# EDGAR Filing Document

**Accession Number:** 0001424212
**File Stem:** 0000940400-25-002128
**Filing Date:** 2025-9
**Character Count:** 85396
**Document Hash:** 964c68c20edcdde00a1f3c8fe1ccc0d7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-002128.hdr.sgml**: 20250924

**ACCESSION NUMBER**: 0000940400-25-002128

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250924

**DATE AS OF CHANGE**: 20250924

**PERIOD START**: 20250731

**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:** 251336426

**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 Ultra Short Duration Municipal ETF (Series ID: S000063443)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000205579 | First Trust Ultra Short Duration Municipal ETF | FUMB            |

## 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 Ultra Short Duration Municipal ETF

- **b. EDGAR series identifier (if any):** S000063443

- **c. LEI of Series:** 549300KVHK7XJBQPJK48

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

- **a. Date of fiscal year-end:** 2025-07-31

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $222108275.72

**Total Liabilities:** $6940401.87

**Net Assets:** $215167873.85

**Delayed Delivery Securities:** $4588820.00

**Cash Not Reported:** $324675.40

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 3179.40670000 | **1-Year:** 9622.32770000 | **5-Year:** 603.16570000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** 0.16000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000205579 | 0.40%                | 0.30%                | 0.34%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.01                    | $209971.58                                 |
| Month 2  | $-23299.38               | $203241.56                                 |
| Month 3  | $0.00                    | $248313.45                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| GALVESTON TX WHARVES & TERMINA | City of Galveston TX Wharves & Terminal Revenue                                  | CUSIP: 364568HV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250000.00    | 0.12%             | 2025-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BRIDGEPORT CT                  | City of Bridgeport CT                                                            | CUSIP: 108152KS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1501418.40   | 0.70%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ESSEX CNTY NJ IMPT AUTH        | Essex County Improvement Authority                                               | CUSIP: 296807MM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014776.60   | 0.47%             | 2026-03-17      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST MUNI PWR AGY        | Indiana Municipal Power Agency                                                   | CUSIP: 454898YC5<br>LEI: AX0ZCCVOQ71Z4RXBL233 | Long             | DBT              | MUN               | US        |    500000 | PA      | $504894.80    | 0.23%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL SCH BRD COP | Palm Beach County School District                                                | CUSIP: 696550L75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $769107.45    | 0.36%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PEABODY MA                     | City of Peabody MA                                                               | CUSIP: 70457PHD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1518089.85   | 0.71%             | 2026-07-10      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA HSG FIN AGY HOM | North Carolina Housing Finance Agency                                            | CUSIP: 65820BBB1<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500744.45   | 0.70%             | 2056-07-01      | Variable      | 3.20%                 | 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        |   1000000 | PA      | $1007608.70   | 0.47%             | 2052-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW BRUNSWICK NJ               | City of New Brunswick NJ                                                         | CUSIP: 642815V92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1524459.30   | 0.71%             | 2026-04-28      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DOWNTOWN REVITALIZATION PUBLIC | Downtown Revitalization Public Infrastructure District                           | CUSIP: 26118TAB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $312467.58    | 0.15%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CELINA TX SPL ASSESSMENT REVEN | City of Celina TX                                                                | CUSIP: 15114CJY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    640000 | PA      | $640830.66    | 0.30%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA ARPT REVENUE   | City of Philadelphia PA Airport Revenue                                          | CUSIP: 717817TZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    995000 | PA      | $1031080.69   | 0.48%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SPRING BRANCH TX INDEP SCH DIS | Spring Branch Independent School District                                        | CUSIP: 849476VX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1518348.75   | 0.71%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A | City of Los Angeles Department of Airports                                       | CUSIP: 544445XQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1556268.30   | 0.72%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL SCH BRD COP | School Board of Miami-Dade County/The                                            | CUSIP: 59333MW68<br>LEI: 549300J3U4QVT6U3O129 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1524910.95   | 0.71%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PEFA INC IA GAS PROJ REVENUE   | PEFA Inc                                                                         | CUSIP: 70556CAB0<br>LEI: 549300RSE249DJNRHY07 | Long             | DBT              | MUN               | US        |   1735000 | PA      | $1753316.57   | 0.81%             | 2049-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY-HOUSTON TX SPORTS  | Harris County-Houston Sports Authority                                           | CUSIP: 413890GP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030012.30   | 0.48%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WINCHESTER MA                  | Town of Winchester MA                                                            | CUSIP: 9730245V0<br>LEI: 549300YOV2B42TT06X20 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1261423.88   | 0.59%             | 2026-03-26      | Fixed         | 4.00%                 | 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   | 0.58%             | 2049-06-01      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| TEXAS ST DEPT OF HSG & CMNTY A | Texas Department of Housing & Community Affairs                                  | CUSIP: 88275AET3<br>LEI: 549300J3RRLLZZN4WP77 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000658.00   | 0.47%             | 2028-08-01      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING  | Pennsylvania Economic Development Financing Authority                            | CUSIP: 708692BV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1499026.35   | 0.70%             | 2049-04-01      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEI | Tender Option Bond Trust Receipts/Certificates                                   | CUSIP: 88035FW71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.93%             | 2026-10-01      | Variable      | 2.97%                 | 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        |   1000000 | PA      | $1003258.80   | 0.47%             | 2033-04-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC | Health & Educational Facilities Authority of the State of Missouri               | CUSIP: 60635H3R8<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    480000 | PA      | $483365.52    | 0.22%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                             | CUSIP: 19648FJH8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    280000 | PA      | $280000.00    | 0.13%             | 2049-08-01      | 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        |   1770000 | PA      | $1773407.96   | 0.82%             | 2050-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| QUINCY MA                      | City of Quincy MA                                                                | CUSIP: 748508Y93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1535923.80   | 0.71%             | 2026-07-24      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLEN CNTY OH HOSP FACS REVENU | County of Allen OH Hospital Facilities Revenue                                   | CUSIP: 01757LFR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1810000 | PA      | $1851410.45   | 0.86%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTHORITY A C | Southeast Energy Authority A Cooperative District                                | CUSIP: 84136HBW2<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    555000 | PA      | $568495.66    | 0.26%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION  | Texas Municipal Gas Acquisition & Supply Corp V                                  | CUSIP: 88256RAA4<br>LEI: 254900XZ4J30QIJO9G03 | Long             | DBT              | MUN               | US        |    350000 | PA      | $352579.96    | 0.16%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST CAPITAL FACS | North Carolina Capital Facilities Finance Agency                                 | CUSIP: 65819GKX5<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003916.80   | 0.47%             | 2055-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE   | Illinois Finance Authority                                                       | CUSIP: 45204EES3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1265960.00   | 0.59%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE PA SCH DIST          | Riverside School District                                                        | CUSIP: 769250KN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $275689.48    | 0.13%             | 2025-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEI | Tender Option Bond Trust Receipts/Certificates                                   | CUSIP: 88035EZC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500000.00   | 0.70%             | 2046-02-01      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| HUBER HEIGHTS OH               | City of Huber Heights OH                                                         | CUSIP: 443524XD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1782421.20   | 0.83%             | 2026-06-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R | Massachusetts Development Finance Agency                                         | CUSIP: 57585BDE5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    550000 | PA      | $554879.00    | 0.26%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY       | Minnesota Housing Finance Agency                                                 | CUSIP: 60416TZ43<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    700000 | PA      | $700000.00    | 0.33%             | 2025-08-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| RALEIGH DURHAM NC ARPT AUTH AR | Raleigh Durham Airport Authority                                                 | CUSIP: 751073KZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1490000 | PA      | $1513852.37   | 0.70%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAMILTON OH                    | City of Hamilton OH                                                              | CUSIP: 407756P82<br>LEI: 549300NCXYTNZWHRP508 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1656499.35   | 0.77%             | 2025-12-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST MID-BAY BRIDGE AUTH | Mid-Bay Bridge Authority                                                         | CUSIP: 342814EC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024703.10   | 0.48%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA | Main Street Natural Gas Inc                                                      | CUSIP: 56035DJA1<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    775000 | PA      | $779519.88    | 0.36%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST DEPT OF HSG & CMNTY A | Texas Department of Housing & Community Affairs                                  | CUSIP: 88275AEP1<br>LEI: 549300J3RRLLZZN4WP77 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003971.20   | 0.47%             | 2041-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| COOK CNTY IL HIGH SCH DIST #20 | Maine Township High School District No 207                                       | CUSIP: 215543LZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1440689.18   | 0.67%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MCKINNEY TX INDEP SCH DIST     | McKinney Independent School District                                             | CUSIP: 581664MU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1517907.15   | 0.71%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOBILE AL INDL DEV BRD POLL CO | Industrial Development Board of the City of Mobile Alabama                       | CUSIP: 607167DX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2004578.80   | 0.93%             | 2034-07-15      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| DODGE CITY KS                  | City of Dodge City KS                                                            | CUSIP: 256309J97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001061.70   | 0.47%             | 2025-09-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| MILFORD OH EXEMPT VLG SCH DIST | Milford Exempted Village School District                                         | CUSIP: 599632LX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $618954.60    | 0.29%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DALLAS-FORT WORTH TX INTERNATI | Dallas Fort Worth International Airport                                          | CUSIP: 23503CCK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502895.45    | 0.23%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH   | Ohio Air Quality Development Authority                                           | CUSIP: 677525WV5<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2029165.20   | 0.94%             | 2039-11-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY-HOUSTON TX SPORTS  | Harris County-Houston Sports Authority                                           | CUSIP: 413890GN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006481.60   | 0.47%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BREVARD CNTY FL HSG FIN AUTH M | Brevard County Housing Finance Authority                                         | CUSIP: 106904FY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1508861.25   | 0.70%             | 2028-02-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE   | Michigan Finance Authority                                                       | CUSIP: 59447TNV1<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1435867.58   | 0.67%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF DELAWARE DE REVENUE    | University of Delaware                                                           | CUSIP: 91425MDV6<br>LEI: KPIOJCFMR70NWLS6O145 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1600000.00   | 0.74%             | 2037-11-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| N SUMTER CNTY FL UTILITY DEPEN | North Sumter County Utility Dependent District                                   | CUSIP: 66272RAU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1620000 | PA      | $1625522.58   | 0.76%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES | New York State Dormitory Authority                                               | CUSIP: 64990GTD4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1255155.50   | 0.58%             | 2048-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| GLOUCESTER MA                  | City of Gloucester MA                                                            | CUSIP: 379713QM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1503266.40   | 0.70%             | 2025-10-03      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LEMONT IL FIRE PROT DIST       | Lemont Fire Protection District                                                  | CUSIP: 525680BH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1152070.29   | 0.54%             | 2026-12-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WINNEBAGO CNTY IL              | County of Winnebago IL                                                           | CUSIP: 974450V47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1035000 | PA      | $1043989.08   | 0.49%             | 2025-12-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE-MECKLENBURG NC HOSP  | Charlotte-Mecklenburg Hospital Authority/The                                     | CUSIP: 160853TL1<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001249.70   | 0.47%             | 2048-01-15      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| NORTH KANSAS CITY MO SCH DIST  | North Kansas City School District No 74                                          | CUSIP: 660266LN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014184.30   | 0.47%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARTFORD CT SPL OBLIG          | City of Hartford CT                                                              | CUSIP: 416464AM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1276920.50   | 0.59%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTHORITY A C | Southeast Energy Authority A Cooperative District                                | CUSIP: 84136HBV4<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    330000 | PA      | $335649.37    | 0.16%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSON  | Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | CUSIP: 592113CM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500000.00   | 0.70%             | 2045-10-01      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| VIRGINIA HSG DEV AUTH          | Virginia Housing Development Authority                                           | CUSIP: 92812XFJ6<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |    490000 | PA      | $489988.24    | 0.23%             | 2055-07-01      | Variable      | 3.62%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN | Virginia Small Business Financing Authority                                      | CUSIP: 92810RAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000634.00   | 0.47%             | 2052-11-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH | Kentucky Public Energy Authority                                                 | CUSIP: 74440DEM2<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.23%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE   | Illinois Finance Authority                                                       | CUSIP: 45204FP33<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1532041.50   | 0.71%             | 2036-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLARK CNTY NV ARPT REVENUE     | County of Clark Department of Aviation                                           | CUSIP: 18085PTC8<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1124501.29   | 0.52%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST HOSP EQUIPMENT L | New Mexico Hospital Equipment Loan Council                                       | CUSIP: 647370EK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.09%             | 2034-08-01      | Variable      | 2.80%                 | 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        |   3500000 | PA      | $3497267.90   | 1.63%             | 2033-07-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| CHATTANOOGA TN HLTH EDUCTNL &H | Chattanooga Health Educational & Housing Facility Board                          | CUSIP: 162410DX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1570000 | PA      | $1601856.71   | 0.74%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CMWLTH FING AUTH PA TOBACCO MA | Commonwealth Financing Authority                                                 | CUSIP: 20282EAG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1332189.44   | 0.62%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST                  | State of New Jersey                                                              | CUSIP: 646039YK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021519.40   | 0.47%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OLATHE KS                      | City of Olathe KS                                                                | CUSIP: 679384RC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1536114.45   | 0.71%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST PUBLIC FACS AUTHS | Louisiana Public Facilities Authority                                            | CUSIP: 54640TAK5<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1925000 | PA      | $1930952.10   | 0.90%             | 2043-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI HOSP REVENU | Public Finance Authority                                                         | CUSIP: 74442CET7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $519229.50    | 0.24%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOWER COLORADO RIVER TX AUTH R | Lower Colorado River Authority                                                   | CUSIP: 54811GQ37<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |    600000 | PA      | $622720.50    | 0.29%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DALLAS TX AREA RAPID TRANSIT S | Dallas Area Rapid Transit                                                        | CUSIP: 235241SY3<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1637690.28   | 0.76%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA HSG FIN AGY M | District of Columbia Housing Finance Agency                                      | CUSIP: 25477PQD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000137.80   | 0.46%             | 2041-09-01      | Variable      | 3.05%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R | Massachusetts Development Finance Agency                                         | CUSIP: 57585BDF2<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    450000 | PA      | $463340.03    | 0.22%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLUMBUS GA MED CTR HOSP AUTH  | Columbus Medical Center Hospital Authority                                       | CUSIP: 199124BQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1512618.45   | 0.70%             | 2054-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MCCOOK NE                      | City of McCook NE                                                                | CUSIP: 579729EW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014514.40   | 0.47%             | 2027-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA                 | City of Los Angeles CA                                                           | CUSIP: 544351SF7<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1536157.05   | 0.71%             | 2026-06-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AMHERST NY CENTRL SCH DIST     | Amherst Central School District                                                  | CUSIP: 031321LS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1008317 | PA      | $1022709.72   | 0.48%             | 2026-08-05      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PLAINFIELD IL WTR & SWR SYS RE | Village of Plainfield IL Water & Sewer System Revenue                            | CUSIP: 726273CY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $432153.64    | 0.20%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TENNESSEE ST ENERGY ACQUISITIO | Tennessee Energy Acquisition Corp                                                | CUSIP: 880443JE7<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001274.40   | 0.47%             | 2049-11-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| SEMINOLE CNTY FL SCH DIST SALE | Seminole County School District Sales Tax Revenue                                | CUSIP: 816696AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $513864.55    | 0.24%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA MUNI GAS AGY COMMODI | Minnesota Municipal Gas Agency                                                   | CUSIP: 60406UAG2<br>LEI: 549300SISI6N1C6S3136 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1504127.10   | 0.70%             | 2025-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX TOLL ROAD REVEN | County of Harris TX Toll Road Revenue                                            | CUSIP: 41423PCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000893.90   | 0.47%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLARK CNTY NV                  | County of Clark NV                                                               | CUSIP: 180848XR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1214774.60   | 0.56%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL HSG FIN AUT | Miami-Dade County Housing Finance Authority                                      | CUSIP: 593344BR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $751043.48    | 0.35%             | 2027-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CASSIA ONEIDA & TWIN FALLS CNT | Cassia & Twin Falls Counties Joint School District No 151                        | CUSIP: 148190ES6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1315000 | PA      | $1318811.92   | 0.61%             | 2025-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH   | Ohio Air Quality Development Authority                                           | CUSIP: 677525WY9<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1495854.15   | 0.70%             | 2026-05-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH A | Metropolitan Washington Airports Authority Aviation Revenue                      | CUSIP: 592647LJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1229365.08   | 0.57%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HUDSON CNTY NJ IMPT AUTH       | Hudson County Improvement Authority                                              | CUSIP: 443728GN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011255.70   | 0.47%             | 2026-06-24      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING  | Pennsylvania Economic Development Financing Authority                            | CUSIP: 70870JHB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $413852.72    | 0.19%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DU PAGE CNTY IL FOREST PRESERV | DuPage County Forest Preserve District                                           | CUSIP: 262651VG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1208748.70   | 0.56%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL HSG FIN AUT | Miami-Dade County Housing Finance Authority                                      | CUSIP: 593344BT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001838.10   | 0.47%             | 2027-01-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL EDUCTNL FAC | Miami-Dade County Educational Facilities Authority                               | CUSIP: 59333AND9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $517946.11    | 0.24%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE | Port Authority of New York & New Jersey                                          | CUSIP: 73358XBW1<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1204517.40   | 0.56%             | 2025-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH A | Metropolitan Washington Airports Authority Aviation Revenue                      | CUSIP: 592647HF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1536706.35   | 0.71%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF NORTH CAROLINA NC HOSP | University of North Carolina at Chapel Hill                                      | CUSIP: 91471FAX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1415000 | PA      | $1415000.00   | 0.66%             | 2031-02-15      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA | Chicago O'Hare International Airport                                             | CUSIP: 1675935K4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028519.20   | 0.48%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JOHNSON CNTY KS PUBLIC BLDG CO | Johnson County Public Building Commission                                        | CUSIP: 478497E22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001901.30   | 0.47%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REGL TRANSIT AUTH LA SALES TAX | Regional Transit Authority Sales Tax Revenue                                     | CUSIP: 75912RCD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1147920.38   | 0.53%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RACINE WI                      | City of Racine WI                                                                | CUSIP: 750022KQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010017.50   | 0.47%             | 2027-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| METUCHEN NJ                    | Borough of Metuchen NJ                                                           | CUSIP: 592693PL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1265813.50   | 0.59%             | 2026-07-07      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTHORITY A C | Southeast Energy Authority A Cooperative District                                | CUSIP: 84136HBE2<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    500000 | PA      | $510066.65    | 0.24%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN  | New York City Municipal Water Finance Authority                                  | CUSIP: 64972GC85<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   2325000 | PA      | $2325000.00   | 1.08%             | 2053-06-15      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE   | Illinois Finance Authority                                                       | CUSIP: 45204ETN8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1185000 | PA      | $1186026.33   | 0.55%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH REVENUE    | Indiana Finance Authority                                                        | CUSIP: 45506ENL3<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    365000 | PA      | $368437.28    | 0.17%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST UNIV AT RALE | North Carolina State University at Raleigh                                       | CUSIP: 658289F99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1080000 | PA      | $1084321.62   | 0.50%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTHORITY A C | Southeast Energy Authority A Cooperative District                                | CUSIP: 84136HBD4<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    500000 | PA      | $506810.05    | 0.24%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH | Kentucky Public Energy Authority                                                 | CUSIP: 74440DEP5<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    615000 | PA      | $625042.21    | 0.29%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SPRING BRANCH TX INDEP SCH DIS | Spring Branch Independent School District                                        | CUSIP: 849476WV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036393.20   | 0.48%             | 2027-02-01      | 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        |   1195000 | PA      | $1195550.06   | 0.56%             | 2028-05-01      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| DU PAGE & WILL CNTYS IL CMNTYS | Du Page & Will Counties Community School District No 204 Indian Prairie          | CUSIP: 262608RW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1412565.28   | 0.66%             | 2025-12-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MANATEE CNTY FL SCH DIST SALES | Manatee County School District                                                   | CUSIP: 56185PCC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1505799.00   | 0.70%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST MUNI PWR AGY        | Indiana Municipal Power Agency                                                   | CUSIP: 454898YD3<br>LEI: AX0ZCCVOQ71Z4RXBL233 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1033596.20   | 0.48%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHASKA MN ECON DEV AUTH LEASE  | Chaska Economic Development Authority                                            | CUSIP: 16166NFF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $732963.76    | 0.34%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST                      | State of Oregon                                                                  | CUSIP: 68609BQ83<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |    685000 | PA      | $685000.00    | 0.32%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE | New Jersey Economic Development Authority                                        | CUSIP: 64577B6J8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1503275.25   | 0.70%             | 2025-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                             | CUSIP: 19648FYX6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    250000 | PA      | $255481.95    | 0.12%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL  | Triborough Bridge & Tunnel Authority                                             | CUSIP: 89602HJA6<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1558982.85   | 0.72%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX WTR & WSTWTR SYS REV | City of Austin TX Water & Wastewater System Revenue                              | CUSIP: 052477PG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006948.20   | 0.47%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PLANO TX INDEP SCH DIST        | Plano Independent School District                                                | CUSIP: 727199D73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013253.00   | 0.47%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE | South Carolina Jobs-Economic Development Authority                               | CUSIP: 83703FKY7<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1522890.60   | 0.71%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX INDEP SCH DIST  | SAN ANTONIO INDEPENDENT SCHOOL DISTRICT/TX                                       | CUSIP: 796269N38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023759.10   | 0.48%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKELAND FL ENERGY SYS REVENUE | City of Lakeland FL Department of Electric Utilities                             | CUSIP: 51166FDW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1254896.00   | 0.58%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST                | Commonwealth of Pennsylvania                                                     | CUSIP: 70914PB84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1530000 | PA      | $1534435.16   | 0.71%             | 2025-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST MUNI PWR AGY        | Florida Municipal Power Agency                                                   | CUSIP: 342816F91<br>LEI: 549300M3I10QJUPNU131 | Long             | DBT              | MUN               | US        |   1060000 | PA      | $1063985.60   | 0.49%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WAYNE CNTY MI ARPT AUTH REVENU | Wayne County Airport Authority                                                   | CUSIP: 944514WM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006267.20   | 0.47%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY NC INDL FACS & | Cumberland County Industrial Facilities & Pollution Control Financing Authority  | CUSIP: 230589AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500296.25   | 0.70%             | 2027-12-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| PADUCAH KY ELEC PLANT BRD REVE | Paducah Electric Plant Board                                                     | CUSIP: 695317DM6<br>LEI: 549300XTPDPORT8VIQ62 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1304189.77   | 0.61%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY OH HLTH CARE F | County of Montgomery OH                                                          | CUSIP: 613518CM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $215335.68    | 0.10%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WATERLOO NY CENTRL SCH DIST    | Waterloo Central School District                                                 | CUSIP: 941774MT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1264014.50   | 0.59%             | 2026-07-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| COLORADO SPRINGS CO SCH DIST # | Colorado Springs School District No 11 Facilities Corp                           | CUSIP: 19662UAN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $267150.34    | 0.12%             | 2025-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW ORLEANS LA AVIATION BRD    | New Orleans Aviation Board                                                       | CUSIP: 64763HHV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $539790.60    | 0.25%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO SCH DIST | Denver City & County School District No 1                                        | CUSIP: 249174YT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $516662.55    | 0.24%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ADAMS & ARAPAHOE CNTYS CO JT S | Adams & Arapahoe Counties Joint School District 28J Aurora                       | CUSIP: 0054824G6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040378.80   | 0.48%             | 2026-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                                | CUSIP: 452152S51<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028366.80   | 0.48%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKELAND FL CAPITAL IMPT REVEN | City of Lakeland FL                                                              | CUSIP: 511662ES3<br>LEI: XRPK4ZALF4437WO3JQ94 | Long             | DBT              | MUN               | US        |    500000 | PA      | $513806.25    | 0.24%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A | California Health Facilities Financing Authority                                 | CUSIP: 13032UYT9<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   2575000 | PA      | $2575385.99   | 1.20%             | 2054-08-15      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST HOSP FIN AUTH      | Michigan State Hospital Finance Authority                                        | CUSIP: 59465HUL8<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |   1295000 | PA      | $1304635.06   | 0.61%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST MUNI ENERGY ACQU | New Mexico Municipal Energy Acquisition Authority                                | CUSIP: 647207BD0<br>LEI: 549300KZGG2YNDKKCE92 | Long             | DBT              | MUN               | US        |    475000 | PA      | $481645.68    | 0.22%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC | Health & Educational Facilities Authority of the State of Missouri               | CUSIP: 60637ATQ5<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1209039.48   | 0.56%             | 2051-05-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES | New York State Dormitory Authority                                               | CUSIP: 64985SCX9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1284369.88   | 0.60%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST TURNPIKE AUT | North Carolina Turnpike Authority                                                | CUSIP: 65830RBD0<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1362088.44   | 0.63%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH SOL WST FACS  | Iowa Finance Authority                                                           | CUSIP: 46246YAB8<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    620000 | PA      | $620595.82    | 0.29%             | 2042-01-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GA           | Municipal Electric Authority of Georgia                                          | CUSIP: 62620HJD5<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1100215.26   | 0.51%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL WTR & SWR R | County of Miami-Dade FL Water & Sewer System Revenue                             | CUSIP: 59334DHZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    845000 | PA      | $848320.26    | 0.39%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                    | City of New York NY                                                              | CUSIP: 64966QBJ8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500000.00   | 0.70%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL              | County of Jefferson AL                                                           | CUSIP: 472628QT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1180000 | PA      | $1183229.66   | 0.55%             | 2025-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PAWTUCKET RI                   | City of Pawtucket RI                                                             | CUSIP: 7041654L0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001972.00   | 0.47%             | 2025-10-24      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TRAVIS CNTY TX HSG FIN CORP MF | Travis County Housing Finance Corp                                               | CUSIP: 89438UBP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $875000.00    | 0.41%             | 2026-08-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| UNIV OF SOUTH ALABAMA AL UNIV  | University of South Alabama                                                      | CUSIP: 914845VB5<br>LEI: 549300U394SOV3NGG049 | Long             | DBT              | MUN               | US        |    750000 | PA      | $761385.45    | 0.35%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JERSEY CITY NJ REDEV AGY       | Jersey City Redevelopment Agency                                                 | CUSIP: 476637AZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1507494.90   | 0.70%             | 2025-12-11      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WASHINGTON TWP NJ GLOUCESTER C | Township of Washington NJ/Gloucester County                                      | CUSIP: 940416LP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001085.90   | 0.47%             | 2025-09-03      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IN LOCAL PUBLIC I | Indianapolis Local Public Improvement Bond Bank                                  | CUSIP: 45528VAX7<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   1005000 | PA      | $1014082.99   | 0.47%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH SYRACUSE NY CENTRL SCH D | North Syracuse Central School District                                           | CUSIP: 662735PJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1357020 | PA      | $1374195.12   | 0.64%             | 2026-07-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PROPERTY & BLDGS C | Kentucky State Property & Building Commission                                    | CUSIP: 49151FW71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $508026.57    | 0.24%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KANE COOK & DU PAGE CNTYS IL S | Kane Cook & DuPage Counties School District No U-46 Elgin                        | CUSIP: 483836VZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504811.20    | 0.23%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GTR ORLANDO FL AVIATION AUTH A | Greater Orlando Aviation Authority                                               | CUSIP: 3922743T1<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1254367.00   | 0.58%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BRISTOL WARREN RI REGL SCH DIS | Bristol Warren Regional School District                                          | CUSIP: 110377DP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1526825.10   | 0.71%             | 2026-06-04      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREENVILLE CNTY SC SCH DIST IN | Greenville County School District                                                | CUSIP: 396066JD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    975000 | PA      | $983007.19    | 0.46%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL | Maryland Health & Higher Educational Facilities Authority                        | CUSIP: 57421CHB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $765812.18    | 0.36%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEWARK NJ                      | City of Newark NJ                                                                | CUSIP: 650367TJ4<br>LEI: 5493008RBPM01QHRYX34 | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1254036.99   | 0.58%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE   | Illinois Finance Authority                                                       | CUSIP: 45203HN57<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1021105.17   | 0.47%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX WTR & WSTWTR SYS REV | City of Austin TX Water & Wastewater System Revenue                              | CUSIP: 052477ME3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1661464.53   | 0.77%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSION TX ECON DEV CORP SOL W | Mission Economic Development Corp                                                | CUSIP: 605155BQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1700000.00   | 0.79%             | 2050-05-01      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F | Tarrant County Cultural Education Facilities Finance Corp                        | CUSIP: 87638THS5<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    495000 | PA      | $496260.67    | 0.23%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT ARPT REVENUE | City of Salt Lake City UT Airport Revenue                                        | CUSIP: 795576FK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2036138.60   | 0.95%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAINE ST FIN AUTH SOL WST DISP | Finance Authority of Maine                                                       | CUSIP: 56042CAT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $800000.00    | 0.37%             | 2035-08-01      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| CYPRESS-FAIRBANKS TX INDEP SCH | Cypress-Fairbanks Independent School District                                    | CUSIP: 232769KX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013576.70   | 0.47%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX CULTURAL EDU FA | Harris County Cultural Education Facilities Finance Corp                         | CUSIP: 414009PP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027869.60   | 0.48%             | 2032-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| EAST ALLEN CNTY IN SCHS        | East Allen County Schools                                                        | CUSIP: 270443GR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1262571.13   | 0.59%             | 2026-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL PLAINS ENERGY PROJ NE G | Central Plains Energy Project                                                    | CUSIP: 154872AT2<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1250000.00   | 0.58%             | 2049-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH KINGSTOWN RI             | Town of South Kingstown RI                                                       | CUSIP: 838566S40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1264561.00   | 0.59%             | 2026-06-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COOK CNTY IL                   | County of Cook IL                                                                | CUSIP: 213185LS8<br>LEI: 5493004UMR7OX4YITE10 | Long             | DBT              | MUN               | US        |    550000 | PA      | $553420.62    | 0.26%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL HSG FIN AUT | Miami-Dade County Housing Finance Authority                                      | CUSIP: 593344BS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $750554.55    | 0.35%             | 2026-09-01      | Variable      | 4.05%                 | No            |                  2 | On Loan: No      |
| UPPER TRINITY TX REGL WTR DIST | Upper Trinity Regional Water District                                            | CUSIP: 916672Y69<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $511738.70    | 0.24%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RICHARDSON TX                  | City of Richardson TX                                                            | CUSIP: 763227U60<br>LEI: 549300YMK2Z7UGNHHQ13 | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1186389.95   | 0.55%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY OH HLTH CARE F | County of Montgomery OH                                                          | CUSIP: 613518CN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $347249.82    | 0.16%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST GRANT ANTICI | State of North Carolina                                                          | CUSIP: 658268EY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1559704.05   | 0.72%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY       | Minnesota Housing Finance Agency                                                 | CUSIP: 60416URD9<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    500000 | PA      | $502730.40    | 0.23%             | 2027-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MILWAUKEE WI                   | City of Milwaukee WI                                                             | CUSIP: 6023662M7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1511160.30   | 0.70%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL MIDWAY ARPT REVENUE | Chicago Midway International Airport                                             | CUSIP: 167562TP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504372.90    | 0.23%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOWER COLORADO RIVER TX AUTH R | Lower Colorado River Authority                                                   | CUSIP: 54811GQ29<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |    750000 | PA      | $763536.83    | 0.35%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R | Massachusetts Development Finance Agency                                         | CUSIP: 57585BJG4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015701.70   | 0.47%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL PUGET SOUND WA REGL TRA | Central Puget Sound Regional Transit Authority                                   | CUSIP: 155048CX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1107038.02   | 0.51%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ORANGEBURG CNTY SCH DIST       | Orangeburg County School District                                                | CUSIP: 685363AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1250921.38   | 0.58%             | 2025-08-13      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HEUVELTON NY CENTRL SCH DIST   | Heuvelton Central School District                                                | CUSIP: 428218EW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1515906.75   | 0.70%             | 2026-06-18      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SCHAUMBURG IL                  | Village of Schaumburg IL                                                         | CUSIP: 806347PS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    870000 | PA      | $876940.34    | 0.41%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI JT MUNI ELEC UTILITY  | Missouri Joint Municipal Electric Utility Commission                             | CUSIP: 606092PN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1514057.70   | 0.70%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST HOSP EQUIPMENT L | New Mexico Hospital Equipment Loan Council                                       | CUSIP: 647370GU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1455000 | PA      | $1455000.00   | 0.68%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FRANKLIN CNTY OH REVENUE       | County of Franklin OH                                                            | CUSIP: 353202FK5<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1250000.00   | 0.58%             | 2046-12-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                                | CUSIP: 452152S44<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007404.70   | 0.47%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEWARK VLY NY CENTRL SCH DIST  | Newark Valley Central School District                                            | CUSIP: 650553HP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000516.10   | 0.46%             | 2025-08-14      | Fixed         | 4.25%                 | 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