTY GA HOSP AUTH                  | Columbia County Hospital Authority/GA                                            | CUSIP: 197479AR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $272168.35    | 0.01%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KINGS OH LOCAL SCH DIST                     | Kings Local School District                                                      | CUSIP: 496026MZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2860000 | PA      | $2896572.82   | 0.16%             | 2049-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BEXAR CNTY TX HOSP DIST                     | Bexar County Hospital District                                                   | CUSIP: 088365JE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    555000 | PA      | $503104.56    | 0.03%             | 2035-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH A              | Metropolitan Washington Airports Authority Aviation Revenue                      | CUSIP: 592647MC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3275345.13   | 0.18%             | 2048-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SAN LUIS OBISPO CA CMNTY FACS               | City of San Luis Obispo CA Community Facilities District No 2019-1               | CUSIP: 798601AP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $781736.96    | 0.04%             | 2036-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IRVINE CA UNIF SCH DIST SPL TA              | Irvine Unified School District                                                   | CUSIP: 463612MQ1<br>LEI: 549300BNIP4XNVC0X742 | Long             | DBT              | MUN               | US        |    365000 | PA      | $386465.18    | 0.02%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE & JEFFERSON CNTY KY              | Louisville and Jefferson County Metropolitan Sewer District                      | CUSIP: 546589T85<br>LEI: 5493004O4I11L8BK0A22 | Long             | DBT              | MUN               | US        |    290000 | PA      | $315617.79    | 0.02%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ENERGY S E AL A COOPERATIVE DI              | Energy Southeast A Cooperative District                                          | CUSIP: 292723AY9<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4926146.85   | 0.26%             | 2054-04-01      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| PARK CREEK CO MET DIST REVENUE              | Park Creek Metropolitan District                                                 | CUSIP: 700387GW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2950000 | PA      | $2968586.18   | 0.16%             | 2034-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SKOKIE IL PARK DIST                         | Skokie Park District                                                             | CUSIP: 830745MC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $543703.45    | 0.03%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI JT MUNI ELEC UTILITY               | Missouri Joint Municipal Electric Utility Commission                             | CUSIP: 606092PL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $572924.59    | 0.03%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE              | California Municipal Finance Authority                                           | CUSIP: 13048T5N9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    680000 | PA      | $720257.22    | 0.04%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH LAS VEGAS NV LOCAL IMPT               | City of North Las Vegas NV                                                       | CUSIP: 66041HGT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $219751.49    | 0.01%             | 2027-06-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CLARK CNTY NV                               | County of Clark NV                                                               | CUSIP: 180848VC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1035000 | PA      | $987082.09    | 0.05%             | 2033-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| KANSAS MUNI ENERGY AGY PWR PRO              | Kansas Municipal Energy Agency                                                   | CUSIP: 48526CBF3<br>LEI: 549300G77TEGJUQPZW28 | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1260107.96   | 0.07%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SKAGIT CNTY WA PUBLIC HOSP DIS              | Skagit County Public Hospital District No 1                                      | CUSIP: 830227EM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014750.30   | 0.05%             | 2044-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SAN SIMEON CMNTY DEV DIST FL S              | San Simeon Community Development District                                        | CUSIP: 799528AC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $299164.51    | 0.02%             | 2039-06-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| DELAWARE ST ECON DEV AUTH RETM              | Delaware State Economic Development Authority                                    | CUSIP: 246371AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3025000 | PA      | $2940606.13   | 0.16%             | 2043-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ADAMS CNTY PA GEN AUTH REV                  | Adams County General Authority                                                   | CUSIP: 006114AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2245000 | PA      | $2135950.25   | 0.11%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL INDL DEV AU              | Miami-Dade County Industrial Development Authority                               | CUSIP: 59333EEC3<br>LEI: 549300RM19LZY32DAU30 | Long             | DBT              | MUN               | US        |   1210000 | PA      | $1212144.73   | 0.07%             | 2037-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DU PAGE CNTY IL SCH DIST #58 D              | DuPage County School District No 58 Downers Grove                                | CUSIP: 263165JT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1775787.09   | 0.10%             | 2042-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PINON PINES MET DIST #2 CO                  | Pinon Pines Metropolitan District No 2                                           | CUSIP: 72352VAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    920000 | PA      | $863747.15    | 0.05%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEE CNTY FL LOCAL OPTIONAL GAS              | County of Lee FL Local Option Gas Tax Revenue                                    | CUSIP: 52349LDU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1272148.13   | 0.07%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH A              | Metropolitan Washington Airports Authority Aviation Revenue                      | CUSIP: 592647HN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3175000 | PA      | $3341459.22   | 0.18%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF CINCINNATI OH RECPTS                | University of Cincinnati                                                         | CUSIP: 9141194V1<br>LEI: 549300E0RD3ICJ858L23 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2048790.20   | 0.11%             | 2049-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ENERGY S E AL A COOPERATIVE DI              | Energy Southeast A Cooperative District                                          | CUSIP: 292723AK9<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |   8600000 | PA      | $9258044.48   | 0.50%             | 2053-11-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN & SAINT PAUL MN              | City of Minneapolis MN/St Paul Housing & Redevelopment Authority                 | CUSIP: 603695KC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2072164.80   | 0.11%             | 2041-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA ARPT AUTH AR              | Allegheny County Airport Authority                                               | CUSIP: 01728LHB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1571137.50   | 0.08%             | 2042-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH HOSP REVEN              | Indiana Finance Authority                                                        | CUSIP: 45471ASX1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1250471.05   | 0.07%             | 2037-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY OH HOSP FACS REV              | County of Hamilton OH                                                            | CUSIP: 407272Y64<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |    310000 | PA      | $336289.86    | 0.02%             | 2031-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CO INTERNATIONAL BUSINE              | Denver International Business Center Metropolitan District No 1                  | CUSIP: 249197BB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1787000 | PA      | $1788826.31   | 0.10%             | 2048-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MILITARY INSTALLATION DEV AUTH              | Military Installation Development Authority                                      | CUSIP: 599772AC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1348142.43   | 0.07%             | 2052-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PRAIRIE CENTER CO MET DIST #3               | Prairie Center Metropolitan District No 3                                        | CUSIP: 739476AE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2421066.25   | 0.13%             | 2041-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEVADA DEPT OF BUSINESS & INDU              | State of Nevada Department of Business & Industry                                | CUSIP: 641454AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $260145.31    | 0.01%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SACRAMENTO CA SPL TAX                       | City of Sacramento CA                                                            | CUSIP: 786071QT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $268018.11    | 0.01%             | 2030-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TAMPA FL HOSP REVENUE                       | City of Tampa FL                                                                 | CUSIP: 875161CS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $129242.39    | 0.01%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE ST HLTH FACS AUTH REV              | Delaware State Health Facilities Authority                                       | CUSIP: 246388SX1<br>LEI: 549300RXU7M05ZYSJG42 | Long             | DBT              | MUN               | US        |    325000 | PA      | $329455.82    | 0.02%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TAKODA CO MET DIST                          | Takoda Metropolitan District                                                     | CUSIP: 874067AH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1877236.02   | 0.10%             | 2036-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| EAGLE CNTY CO COPS                          | County of Eagle CO                                                               | CUSIP: 26947NEL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $271415.73    | 0.01%             | 2039-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES              | New York State Dormitory Authority                                               | CUSIP: 64985SBY8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1086853.40   | 0.06%             | 2049-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH LTD OBLIG              | Michigan Finance Authority                                                       | CUSIP: 594479CP0<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    890000 | PA      | $890446.69    | 0.05%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP              | New York Transportation Development Corp                                         | CUSIP: 650116GV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $508712.00    | 0.03%             | 2043-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PUBLIC SVC A              | South Carolina Public Service Authority                                          | CUSIP: 837151R27<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2149133.80   | 0.12%             | 2040-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV              | Colorado Health Facilities Authority                                             | CUSIP: 19648FMB7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   7580000 | PA      | $7036652.71   | 0.38%             | 2040-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FONTANA CA SPL TAX                          | City of Fontana CA                                                               | CUSIP: 344630WW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $517273.15    | 0.03%             | 2036-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAMMERSVILLE CA JT UNIF SCH DI              | Lammersville Joint Unified School District                                       | CUSIP: 513533FB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1045000 | PA      | $868661.68    | 0.05%             | 2049-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH REVENUE                 | Indiana Finance Authority                                                        | CUSIP: 45506D4Y8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    500000 | PA      | $507081.55    | 0.03%             | 2034-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BARBERS HILL TX INDEP SCH DIST              | Barbers Hill Independent School District                                         | CUSIP: 067167WV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1860000 | PA      | $1887069.51   | 0.10%             | 2039-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WARREN CNTY OH HLTH CARE FACS               | County of Warren OH                                                              | CUSIP: 93515PEB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1146006.98   | 0.06%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| QUINLAN TX INDEP SCH DIST                   | Quinlan Independent School District                                              | CUSIP: 748743MG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1062924.80   | 0.06%             | 2041-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LAKE SHORE MI PUBLIC SCHS                   | Lake Shore Public Schools/MI                                                     | CUSIP: 510768JJ4<br>LEI: 54930043UBVUB9CW7N35 | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1277036.39   | 0.07%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VICTOR CA ELEM SCH DIST CMNTYF              | Victor Elementary School District Community Facility District                    | CUSIP: 925837EH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1059076.73   | 0.06%             | 2046-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST CONVENTION CENTE              | Washington State Convention Center Public Facilities District                    | CUSIP: 93976ADJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $763879.40    | 0.04%             | 2058-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST MUNI PWR AGY                     | Indiana Municipal Power Agency                                                   | CUSIP: 454898XD4<br>LEI: AX0ZCCVOQ71Z4RXBL233 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000000.00   | 0.16%             | 2042-01-01      | Variable      | 2.81%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH AL COOPE              | Southeast Energy Authority A Cooperative District                                | CUSIP: 84136JAL3<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2150201.20   | 0.12%             | 2055-11-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| SARASOTA NATIONAL FL CDD SPL A              | Sarasota National Community Development District                                 | CUSIP: 80342PAH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1745000 | PA      | $1654245.34   | 0.09%             | 2039-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH SOL WST D              | New Hampshire Business Finance Authority                                         | CUSIP: 63608RAF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5495706.70   | 0.30%             | 2033-07-01      | Variable      | 4.00%                 | 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        |   2265000 | PA      | $2391542.61   | 0.13%             | 2054-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MENIFEE CA UNION SCH DIST SPL               | Menifee Union School District                                                    | CUSIP: 586810Q22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $171723.47    | 0.01%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN              | California Pollution Control Financing Authority                                 | CUSIP: 130536RN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999988.10    | 0.05%             | 2043-07-01      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| KANE COOK & DU PAGE CNTYS IL C              | Kane Cook & DuPage etc Counties Community College District No 509 Elgin          | CUSIP: 483854KF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3460000 | PA      | $3361384.81   | 0.18%             | 2040-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| YONKERS NY                                  | City of Yonkers NY                                                               | CUSIP: 986082W50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $892106.62    | 0.05%             | 2040-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV HOSPS & CLINICS AUTH WI                | University of Wisconsin Hospitals & Clinics                                      | CUSIP: 915260CL5<br>LEI: 549300O76DW14JGO7224 | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1675000.00   | 0.09%             | 2048-04-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| WILLIAMSBURG VA ECON DEV AUTH               | Williamsburg Economic Development Authority                                      | CUSIP: 969671AU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028615.00   | 0.06%             | 2053-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DOWNTOWN REVITALIZATION PUBLIC              | Downtown Revitalization Public Infrastructure District                           | CUSIP: 26118TAS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1740205.50   | 0.09%             | 2042-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX ARPT SYS REVENUE                  | City of Austin TX Airport System Revenue                                         | CUSIP: 052398HF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1409309.69   | 0.08%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AVE MARIA FL STEWARDSHIP CMNTY              | Ave Maria Stewardship Community District                                         | CUSIP: 05355ABR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1565000 | PA      | $1578405.32   | 0.08%             | 2033-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE              | California Municipal Finance Authority                                           | CUSIP: 13048VKW7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $970834.80    | 0.05%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N TX TOLLWAY AUTH REVENUE                   | North Texas Tollway Authority                                                    | CUSIP: 66285WZW9<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   5950000 | PA      | $5863298.39   | 0.32%             | 2038-01-02      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A              | City of Los Angeles Department of Airports                                       | CUSIP: 544445S34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3136401.60   | 0.17%             | 2036-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PARK CREEK MET DIST CO LIMITED              | Park Creek Metropolitan District                                                 | CUSIP: 700385BK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1314082.64   | 0.07%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROCKLAND CNTY NY SOL WST MGMT               | Rockland County Solid Waste Management Authority                                 | CUSIP: 77356FAV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1383310.25   | 0.07%             | 2049-12-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL               | Black Belt Energy Gas District                                                   | CUSIP: 09182TAF4<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |  10070000 | PA      | $10144000.40  | 0.55%             | 2052-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT JOHNS CNTY FL INDL DEV A              | St Johns County Industrial Development Authority                                 | CUSIP: 79041LAN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $945775.71    | 0.05%             | 2041-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                 | City of Houston TX Airport System Revenue                                        | CUSIP: 442349GV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $275562.54    | 0.01%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COLLIER CNTY FL INDL DEV AUTH               | Collier County Industrial Development Authority                                  | CUSIP: 194641AY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $822678.64    | 0.04%             | 2042-10-01      | 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        |    100000 | PA      | $99770.62     | 0.01%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CELINA TX SPL ASSESSMENT REVEN              | City of Celina TX                                                                | CUSIP: 15114CJA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015299.20   | 0.05%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLONIAL PA SCH DIST                        | Colonial School District                                                         | CUSIP: 195864RN5<br>LEI: 549300JW2ZL0JCXB3113 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300265.77    | 0.02%             | 2034-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MILLSBORO DE SPL OBLG                       | Town of Millsboro DE                                                             | CUSIP: 601266AB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1320000 | PA      | $1332558.74   | 0.07%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL WELD CNTY CO WTR DIST R              | Central Weld County Water District                                               | CUSIP: 156024BY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $856033.38    | 0.05%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                  | Public Finance Authority                                                         | CUSIP: 74442PK95<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1111405.05   | 0.06%             | 2050-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| UTILITY DEBT SECURITIZATION AU              | Utility Debt Securitization Authority                                            | CUSIP: 91802RFN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2165000 | PA      | $2325047.63   | 0.12%             | 2039-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DOWNTOWN REVITALIZATION PUBLIC              | Downtown Revitalization Public Infrastructure District                           | CUSIP: 26118TAR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1064006.30   | 0.06%             | 2041-06-01      | 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        |   2340872 | PA      | $2200104.09   | 0.12%             | 2035-12-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HSG FIN AGY SF              | Pennsylvania Housing Finance Agency                                              | CUSIP: 7087968G5<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    880000 | PA      | $719661.54    | 0.04%             | 2047-10-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CA UNIF SCH DIST                  | Riverside Unified School District                                                | CUSIP: 769069V51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    480000 | PA      | $473145.31    | 0.03%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLARK CNTY NV ARPT REVENUE                  | County of Clark Department of Aviation                                           | CUSIP: 18085PRU0<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |   2505000 | PA      | $2580227.91   | 0.14%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                  | City of Chicago IL                                                               | CUSIP: 167486N96<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2679513.98   | 0.14%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI              | Pennsylvania Turnpike Commission                                                 | CUSIP: 709225GG5<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    545000 | PA      | $570701.87    | 0.03%             | 2042-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE              | Public Finance Authority                                                         | CUSIP: 744396CT7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    605000 | PA      | $606009.14    | 0.03%             | 2027-07-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A              | California Health Facilities Financing Authority                                 | CUSIP: 13032U2W7<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1304409.63   | 0.07%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES              | New York State Dormitory Authority                                               | CUSIP: 65000BLB2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    280000 | PA      | $305916.27    | 0.02%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN               | New York City Municipal Water Finance Authority                                  | CUSIP: 64972GSQ8<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    175000 | PA      | $178852.66    | 0.01%             | 2040-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FOLSOM RANCH CA FING AUTH SPL               | Folsom Ranch Financing Authority                                                 | CUSIP: 344414ED5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $156676.64    | 0.01%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TYLER TX WTR & SWR SYS REVENUE              | City of Tyler TX Water & Sewer System Revenue                                    | CUSIP: 902354RY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1273742.61   | 0.07%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSCDA CMNTY IMPT AUTH CA ESSEN              | CSCDA Community Improvement Authority                                            | CUSIP: 126292AU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $729781.80    | 0.04%             | 2056-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEWARK HGR EDU FIN CORP TX EDU              | Newark Higher Education Finance Corp                                             | CUSIP: 650346FN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $531925.00    | 0.03%             | 2037-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                 | State of Illinois                                                                | CUSIP: 452153FF1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1043350.30   | 0.06%             | 2039-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FORSYTH MT POLL CONTROL REVENU              | City of Forsyth MT                                                               | CUSIP: 346668DH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1999931.80   | 0.11%             | 2031-03-01      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| MET NASHVILLE TN ARPT AUTH ARP              | Metropolitan Nashville Airport Authority/The                                     | CUSIP: 592190QQ8<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |    600000 | PA      | $645382.44    | 0.03%             | 2035-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CLARK CNTY NV POLL CONTROL REV              | County of Clark NV                                                               | CUSIP: 181008BE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1752194.33   | 0.09%             | 2036-01-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH MIDWESTERN DI              | Indiana Finance Authority                                                        | CUSIP: 45470CAG4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3046581.60   | 0.16%             | 2030-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH SP              | New Jersey Economic Development Authority                                        | CUSIP: 64578CCB5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    490000 | PA      | $490809.68    | 0.03%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDUCTNL REV              | Public Finance Authority                                                         | CUSIP: 74445GAN2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    610000 | PA      | $622578.26    | 0.03%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT AUTH IA TOB              | Iowa Tobacco Settlement Authority                                                | CUSIP: 888805CC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $188692.26    | 0.01%             | 2038-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE              | Public Finance Authority                                                         | CUSIP: 74442ECC2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1758955.40   | 0.09%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A              | City of Los Angeles Department of Airports                                       | CUSIP: 544445B65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1632632.85   | 0.09%             | 2035-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WARREN CNTY OH HOSP FACS REVEN              | County of Warren OH                                                              | CUSIP: 935158BD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1950000 | PA      | $1869511.61   | 0.10%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BRUNSWICK OH CITY SCH DIST                  | Brunswick City School District                                                   | CUSIP: 117349SF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014919.30   | 0.05%             | 2053-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BALTIMORE CNTY MD REVENUE                   | County of Baltimore MD                                                           | CUSIP: 059151CJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    565000 | PA      | $526857.42    | 0.03%             | 2039-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN              | Florida Development Finance Corp                                                 | CUSIP: 34061UGN2<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    155000 | PA      | $157105.99    | 0.01%             | 2029-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH STUDE              | Industrial Development Authority of the City of Phoenix Arizona/The              | CUSIP: 71885DDW9<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    300000 | PA      | $308685.06    | 0.02%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE & JEFFERSON CNTY KY              | Louisville/Jefferson County Metropolitan Government                              | CUSIP: 54659LCY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1336410.92   | 0.07%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL PLAINS ENERGY PROJ NE G              | Central Plains Energy Project                                                    | CUSIP: 154872AY1<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1593095.10   | 0.09%             | 2055-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CANTON TX INDEP SCH DIST                    | Canton Independent School District/TX                                            | CUSIP: 138555RC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2145000 | PA      | $2276908.49   | 0.12%             | 2041-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSON               | Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | CUSIP: 592029CJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    930000 | PA      | $937481.20    | 0.05%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA ARPT AUTH AR              | Allegheny County Airport Authority                                               | CUSIP: 01728LHC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2395955.77   | 0.13%             | 2043-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NORTHERN INDIANA COMMUTER TRAN              | Northern Indiana Commuter Transportation District                                | CUSIP: 66528PCL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2485000 | PA      | $2552299.02   | 0.14%             | 2049-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH ACADEMIC               | Illinois Finance Authority                                                       | CUSIP: 452017AL0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    970000 | PA      | $1001672.05   | 0.05%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R              | Arizona Industrial Development Authority                                         | CUSIP: 04052BLR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    925000 | PA      | $799496.56    | 0.04%             | 2040-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MEDFORD OR HOSP FACS AUTH REVE              | Medford Hospital Facilities Authority                                            | CUSIP: 584283GS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1321889.63   | 0.07%             | 2034-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING               | Pennsylvania Economic Development Financing Authority                            | CUSIP: 70869PHV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2008103.80   | 0.11%             | 2034-12-31      | 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        |   1000000 | PA      | $939907.00    | 0.05%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALES TAX SECURITIZATION CORP               | Sales Tax Securitization Corp                                                    | CUSIP: 79467BDA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1860516.20   | 0.10%             | 2040-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FA              | California School Finance Authority                                              | CUSIP: 13059TED7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $808275.36    | 0.04%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RENO NV CAPITAL IMPT REVENUE                | City of Reno NV                                                                  | CUSIP: 759831CS7<br>LEI: 549300M4R5WWSUWY8D52 | Long             | DBT              | MUN               | US        |    950000 | PA      | $985182.59    | 0.05%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH CH              | California Municipal Finance Authority                                           | CUSIP: 13048DBM9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    200000 | PA      | $198408.48    | 0.01%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE              | Public Finance Authority                                                         | CUSIP: 74442EBZ2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    545000 | PA      | $545016.57    | 0.03%             | 2027-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST               | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 6461364B4<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    500000 | PA      | $533265.75    | 0.03%             | 2030-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEE CNTY FL ARPT REVENUE                    | County of Lee FL Airport Revenue                                                 | CUSIP: 523470HV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020510.30   | 0.05%             | 2044-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GA                        | Municipal Electric Authority of Georgia                                          | CUSIP: 62620HJW3<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    750000 | PA      | $757489.20    | 0.04%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R              | Arizona Industrial Development Authority                                         | CUSIP: 04052BAK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $227049.32    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC              | Health & Educational Facilities Authority of the State of Missouri               | CUSIP: 60637APU0<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    710000 | PA      | $666447.82    | 0.04%             | 2039-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CENTRL VLY CA ENERGY AUTH COMM              | Central Valley Energy Authority                                                  | CUSIP: 15569DAA0<br>LEI: 254900G5IPQ9MA3FRJ55 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2136967.60   | 0.11%             | 2055-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| BUCKS CNTY PA INDL DEV AUTH                 | Bucks County Industrial Development Authority                                    | CUSIP: 118612MU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $421085.52    | 0.02%             | 2033-10-01      | 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        |   2000000 | PA      | $2115106.80   | 0.11%             | 2054-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| COLLIER CNTY FL INDL DEV AUTH               | Collier County Industrial Development Authority                                  | CUSIP: 194641AW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $521978.55    | 0.03%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLUMBUS OH REGL ARPT AUTH REV              | Columbus Regional Airport Authority                                              | CUSIP: 199546CV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3073915.50   | 0.17%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE ST HLTH & EDU FA              | New Hampshire Health and Education Facilities Authority Act                      | CUSIP: 64461XLV5<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1072731.20   | 0.06%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU              | Texas Private Activity Bond Surface Transportation Corp                          | CUSIP: 882667CF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1822727.90   | 0.10%             | 2037-06-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM              | North Carolina Medical Care Commission                                           | CUSIP: 65820HN41<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    375000 | PA      | $408396.26    | 0.02%             | 2032-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                  | City of Chicago IL                                                               | CUSIP: 167486ZT9<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    500000 | PA      | $513528.15    | 0.03%             | 2029-01-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| RALEIGH DURHAM NC ARPT AUTH AR              | Raleigh Durham Airport Authority                                                 | CUSIP: 751073LJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015761.50   | 0.05%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES MI WTR AUTH WTR SP              | Great Lakes Water Authority Water Supply System Revenue                          | CUSIP: 39081JAL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016979.00   | 0.05%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM              | North Carolina Medical Care Commission                                           | CUSIP: 65820YTD8<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3948230.80   | 0.21%             | 2044-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST TOLL HIGHWAY AUTH               | Illinois State Toll Highway Authority                                            | CUSIP: 452252QS1<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |    500000 | PA      | $533428.55    | 0.03%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PASCO CNTY FL SCH BRD COPS                  | Pasco County School Board                                                        | CUSIP: 702528LM0<br>LEI: 549300NYEDMC7IDJPE68 | Long             | DBT              | MUN               | US        |   1880000 | PA      | $2020819.52   | 0.11%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EHOVE OH JT VOCATIONAL SCH DIS              | EHOVE Joint Vocational School District                                           | CUSIP: 282407BX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    895000 | PA      | $960489.57    | 0.05%             | 2039-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LOWRY CROSSING TX SPL ASSMNT R              | City of Lowry Crossing TX                                                        | CUSIP: 54877WAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $551527.96    | 0.03%             | 2035-09-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| JACKSONVILLE PUBLIC EDUCTNL BL              | Jacksonville Public Educational Building Authority                               | CUSIP: 469480BT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2225000 | PA      | $2259802.56   | 0.12%             | 2044-08-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH AL COMMO              | Southeast Energy Authority A Cooperative District                                | CUSIP: 84136FAH0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   8170000 | PA      | $8209227.44   | 0.44%             | 2051-11-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS RANCHOS DE ALBUQUERQUE NM               | Village of Los Ranchos de Albuquerque NM                                         | CUSIP: 545610BE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $377164.05    | 0.02%             | 2034-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST ECON DEV AUTH              | West Virginia Economic Development Authority                                     | CUSIP: 95648VBU2<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016727.20   | 0.05%             | 2055-01-01      | Variable      | 5.45%                 | No            |                  2 | On Loan: No      |
| CLEMSON SC UNIV UNIV REVENUES               | Clemson University                                                               | CUSIP: 185630E97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3775000 | PA      | $3861539.99   | 0.21%             | 2050-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST               | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 64613CGH5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3052422.30   | 0.16%             | 2050-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE              | Public Finance Authority                                                         | CUSIP: 74442ECA6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1730000 | PA      | $1723111.14   | 0.09%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TULSA CNTY OK INDL AUTH SENIOR              | Tulsa County Industrial Authority                                                | CUSIP: 899530AP4<br>LEI: 549300WEYXBXLGN1E271 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001145.60   | 0.05%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FONTANA CA SPL TAX                          | City of Fontana CA                                                               | CUSIP: 344630WT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $286568.30    | 0.02%             | 2029-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH                | Ohio Air Quality Development Authority                                           | CUSIP: 677525WH6<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2855740.80   | 0.15%             | 2041-06-01      | Variable      | 2.60%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP              | New York Transportation Development Corp                                         | CUSIP: 650116GW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $760235.25    | 0.04%             | 2044-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FRANKLIN TWP IN MULTI-SCH BLDG              | Franklin Township-Marion County Multiple School Building Corp                    | CUSIP: 355137GD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1038344.54   | 0.06%             | 2042-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ADAMS & WELD CNTYS CO SCH DIST              | Adams & Weld Counties School District No 27J Brighton/CO                         | CUSIP: 005518VM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4009044.00   | 0.22%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTWOOD MI                                 | City of Kentwood MI                                                              | CUSIP: 491728LY5<br>LEI: 254900DH27U7OKGAFX08 | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1364848.45   | 0.07%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WARREN CNTY OH HLTH CARE FACS               | County of Warren OH                                                              | CUSIP: 93515PEJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $993911.80    | 0.05%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LATROBE PA INDL DEV AUTH UNIV               | Latrobe Industrial Development Authority                                         | CUSIP: 518324AU2<br>LEI: 5493008FA05J2R0XCZ14 | Long             | DBT              | MUN               | US        |    550000 | PA      | $419106.11    | 0.02%             | 2046-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV              | City & County of Denver CO Airport System Revenue                                | CUSIP: 249182LR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5150181.50   | 0.28%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU              | Texas Private Activity Bond Surface Transportation Corp                          | CUSIP: 882667AT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5217197.50   | 0.28%             | 2034-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP               | New York City Housing Development Corp                                           | CUSIP: 64972E3D9<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000586.00   | 0.27%             | 2062-11-01      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| JACKSON CNTY MO CONSOL SCH DIS              | Jackson County Consolidated School District No 4                                 | CUSIP: 467484SU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    735000 | PA      | $832566.11    | 0.04%             | 2039-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                 | State of Illinois                                                                | CUSIP: 452152Q61<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    325000 | PA      | $333720.04    | 0.02%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FL HLTH FACS AUTH               | Orange County Health Facilities Authority                                        | CUSIP: 68450LHJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1541163.00   | 0.08%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JUSTIN TX SPL ASSMNT REVENUE                | City of Justin TX                                                                | CUSIP: 482184AL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $527981.76    | 0.03%             | 2041-09-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| TOLOMATO FL CDD                             | Tolomato Community Development District                                          | CUSIP: 889560EB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $774773.62    | 0.04%             | 2026-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV              | City & County of Denver CO Airport System Revenue                                | CUSIP: 249182TB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $1004681.07   | 0.05%             | 2033-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TERN BAY CDD FL SPL ASSMNT                  | Tern Bay Community Development District                                          | CUSIP: 88088EAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2850000 | PA      | $2429414.39   | 0.13%             | 2042-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VOLUSIA CNTY FL EDUCTNL FAC AU              | Volusia County Educational Facility Authority                                    | CUSIP: 928836NU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $864983.46    | 0.05%             | 2041-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHINO VLY CA UNIF SCH DIST                  | Chino Valley Unified School District                                             | CUSIP: 169583GX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $263613.55    | 0.01%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI JT MUNI ELEC UTILITY               | Missouri Joint Municipal Electric Utility Commission                             | CUSIP: 606092PM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    555000 | PA      | $596622.17    | 0.03%             | 2039-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL               | New York City Transitional Finance Authority Future Tax Secured Revenue          | CUSIP: 64971XX37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4226904.40   | 0.23%             | 2040-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HOWELL MI PUBLIC SCHS                       | Howell Public Schools                                                            | CUSIP: 443114WP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $525467.45    | 0.03%             | 2040-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY NY INDL DEV CORP R              | Monroe County Industrial Development Corp/NY                                     | CUSIP: 61075TXQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $251659.05    | 0.01%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHERRY CREEK CO SCH DIST #5                 | Arapahoe County School District No 5 Cherry Creek                                | CUSIP: 164555EC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2115000 | PA      | $2242824.47   | 0.12%             | 2043-12-15      | Fixed         | 5.25%                 | 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      | $1479881.40   | 0.08%             | 2049-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ CIVIC IMPT CORP ARP              | City of Phoenix Civic Improvement Corp                                           | CUSIP: 71883MRF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1072364.70   | 0.06%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MEADE CNTY KY INDL BLDG REVENU              | County of Meade KY                                                               | CUSIP: 583022AE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16200000 | PA      | $16200000.00  | 0.87%             | 2061-08-01      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE              | New Jersey Economic Development Authority                                        | CUSIP: 64577B7P3<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3319099.55   | 0.18%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR              | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3257768.15   | 0.18%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH HOSP REVEN              | Indiana Finance Authority                                                        | CUSIP: 45471AUA8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013452.00   | 0.05%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA              | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712JMM2<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    825000 | PA      | $855331.29    | 0.05%             | 2041-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH NATIO              | Arizona Industrial Development Authority                                         | CUSIP: 04052FFE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1102185.53   | 0.06%             | 2049-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE                  | Port of Seattle WA                                                               | CUSIP: 735389R26<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1658997.88   | 0.09%             | 2046-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN              | Virginia Small Business Financing Authority                                      | CUSIP: 928104PP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2518971.25   | 0.14%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CARROLL CITY-CNTY GA HOSP AUTH              | Carroll City-County Hospital Authority                                           | CUSIP: 144709LW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040127.40   | 0.06%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH WAYNE CNTY PA WTR & SWRA              | South Wayne County Water and Sewer Authority                                     | CUSIP: 840627BF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $236342.23    | 0.01%             | 2036-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LEAVENWORTH CNTY KS UNIF SCH D              | Leavenworth County Unified School District No 464                                | CUSIP: 522223GG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $631506.00    | 0.03%             | 2032-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOWER PETROGLYPHS PUBLIC IMPT               | Lower Petroglyphs Public Improvement District                                    | CUSIP: 54844CAJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $257743.10    | 0.01%             | 2027-10-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| NTHRN PALM BEACH CNTY FL IMPT               | Northern Palm Beach County Improvement District                                  | CUSIP: 665588SC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $356635.13    | 0.02%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEAVENWORTH CNTY KS UNIF SCH D              | Leavenworth County Unified School District No 464                                | CUSIP: 522223GL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $586732.14    | 0.03%             | 2036-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA              | Chicago O'Hare International Airport                                             | CUSIP: 1675935X6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1455000 | PA      | $1490849.02   | 0.08%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH NATIO              | Arizona Industrial Development Authority                                         | CUSIP: 04052FFA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $326443.75    | 0.02%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST PORT AUTH                  | Massachusetts Port Authority                                                     | CUSIP: 575896TE5<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   3920000 | PA      | $4108497.90   | 0.22%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY & CHATTANOOGA SP              | Hamilton County & Chattanooga Sports Authority                                   | CUSIP: 407081AS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $646352.49    | 0.03%             | 2043-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR              | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JQC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    307000 | PA      | $287720.40    | 0.02%             | 2027-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH SPL REVEN              | New Hampshire Business Finance Authority                                         | CUSIP: 63608TAV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1211305.60   | 0.07%             | 2033-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST               | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 6461365C1<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    220000 | PA      | $238296.59    | 0.01%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ST LOUIS MO MUNI LIBRARY DIST               | St Louis Municipal Library District                                              | CUSIP: 85236UAR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1527518.30   | 0.08%             | 2039-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FRANKLIN TWP IN MULTI-SCH BLDG              | Franklin Township-Marion County Multiple School Building Corp                    | CUSIP: 355137GC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036523.10   | 0.06%             | 2041-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DE KALB GA PRIV HOSP AUTH                   | DeKalb Private Hospital Authority                                                | CUSIP: 241064EV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $616656.63    | 0.03%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LONG BEACH CA UNIF SCH DIST                 | Long Beach Unified School District                                               | CUSIP: 542433RE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2620000 | PA      | $2634828.94   | 0.14%             | 2031-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY MO INDL DEV AUTH A              | Kansas City Industrial Development Authority                                     | CUSIP: 48504NBC2<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1230792.19   | 0.07%             | 2046-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA HOSP DEV AUT              | Allegheny County Hospital Development Authority                                  | CUSIP: 01728A4W3<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |   3050000 | PA      | $2980794.89   | 0.16%             | 2035-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALABAMA ST PORT AUTH DOCKS FAC              | State of Alabama Docks Department                                                | CUSIP: 010604BX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501366.35    | 0.03%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEWARK HGR EDU FIN CORP TX EDU              | Newark Higher Education Finance Corp                                             | CUSIP: 650346FH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $556645.64    | 0.03%             | 2032-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PARK CREEK CO MET DIST REVENUE              | Park Creek Metropolitan District                                                 | CUSIP: 700387DJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150548.69    | 0.01%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SACRAMENTO CA SPL TAX                       | City of Sacramento CA                                                            | CUSIP: 786071QW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    515000 | PA      | $519031.11    | 0.03%             | 2033-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE              | New Jersey Economic Development Authority                                        | CUSIP: 64577B7R9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   3880000 | PA      | $3889379.12   | 0.21%             | 2044-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHAUTAUQUA CNTY NY CAPITAL RES              | Chautauqua County Capital Resource Corp                                          | CUSIP: 16254PAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2730863.70   | 0.15%             | 2042-04-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| W CORNWALL TWP PA MUNI AUTH                 | West Cornwall Township Municipal Authority                                       | CUSIP: 95235TAN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $134379.19    | 0.01%             | 2029-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI              | Washington State Housing Finance Commission                                      | CUSIP: 939783Q58<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1580000 | PA      | $1608645.72   | 0.09%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEHIGH CNTY PA INDL DEV AUTH                | Lehigh County Industrial Development Authority                                   | CUSIP: 524808BY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006131.70   | 0.05%             | 2029-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                              | State of Connecticut                                                             | CUSIP: 20772KGF0<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |   5145000 | PA      | $5092545.18   | 0.27%             | 2037-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI              | Pennsylvania Turnpike Commission                                                 | CUSIP: 709225HA7<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    750000 | PA      | $797745.00    | 0.04%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA CLG BLDG AUTH EDUCTNL              | Virginia College Building Authority                                              | CUSIP: 92778FKN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $191233.24    | 0.01%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TRI-CNTY MET TRANSPRTN DIST OR              | Tri-County Metropolitan Transportation District of Oregon                        | CUSIP: 89546RPT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4950000 | PA      | $5182559.91   | 0.28%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                | Michigan Finance Authority                                                       | CUSIP: 59447TUX9<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    795000 | PA      | $819476.86    | 0.04%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                | Michigan Finance Authority                                                       | CUSIP: 59447TBR3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2001473.80   | 0.11%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TENNESSEE ST ENERGY ACQUISITIO              | Tennessee Energy Acquisition Corp                                                | CUSIP: 880443JF4<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2061228.80   | 0.11%             | 2053-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PRIV CLGS & UNIVS AUTH GA                   | Private Colleges & Universities Authority                                        | CUSIP: 74265L2G2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $296495.68    | 0.02%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                       | Chicago Board of Education                                                       | CUSIP: 167505XV3<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   3435000 | PA      | $3582491.69   | 0.19%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSONC              | Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | CUSIP: 592041VS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1385000 | PA      | $1408804.00   | 0.08%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SACRAMENTO CA SPL TAX                       | City of Sacramento CA                                                            | CUSIP: 786071QU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $225175.61    | 0.01%             | 2031-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BURBANK CA WTR & PWR ELEC REVE              | City of Burbank CA Electric Revenue                                              | CUSIP: 12082TCJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1245000 | PA      | $1289244.81   | 0.07%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GA                        | Municipal Electric Authority of Georgia                                          | CUSIP: 62620HJY9<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1789172.70   | 0.10%             | 2049-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NORTH RIVER RANCH CDD FL CAPIT              | North River Ranch Community Development District                                 | CUSIP: 662008AD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1230281.10   | 0.07%             | 2051-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE              | California Municipal Finance Authority                                           | CUSIP: 13048VKU1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    600000 | PA      | $600291.54    | 0.03%             | 2034-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TULSA CNTY OK INDL AUTH SENIOR              | Tulsa County Industrial Authority                                                | CUSIP: 899530AQ2<br>LEI: 549300WEYXBXLGN1E271 | Long             | DBT              | MUN               | US        |    250000 | PA      | $251910.48    | 0.01%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV              | City & County of Denver CO Airport System Revenue                                | CUSIP: 249182TK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1386647.08   | 0.07%             | 2041-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BEACH CMNTY DEV DIST FL CAPITA              | Beach Community Development District                                             | CUSIP: 07332WAP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008449.80   | 0.05%             | 2044-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MIAMI WORLD CENTER CDD FL SPL               | Miami World Center Community Development District                                | CUSIP: 593856AB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $213599.82    | 0.01%             | 2027-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| VIRGINIA BEACH VA DEV AUTH RSD              | Virginia Beach Development Authority                                             | CUSIP: 92774NAU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $275524.32    | 0.01%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VERMONT ST ECON DEV AUTH MTGER              | Vermont Economic Development Authority                                           | CUSIP: 92415TBL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    585000 | PA      | $587342.11    | 0.03%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EPPERSON N CDD FL CAPITAL IMPT              | Epperson North Community Development District                                    | CUSIP: 29429VAF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $44535.09     | 0.00%             | 2026-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| TROY MI CITY SCH DIST                       | Troy School District/MI                                                          | CUSIP: 897404TZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3810000 | PA      | $3837795.09   | 0.21%             | 2047-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONSOL MUNI ELEC PWR SYS WY JT              | Consolidated Municipalities Electric Power Systems Joint Powers Board            | CUSIP: 210295EW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1064576.50   | 0.06%             | 2039-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GIR EAST CDD FL CAPITAL IMPT R              | GIR East Community Development District                                          | CUSIP: 37611TAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $932407.00    | 0.05%             | 2045-05-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| MENIFEE CA UNION SCH DIST SPL               | Menifee Union School District                                                    | CUSIP: 586810P72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $183058.40    | 0.01%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL TX REGL MOBILITY AUTH R              | Central Texas Regional Mobility Authority                                        | CUSIP: 155498LT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445000 | PA      | $461568.82    | 0.02%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEAVENWORTH CNTY KS UNIF SCH D              | Leavenworth County Unified School District No 464                                | CUSIP: 522223GK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $523629.07    | 0.03%             | 2035-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY PA MUNI AUTH                | Cumberland County Municipal Authority                                            | CUSIP: 230614TG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100029.52    | 0.01%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX ARPT SYS REVENUE                  | City of Austin TX Airport System Revenue                                         | CUSIP: 052398GV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3150000 | PA      | $3210776.42   | 0.17%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES              | New York State Dormitory Authority                                               | CUSIP: 64990BR62<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    450000 | PA      | $450926.73    | 0.02%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL               | Black Belt Energy Gas District                                                   | CUSIP: 09182TAM9<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   7695000 | PA      | $7753548.95   | 0.42%             | 2052-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH DAKOTA ST HLTH & EDUCTNL              | South Dakota Health & Educational Facilities Authority                           | CUSIP: 83755VN83<br>LEI: 549300ZW6LKR8UI2C378 | Long             | DBT              | MUN               | US        |    200000 | PA      | $196444.32    | 0.01%             | 2028-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LEAVENWORTH CNTY KS UNIF SCH D              | Leavenworth County Unified School District No 464                                | CUSIP: 522223GF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $506546.75    | 0.03%             | 2031-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEV FIN CORP HLTHCAREF              | Florida Development Finance Corp                                                 | CUSIP: 34061QCQ8<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1060000 | PA      | $1065615.56   | 0.06%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BALTIMORE MD SPL OBLIG                      | City of Baltimore MD                                                             | CUSIP: 05923TBY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2020000 | PA      | $2020572.67   | 0.11%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT              | California Statewide Communities Development Authority                           | CUSIP: 13080SRV8<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    195000 | PA      | $199632.42    | 0.01%             | 2031-04-01      | Fixed         | 5.00%                 | 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        |   5100000 | PA      | $5164212.57   | 0.28%             | 2043-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| UNIV OF HOUSTON TX UNIV REVENU              | University of Houston                                                            | CUSIP: 914302CC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $152076.98    | 0.01%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                 | City of Houston TX Airport System Revenue                                        | CUSIP: 442349FZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $644565.75    | 0.03%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL               | Philadelphia Authority for Industrial Development                                | CUSIP: 71780CAJ9<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    620000 | PA      | $608301.90    | 0.03%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WYANDOTTE CNTY KS KANSAS CITY               | Wyandotte County-Kansas City Unified Government                                  | CUSIP: 98267VDK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2028867.60   | 0.11%             | 2039-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ROSEVILLE CA SPL TAX                        | City of Roseville CA                                                             | CUSIP: 777870E93<br>LEI: 549300OH100KESVPND17 | Long             | DBT              | MUN               | US        |    110000 | PA      | $115041.08    | 0.01%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH              | Maricopa County Industrial Development Authority                                 | CUSIP: 56681NEN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $1929430.86   | 0.10%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL MIDWAY ARPT REVENUE              | Chicago Midway International Airport                                             | CUSIP: 167562RZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $217931.80    | 0.01%             | 2037-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CHINO CA CMNTY FACS DIST SPL T              | Chino Community Facilities District                                              | CUSIP: 169511TD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $386904.82    | 0.02%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CELINA TX SPL ASSESSMENT REVEN              | City of Celina TX                                                                | CUSIP: 15114CHC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $971932.60    | 0.05%             | 2045-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LATROBE PA INDL DEV AUTH UNIV               | Latrobe Industrial Development Authority                                         | CUSIP: 518324AV0<br>LEI: 5493008FA05J2R0XCZ14 | Long             | DBT              | MUN               | US        |   2415000 | PA      | $1770671.96   | 0.10%             | 2051-03-01      | 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        |   2775000 | PA      | $2799042.32   | 0.15%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRAILS AT CROWFOOT MET DIST #3              | Trails at Crowfoot Metropolitan District No 3                                    | CUSIP: 89286RAR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $648593.94    | 0.03%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COOK CNTY IL SCH DIST #81 SCHI              | Cook County School District No 81 Schiller Park                                  | CUSIP: 214057HC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $901859.80    | 0.05%             | 2035-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV              | Colorado Health Facilities Authority                                             | CUSIP: 19648FYT5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.05%             | 2064-05-15      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R              | Arizona Industrial Development Authority                                         | CUSIP: 04052BEX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1031752.75   | 0.06%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                 | City of Houston TX Airport System Revenue                                        | CUSIP: 442349DG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1770000 | PA      | $1777239.12   | 0.10%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLESTON CNTY SC ARPT DIST A              | Charleston County Airport District                                               | CUSIP: 160070EG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021122.50   | 0.05%             | 2043-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LOUDOUN CNTY VA ECONOMIC DEV A              | Loudoun County Economic Development Authority                                    | CUSIP: 54602QAQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $458559.82    | 0.02%             | 2035-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI DEV BK SPL OBLIG                | Mississippi Development Bank                                                     | CUSIP: 60534XS98<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    850000 | PA      | $883458.64    | 0.05%             | 2042-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY OH HOSP FACS REV              | County of Hamilton OH                                                            | CUSIP: 407272Y31<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $770705.10    | 0.04%             | 2050-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL              | Maryland Health & Higher Educational Facilities Authority                        | CUSIP: 57421CCB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $239648.23    | 0.01%             | 2035-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| S WSTRN IL DEV AUTH REV                     | Southwestern Illinois Development Authority                                      | CUSIP: 84552YTH4<br>LEI: 549300B1KLLJ8NU5XK71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050108.10   | 0.06%             | 2043-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UTAH ST CHRT SCH FIN AUTH CHRT              | Utah Charter School Finance Authority                                            | CUSIP: 91754TUL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $403643.28    | 0.02%             | 2032-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT               | Buckeye Tobacco Settlement Financing Authority                                   | CUSIP: 118217CT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1645757.23   | 0.09%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SKOKIE IL PARK DIST                         | Skokie Park District                                                             | CUSIP: 830745MB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    885000 | PA      | $948486.27    | 0.05%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FIREFLY PUBLIC INFRASTRUCTURE               | Firefly Public Infrastructure District No 1 Assessment Area No 1                 | CUSIP: 31816CAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1940488.80   | 0.10%             | 2043-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                | Michigan Finance Authority                                                       | CUSIP: 59447TVA8<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1726684.60   | 0.09%             | 2044-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH              | Maricopa County Industrial Development Authority                                 | CUSIP: 56681NFL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    985000 | PA      | $964783.66    | 0.05%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CMNTY DEV ADMIN MD MF DEV REVE              | Maryland Community Development Administration                                    | CUSIP: 20364NCK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2021889.00   | 0.11%             | 2029-01-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY              | San Francisco City & County Airport Comm-San Francisco International Airport     | CUSIP: 79766DLZ0<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7062869.80   | 0.38%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PRICHARD AL WTRWKS & SWR BRD W              | Prichard Water Works & Sewer Board                                               | CUSIP: 741530HT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1605000 | PA      | $1043250.00   | 0.06%             | 2032-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PRICHARD AL WTRWKS & SWR BRD W              | Prichard Water Works & Sewer Board                                               | CUSIP: 741530HV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1765000 | PA      | $1147250.00   | 0.06%             | 2034-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST HSG & CMNTY DEV AUT              | Indiana Housing & Community Development Authority                                | CUSIP: 45505TSA0<br>LEI: 549300QRKDYVNHT1OE86 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 0.27%             | 2047-07-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| JACKSON CNTY MO SPL OBLG                    | County of Jackson MO                                                             | CUSIP: 467578HU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $702261.35    | 0.04%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA ENERGY AUTH                 | Philadelphia Energy Authority/The                                                | CUSIP: 71780UAQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030853.00   | 0.06%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS CNTY OR HOSP FAC AUT              | Clackamas County Hospital Facility Authority                                     | CUSIP: 179027YM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $445700.50    | 0.02%             | 2050-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| KINGS PARK NY CENTRL SCH DIST               | Kings Park Central School District                                               | CUSIP: 496098GJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $975115.30    | 0.05%             | 2031-07-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HUDSON YARDS INFRASTRUCTURE CO              | Hudson Yards Infrastructure Corp                                                 | CUSIP: 44420RBA7<br>LEI: 549300EE2HJ67TPURL87 | Long             | DBT              | MUN               | US        |    495000 | PA      | $504135.42    | 0.03%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WESTCHESTER CNTY NY LOCAL DEV               | Westchester County Local Development Corp                                        | CUSIP: 95737TFN1<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |    500000 | PA      | $528816.95    | 0.03%             | 2049-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CHESTER CNTY PA INDL DEV AUTH               | Chester County Industrial Development Authority                                  | CUSIP: 165588FP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2026849.40   | 0.11%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS CNTY OR HOSP FAC AUT              | Clackamas County Hospital Facility Authority                                     | CUSIP: 179027XK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $169746.36    | 0.01%             | 2026-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAWTHORNE CA CMNTY REDEV AGY S              | Hawthorne Community Redevelopment Agency Successor Agency                        | CUSIP: 42051PAS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1360000 | PA      | $1362736.18   | 0.07%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HLTH FACS AUTH REVENU              | Idaho Health Facilities Authority                                                | CUSIP: 451295ZT9<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2065824.00   | 0.11%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ST UNIV OF IOWA UNIV REVENUE                | University of Iowa/The                                                           | CUSIP: 8575365N2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2522444.50   | 0.14%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA              | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712JMN0<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    840000 | PA      | $862431.86    | 0.05%             | 2042-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PRAIRIE CENTER CO MET DIST #3               | Prairie Center Metropolitan District No 3                                        | CUSIP: 739476AD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502079.65    | 0.03%             | 2027-12-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT ARPT REVENUE              | City of Salt Lake City UT Airport Revenue                                        | CUSIP: 795576LU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1111643.09   | 0.06%             | 2037-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                 | State of Illinois                                                                | CUSIP: 452153AS8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1863123.00   | 0.10%             | 2038-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RHODINE ROAD NORTH CDD FL SPL               | Rhodine Road North Community Development District                                | CUSIP: 762402AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    815000 | PA      | $772726.28    | 0.04%             | 2040-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION&              | Texas Municipal Gas Acquisition & Supply Corp IV                                 | CUSIP: 88256PAT7<br>LEI: 549300PTUE847QDBBW22 | Long             | DBT              | MUN               | US        |   8505000 | PA      | $9241569.57   | 0.50%             | 2054-01-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| ROSEVILLE CA SPL TAX                        | City of Roseville CA                                                             | CUSIP: 777870V45<br>LEI: 549300OH100KESVPND17 | Long             | DBT              | MUN               | US        |    205000 | PA      | $207057.97    | 0.01%             | 2032-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN              | Virginia Small Business Financing Authority                                      | CUSIP: 928103AW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2037117.00   | 0.11%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES              | New York State Dormitory Authority                                               | CUSIP: 65000B7W2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    750000 | PA      | $767601.75    | 0.04%             | 2044-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R              | Massachusetts Development Finance Agency                                         | CUSIP: 57585BMP0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    500000 | PA      | $522637.55    | 0.03%             | 2041-06-01      | Fixed         | 5.25%                 | 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      | $502974.35    | 0.03%             | 2055-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| LOS RANCHOS DE ALBUQUERQUE NM               | Village of Los Ranchos de Albuquerque NM                                         | CUSIP: 545610BF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $298970.52    | 0.02%             | 2035-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BALTIMORE CNTY MD REVENUE                   | County of Baltimore MD                                                           | CUSIP: 059151CK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $592361.12    | 0.03%             | 2040-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU DEDICATE              | Chicago Board of Education Dedicated Capital Improvement Tax                     | CUSIP: 167510BA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1323700.38   | 0.07%             | 2037-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL               | Connecticut State Health & Educational Facilities Authority                      | CUSIP: 20774YXL6<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200054.34    | 0.01%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BROWNSBURG IN 1999 SCH BLDG CO              | Brownsburg 1999 School Building Corp                                             | CUSIP: 116083C53<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2051699.20   | 0.11%             | 2042-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ASTORIA OR HOSP FACS AUTH                   | Astoria Hospital Facilities Authority                                            | CUSIP: 046279CS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $740440.28    | 0.04%             | 2044-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY PA INDL DEV AU              | Montgomery County Industrial Development Authority/PA                            | CUSIP: 613609K54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $551145.12    | 0.03%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FOLSOM RANCH CA FING AUTH SPL               | Folsom Ranch Financing Authority                                                 | CUSIP: 344414EC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $154750.78    | 0.01%             | 2039-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA HOSP DEV AUT              | Allegheny County Hospital Development Authority                                  | CUSIP: 01728A3S3<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1554784.35   | 0.08%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA              | Main Street Natural Gas Inc                                                      | CUSIP: 56035DHZ8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2121996.20   | 0.11%             | 2054-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST THRUWAY AUTH PERSO              | New York State Thruway Authority                                                 | CUSIP: 650028YT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4185000 | PA      | $4308925.38   | 0.23%             | 2041-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JACKSON CNTY MO CONSOL SCH DIS              | Jackson County Consolidated School District No 4                                 | CUSIP: 467484SX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    690000 | PA      | $757439.22    | 0.04%             | 2042-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA CNTY OK FIN AUTH EDUC              | Oklahoma County Finance Authority                                                | CUSIP: 67868UJS3<br>LEI: 549300KPR05JUN0F1289 | Long             | DBT              | MUN               | US        |   2305000 | PA      | $2367374.68   | 0.13%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SPRINGFIELD MO PUBLIC UTILITIE              | City of Springfield MO Public Utility Revenue                                    | CUSIP: 851026FC3<br>LEI: NDLRXEC1F2GZZETPKO45 | Long             | DBT              | MUN               | US        |   2795000 | PA      | $2992364.73   | 0.16%             | 2038-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE              | South Carolina Jobs-Economic Development Authority                               | CUSIP: 837032BW0<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1516311.80   | 0.08%             | 2043-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| RAVENNA CO MET DIST                         | Ravenna Metropolitan District                                                    | CUSIP: 754252BK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $517081.05    | 0.03%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAWYERS LANDING CDD FL SPL ASS              | Sawyers Landing Community Development District                                   | CUSIP: 805517AD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3635000 | PA      | $2931358.87   | 0.16%             | 2053-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CELINA TX SPL ASSESSMENT REVEN              | City of Celina TX                                                                | CUSIP: 15114CHZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1038109.50   | 0.06%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH A              | Metropolitan Washington Airports Authority Aviation Revenue                      | CUSIP: 592647NE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1767906.70   | 0.09%             | 2046-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ASTORIA OR HOSP FACS AUTH                   | Astoria Hospital Facilities Authority                                            | CUSIP: 046279CN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $773726.85    | 0.04%             | 2040-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MOULTRIE SHELBY & COLES CNTYS               | Moultrie Shelby & Coles Counties Community Unit School District No 300           | CUSIP: 620433DF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1186761.09   | 0.06%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION&              | Texas Municipal Gas Acquisition & Supply Corp IV                                 | CUSIP: 88256PAG5<br>LEI: 549300PTUE847QDBBW22 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4258335.20   | 0.23%             | 2054-01-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| TEXAS ST WTR DEV BRD                        | Texas Water Development Board                                                    | CUSIP: 882854A36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    785000 | PA      | $820451.39    | 0.04%             | 2030-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FRANKLIN TWP IN MULTI-SCH BLDG              | Franklin Township-Marion County Multiple School Building Corp                    | CUSIP: 355137GB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $786818.48    | 0.04%             | 2040-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET NASHVILLE TN ARPT AUTH ARP              | Metropolitan Nashville Airport Authority/The                                     | CUSIP: 592190QT2<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |    750000 | PA      | $800544.30    | 0.04%             | 2038-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                 | City of New York NY                                                              | CUSIP: 64966QK58<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   5730000 | PA      | $6100916.65   | 0.33%             | 2039-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COLORADO SPRINGS CO SCH DIST #              | Colorado Springs School District No 11 Facilities Corp                           | CUSIP: 19662UBJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020805.00   | 0.05%             | 2048-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST PUBLIC WKS BRD L              | California State Public Works Board                                              | CUSIP: 13068XBN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004466.90   | 0.05%             | 2037-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT              | California Statewide Communities Development Authority                           | CUSIP: 13080SVJ0<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    450000 | PA      | $456593.36    | 0.02%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL AVIATION RE              | County of Miami-Dade FL Aviation Revenue                                         | CUSIP: 59333P5U8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $992691.70    | 0.05%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH ST              | California Municipal Finance Authority                                           | CUSIP: 13049YFM8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $956536.90    | 0.05%             | 2040-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN LUIS OBISPO CNTY CA FING A              | San Luis Obispo County Financing Authority                                       | CUSIP: 798712DA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1665000 | PA      | $1786688.36   | 0.10%             | 2041-11-15      | Fixed         | 5.25%                 | 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      | $974606.19    | 0.05%             | 2047-12-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI DEV BK SPL OBLIG                | Mississippi Development Bank                                                     | CUSIP: 60534XS80<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    645000 | PA      | $676797.27    | 0.04%             | 2041-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NORTH LAS VEGAS NV LOCAL IMPT               | City of North Las Vegas NV                                                       | CUSIP: 66041HGS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $164949.15    | 0.01%             | 2026-06-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| UNIV OF TEXAS TX PERMANENT UNI              | Permanent University Fund - University of Texas System                           | CUSIP: 915130BM9<br>LEI: 549300GZUEUTLKVGLF98 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1748242.94   | 0.09%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ASHLAND KY MED CENTER REVENUE               | City of Ashland KY                                                               | CUSIP: 044293CB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1129829.45   | 0.06%             | 2040-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL HLTH FACS A              | Palm Beach County Health Facilities Authority                                    | CUSIP: 69650MAZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1095545.93   | 0.06%             | 2042-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F              | Tarrant County Cultural Education Facilities Finance Corp                        | CUSIP: 87638QTJ8<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6669615.55   | 0.36%             | 2049-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HSG FIN AGY SF              | Pennsylvania Housing Finance Agency                                              | CUSIP: 7087968F7<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2177036.75   | 0.12%             | 2042-10-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| YUMA AZ INDL DEV AUTH HOSP REV              | Yuma Industrial Development Authority                                            | CUSIP: 988514DC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2150000 | PA      | $2172837.09   | 0.12%             | 2049-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST THRUWAY AUTH GEN R              | New York State Thruway Authority                                                 | CUSIP: 650010CJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $171640.83    | 0.01%             | 2045-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY              | San Francisco City & County Airport Comm-San Francisco International Airport     | CUSIP: 79766DWS4<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   4285000 | PA      | $4511067.60   | 0.24%             | 2040-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC              | Health & Educational Facilities Authority of the State of Missouri               | CUSIP: 60637ATR3<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061191.60   | 0.06%             | 2052-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EXEMPT FACS              | Public Finance Authority                                                         | CUSIP: 74443QAC6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002000.10   | 0.05%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER CNTY SC ASSMNT REVEN              | County of Lancaster SC                                                           | CUSIP: 514088AL7<br>LEI: 5493004EFQNI7UOCFI47 | Long             | DBT              | MUN               | US        |    685000 | PA      | $685543.96    | 0.04%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| YONKERS NY                                  | City of Yonkers NY                                                               | CUSIP: 986082W68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $519254.55    | 0.03%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF PORTLAND OR ARPT REVEN              | Port of Portland OR Airport Revenue                                              | CUSIP: 735240P49<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1890000 | PA      | $2027571.40   | 0.11%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A              | City of Los Angeles Department of Airports                                       | CUSIP: 544445B57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1596989.40   | 0.09%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FARMINGTON NM POLL CONTROL REV              | City of Farmington NM                                                            | CUSIP: 311450GC8<br>LEI: 5493000GWMTI2L4AZA61 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2025267.40   | 0.11%             | 2040-06-01      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| COLORADO SPRINGS CO PIKES PEAK              | City of Colorado Springs CO Pikes Peak - America's Mountain Enterprise           | CUSIP: 196624AF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $498433.86    | 0.03%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CA UNIF SCH DIST                  | Riverside Unified School District                                                | CUSIP: 769069N43<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $218458.36    | 0.01%             | 2027-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAGEBRUSH FARM MET DIST #1 CO               | Sagebrush Farm Metropolitan District No 1                                        | CUSIP: 78669HAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020269.90   | 0.05%             | 2042-12-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| WESTSIDE FL CDD SPL ASSMNT REV              | Westside Community Development District                                          | CUSIP: 96149TAQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    835000 | PA      | $777290.90    | 0.04%             | 2037-05-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| SARASOTA CNTY FL PUBLIC HOSP D              | Sarasota County Public Hospital District                                         | CUSIP: 803301DJ6<br>LEI: 549300JY4SF4DU1YDF85 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000722.40   | 0.16%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PROVIDENCE RI PUBLIC BLDGS AUT              | Providence Public Building Authority                                             | CUSIP: 74381MDK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1336462.14   | 0.07%             | 2042-09-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU DEDICATE              | Chicago Board of Education Dedicated Capital Improvement Tax                     | CUSIP: 167510AZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1068235.40   | 0.06%             | 2036-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TEXAS WTR DEV BRD REVENUE                   | Texas Water Development Board                                                    | CUSIP: 88285AFY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1512965.70   | 0.08%             | 2049-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH PARK ISLE CMNTY DEV DIST              | North Park Isle Community Development District                                   | CUSIP: 661416AB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    605000 | PA      | $607850.52    | 0.03%             | 2030-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GA                        | Municipal Electric Authority of Georgia                                          | CUSIP: 62620HJV5<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    800000 | PA      | $815736.32    | 0.04%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GEORGIA ST HSG & FIN AUTH REVE              | Georgia Housing & Finance Authority                                              | CUSIP: 37353PAG4<br>LEI: 549300I628IMF9PWV724 | Long             | DBT              | MUN               | US        |   2525000 | PA      | $2379256.75   | 0.13%             | 2033-12-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| TEXAS WTR DEV BRD REVENUE                   | Texas Water Development Board                                                    | CUSIP: 88285ADS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2998793.70   | 0.16%             | 2048-10-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT              | California Statewide Communities Development Authority                           | CUSIP: 13080SMF8<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    350000 | PA      | $354043.94    | 0.02%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH EDU R              | Industrial Development Authority of the City of Phoenix Arizona/The              | CUSIP: 71885FEA1<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   3655000 | PA      | $3655873.18   | 0.20%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA CLG BLDG AUTH EDUCTNL              | Virginia College Building Authority                                              | CUSIP: 92778FKQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $289363.97    | 0.02%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FA              | California School Finance Authority                                              | CUSIP: 13059TGJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1914662.00   | 0.10%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALASKA ST INDL DEV & EXPORT AU              | Alaska Industrial Development & Export Authority                                 | CUSIP: 011908EB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1880000 | PA      | $1880188.75   | 0.10%             | 2028-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAND CREEK CO MET DIST                      | Sand Creek Metropolitan District                                                 | CUSIP: 799712KB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $315227.55    | 0.02%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX ARPT SYS REVENUE                  | City of Austin TX Airport System Revenue                                         | CUSIP: 052398HL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $368757.13    | 0.02%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL              | Maryland Health & Higher Educational Facilities Authority                        | CUSIP: 57421CCC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $212734.37    | 0.01%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH REVENUE                | New Hampshire Business Finance Authority                                         | CUSIP: 63607YBR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1584527.65   | 0.09%             | 2043-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ROSEVILLE CA SPL TAX                        | City of Roseville CA                                                             | CUSIP: 777870R24<br>LEI: 549300OH100KESVPND17 | Long             | DBT              | MUN               | US        |    350000 | PA      | $336721.04    | 0.02%             | 2037-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV              | Colorado Health Facilities Authority                                             | CUSIP: 19648FKS2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   3025000 | PA      | $2963983.03   | 0.16%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIDCITY IMPT DIST AL SPL ASSMN              | MidCity Improvement District                                                     | CUSIP: 59564KAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $842100.60    | 0.05%             | 2042-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| POMPANO BEACH FL REVENUE                    | City of Pompano Beach FL                                                         | CUSIP: 732203BG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    605000 | PA      | $522264.62    | 0.03%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENN IN HIGH SCH BLDG CORP                  | Penn High School Building Corp                                                   | CUSIP: 707533MX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031147.80   | 0.06%             | 2042-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH NATIO              | Arizona Industrial Development Authority                                         | CUSIP: 04052FBR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $546894.01    | 0.03%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PIERCE CNTY WA SCH DIST #403 B              | Pierce County School District No 403 Bethel                                      | CUSIP: 720611YG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    585000 | PA      | $610332.90    | 0.03%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH A              | Metropolitan Washington Airports Authority Aviation Revenue                      | CUSIP: 592647ND9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1875982.70   | 0.10%             | 2045-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY AFFORD              | New York State Housing Finance Agency                                            | CUSIP: 64987JY62<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   4625000 | PA      | $4655373.30   | 0.25%             | 2042-05-01      | Variable      | 3.57%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN              | Virginia Small Business Financing Authority                                      | CUSIP: 928104PG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4105000 | PA      | $4248701.27   | 0.23%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OGDEN CITY UT MUNI BLDG AUTH L              | Ogden City Municipal Building Authority                                          | CUSIP: 676291BN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $719048.61    | 0.04%             | 2043-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FORT WORTH TX SPL ASSMNT REVEN              | City of Fort Worth TX                                                            | CUSIP: 349506AM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    707000 | PA      | $763577.68    | 0.04%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEA FL ELEC SYS REVENUE                     | JEA Electric System Revenue                                                      | CUSIP: 46613SGK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1825000 | PA      | $1897249.74   | 0.10%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST HLTH & EDUCTNL              | Rhode Island Health and Educational Building Corp                                | CUSIP: 762244FG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1136654.21   | 0.06%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HIDALGO CNTY TX                             | County of Hidalgo TX                                                             | CUSIP: 429326T35<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $879951.20    | 0.05%             | 2042-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY MO INDL DEV AUTH A              | Kansas City Industrial Development Authority                                     | CUSIP: 48504NAD1<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   4310000 | PA      | $4513421.23   | 0.24%             | 2031-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE              | South Carolina Jobs-Economic Development Authority                               | CUSIP: 837032BZ3<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5454418.73   | 0.29%             | 2046-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                | Michigan Finance Authority                                                       | CUSIP: 59447TG80<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2512606.50   | 0.13%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TAMPA FL HOSP REVENUE                       | City of Tampa FL                                                                 | CUSIP: 875161CT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $213640.04    | 0.01%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MADISON BOND ETC CNTYS IL CMNT              | Madison Bond Etc Counties Community Unit School District No 5 Highland           | CUSIP: 556627KZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $732331.95    | 0.04%             | 2040-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CHINO VLY CA UNIF SCH DIST                  | Chino Valley Unified School District                                             | CUSIP: 169583GW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $318888.72    | 0.02%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE              | South Carolina Jobs-Economic Development Authority                               | CUSIP: 83704HAK3<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    800000 | PA      | $820109.68    | 0.04%             | 2039-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH POLL CO              | Development Authority of Burke County/The                                        | CUSIP: 121342QM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $884532.34    | 0.05%             | 2032-10-01      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| WSTRN VA REGL JAIL AUTH REGL J              | Western Regional Jail Authority                                                  | CUSIP: 95984REA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1180000 | PA      | $1205512.43   | 0.06%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH ACT 38 FA              | Michigan Finance Authority                                                       | CUSIP: 59447NAZ9<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    500000 | PA      | $513794.05    | 0.03%             | 2042-02-28      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE              | South Carolina Jobs-Economic Development Authority                               | CUSIP: 83704HAJ6<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    350000 | PA      | $357019.99    | 0.02%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BORDEN-HENRYVILLE MULTI-SCH BL              | Borden-Henryville Multi-School Building Corp                                     | CUSIP: 099590BA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3080000 | PA      | $3203833.25   | 0.17%             | 2039-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CELINA TX SPL ASSESSMENT REVEN              | City of Celina TX                                                                | CUSIP: 15114CKK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    808000 | PA      | $836959.45    | 0.04%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F              | Tarrant County Cultural Education Facilities Finance Corp                        | CUSIP: 87638TJH7<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    690000 | PA      | $695723.48    | 0.04%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS NV SPL IMPT DIST #81              | City of Las Vegas NV Special Improvement District No 818                         | CUSIP: 51779DAL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $997194.00    | 0.05%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST MUNI PWR AGY                     | Indiana Municipal Power Agency                                                   | CUSIP: 454898TX5<br>LEI: AX0ZCCVOQ71Z4RXBL233 | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2823695.00   | 0.15%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LORSON RANCH MET DIST #2 CO                 | Lorson Ranch Metropolitan District No 2                                          | CUSIP: 544186AA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $173243.86    | 0.01%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PUBLIC SVC A              | South Carolina Public Service Authority                                          | CUSIP: 8371515M7<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1150941.26   | 0.06%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A              | California Community Choice Financing Authority                                  | CUSIP: 13013JCB0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3138812.10   | 0.17%             | 2053-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC              | Health & Educational Facilities Authority of the State of Missouri               | CUSIP: 60635HU80<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    260000 | PA      | $261650.79    | 0.01%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI CNTY OH HOSP FACS REVENU              | County of Miami OH                                                               | CUSIP: 593328FF9<br>LEI: 549300YAYSF4ZQH3JU54 | Long             | DBT              | MUN               | US        |    960000 | PA      | $1000370.30   | 0.05%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH              | Maricopa County Industrial Development Authority                                 | CUSIP: 56681NFJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $450313.79    | 0.02%             | 2032-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNION CNTY OR HOSP FAC AUTH                 | Union County Hospital Facility Authority                                         | CUSIP: 906420CH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $947948.80    | 0.05%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST HOSP EQUIPMENT L              | New Mexico Hospital Equipment Loan Council                                       | CUSIP: 647370KH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $859823.17    | 0.05%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WESTCHESTER CNTY NY LOCAL DEV               | Westchester County Local Development Corp                                        | CUSIP: 95737TFM3<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |    675000 | PA      | $715968.11    | 0.04%             | 2048-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ROSEVILLE CA SPL TAX                        | City of Roseville CA                                                             | CUSIP: 777870V86<br>LEI: 549300OH100KESVPND17 | Long             | DBT              | MUN               | US        |    520000 | PA      | $439210.41    | 0.02%             | 2046-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R              | Arizona Industrial Development Authority                                         | CUSIP: 04052BKL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1775573.60   | 0.10%             | 2049-07-01      | 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        |   2575000 | PA      | $2569265.22   | 0.14%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH HLTH FAC R              | Indiana Finance Authority                                                        | CUSIP: 45471CCJ5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047771.30   | 0.06%             | 2039-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HSG FIN CORP MF H              | Arlington Housing Finance Corp                                                   | CUSIP: 041818AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2020186.60   | 0.11%             | 2041-04-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| PORT OF GTR CINCINNATI DEV AUT              | Port of Greater Cincinnati Development Authority                                 | CUSIP: 734195EA4<br>LEI: 549300IK2RCZBY62ST97 | Long             | DBT              | MUN               | US        |    685000 | PA      | $693325.35    | 0.04%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV              | City & County of Denver CO Airport System Revenue                                | CUSIP: 249182UX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $805206.30    | 0.04%             | 2036-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DOUGLAS CNTY KS                             | County of Douglas KS                                                             | CUSIP: 259039M44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1075325.76   | 0.06%             | 2041-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| THIRD CREEK MET DIST #1 CO                  | Third Creek Metropolitan District No 1                                           | CUSIP: 88423EAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $706659.86    | 0.04%             | 2037-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA              | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712JJA2<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1890000 | PA      | $2018978.89   | 0.11%             | 2054-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH HLTH FAC R              | Indiana Finance Authority                                                        | CUSIP: 45471CCE6<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1555000 | PA      | $1653356.55   | 0.09%             | 2031-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CNTY CA REGL ARPT AU              | San Diego County Regional Airport Authority                                      | CUSIP: 79739GSX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1588833.00   | 0.09%             | 2040-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| UPTOWN DEV AUTH TX INCR CONTRA              | Uptown Development Authority                                                     | CUSIP: 916856GM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1560000 | PA      | $1564003.74   | 0.08%             | 2036-09-01      | 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        |   3000000 | PA      | $3388059.60   | 0.18%             | 2050-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                 | City of New York NY                                                              | CUSIP: 64966MU98<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   4365000 | PA      | $4365000.00   | 0.23%             | 2046-10-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR              | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JPU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8258000 | PA      | $8257584.62   | 0.44%             | 2034-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| INTERMOUNTAIN PWR AGY UT PWR S              | Intermountain Power Agency                                                       | CUSIP: 45884AB51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3075022.20   | 0.17%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUDOUN CNTY VA                             | County of Loudoun VA                                                             | CUSIP: 54589TMF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4590000 | PA      | $4421715.91   | 0.24%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RIVER ISLANDS CA PUBLIC FING A              | River Islands Public Financing Authority                                         | CUSIP: 76827QDV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $490445.45    | 0.03%             | 2043-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHELPS CNTY MO HOSP REVENUE                 | County of Phelps MO                                                              | CUSIP: 717252CZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2817869.31   | 0.15%             | 2045-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| COLORADO ST COPS                            | State of Colorado                                                                | CUSIP: 196711VT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $513084.35    | 0.03%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FOLSOM RANCH CA FING AUTH SPL               | Folsom Ranch Financing Authority                                                 | CUSIP: 344414EE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $158338.04    | 0.01%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH AL COMMO              | Southeast Energy Authority A Cooperative District                                | CUSIP: 84136FBL0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1596248.10   | 0.09%             | 2053-01-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A              | City of Los Angeles Department of Airports                                       | CUSIP: 544445R68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3645000 | PA      | $3965629.51   | 0.21%             | 2031-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LIBERTY COVE CDD FL SPL ASSMNT              | Liberty Cove Community Development District                                      | CUSIP: 530430AB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1085000 | PA      | $1015324.45   | 0.05%             | 2044-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY PA MUNI AUTH                | Cumberland County Municipal Authority                                            | CUSIP: 230614TH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $230706.62    | 0.01%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CMNTY TX INDEP SCH DIST                     | Community Independent School District/TX                                         | CUSIP: 203714SK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1101104.24   | 0.06%             | 2040-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST               | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 646136EN7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1290000 | PA      | $1276836.71   | 0.07%             | 2025-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NORTH MIAMI BEACH FL SPL OBLIG              | City of North Miami Beach FL                                                     | CUSIP: 661004AV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1610000 | PA      | $1636383.55   | 0.09%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST TRANSPRTN COMMISSION               | Central Texas Turnpike System                                                    | CUSIP: 88283KCH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $255585.15    | 0.01%             | 2042-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST LOCAL GOVT ENVRNM              | Louisiana Local Government Environmental Facilities & Community Development Auth | CUSIP: 54628CAR3<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1712650.55   | 0.09%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUTLER CNTY OH PORT AUTH ECON               | Butler County Port Authority                                                     | CUSIP: 12355RAP1<br>LEI: 549300LIKUQ3LQUKO260 | Long             | DBT              | MUN               | US        |    370000 | PA      | $292691.98    | 0.02%             | 2046-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA                              | City of Los Angeles CA                                                           | CUSIP: 544351SF7<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024104.70   | 0.06%             | 2026-06-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE ST HLTH FACS AUTH REV              | Delaware State Health Facilities Authority                                       | CUSIP: 246388UC4<br>LEI: 549300RXU7M05ZYSJG42 | Long             | DBT              | MUN               | US        |   4335000 | PA      | $4539061.46   | 0.24%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM              | North Carolina Medical Care Commission                                           | CUSIP: 65820YRR9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $446935.60    | 0.02%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP               | Arlington Higher Education Finance Corp                                          | CUSIP: 0418064W7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $770839.60    | 0.04%             | 2041-02-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| TAMPA FL REVENUE                            | City of Tampa FL                                                                 | CUSIP: 875231LM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $242502.66    | 0.01%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ADAMS CNTY CO COPS                          | County of Adams CO                                                               | CUSIP: 005596FB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1640000 | PA      | $1719720.73   | 0.09%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARBOR POINT CT INFRASTRUCTURE              | Harbor Point Infrastructure Improvement District                                 | CUSIP: 41154VAK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500993.60    | 0.03%             | 2039-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE NC ARPT REVENUE                   | City of Charlotte NC Airport Revenue                                             | CUSIP: 161036QL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    890000 | PA      | $954782.30    | 0.05%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARMSTRONG PA SCH DIST                       | Armstrong School District                                                        | CUSIP: 042467MN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $493721.35    | 0.03%             | 2037-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY & CNTY CA C              | City & County of San Francisco CA Community Facilities District No 2016-1        | CUSIP: 79773JAL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $337131.07    | 0.02%             | 2031-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA SCH DIST                    | School District of Philadelphia/The                                              | CUSIP: 717883C34<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   1760000 | PA      | $1914510.58   | 0.10%             | 2035-09-01      | 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        |   2000000 | PA      | $2006168.40   | 0.11%             | 2036-04-01      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                 | City of Houston TX Airport System Revenue                                        | CUSIP: 442349FV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $228798.35    | 0.01%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TWO LAKES CDD FL SPL ASSMNT                 | Two Lakes Community Development District                                         | CUSIP: 90207EAU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $734066.48    | 0.04%             | 2044-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROMEOVILLE IL REVENUE                       | Village of Romeoville IL                                                         | CUSIP: 77615NAN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $125077.56    | 0.01%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FA              | California School Finance Authority                                              | CUSIP: 13059TDH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $302204.73    | 0.02%             | 2026-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| S E OVERTOWN PARK W CMNTY REDE              | Southeast Overtown Park West Community Redevelopment Agency                      | CUSIP: 841466AK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2050000 | PA      | $2052954.26   | 0.11%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                       | Chicago Board of Education                                                       | CUSIP: 167505SL1<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    500000 | PA      | $508835.90    | 0.03%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL SEAPORT REV              | County of Miami-Dade Seaport Department                                          | CUSIP: 59335KEZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1986472.40   | 0.11%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAND CREEK CO MET DIST                      | Sand Creek Metropolitan District                                                 | CUSIP: 799712KA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $265231.33    | 0.01%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALES TAX SECURITIZATION CORP               | Sales Tax Securitization Corp                                                    | CUSIP: 79467BCJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1037611.50   | 0.06%             | 2043-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN              | Florida Development Finance Corp                                                 | CUSIP: 34061UGR3<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    450000 | PA      | $368102.43    | 0.02%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE & JEFFERSON CNTY KY              | Louisville/Jefferson County Metropolitan Government                              | CUSIP: 54659LBZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1367172.15   | 0.07%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEXUS NORTH AT DIA MET DIST CO              | Nexus North at DIA Metropolitan District                                         | CUSIP: 65344KAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1492462.64   | 0.08%             | 2051-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY OH HLTH CARE F              | County of Montgomery OH                                                          | CUSIP: 613518DE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $369568.80    | 0.02%             | 2042-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SNOHOMISH CNTY WA HSG AUTH                  | Snohomish County Housing Authority                                               | CUSIP: 83309AFQ9<br>LEI: 549300FESB68D2IR7250 | Long             | DBT              | MUN               | US        |    500000 | PA      | $523309.15    | 0.03%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOWELL MI PUBLIC SCHS                       | Howell Public Schools                                                            | CUSIP: 443114WN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $691015.65    | 0.04%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN              | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 645424AT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1085000 | PA      | $1016502.54   | 0.05%             | 2037-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA              | Main Street Natural Gas Inc                                                      | CUSIP: 56035DDH2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   3625000 | PA      | $3663993.76   | 0.20%             | 2052-07-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA              | Chicago O'Hare International Airport                                             | CUSIP: 1675935Z1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1294108.50   | 0.07%             | 2041-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV              | Colorado Health Facilities Authority                                             | CUSIP: 19648FYH1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1809879.84   | 0.10%             | 2045-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                       | Chicago Board of Education                                                       | CUSIP: 167505ZE9<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    500000 | PA      | $512506.45    | 0.03%             | 2038-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST               | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 64613CCE6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2608649.50   | 0.14%             | 2041-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MIFFLINBURG PA AREA SCH DIST                | Mifflinburg Area School District                                                 | CUSIP: 598575HH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $552237.90    | 0.03%             | 2036-06-15      | Fixed         | 4.00%                 | 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        |   3000000 | PA      | $3000000.00   | 0.16%             | 2050-06-15      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                 | City of Houston TX Airport System Revenue                                        | CUSIP: 442349GA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1718433.60   | 0.09%             | 2041-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REVENUE                        | State of Ohio                                                                    | CUSIP: 67756CDZ8<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    325000 | PA      | $340471.43    | 0.02%             | 2035-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY & CNTY CA C              | City & County of San Francisco CA Community Facilities District No 2016-1        | CUSIP: 79773JAK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $146962.18    | 0.01%             | 2030-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PAULDING CNTY GA HOSP AUTH                  | Paulding County Hospital Authority/GA                                            | CUSIP: 703596EG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    680000 | PA      | $687878.07    | 0.04%             | 2043-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAWYERS LANDING CDD FL SPL ASS              | Sawyers Landing Community Development District                                   | CUSIP: 805517AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1615000 | PA      | $1416171.54   | 0.08%             | 2041-05-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CATHEDRAL PINES CO MET DIST                 | Cathedral Pines Metropolitan District                                            | CUSIP: 14918CAE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1011676.80   | 0.05%             | 2037-12-01      | Fixed         | 5.00%                 | 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        |    545000 | PA      | $481354.30    | 0.03%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING               | Pennsylvania Economic Development Financing Authority                            | CUSIP: 70868YAN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $220614.83    | 0.01%             | 2037-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE              | South Carolina Jobs-Economic Development Authority                               | CUSIP: 83703EMX0<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036655.60   | 0.06%             | 2043-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST SPL TAX OBLIG R              | State of Connecticut Special Tax Revenue                                         | CUSIP: 207758Q63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1680000 | PA      | $1766753.86   | 0.09%             | 2043-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ALABAMA CMNTY CLG SYS BRD OF T              | Alabama Community College System                                                 | CUSIP: 01025PDU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $225745.61    | 0.01%             | 2035-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY              | San Francisco City & County Airport Comm-San Francisco International Airport     | CUSIP: 79766DTN9<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1051544.70   | 0.06%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R              | Arizona Industrial Development Authority                                         | CUSIP: 04052BQF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $437554.30    | 0.02%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CNTY CA REGL ARPT AU              | San Diego County Regional Airport Authority                                      | CUSIP: 79739GSU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $819393.83    | 0.04%             | 2037-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE               | County of Jefferson AL Sewer Revenue                                             | CUSIP: 472682ZJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $621290.58    | 0.03%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GARLAND TX WTR & SWR REVENUE                | City of Garland TX Water & Sewer System Revenue                                  | CUSIP: 366168SD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2240000 | PA      | $2363135.49   | 0.13%             | 2038-03-01      | Fixed         | 5.00%                 | 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        |    950000 | PA      | $824214.59    | 0.04%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LEAVENWORTH CNTY KS UNIF SCH D              | Leavenworth County Unified School District No 464                                | CUSIP: 522223GJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501839.90    | 0.03%             | 2034-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST ENVRNMNTL FACS COR              | New York State Environmental Facilities Corp                                     | CUSIP: 649852AN0<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250000.00    | 0.01%             | 2030-05-01      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST                               | State of Washington                                                              | CUSIP: 93974ERD0<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2939292.90   | 0.16%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BEXLEY CDD FL SPL ASSMNT REVEN              | Bexley Community Development District                                            | CUSIP: 088570AB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100228.24    | 0.01%             | 2026-05-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| SACRAMENTO CA SPL TAX                       | City of Sacramento CA                                                            | CUSIP: 786071QY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    615000 | PA      | $607914.77    | 0.03%             | 2035-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST                                   | State of Oregon                                                                  | CUSIP: 68609UST3<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   1820000 | PA      | $1887030.24   | 0.10%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLUMBUS OH                                 | City of Columbus OH                                                              | CUSIP: 199492NX3<br>LEI: 254900NS3ODS0FZ3AM48 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000146.50   | 0.27%             | 2027-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH STUDENT H              | Illinois Finance Authority                                                       | CUSIP: 45203KAM7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    465000 | PA      | $469055.36    | 0.03%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH ECON DEV R              | Indiana Finance Authority                                                        | CUSIP: 45505RBN4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1355000 | PA      | $1355623.71   | 0.07%             | 2028-05-01      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                 | City of New York NY                                                              | CUSIP: 64966SHE9<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3105690.00   | 0.17%             | 2045-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CLEVELAND TN HLTH & EDUCTNL FA              | Cleveland Health & Educational Facilities Board                                  | CUSIP: 186550CA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2941602.30   | 0.16%             | 2049-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N TEXAS ST MUNI WTR DIST WTR S              | North Texas Municipal Water District Water System Revenue                        | CUSIP: 662903J61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1836949.80   | 0.10%             | 2041-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MENIFEE CA UNION SCH DIST SPL               | Menifee Union School District                                                    | CUSIP: 586810P98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $151218.43    | 0.01%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALES TAX SECURITIZATION CORP               | Sales Tax Securitization Corp                                                    | CUSIP: 79467BCG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $997925.51    | 0.05%             | 2036-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN              | California Pollution Control Financing Authority                                 | CUSIP: 13054WAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5990000 | PA      | $5971882.05   | 0.32%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GAINESVILLE TX                              | City of Gainesville TX                                                           | CUSIP: 363046C27<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $568561.35    | 0.03%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| L'ANSE CREUSE MI PUBLIC SCHS                | L'Anse Creuse Public Schools                                                     | CUSIP: 516228TH6<br>LEI: 549300L3W88HP5QUMY54 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1049224.70   | 0.06%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A              | California Community Choice Financing Authority                                  | CUSIP: 13013JAP1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2386272.72   | 0.13%             | 2052-02-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV              | Colorado Health Facilities Authority                                             | CUSIP: 19648FKT0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1446932.90   | 0.08%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IPS MULTI-SCH BLDG CORP IN                  | IPS Multi-School Building Corp                                                   | CUSIP: 46263RTW5<br>LEI: 549300BHLK1DUJUYPM91 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5134030.50   | 0.28%             | 2042-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LONG ISLAND NY PWR AUTH ELEC S              | Long Island Power Authority                                                      | CUSIP: 542691DF4<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |    350000 | PA      | $373883.90    | 0.02%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP              | New York Transportation Development Corp                                         | CUSIP: 650116CY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2720000 | PA      | $2753836.26   | 0.15%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH SALES TA              | New York State Dormitory Authority                                               | CUSIP: 64990AMP7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8217536.80   | 0.44%             | 2038-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV              | Build NYC Resource Corp                                                          | CUSIP: 12008ETW6<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1969948.00   | 0.11%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R              | Arizona Industrial Development Authority                                         | CUSIP: 04052BHY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $168379.89    | 0.01%             | 2039-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE              | South Carolina Jobs-Economic Development Authority                               | CUSIP: 837031ZL0<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $948290.53    | 0.05%             | 2054-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FONTANA CA SPL TAX                          | City of Fontana CA                                                               | CUSIP: 344630WR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $253970.83    | 0.01%             | 2027-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES MI WTR AUTH WTR SP              | Great Lakes Water Authority Water Supply System Revenue                          | CUSIP: 39081JJN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1124006.86   | 0.06%             | 2043-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| UTAH ST TELECOMMUNICATION OPEN              | Utah Telecommunication Open Infrastructure Agency                                | CUSIP: 91756SAL7<br>LEI: 549300LCGT5UXUJ1LP77 | Long             | DBT              | MUN               | US        |    750000 | PA      | $841230.90    | 0.05%             | 2033-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PORT OF GTR CINCINNATI DEV AUT              | Port of Greater Cincinnati Development Authority                                 | CUSIP: 734195DZ0<br>LEI: 549300IK2RCZBY62ST97 | Long             | DBT              | MUN               | US        |    580000 | PA      | $590584.54    | 0.03%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SYRACUSE REGL ARPT AUTH NY SEN              | Syracuse Regional Airport Authority                                              | CUSIP: 871740AQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $144369.96    | 0.01%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTHAMPTON CNTY PA GEN PURPOS              | Northampton County General Purpose Authority                                     | CUSIP: 66353LCS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $140243.14    | 0.01%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET KNOXVILLE TN ARPT AUTH ARP              | Metropolitan Knoxville Airport Authority                                         | CUSIP: 592174AR7<br>LEI: 254900VWGT8D1GF6ZY16 | Long             | DBT              | MUN               | US        |    270000 | PA      | $275324.37    | 0.01%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE              | California Municipal Finance Authority                                           | CUSIP: 13048T7L1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    200000 | PA      | $204063.78    | 0.01%             | 2037-05-15      | 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        |   5000000 | PA      | $5068745.00   | 0.27%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BRIGHTON CROSSING MET DIST #6               | Brighton Crossing Metropolitan District No 6                                     | CUSIP: 10933PAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1208737.08   | 0.06%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING               | Pennsylvania Economic Development Financing Authority                            | CUSIP: 70870JHR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2630000 | PA      | $2677692.42   | 0.14%             | 2041-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA              | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712JHS5<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1555000 | PA      | $1624469.31   | 0.09%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VOLUSIA CNTY FL EDUCTNL FAC AU              | Volusia County Educational Facility Authority                                    | CUSIP: 928836NA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $491520.85    | 0.03%             | 2037-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TEMPLE TX JNR CLG DIST                      | Temple College                                                                   | CUSIP: 880115CX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $815368.60    | 0.04%             | 2039-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI RETMNT CMNT              | Public Finance Authority                                                         | CUSIP: 74446CAC4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1142514.00   | 0.06%             | 2037-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                 | City of Houston TX Airport System Revenue                                        | CUSIP: 442349FT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1891485.00   | 0.10%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST ECON DEV FIN AUTH               | Kentucky Economic Development Finance Authority                                  | CUSIP: 49126VCG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $158972.91    | 0.01%             | 2025-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FORT WORTH TX SPL TAX REVENUE               | City of Fort Worth TX                                                            | CUSIP: 349507ER0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $888365.60    | 0.05%             | 2043-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| RANCHO CORDOVA CA CMNTY FACS D              | City of Rancho Cordova CA                                                        | CUSIP: 75211RME4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $162160.98    | 0.01%             | 2050-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL              | Colorado Educational & Cultural Facilities Authority                             | CUSIP: 19645RB75<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    660000 | PA      | $662705.60    | 0.04%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUB FIN AUTH WI TAX INCREMENT               | Public Finance Authority                                                         | CUSIP: 74448EAA2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2921027.40   | 0.16%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PARK CREEK CO MET DIST REVENUE              | Park Creek Metropolitan District                                                 | CUSIP: 700387DK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $155479.26    | 0.01%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS RANCHOS DE ALBUQUERQUE NM               | Village of Los Ranchos de Albuquerque NM                                         | CUSIP: 545610BD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    565000 | PA      | $571461.68    | 0.03%             | 2033-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                 | State of Illinois                                                                | CUSIP: 452153DA4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2590626.75   | 0.14%             | 2042-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET               | Minneapolis-St Paul Metropolitan Airports Commission                             | CUSIP: 603827Q58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3079159.50   | 0.17%             | 2042-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FLYING HORSE CO MET DIST #2                 | Flying Horse Metropolitan District No 2                                          | CUSIP: 34407NAW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $215153.73    | 0.01%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER PA MUNI AUTH HLTHCAR              | Lancaster Municipal Authority                                                    | CUSIP: 514350AR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1423503.90   | 0.08%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROBINSON TX                                 | City of Robinson TX                                                              | CUSIP: 770825MD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $442147.86    | 0.02%             | 2040-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE                  | Port of Seattle WA                                                               | CUSIP: 735389U97<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1895000 | PA      | $1989760.23   | 0.11%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KERN CA CMNTY CLG DIST                      | Kern Community College District                                                  | CUSIP: 492244GS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1074874.90   | 0.06%             | 2040-08-01      | 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        |   2750000 | PA      | $2121638.75   | 0.11%             | 2052-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ROSEVILLE CA SPL TAX                        | City of Roseville CA                                                             | CUSIP: 777870R73<br>LEI: 549300OH100KESVPND17 | Long             | DBT              | MUN               | US        |    640000 | PA      | $540566.66    | 0.03%             | 2046-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH POLL CO              | Development Authority of Burke County/The                                        | CUSIP: 121342QK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001617.80   | 0.05%             | 2048-11-01      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| BERKS CNTY PA INDL DEV AUTH HL              | Berks County Industrial Development Authority                                    | CUSIP: 08452RAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $466398.69    | 0.03%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONSOL MUNI ELEC PWR SYS WY JT              | Consolidated Municipalities Electric Power Systems Joint Powers Board            | CUSIP: 210295EV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1874562.38   | 0.10%             | 2038-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ALACHUA CNTY FL HLTH FACS AUTH              | Alachua County Health Facilities Authority                                       | CUSIP: 010685LC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2945000 | PA      | $3026945.21   | 0.16%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAMMERSVILLE CA JT UNIF SCH DI              | Lammersville Joint Unified School District                                       | CUSIP: 513533DJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $826360.76    | 0.04%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH STUDENT H              | Illinois Finance Authority                                                       | CUSIP: 45203KAL9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     95000 | PA      | $96146.00     | 0.01%             | 2031-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST SALES TAX REVENUE               | State of Illinois Sales Tax Revenue                                              | CUSIP: 452227TW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3175000 | PA      | $2868093.07   | 0.15%             | 2034-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSON               | Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | CUSIP: 592029CL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002276.60   | 0.05%             | 2048-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LEAVENWORTH CNTY KS UNIF SCH D              | Leavenworth County Unified School District No 464                                | CUSIP: 522223GH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $579099.98    | 0.03%             | 2033-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH STUDE              | Industrial Development Authority of the City of Phoenix Arizona/The              | CUSIP: 71885DCR1<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    200000 | PA      | $202452.82    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLESTON CNTY SC ARPT DIST A              | Charleston County Airport District                                               | CUSIP: 160070EF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    955000 | PA      | $981401.17    | 0.05%             | 2042-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                | Illinois Finance Authority                                                       | CUSIP: 45204E4L9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   4350000 | PA      | $4163134.44   | 0.22%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL EDUCTNL FAC              | Miami-Dade County Educational Facilities Authority                               | CUSIP: 59333APA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1666895.67   | 0.09%             | 2047-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH STUDE              | Industrial Development Authority of the City of Phoenix Arizona/The              | CUSIP: 71885DDZ2<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    850000 | PA      | $861499.48    | 0.05%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE              | South Carolina Jobs-Economic Development Authority                               | CUSIP: 83703EMW2<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    350000 | PA      | $365307.39    | 0.02%             | 2042-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY PA INDL DEV AU              | Montgomery County Industrial Development Authority/PA                            | CUSIP: 613609J72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $276628.58    | 0.01%             | 2034-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH MT              | New Jersey Economic Development Authority                                        | CUSIP: 64578JBE5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    450000 | PA      | $466255.76    | 0.03%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SUNMAN DEARBORN IN HIGH SCH BL              | Sunman-Dearborn High School Building Corp                                        | CUSIP: 867420DF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2054954.00   | 0.11%             | 2042-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IRVINE CA UNIF SCH DIST SPL TA              | Irvine Unified School District                                                   | CUSIP: 463612MS7<br>LEI: 549300BNIP4XNVC0X742 | Long             | DBT              | MUN               | US        |    125000 | PA      | $130757.16    | 0.01%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WAKE CNTY NC LIMITED OBLIG                  | County of Wake NC                                                                | CUSIP: 930876FL6<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |   2450000 | PA      | $2428098.72   | 0.13%             | 2038-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PUBLIC SVC A              | South Carolina Public Service Authority                                          | CUSIP: 8371515K1<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048028.90   | 0.06%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO SPRINGS CO SCH DIST #              | Colorado Springs School District No 11 Facilities Corp                           | CUSIP: 19662UBE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $465327.68    | 0.03%             | 2041-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN SALES               | Idaho Housing & Finance Association                                              | CUSIP: 45130ACR4<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2032329.00   | 0.11%             | 2048-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROSEVILLE CA SPL TAX                        | City of Roseville CA                                                             | CUSIP: 777870F27<br>LEI: 549300OH100KESVPND17 | Long             | DBT              | MUN               | US        |    100000 | PA      | $104324.33    | 0.01%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROUND ROCK TX                               | City of Round Rock TX                                                            | CUSIP: 779223LG9<br>LEI: 549300VJM2Z2IGVYF523 | Long             | DBT              | MUN               | US        |    915000 | PA      | $946344.15    | 0.05%             | 2042-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI              | Washington State Housing Finance Commission                                      | CUSIP: 93978LHE9<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2143232.07   | 0.12%             | 2044-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SEATTLE WA MUNI LIGHT & PWR RE              | City of Seattle WA Municipal Light & Power Revenue                               | CUSIP: 812643UX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2195000 | PA      | $2143092.20   | 0.12%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP               | Lakewood Ranch Stewardship District Utility Revenue                              | CUSIP: 51265LAT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1517787.60   | 0.08%             | 2048-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA ARPT REVENUE                | City of Philadelphia PA Airport Revenue                                          | CUSIP: 717817UB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4127818.40   | 0.22%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST LOCAL GOVT ENVRNM              | Louisiana Local Government Environmental Facilities & Community Development Auth | CUSIP: 54628CDX7<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1434884.85   | 0.08%             | 2032-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PORT OF PORTLAND OR ARPT REVEN              | Port of Portland OR Airport Revenue                                              | CUSIP: 735240Q55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014500.90   | 0.05%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY & CNTY CA C              | City & County of San Francisco CA Community Facilities District No 2016-1        | CUSIP: 79773JAJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $188208.01    | 0.01%             | 2029-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST CHRT SCH FIN AUTH CHRT              | Utah Charter School Finance Authority                                            | CUSIP: 91754TYM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1590000 | PA      | $1338417.96   | 0.07%             | 2049-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST               | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 6461365F4<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039847.10   | 0.06%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A              | City of Los Angeles Department of Airports                                       | CUSIP: 544445Y52<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2055986.80   | 0.11%             | 2042-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST ECON DEV FIN AUTH               | Kentucky Economic Development Finance Authority                                  | CUSIP: 49126PGC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $582666.06    | 0.03%             | 2038-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CA CITY & CNTY D              | City & County of San Francisco CA Special Tax District No 2020-1                 | CUSIP: 79771HAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $616888.09    | 0.03%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY PA INDL DEV AU              | Montgomery County Industrial Development Authority/PA                            | CUSIP: 61360PCY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1015000 | PA      | $997290.69    | 0.05%             | 2042-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS WTR DEV BRD REVENUE                   | Texas Water Development Board                                                    | CUSIP: 88285ABF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5067476.50   | 0.27%             | 2041-10-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| TEXAS ST UNIV SYS FING REVENUE              | Texas State University System                                                    | CUSIP: 88278PJ62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026281.60   | 0.06%             | 2043-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU              | Texas Private Activity Bond Surface Transportation Corp                          | CUSIP: 882667AV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2450000 | PA      | $2528540.88   | 0.14%             | 2036-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL MIDWAY ARPT REVENUE              | Chicago Midway International Airport                                             | CUSIP: 167562SE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $532418.40    | 0.03%             | 2042-01-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA              | Chicago O'Hare International Airport                                             | CUSIP: 167593K92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2129783.88   | 0.11%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE              | Public Finance Authority                                                         | CUSIP: 74442EMQ0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1154532.24   | 0.06%             | 2045-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LAKELAND FL ENERGY SYS REVENUE              | City of Lakeland FL Department of Electric Utilities                             | CUSIP: 51166FGM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025509.90   | 0.06%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FA              | California School Finance Authority                                              | CUSIP: 13059TEB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $455375.28    | 0.02%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MONTANA ST BRD OF HSG SF MTGE               | Montana Board of Housing                                                         | CUSIP: 61212WHV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $195784.08    | 0.01%             | 2039-12-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| GEORGIA ST HGR EDU FACS AUTH R              | Georgia Higher Education Facilities Authority                                    | CUSIP: 373511HY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $788065.43    | 0.04%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BALTIMORE CNTY MD REVENUE                   | County of Baltimore MD                                                           | CUSIP: 059151DB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    685000 | PA      | $685457.85    | 0.04%             | 2034-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| S ESTRN PA TRANSPRTN AUTH                   | Southeastern Pennsylvania Transportation Authority                               | CUSIP: 842039FL8<br>LEI: 98450061A2F3FD36E493 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2118263.20   | 0.11%             | 2040-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CORALVILLE IA                               | City of Coralville IA                                                            | CUSIP: 218080EV7<br>LEI: 549300UKC7MMW46X6P25 | Long             | DBT              | MUN               | US        |   2385000 | PA      | $2381862.06   | 0.13%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TELLURIDE CO COPS                           | Town of Telluride CO                                                             | CUSIP: 879676BK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507394.20    | 0.03%             | 2043-12-01      | 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        |   1375000 | PA      | $1288653.44   | 0.07%             | 2040-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION&              | Texas Municipal Gas Acquisition & Supply Corp IV                                 | CUSIP: 88256PAS9<br>LEI: 549300PTUE847QDBBW22 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1098567.40   | 0.06%             | 2034-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R              | Massachusetts Development Finance Agency                                         | CUSIP: 57585BKD9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2834281.00   | 0.15%             | 2055-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| LOWER AL GAS DIST GAS PROJ REV              | Lower Alabama Gas District/The                                                   | CUSIP: 547804AM6<br>LEI: 549300YTI1NTDG2OVU42 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4007701.60   | 0.22%             | 2050-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A              | California Community Choice Financing Authority                                  | CUSIP: 13013JGF7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3185970.60   | 0.17%             | 2056-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN               | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542UHA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1416951.72   | 0.08%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH DAKOTA ST HLTH & EDUCTNL              | South Dakota Health & Educational Facilities Authority                           | CUSIP: 83755VP40<br>LEI: 549300ZW6LKR8UI2C378 | Long             | DBT              | MUN               | US        |    640000 | PA      | $594727.87    | 0.03%             | 2032-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH STUDE              | Industrial Development Authority of the City of Phoenix Arizona/The              | CUSIP: 71885DDX7<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    300000 | PA      | $306993.15    | 0.02%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST AGRIC & ECON DEVB              | Minnesota Agricultural & Economic Development Board                              | CUSIP: 6049202X5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $295129.24    | 0.02%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEANDER TX SPL ASSMNT REVENUE               | City of Leander TX                                                               | CUSIP: 521842AK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1290000 | PA      | $1270824.28   | 0.07%             | 2038-09-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| SUFFOLK REGL OFF-TRACK BETTING              | Suffolk Regional Off-Track Betting Corp                                          | CUSIP: 86480TAB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4074182.40   | 0.22%             | 2044-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL              | Maryland Health & Higher Educational Facilities Authority                        | CUSIP: 57421CCJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $618427.20    | 0.03%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST CHRT SCH FIN AUTH CHRT              | Utah Charter School Finance Authority                                            | CUSIP: 91754TUM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $326283.23    | 0.02%             | 2037-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC              | Health & Educational Facilities Authority of the State of Missouri               | CUSIP: 60637AWG3<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    550000 | PA      | $579865.11    | 0.03%             | 2042-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DELAWARE ST HLTH FACS AUTH REV              | Delaware State Health Facilities Authority                                       | CUSIP: 246388UF7<br>LEI: 549300RXU7M05ZYSJG42 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3083837.40   | 0.17%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKEVIEW MI PUBLIC SCH DIST                 | Lakeview Public School District                                                  | CUSIP: 512264LK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $899862.90    | 0.05%             | 2035-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV              | Colorado Health Facilities Authority                                             | CUSIP: 19648FZG2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1068715.10   | 0.06%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STERLING HILLS CO W MET DIST                | Sterling Hills West Metropolitan District                                        | CUSIP: 85933MBP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $180666.66    | 0.01%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN               | New York City Municipal Water Finance Authority                                  | CUSIP: 64972GP73<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2258478.40   | 0.12%             | 2039-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MIAMI WORLD CENTER CDD FL SPL               | Miami World Center Community Development District                                | CUSIP: 593856AC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2012441.60   | 0.11%             | 2039-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| SACRAMENTO CA SPL TAX                       | City of Sacramento CA                                                            | CUSIP: 786071QV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $320459.86    | 0.02%             | 2032-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PUBLIC SVC A              | South Carolina Public Service Authority                                          | CUSIP: 837151Q93<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   2375000 | PA      | $2564311.96   | 0.14%             | 2039-12-01      | Fixed         | 5.50%                 | 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      | $454434.20    | 0.02%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R              | Massachusetts Development Finance Agency                                         | CUSIP: 57585BEW4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1935000 | PA      | $1911602.37   | 0.10%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLOWER MOUND TX                             | Town of Flower Mound TX                                                          | CUSIP: 3434876Z2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $737011.19    | 0.04%             | 2037-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH EDU R              | Industrial Development Authority of the City of Phoenix Arizona/The              | CUSIP: 71885FFC6<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100485.98    | 0.01%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FONTANA CA SPL TAX                          | City of Fontana CA                                                               | CUSIP: 344630M88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $995363.00    | 0.05%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GALVESTON CNTY TX MUNI UTILITY              | Galveston County Municipal Utility District No 54                                | CUSIP: 36422RED2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1071111.13   | 0.06%             | 2031-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV              | Colorado Health Facilities Authority                                             | CUSIP: 19648FXT6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    505000 | PA      | $525311.25    | 0.03%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FA              | California School Finance Authority                                              | CUSIP: 13059TGN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    655000 | PA      | $645331.87    | 0.03%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REVENU              | Louisiana Public Facilities Authority                                            | CUSIP: 546399CK0<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011050.30   | 0.05%             | 2036-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                 | State of Illinois                                                                | CUSIP: 452152S51<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1542550.20   | 0.08%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF IOWA IA FACS CORP                   | University of Iowa Facilities Corp                                               | CUSIP: 914364VU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1060000 | PA      | $911683.21    | 0.05%             | 2038-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| KINGSTON ONE CDD FL SPL ASSMNT              | Kingston One Community Development District                                      | CUSIP: 496631AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2029815.00   | 0.11%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GEORGIA ST HGR EDU FACS AUTH R              | Georgia Higher Education Facilities Authority                                    | CUSIP: 373511HZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    890000 | PA      | $930968.84    | 0.05%             | 2035-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL TX REGL MOBILITY AUTH R              | Central Texas Regional Mobility Authority                                        | CUSIP: 155498LV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    640000 | PA      | $593913.73    | 0.03%             | 2041-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH A              | Metropolitan Washington Airports Authority Aviation Revenue                      | CUSIP: 592647GD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2095879.40   | 0.11%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY PA INDL DEV AU              | Montgomery County Industrial Development Authority/PA                            | CUSIP: 61361TAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4750000 | PA      | $4825981.95   | 0.26%             | 2053-04-01      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE              | New Jersey Economic Development Authority                                        | CUSIP: 64577XEA0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2090179.80   | 0.11%             | 2040-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PARK CREEK CO MET DIST REVENUE              | Park Creek Metropolitan District                                                 | CUSIP: 700387FM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    420000 | PA      | $444096.58    | 0.02%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F              | Tarrant County Cultural Education Facilities Finance Corp                        | CUSIP: 87638QRY7<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   4710000 | PA      | $4334769.84   | 0.23%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA GAS WKS REVENU              | Philadelphia Gas Works Co                                                        | CUSIP: 71783MDD4<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |   2415000 | PA      | $2455624.89   | 0.13%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EL PASO CNTY CO SCH DIST #20                | El Paso County School District No 20 Academy                                     | CUSIP: 283461N72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $408871.04    | 0.02%             | 2042-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT ARPT REVENUE              | City of Salt Lake City UT Airport Revenue                                        | CUSIP: 795576LZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015247.80   | 0.05%             | 2042-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COLUMBUS OH REGL ARPT AUTH REV              | Columbus Regional Airport Authority                                              | CUSIP: 199546CZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $663846.82    | 0.04%             | 2043-01-01      | Fixed         | 5.25%                 | 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      | $507934.70    | 0.03%             | 2051-01-01      | Variable      | 5.45%                 | 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      | $1039460.94   | 0.06%             | 2038-06-15      | 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        |   1875000 | PA      | $1525183.69   | 0.08%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHATTANOOGA TN HLTH EDUCTNL &               | Chattanooga Health Educational & Housing Facility Board                          | CUSIP: 162409AN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4175000 | PA      | $4176114.31   | 0.22%             | 2049-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LOWER COLORADO RIVER TX AUTH T              | Lower Colorado River Authority                                                   | CUSIP: 54811BR37<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   1190000 | PA      | $1215080.80   | 0.07%             | 2043-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SKAGIT CNTY WA PUBLIC HOSP DIS              | Skagit County Public Hospital District No 1                                      | CUSIP: 830227EK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $766854.68    | 0.04%             | 2042-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CANYONS MET DIST #5 CO                      | Canyons Metropolitan District No 5                                               | CUSIP: 139071AV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $149848.31    | 0.01%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CARMEL IN REDEV AUTH                        | Carmel Redevelopment Authority                                                   | CUSIP: 143293BL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1703867.40   | 0.09%             | 2040-07-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| INFIRMARY HLTH SYS AL SPL CARE              | Infirmary Health System Special Care Facilities Financing Authority of Mobile    | CUSIP: 45663NBU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $451477.94    | 0.02%             | 2036-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GA                        | Municipal Electric Authority of Georgia                                          | CUSIP: 62620HDN9<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1815000 | PA      | $1821154.67   | 0.10%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH A              | Metropolitan Washington Airports Authority Aviation Revenue                      | CUSIP: 592647NX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1390000 | PA      | $1472762.82   | 0.08%             | 2040-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SACRAMENTO CA TRANSIENT OCCUPA              | City of Sacramento CA Transient Occupancy Tax Revenue                            | CUSIP: 786073BM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $518113.65    | 0.03%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN              | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542QCF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $909203.70    | 0.05%             | 2036-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CSCDA CMNTY IMPT AUTH CA ESSEN              | CSCDA Community Improvement Authority                                            | CUSIP: 126292AP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $744504.80    | 0.04%             | 2056-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R              | Arizona Industrial Development Authority                                         | CUSIP: 04052BMT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $588466.64    | 0.03%             | 2051-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CYPRESS MILL CDD FL SPL ASSMNT              | Cypress Mill Community Development District                                      | CUSIP: 23283YAG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    925000 | PA      | $813891.04    | 0.04%             | 2040-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM              | North Carolina Medical Care Commission                                           | CUSIP: 65820YSV9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    750000 | PA      | $761252.03    | 0.04%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST ECON DEV FIN AUTH               | Kentucky Economic Development Finance Authority                                  | CUSIP: 49126PGS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    895000 | PA      | $918500.28    | 0.05%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLEVELAND TN HLTH & EDUCTNL FA              | Cleveland Health & Educational Facilities Board                                  | CUSIP: 186550BY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1526532.30   | 0.08%             | 2043-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IRVINE CA UNIF SCH DIST SPL TA              | Irvine Unified School District                                                   | CUSIP: 463612MP3<br>LEI: 549300BNIP4XNVC0X742 | Long             | DBT              | MUN               | US        |    175000 | PA      | $186546.26    | 0.01%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                 | State of Illinois                                                                | CUSIP: 452153FE4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    750000 | PA      | $788200.05    | 0.04%             | 2038-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| UNIV OF N TEXAS UNIV REVENUE                | University of North Texas System                                                 | CUSIP: 914729SB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4105000 | PA      | $4155008.75   | 0.22%             | 2038-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A              | City of Los Angeles Department of Airports                                       | CUSIP: 544445F20<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1355051.95   | 0.07%             | 2041-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R              | Massachusetts Development Finance Agency                                         | CUSIP: 57585BJS8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $980323.30    | 0.05%             | 2045-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH STUDE              | Industrial Development Authority of the City of Phoenix Arizona/The              | CUSIP: 71885DDY5<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    300000 | PA      | $305547.72    | 0.02%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST                               | State of Washington                                                              | CUSIP: 93974ELU8<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2063337.20   | 0.11%             | 2041-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                 | City of New York NY                                                              | CUSIP: 64966QK90<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2925000 | PA      | $3083636.79   | 0.17%             | 2041-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BUFFALO RIDGE CO MET DIST                   | Buffalo Ridge Metropolitan District                                              | CUSIP: 119802AL0<br>LEI: 549300NCEVFYCC5JD730 | Long             | DBT              | MUN               | US        |    455000 | PA      | $458232.68    | 0.02%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FALLSCHASE CMNTY DEV DIST FL S              | Fallschase Community Development District                                        | CUSIP: 306748AC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $989867.25    | 0.05%             | 2041-05-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP              | New York Transportation Development Corp                                         | CUSIP: 650116GU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1267299.72   | 0.07%             | 2042-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI              | Pennsylvania Turnpike Commission                                                 | CUSIP: 709225GF7<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1056488.30   | 0.06%             | 2041-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA JOBS-ECON DEV A              | South Carolina Jobs-Economic Development Authority                               | CUSIP: 83703DAA5<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1504888.20   | 0.08%             | 2033-04-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| MARINA CA REDEV AGY SUCCESSOR               | Marina Redevelopment Agency Successor Agency                                     | CUSIP: 568061BA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101597.68    | 0.01%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST COPS                            | State of Colorado                                                                | CUSIP: 196711SG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1755000 | PA      | $1553925.44   | 0.08%             | 2036-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                 | City of Houston TX Airport System Revenue                                        | CUSIP: 442349DH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2761491.15   | 0.15%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LINDSAY TX INDEP SCH DIST                   | Lindsay Independent School District                                              | CUSIP: 535554BT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $347880.95    | 0.02%             | 2040-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FRANKLIN TWP IN MULTI-SCH BLDG              | Franklin Township-Marion County Multiple School Building Corp                    | CUSIP: 355137GE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1210000 | PA      | $1235950.99   | 0.07%             | 2043-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY OH HOSP REVENU              | County of Montgomery OH                                                          | CUSIP: 613520NF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1240274.48   | 0.07%             | 2041-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WALNUT CREEK SPL UTIL DIST TX               | Walnut Creek Special Utility District                                            | CUSIP: 932716JY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1290000 | PA      | $1268629.60   | 0.07%             | 2040-01-10      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING               | Pennsylvania Economic Development Financing Authority                            | CUSIP: 708692CB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1250073.63   | 0.07%             | 2049-06-01      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV              | City & County of Denver CO Airport System Revenue                                | CUSIP: 249182VC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $526120.10    | 0.03%             | 2041-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SAND CREEK CO MET DIST                      | Sand Creek Metropolitan District                                                 | CUSIP: 799712KC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $313399.47    | 0.02%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HLTH FACS AUTH REVENU              | Idaho Health Facilities Authority                                                | CUSIP: 451295YT0<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $966315.00    | 0.05%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT LOUIS CNTY MO SPL OBLG                | County of St Louis MO                                                            | CUSIP: 791526UB0<br>LEI: 5493003TZLKXNN2MGO51 | Long             | DBT              | MUN               | US        |   1295000 | PA      | $1339716.22   | 0.07%             | 2038-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MISSOURI JT MUNI ELEC UTILITY               | Missouri Joint Municipal Electric Utility Commission                             | CUSIP: 606092QJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1071590.80   | 0.06%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CATOOSA OK INDL AUTH SALES TAX              | Catoosa Industrial Authority                                                     | CUSIP: 149308AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $325249.66    | 0.02%             | 2032-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| HIDALGO CNTY TX                             | County of Hidalgo TX                                                             | CUSIP: 429326Q95<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $785043.60    | 0.04%             | 2041-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FL HLTH FACS AUTH               | Orange County Health Facilities Authority                                        | CUSIP: 68450LJL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2022879.40   | 0.11%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R              | Arizona Industrial Development Authority                                         | CUSIP: 04052BMA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $380792.84    | 0.02%             | 2030-07-15      | Fixed         | 4.00%                 | 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      | $5049.49      | 0.00%             | 2032-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP              | New York Transportation Development Corp                                         | CUSIP: 650116HH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $997253.70    | 0.05%             | 2043-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST ENTERPRISE DEV A              | California Enterprise Development Authority                                      | CUSIP: 13067VAR5<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |    225000 | PA      | $224233.79    | 0.01%             | 2037-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GUAM PORT AUTH PORT REVENUE                 | Port Authority of Guam                                                           | CUSIP: 400652AJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $308179.74    | 0.02%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS NV SPL IMPT DIST #81              | City of Las Vegas NV Special Improvement District No 816                         | CUSIP: 51779AAF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $236973.92    | 0.01%             | 2027-06-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| BARTOW CNTY GA DEV AUTH                     | Bartow County Development Authority                                              | CUSIP: 069643BN3<br>LEI: 5493006KLI0V8YELKW50 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3574355.05   | 0.19%             | 2032-12-01      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| LAKELAND FL HOSP SYS REVENUE                | City of Lakeland FL                                                              | CUSIP: 511665KM2<br>LEI: XRPK4ZALF4437WO3JQ94 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2052758.80   | 0.11%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX HOSP DIST                   | Tarrant County Hospital District                                                 | CUSIP: 876387EV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1611904.95   | 0.09%             | 2037-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GEISINGER PA AUTH HLTH SYS REV              | Geisinger Authority                                                              | CUSIP: 368497HQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1810000 | PA      | $1520745.89   | 0.08%             | 2047-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PUBLIC SVC A              | South Carolina Public Service Authority                                          | CUSIP: 8371515N5<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014411.30   | 0.05%             | 2043-12-01      | Fixed         | 5.00%                 | 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        |   1195000 | PA      | $1046240.66   | 0.06%             | 2050-12-01      | Fixed         | 5.00%                 | 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        |   1500000 | PA      | $1517496.60   | 0.08%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| THE HEIGHTS CDD FL SPL ASSESSM              | Heights Community Development District                                           | CUSIP: 88339EAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    665000 | PA      | $667793.33    | 0.04%             | 2028-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WILL CNTY IL FOREST PRESERVE D              | Will County Forest Preserve District                                             | CUSIP: 968661JM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $651904.66    | 0.04%             | 2041-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE              | Public Finance Authority                                                         | CUSIP: 744396FS6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $460772.20    | 0.02%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP STUD              | Maryland Economic Development Corp                                               | CUSIP: 57420VTC7<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   2660000 | PA      | $2729852.40   | 0.15%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST SPL TAX OBLIG R              | State of Connecticut Special Tax Revenue                                         | CUSIP: 207758D59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2445000 | PA      | $2528278.41   | 0.14%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOWER PETROGLYPHS PUBLIC IMPT               | Lower Petroglyphs Public Improvement District                                    | CUSIP: 54844CAG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $239832.02    | 0.01%             | 2025-10-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI STUDENT HSG              | Public Finance Authority                                                         | CUSIP: 74439YCU3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1595000 | PA      | $1595783.15   | 0.09%             | 2039-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VOLUSIA CNTY FL EDUCTNL FAC AU              | Volusia County Educational Facility Authority                                    | CUSIP: 928836MZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $498573.25    | 0.03%             | 2036-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SECURITIZATION AUTH ST              | Tobacco Securitization Authority of Southern California                          | CUSIP: 888804CL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1540426.35   | 0.08%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH              | Maricopa County Industrial Development Authority                                 | CUSIP: 56681NEG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $489737.90    | 0.03%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BERKELEY CNTY SC ASSMNT REVENU              | County of Berkeley SC                                                            | CUSIP: 084220AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1988179.88   | 0.11%             | 2040-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA              | Main Street Natural Gas Inc                                                      | CUSIP: 56035DJZ6<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2661018.00   | 0.14%             | 2055-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY OH HOSP FACS REV              | County of Hamilton OH                                                            | CUSIP: 407272Y80<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |    380000 | PA      | $406957.16    | 0.02%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 10YR ULTRA                                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      -508 | NC      | $-341725.70   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| SAN LUIS OBISPO CNTY CA FING A              | San Luis Obispo County Financing Authority                                       | CUSIP: 798712CZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2110000 | PA      | $2285954.17   | 0.12%             | 2040-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A              | City of Los Angeles Department of Airports                                       | CUSIP: 544445NQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2051894.40   | 0.11%             | 2036-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WYANDOTTE CNTY KS UNIF SCH DIS              | Wyandotte County Unified School District No 202 Turner                           | CUSIP: 982683FQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $157861.47    | 0.01%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH              | Kentucky Public Energy Authority                                                 | CUSIP: 74440DCM4<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   6300000 | PA      | $6329300.67   | 0.34%             | 2050-02-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| IOWA ST BRD REGENTS HOSP REVEN              | State of Iowa Board of Regents                                                   | CUSIP: 46256QPW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4183302.80   | 0.22%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE & JEFFERSON CNTY KY              | Louisville/Jefferson County Metropolitan Government                              | CUSIP: 54659LCZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019362.40   | 0.05%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KALAMAZOO MI HOSP FIN AUTH                  | Kalamazoo Hospital Finance Authority                                             | CUSIP: 483233RK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4965000 | PA      | $4802532.79   | 0.26%             | 2036-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX ARPT SYS REVENUE                  | City of Austin TX Airport System Revenue                                         | CUSIP: 052398HR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1390000 | PA      | $1410031.29   | 0.08%             | 2040-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BALTIMORE CNTY MD REVENUE                   | County of Baltimore MD                                                           | CUSIP: 059151DD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $635497.01    | 0.03%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE                  | Port of Seattle WA                                                               | CUSIP: 735389ZS0<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2051024.20   | 0.11%             | 2030-05-01      | 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        |   4250000 | PA      | $2337500.00   | 0.13%             | 2033-01-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST               | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 6461364N8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2437124.18   | 0.13%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R              | Arizona Industrial Development Authority                                         | CUSIP: 04052BCQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $375909.94    | 0.02%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON MD SUBURBAN SAN DIS              | Washington Suburban Sanitary Commission                                          | CUSIP: 940157F96<br>LEI: 549300EZUWNTQF827C24 | Long             | DBT              | MUN               | US        |   1480000 | PA      | $1247352.44   | 0.07%             | 2039-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WARREN CNTY MS COPS                         | County of Warren MS                                                              | CUSIP: 935019AV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1255710.07   | 0.07%             | 2043-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF IOWA IA FACS CORP                   | University of Iowa Facilities Corp                                               | CUSIP: 914364VV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1085000 | PA      | $906847.88    | 0.05%             | 2039-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BLACK DESERT PUB INFRASTRUCTUR              | Black Desert Public Infrastructure District                                      | CUSIP: 09204PAD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4400000 | PA      | $3403662.68   | 0.18%             | 2051-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HLTH FACS AUTH REVENU              | Idaho Health Facilities Authority                                                | CUSIP: 451295E47<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2500000.00   | 0.13%             | 2060-03-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH                | Ohio Air Quality Development Authority                                           | CUSIP: 677525WB9<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   2225000 | PA      | $2193718.95   | 0.12%             | 2029-09-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV              | City & County of Denver CO Airport System Revenue                                | CUSIP: 249182QU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1562549.70   | 0.08%             | 2042-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN               | New York City Municipal Water Finance Authority                                  | CUSIP: 64972GC85<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500000.00   | 0.08%             | 2053-06-15      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| ELBERT & HIGHWAY 86 CO COMMERC              | Elbert & Highway 86 Commercial Metropolitan District                             | CUSIP: 28421SAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1758251.40   | 0.09%             | 2051-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH NATIO              | Arizona Industrial Development Authority                                         | CUSIP: 04052FFB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $356999.44    | 0.02%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN & SAINT PAUL MN              | City of Minneapolis MN/St Paul Housing & Redevelopment Authority                 | CUSIP: 603695KA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1740000 | PA      | $1842994.43   | 0.10%             | 2039-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI              | Pennsylvania Turnpike Commission                                                 | CUSIP: 709224Q28<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2875000 | PA      | $2906669.56   | 0.16%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS NV SPL IMPT DIST #81              | City of Las Vegas NV Special Improvement District No 816                         | CUSIP: 51779AAG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $233165.72    | 0.01%             | 2028-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL               | Black Belt Energy Gas District                                                   | CUSIP: 09182TBT3<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1312582.38   | 0.07%             | 2053-11-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL              | Colorado Educational & Cultural Facilities Authority                             | CUSIP: 19645RY54<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1920000 | PA      | $1925080.70   | 0.10%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HALIFAX FL HOSP MED CTR                     | Halifax Hospital Medical Center                                                  | CUSIP: 405815LG4<br>LEI: 549300H6HDJUXLEMUW23 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2004682.80   | 0.11%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST HLTH & EDUCTNL              | Rhode Island Health and Educational Building Corp                                | CUSIP: 762244FK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1460000 | PA      | $1463326.03   | 0.08%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| QUINLAN TX INDEP SCH DIST                   | Quinlan Independent School District                                              | CUSIP: 748743MJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048270.40   | 0.06%             | 2043-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE ST HLTH & EDU FA              | New Hampshire Health and Education Facilities Authority Act                      | CUSIP: 64461XLU7<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1083574.90   | 0.06%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST STADIUM AUTH REVEN              | Maryland Stadium Authority                                                       | CUSIP: 574296EK1<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1081946.30   | 0.06%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F              | Tarrant County Cultural Education Facilities Finance Corp                        | CUSIP: 87638TJJ3<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1035423.77   | 0.06%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA              | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712JGM9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    750000 | PA      | $778042.13    | 0.04%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FORT WORTH TX SPL TAX REVENUE               | City of Fort Worth TX                                                            | CUSIP: 349507EQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    560000 | PA      | $590968.90    | 0.03%             | 2042-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTHORITY A C              | Southeast Energy Authority A Cooperative District                                | CUSIP: 84136HAH6<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   2920000 | PA      | $3101376.68   | 0.17%             | 2055-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| GULFPORT MS HOSP FAC REVENUE                | City of Gulfport MS                                                              | CUSIP: 402682DD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $509130.85    | 0.03%             | 2043-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TAMPA FL HOSP REVENUE                       | City of Tampa FL                                                                 | CUSIP: 875161CZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $373498.04    | 0.02%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO SPRINGS CO SCH DIST #              | Colorado Springs School District No 11 Facilities Corp                           | CUSIP: 19662UBF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $513131.90    | 0.03%             | 2042-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSION TX ECON DEV CORP SOL W              | Mission Economic Development Corp                                                | CUSIP: 605155BS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000058.90   | 0.05%             | 2040-07-01      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST MUNI ENERGY ACQU              | New Mexico Municipal Energy Acquisition Authority                                | CUSIP: 647207BL2<br>LEI: 549300KZGG2YNDKKCE92 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3185151.00   | 0.17%             | 2054-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTHSIDE TX INDEP SCH DIST                 | Northside Independent School District                                            | CUSIP: 66702RUQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1555566.98   | 0.08%             | 2033-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CYPRESS-FAIRBANKS TX INDEP SCH              | Cypress-Fairbanks Independent School District                                    | CUSIP: 232769ML0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2060358.40   | 0.11%             | 2043-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER CNTY PA HOSP AUTH                 | Lancaster County Hospital Authority/PA                                           | CUSIP: 514045W33<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1735000 | PA      | $1765101.38   | 0.09%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA BEACH VA DEV AUTH RSD              | Virginia Beach Development Authority                                             | CUSIP: 92774NBA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1790000 | PA      | $1932310.19   | 0.10%             | 2043-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| COLUMBUS OH REGL ARPT AUTH REV              | Columbus Regional Airport Authority                                              | CUSIP: 199546CY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $771084.75    | 0.04%             | 2042-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DUBOIS PA HOSP AUTH                         | DuBois Hospital Authority                                                        | CUSIP: 263804BY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100066.13    | 0.01%             | 2032-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STONEYBROOK FL S CDD SPL ASSMN              | Stoneybrook South Community Development District                                 | CUSIP: 86202RAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2730000 | PA      | $2853145.39   | 0.15%             | 2034-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| HAWAII ST ARPTS SYS REVENUE                 | State of Hawaii Airports System Revenue                                          | CUSIP: 419794A44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3460000 | PA      | $3422144.14   | 0.18%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JACKSON CNTY MO CONSOL SCH DIS              | Jackson County Consolidated School District No 4                                 | CUSIP: 467484RW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2043631.60   | 0.11%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH              | Kentucky Public Energy Authority                                                 | CUSIP: 74440DEC4<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1608883.05   | 0.09%             | 2054-04-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY OH HOSP FACS REV              | County of Hamilton OH                                                            | CUSIP: 407272Y72<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |    250000 | PA      | $269486.23    | 0.01%             | 2032-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PRINCETON TX SPL ASSMNT REVENU              | City of Princeton TX                                                             | CUSIP: 742400BS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1012000 | PA      | $962494.78    | 0.05%             | 2042-09-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH A              | Metropolitan Washington Airports Authority Aviation Revenue                      | CUSIP: 592647MA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $718283.86    | 0.04%             | 2042-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FL HLTH FACS AUTH               | Orange County Health Facilities Authority                                        | CUSIP: 68450LHE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $532301.00    | 0.03%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY PA MUNI AUTH                | Cumberland County Municipal Authority                                            | CUSIP: 230614LE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000258.80   | 0.05%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SILVERTHORNE CO COPS                        | Town of Silverthorne CO                                                          | CUSIP: 82845JAR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1688481.96   | 0.09%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH HLTH SYS R              | Indiana Finance Authority                                                        | CUSIP: 45470YFH9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2036407.40   | 0.11%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA ARPT REVENUE                     | City of Atlanta GA Department of Aviation                                        | CUSIP: 04780MZY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $936455.30    | 0.05%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CMWLTH FING AUTH PA TOBACCO MA              | Commonwealth Financing Authority                                                 | CUSIP: 20282EAS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1869556.20   | 0.10%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC              | Health & Educational Facilities Authority of the State of Missouri               | CUSIP: 60635H3K3<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1960000 | PA      | $1974998.31   | 0.11%             | 2029-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE              | Public Finance Authority                                                         | CUSIP: 74442EHP8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1089968.18   | 0.06%             | 2041-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BEXAR CNTY TX REVENUE                       | County of Bexar TX                                                               | CUSIP: 088518LW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    910000 | PA      | $894798.09    | 0.05%             | 2038-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH              | Maricopa County Industrial Development Authority                                 | CUSIP: 56681NAN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500751.65    | 0.03%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA              | Chicago O'Hare International Airport                                             | CUSIP: 1675932A9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $343548.92    | 0.02%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N TX TOLLWAY AUTH REVENUE                   | North Texas Tollway Authority                                                    | CUSIP: 66285WXC5<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1227554.64   | 0.07%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DANVILLE IN MULTI-SCH BLDG COR              | Danville Multi-School Building Corp                                              | CUSIP: 236572HM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2550000 | PA      | $2639330.84   | 0.14%             | 2041-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PARK CREEK CO MET DIST REVENUE              | Park Creek Metropolitan District                                                 | CUSIP: 700387DF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150798.89    | 0.01%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT CHARLES CNTY MO PUBLIC W              | St Charles County Public Water Supply District No 2                              | CUSIP: 78764YFK8<br>LEI: 54930038VJHZW7PR1R14 | Long             | DBT              | MUN               | US        |   2570000 | PA      | $2651656.61   | 0.14%             | 2046-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS CNTY OR HOSP FAC AUT              | Clackamas County Hospital Facility Authority                                     | CUSIP: 179027WN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $252366.83    | 0.01%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N TX TOLLWAY AUTH REVENUE                   | North Texas Tollway Authority                                                    | CUSIP: 66285WJ56<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1068862.60   | 0.06%             | 2038-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE NC ARPT REVENUE                   | City of Charlotte NC Airport Revenue                                             | CUSIP: 161036WF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $509718.50    | 0.03%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST TRANSPRTN COMMISSION               | Central Texas Turnpike System                                                    | CUSIP: 88283KCB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2170275.20   | 0.12%             | 2036-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE                  | Port of Seattle WA                                                               | CUSIP: 735389V39<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   2315000 | PA      | $2388637.84   | 0.13%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N TEXAS ST MUNI WTR DIST WTR S              | North Texas Municipal Water District Water System Revenue                        | CUSIP: 662903J79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039835.00   | 0.06%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL               | Black Belt Energy Gas District                                                   | CUSIP: 09182TCG0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   5300000 | PA      | $5561792.44   | 0.30%             | 2053-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| TOBACCO SECURITIZATION AUTH ST              | Tobacco Securitization Authority of Southern California                          | CUSIP: 888804CK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030938.10   | 0.06%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WINCHESTER VA ECON DEV AUTH RE              | Winchester Economic Development Authority                                        | CUSIP: 973122AU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2020271.40   | 0.11%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP              | New York Transportation Development Corp                                         | CUSIP: 650116HE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015313.30   | 0.05%             | 2040-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ACADEMICAL VLG CDD FL SPL ASSM              | Academical Village Community Development District                                | CUSIP: 00401TAC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $816520.30    | 0.04%             | 2040-05-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA              | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712JKK8<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2193602.60   | 0.12%             | 2035-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL               | Connecticut State Health & Educational Facilities Authority                      | CUSIP: 20775DEX6<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    445000 | PA      | $468039.12    | 0.03%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL EDUCTNL FAC              | Miami-Dade County Educational Facilities Authority                               | CUSIP: 59333APB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1155000 | PA      | $1163539.49   | 0.06%             | 2048-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PUBLIC SVC A              | South Carolina Public Service Authority                                          | CUSIP: 8371514R7<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036184.70   | 0.06%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FL HLTH FACS AUTH               | Orange County Health Facilities Authority                                        | CUSIP: 68450LJN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2005708.40   | 0.11%             | 2046-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE               | Metropolitan Transportation Authority                                            | CUSIP: 59261AX69<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9000000.00   | 0.48%             | 2032-11-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                 | State of Illinois                                                                | CUSIP: 452152P21<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4685300.55   | 0.25%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH BROWARD FL HOSP DIST                  | South Broward Hospital District                                                  | CUSIP: 836753LX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2007717.40   | 0.11%             | 2033-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY & CNTY CA C              | City & County of San Francisco CA Community Facilities District No 2016-1        | CUSIP: 79773JAN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $296958.12    | 0.02%             | 2033-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HILLSBOROUGH CNTY FLA INDL DEV              | Hillsborough County Industrial Development Authority                             | CUSIP: 43233KAU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2037926.80   | 0.11%             | 2049-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| RENO NV CAPITAL IMPT REVENUE                | City of Reno NV                                                                  | CUSIP: 759831CT5<br>LEI: 549300M4R5WWSUWY8D52 | Long             | DBT              | MUN               | US        |    275000 | PA      | $284984.73    | 0.02%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL PUGET SOUND WA REGL TRA              | Central Puget Sound Regional Transit Authority                                   | CUSIP: 155048DD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    945000 | PA      | $968114.98    | 0.05%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROOKHAVEN DEV AUTH GA                      | Brookhaven Development Authority                                                 | CUSIP: 113073AR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1370029.57   | 0.07%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING               | Pennsylvania Economic Development Financing Authority                            | CUSIP: 70868YAM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5835000 | PA      | $6097892.42   | 0.33%             | 2036-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MARYVILLE MO SCH DIST #R-II                 | Nodaway County School District No R-II Maryville                                 | CUSIP: 574506ET4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1573395.86   | 0.08%             | 2041-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM              | North Carolina Medical Care Commission                                           | CUSIP: 65820YSZ0<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250139.60    | 0.01%             | 2028-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ROBINSON TX                                 | City of Robinson TX                                                              | CUSIP: 770825MC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $622268.26    | 0.03%             | 2039-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE               | County of Jefferson AL Sewer Revenue                                             | CUSIP: 472682ZM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3050000 | PA      | $3141515.25   | 0.17%             | 2042-10-01      | Fixed         | 5.25%                 | 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      | $239901.35    | 0.01%             | 2032-01-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| SAINT JOHNS CNTY FL INDL DEV A              | St Johns County Industrial Development Authority                                 | CUSIP: 79041LAL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $195079.39    | 0.01%             | 2031-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RANCHO CORDOVA CA CMNTY FACS D              | City of Rancho Cordova CA                                                        | CUSIP: 75211RKU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $112677.58    | 0.01%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH DAKOTA ST HLTH & EDUCTNL              | South Dakota Health & Educational Facilities Authority                           | CUSIP: 83755VZU1<br>LEI: 549300ZW6LKR8UI2C378 | Long             | DBT              | MUN               | US        |    105000 | PA      | $105226.09    | 0.01%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                  | Public Finance Authority                                                         | CUSIP: 74442PSU0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    600000 | PA      | $552419.64    | 0.03%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RENO-TAHOE NV ARPT AUTH ARPT R              | Reno-Tahoe Airport Authority                                                     | CUSIP: 759874DD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $458952.62    | 0.02%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                 | City of New York NY                                                              | CUSIP: 64966QCU2<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   5690000 | PA      | $5363155.59   | 0.29%             | 2040-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES MI WTR AUTH WTR SP              | Great Lakes Water Authority Water Supply System Revenue                          | CUSIP: 39081JJP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1044692.50   | 0.06%             | 2044-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                 | City of Houston TX Airport System Revenue                                        | CUSIP: 442349GT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3540000 | PA      | $3617176.96   | 0.19%             | 2042-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GAINESVILLE TX                              | City of Gainesville TX                                                           | CUSIP: 363046B93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $539941.30    | 0.03%             | 2036-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ADAMS & ARAPAHOE CNTYS CO JT S              | Adams & Arapahoe Counties Joint School District 28J Aurora                       | CUSIP: 005484CZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $780353.55    | 0.04%             | 2042-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                | Michigan Finance Authority                                                       | CUSIP: 59447T3N1<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1177289.11   | 0.06%             | 2033-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CROSS CREEK N CDD FL SPL ASSMN              | Cross Creek North Community Development District                                 | CUSIP: 227521AH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $862516.30    | 0.05%             | 2052-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CHATTANOOGA TN HLTH EDUCTNL &               | Chattanooga Health Educational & Housing Facility Board                          | CUSIP: 162409AK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3035000 | PA      | $3119596.07   | 0.17%             | 2042-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BENTON CNTY WA PUBLIC UTILITY               | Public Utility District No. 1 of Benton County                                   | CUSIP: 082869NC8<br>LEI: NIDQB523D1YQDZ8VK594 | Long             | DBT              | MUN               | US        |   1235000 | PA      | $1237209.17   | 0.07%             | 2036-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH                | Ohio Air Quality Development Authority                                           | CUSIP: 677525WG8<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2369962.75   | 0.13%             | 2038-12-01      | Variable      | 2.40%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL              | Maryland Health & Higher Educational Facilities Authority                        | CUSIP: 57421CJR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3165666.30   | 0.17%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH REVENUE                | New Hampshire Business Finance Authority                                         | CUSIP: 63607YBP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $325904.32    | 0.02%             | 2041-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                | Michigan Finance Authority                                                       | CUSIP: 59447TXZ1<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $985335.20    | 0.05%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY & CHATTANOOGA SP              | Hamilton County & Chattanooga Sports Authority                                   | CUSIP: 407081AV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1081412.70   | 0.06%             | 2050-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV              | Colorado Health Facilities Authority                                             | CUSIP: 19648FJV7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    250000 | PA      | $258047.08    | 0.01%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY PA INDL DEV AU              | Montgomery County Industrial Development Authority/PA                            | CUSIP: 613609J64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $98245.12     | 0.01%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VIDOR TX INDEP SCH DIST                     | Vidor Independent School District                                                | CUSIP: 926582YQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1542211.65   | 0.08%             | 2042-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST ENTERPRISE DEV A              | California Enterprise Development Authority                                      | CUSIP: 13067VBQ6<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2067539.80   | 0.11%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY NY INDL DEV CORP R              | Monroe County Industrial Development Corp/NY                                     | CUSIP: 61075TXR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $641585.07    | 0.03%             | 2049-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SUNMAN DEARBORN IN HIGH SCH BL              | Sunman-Dearborn High School Building Corp                                        | CUSIP: 867420DE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1553749.50   | 0.08%             | 2041-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION&              | Texas Municipal Gas Acquisition & Supply Corp IV                                 | CUSIP: 88256PAQ3<br>LEI: 549300PTUE847QDBBW22 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1642678.65   | 0.09%             | 2032-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| OHIO ST HGR EDUCTNL FAC COMMIS              | Ohio Higher Educational Facility Commission                                      | CUSIP: 67756DW44<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1353223.43   | 0.07%             | 2041-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST                               | State of Washington                                                              | CUSIP: 93974DSU3<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4000000.00   | 0.21%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA ARPT PASSENGER FAC               | City of Atlanta GA Airport Passenger Facility Charge                             | CUSIP: 04780TDL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8980000 | PA      | $8597563.35   | 0.46%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CORPUS CHRISTI TX UTILITY SYSR              | City of Corpus Christi TX Utility System Revenue                                 | CUSIP: 220245U85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $448824.45    | 0.02%             | 2035-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL              | Maryland Health & Higher Educational Facilities Authority                        | CUSIP: 57421CHS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1553403.75   | 0.08%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BALTIMORE MD SPL OBLIG                      | City of Baltimore MD                                                             | CUSIP: 05923TCG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $133830.33    | 0.01%             | 2026-06-01      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY PA INDL DEV AU              | Montgomery County Industrial Development Authority/PA                            | CUSIP: 613609E85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    480000 | PA      | $487841.47    | 0.03%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST ECON DEV FIN AUTH               | Kentucky Economic Development Finance Authority                                  | CUSIP: 49126KKN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $150683.49    | 0.01%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SUMMER WOODS CDD FL SPL ASSMNT              | Summer Woods Community Development District                                      | CUSIP: 865657AJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1245000 | PA      | $967665.79    | 0.05%             | 2050-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HLTH CARE FACS A              | Washington Health Care Facilities Authority                                      | CUSIP: 93978HXZ3<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    450000 | PA      | $485061.30    | 0.03%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH              | Maricopa County Industrial Development Authority                                 | CUSIP: 56681NEM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001579.20   | 0.05%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                          | Commonwealth of Puerto Rico                                                      | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4878963.50   | 0.26%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV              | City & County of Denver CO Airport System Revenue                                | CUSIP: 249182LF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5193922.00   | 0.28%             | 2032-12-01      | Fixed         | 5.00%                 | 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      | $754520.63    | 0.04%             | 2031-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R              | Arizona Industrial Development Authority                                         | CUSIP: 04052BPT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $742500.11    | 0.04%             | 2056-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF ALABAMA AT BIRMINGHAM               | University of Alabama at Birmingham                                              | CUSIP: 914745EP5<br>LEI: 5493002DHWB7OKWT0415 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1306444.59   | 0.07%             | 2041-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES MI WTR AUTH SEWAGE              | Great Lakes Water Authority Sewage Disposal System Revenue                       | CUSIP: 39081HEQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2159059.60   | 0.12%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT JOHNS CNTY FL SCH BRD CO              | St Johns County School Board                                                     | CUSIP: 790409HU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1535154.45   | 0.08%             | 2046-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MET KNOXVILLE TN ARPT AUTH ARP              | Metropolitan Knoxville Airport Authority                                         | CUSIP: 592174AS5<br>LEI: 254900VWGT8D1GF6ZY16 | Long             | DBT              | MUN               | US        |    525000 | PA      | $532538.06    | 0.03%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CA UNIF SCH DIST                  | Riverside Unified School District                                                | CUSIP: 769069V36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $319504.69    | 0.02%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL PARK DIST                        | Chicago Park District                                                            | CUSIP: 167615ZX4<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1376029.08   | 0.07%             | 2032-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GLENDALE AZ INDL DEV AUTH SENI              | Glendale Industrial Development Authority                                        | CUSIP: 378287AV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3952477.60   | 0.21%             | 2042-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSION TX                                  | City of Mission TX                                                               | CUSIP: 605128UE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $386089.67    | 0.02%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST               | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 64613CEV6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1052981.20   | 0.06%             | 2041-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL               | Connecticut State Health & Educational Facilities Authority                      | CUSIP: 20775DFA5<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   4700000 | PA      | $4508917.74   | 0.24%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A              | City of Los Angeles Department of Airports                                       | CUSIP: 544445P94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $205593.45    | 0.01%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA ARPT REVENUE                | City of Philadelphia PA Airport Revenue                                          | CUSIP: 717817XU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1134891.00   | 0.06%             | 2038-07-01      | Fixed         | 4.00%                 | 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      | $1504730.25   | 0.08%             | 2033-12-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE              | California Municipal Finance Authority                                           | CUSIP: 13048V3D8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1160531.78   | 0.06%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOWER COLORADO RIVER TX AUTH T              | Lower Colorado River Authority                                                   | CUSIP: 54811BSW2<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |    400000 | PA      | $405454.52    | 0.02%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EL PASO CNTY CO SCH DIST #20                | El Paso County School District No 20 Academy                                     | CUSIP: 283461N64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $375976.34    | 0.02%             | 2041-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH STUDENT H              | Illinois Finance Authority                                                       | CUSIP: 45203KAG0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    500000 | PA      | $507231.60    | 0.03%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX TOLL ROAD REVEN              | County of Harris TX Toll Road Revenue                                            | CUSIP: 41423PAZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1759666.80   | 0.09%             | 2037-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CENTER CO MET DIST #              | Jefferson Center Metropolitan District No 1                                      | CUSIP: 47248EAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $859983.50    | 0.05%             | 2047-12-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| HYDE PARK CDD #1 FL SPL ASSMNT              | Hyde Park Community Development District No 1                                    | CUSIP: 448642AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2710000 | PA      | $2247579.42   | 0.12%             | 2042-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RENO-TAHOE NV ARPT AUTH ARPT R              | Reno-Tahoe Airport Authority                                                     | CUSIP: 759874DF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1198068.72   | 0.06%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHATTANOOGA TN HLTH EDUCTNL &H              | Chattanooga Health Educational & Housing Facility Board                          | CUSIP: 162410EF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $259718.45    | 0.01%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC              | Health & Educational Facilities Authority of the State of Missouri               | CUSIP: 60635H3M9<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   2120000 | PA      | $2116296.36   | 0.11%             | 2031-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TERN BAY CDD FL SPL ASSMNT                  | Tern Bay Community Development District                                          | CUSIP: 88088EAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    420000 | PA      | $414594.73    | 0.02%             | 2027-06-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST PUBLIC FACS AUTHS              | Louisiana Public Facilities Authority                                            | CUSIP: 54640TAK5<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1529715.30   | 0.08%             | 2043-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| EDGEWATER EAST CDD FL SPL ASSM              | Edgewater East Community Development District                                    | CUSIP: 280286AD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $777124.50    | 0.04%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ROSEVILLE CA SPL TAX                        | City of Roseville CA                                                             | CUSIP: 777870V94<br>LEI: 549300OH100KESVPND17 | Long             | DBT              | MUN               | US        |    710000 | PA      | $577209.98    | 0.03%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-23

**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