# EDGAR Filing Document

**Accession Number:** 0001424212
**File Stem:** 0000940400-26-011422
**Filing Date:** 2026-3
**Character Count:** 177415
**Document Hash:** 51a421aa029f743ae6057483d89dd5e0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-011422.hdr.sgml**: 20260325

**ACCESSION NUMBER**: 0000940400-26-011422

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260325

**DATE AS OF CHANGE**: 20260325

**PERIOD START**: 20261031

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22245
- **FILM NUMBER:** 26792225

**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 Preferred Securities and Income ETF (Series ID: S000034980)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000107588 | First Trust Preferred Securities and Income ETF | FPE             |

## Nport-Ex

**First Trust Preferred Securities and Income ETF (FPE)**

**Portfolio of Investments**

**January 31, 2026 (Unaudited)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | **Description** | **Stated** <br>**Rate**<br>| **Stated** <br>**Maturity**<br>| **Value** |
| **$25 PAR PREFERRED SECURITIES — 25.0%** | **$25 PAR PREFERRED SECURITIES — 25.0%** | **$25 PAR PREFERRED SECURITIES — 25.0%** | **$25 PAR PREFERRED SECURITIES — 25.0%** | **$25 PAR PREFERRED SECURITIES — 25.0%** |
|  | **Automobiles — 0.4%**  | **Automobiles — 0.4%**  | **Automobiles — 0.4%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 303738 | Ford Motor Co. | 6.20% | 06/01/59 | $6670086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 569484 | Ford Motor Co. | 6.00% | 12/01/59 | 12226822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 462967 | Ford Motor Co. | 6.50% | 08/15/62 | 10555648 |
|  |  |  |  | 29452556 |
|  | **Banks — 1.3%**  | **Banks — 1.3%**  | **Banks — 1.3%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1209025 | Bank of America Corp., Series KK | 5.38% | (a) | 27481138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110067 | Bank of America Corp., Series NN | 4.38% | (a) | 2008723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16247 | Bank of America Corp., Series SS | 4.75% | (a) | 322503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310000 | Citigroup, Inc., Series II (b) | 6.25% | (a) | 7777900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8729 | JPMorgan Chase & Co., Series DD | 5.75% | (a) | 218225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7606 | JPMorgan Chase & Co., Series GG | 4.75% | (a) | 154782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 533024 | JPMorgan Chase & Co., Series LL | 4.63% | (a) | 10607178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 303247 | Pinnacle Financial Partners, Inc., Series C | 6.75% | (a) | 7544785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156680 | Truist Financial Corp., Series R | 4.75% | (a) | 3074062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115824 | US Bancorp, Series K | 5.50% | (a) | 2720706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194137 | Wells Fargo & Co., Series Z | 4.75% | (a) | 3824499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 613334 | Wintrust Financial Corp., Series F (c) | 7.88% | (a) | 16296284 |
|  |  |  |  | 82030785 |
|  | **Capital Markets — 3.6%**  | **Capital Markets — 3.6%**  | **Capital Markets — 3.6%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310069 | Affiliated Managers Group, Inc. | 5.88% | 03/30/59 | 6666483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197154 | Affiliated Managers Group, Inc. | 4.75% | 09/30/60 | 3442309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 857989 | Affiliated Managers Group, Inc. | 4.20% | 09/30/61 | 13315989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1168325 | Affiliated Managers Group, Inc. | 6.75% | 03/30/64 | 28390297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 896269 | Bank of New York Mellon (The) Corp., Series K (c) | 6.15% | (a) | 23087889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 665911 | Brookfield Oaktree Holdings LLC, Series A | 6.63% | (a) | 14510201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1036421 | Brookfield Oaktree Holdings LLC, Series B | 6.55% | (a) | 22334873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1970124 | Carlyle Finance LLC | 4.63% | 05/15/61 | 34181651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149755 | DigitalBridge Group, Inc., Series H | 7.13% | (a) | 2876794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 598173 | DigitalBridge Group, Inc., Series I | 7.15% | (a) | 11658392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 371318 | DigitalBridge Group, Inc., Series J | 7.13% | (a) | 7162724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1012578 | KKR Group Finance Co. IX LLC | 4.63% | 04/01/61 | 17730241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144127 | Morgan Stanley, Series K | 5.85% | (a) | 3548407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13521 | Morgan Stanley, Series P | 6.50% | (a) | 344245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 398053 | Morgan Stanley, Series Q | 6.63% | (a) | 10436950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212696 | State Street Corp., Series G | 5.35% | (a) | 4983467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1189692 | TPG Operating Group II, L.P. | 6.95% | 03/15/64 | 30015929 |
|  |  |  |  | 234686841 |
|  | **Consumer Finance — 0.0%**  | **Consumer Finance — 0.0%**  | **Consumer Finance — 0.0%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65398 | Capital One Financial Corp., Series I | 5.00% | (a) | 1287687 |
|  | **Diversified REITs — 0.2%**  | **Diversified REITs — 0.2%**  | **Diversified REITs — 0.2%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 493052 | Global Net Lease, Inc., Series A | 7.25% | (a) | 11542347 |
|  | **Diversified Telecommunication Services — 0.5%**  | **Diversified Telecommunication Services — 0.5%**  | **Diversified Telecommunication Services — 0.5%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 627289 | AT&T, Inc. | 5.35% | 11/01/66 | 14088911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40027 | AT&T, Inc., Series A | 5.00% | (a) | 824556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 757464 | AT&T, Inc., Series C | 4.75% | (a) | 14619055 |
|  |  |  |  | 29532522 |
|  | **Electric Utilities — 3.2%**  | **Electric Utilities — 3.2%**  | **Electric Utilities — 3.2%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3473570 | NextEra Energy Capital Holdings, Inc., Series U | 6.50% | 06/01/85 | 88923392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50423 | Southern (The) Co. | 5.25% | 12/01/77 | 1119895 |

---

------

**First Trust Preferred Securities and Income ETF (FPE)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | **Description** | **Stated**<br> **Rate**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **$25 PAR PREFERRED SECURITIES (Continued)** | **$25 PAR PREFERRED SECURITIES (Continued)** | **$25 PAR PREFERRED SECURITIES (Continued)** | **$25 PAR PREFERRED SECURITIES (Continued)** | **$25 PAR PREFERRED SECURITIES (Continued)** |
|  | **Electric Utilities (Continued)**  | **Electric Utilities (Continued)**  | **Electric Utilities (Continued)**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 778002 | Southern (The) Co. | 6.50% | 03/15/85 | $20064672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 594749 | Southern (The) Co., Series 2020 | 4.95% | 01/30/80 | 12222092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94939 | Southern (The) Co., Series C | 4.20% | 10/15/60 | 1736434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3263139 | Xcel Energy, Inc. | 6.25% | 10/15/85 | 81252161 |
|  |  |  |  | 205318646 |
|  | **Financial Services — 1.6%**  | **Financial Services — 1.6%**  | **Financial Services — 1.6%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 947 | Apollo Global Management, Inc. (c) | 7.63% | 09/15/53 | 24963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2766604 | Corebridge Financial, Inc. | 6.38% | 12/15/64 | 66149502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1386108 | Equitable Holdings, Inc., Series A | 5.25% | (a) | 29025101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114642 | Jackson Financial, Inc. (c) | 8.00% | (a) | 2993303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 224438 | Voya Financial, Inc., Series B (c) | 5.35% | (a) | 5471798 |
|  |  |  |  | 103664667 |
|  | **Food Products — 0.1%**  | **Food Products — 0.1%**  | **Food Products — 0.1%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49047 | CHS, Inc., Series 2 | 7.10% | (a) | 1248246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253247 | CHS, Inc., Series 3 | 6.75% | (a) | 6351435 |
|  |  |  |  | 7599681 |
|  | **Independent Power and Renewable Electricity Producers — 0.4%**  | **Independent Power and Renewable Electricity Producers — 0.4%**  | **Independent Power and Renewable Electricity Producers — 0.4%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 891011 | Brookfield BRP Holdings Canada, Inc. | 4.63% | (a) | 13570098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 638546 | Brookfield Renewable Partners, L.P., Series 17 | 5.25% | (a) | 11468286 |
|  |  |  |  | 25038384 |
|  | **Insurance — 7.7%**  | **Insurance — 7.7%**  | **Insurance — 7.7%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3148778 | AEGON Funding Co., LLC | 5.10% | 12/15/49 | 63416389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122810 | Allstate (The) Corp., Series H | 5.10% | (a) | 2646555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1061742 | American National Group, Inc. | 7.38% | (a) | 26607254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 | Arch Capital Group Ltd., Series F | 5.45% | (a) | 678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 339190 | Arch Capital Group Ltd., Series G | 4.55% | (a) | 6037582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 490244 | Aspen Insurance Holdings Ltd. | 5.63% | (a) | 9736246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2072470 | Aspen Insurance Holdings Ltd. | 5.63% | (a) | 41014181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 773301 | Assurant, Inc. | 5.25% | 01/15/61 | 15930001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1695186 | Athene Holding Ltd. (c) | 7.25% | 03/30/64 | 42854302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1203489 | Athene Holding Ltd., Series A (c) | 6.35% | (a) | 29822457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22322 | Athene Holding Ltd., Series B | 5.63% | (a) | 443092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1271509 | Athene Holding Ltd., Series E (c) | 7.75% | (a) | 32881223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 454366 | Axis Capital Holdings Ltd., Series E | 5.50% | (a) | 9219086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 799000 | CNO Financial Group, Inc. (d) | 5.13% | 11/25/60 | 15396730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2530652 | Enstar Group Ltd., Series D (c) | 7.00% | (a) | 60735648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1736379 | F&G Annuities & Life, Inc. | 7.95% | 12/15/53 | 44538121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2817676 | F&G Annuities & Life, Inc. | 7.30% | 01/15/65 | 63735831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87348 | Globe Life, Inc. | 4.25% | 06/15/61 | 1498018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4142 | MetLife, Inc., Series F | 4.75% | (a) | 82840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226438 | Phoenix (The) Cos., Inc. | 7.45% | 01/15/32 | 4330627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14342 | Prudential Financial, Inc. | 5.63% | 08/15/58 | 344208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26228 | Reinsurance Group of America, Inc. (c) | 7.13% | 10/15/52 | 667503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24984 | Reinsurance Group of America, Inc. (c) | 5.75% | 06/15/56 | 625100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85784 | RenaissanceRe Holdings Ltd., Series F | 5.75% | (a) | 1918130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 859247 | RenaissanceRe Holdings Ltd., Series G | 4.20% | (a) | 13885432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 370556 | W.R. Berkley Corp. | 5.10% | 12/30/59 | 7714976 |
|  |  |  |  | 496082210 |

---

------

**First Trust Preferred Securities and Income ETF (FPE)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | **Description** | **Stated**<br> **Rate**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **$25 PAR PREFERRED SECURITIES (Continued)** | **$25 PAR PREFERRED SECURITIES (Continued)** | **$25 PAR PREFERRED SECURITIES (Continued)** | **$25 PAR PREFERRED SECURITIES (Continued)** | **$25 PAR PREFERRED SECURITIES (Continued)** |
|  | **Mortgage REITs — 0.6%**  | **Mortgage REITs — 0.6%**  | **Mortgage REITs — 0.6%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300535 | &nbsp;&nbsp;&nbsp; AGNC Investment Corp., Series D, 3 Mo. CME Term SOFR + <br> CSA + 4.33% (e) | 8.27% | (a) | $7501354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37960 | &nbsp;&nbsp;&nbsp; AGNC Investment Corp., Series E, 3 Mo. CME Term SOFR + CSA <br> + 4.99% (e) | 8.92% | (a) | 967221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 449245 | &nbsp;&nbsp;&nbsp; AGNC Investment Corp., Series F, 3 Mo. CME Term SOFR + <br>CSA + 4.70% (e) | 8.62% | (a) | 11285034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208460 | AGNC Investment Corp., Series H | 8.75% | (a) | 5409537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153358 | &nbsp;&nbsp;&nbsp; Annaly Capital Management, Inc., Series F, 3 Mo. CME Term <br> SOFR + CSA + 4.99% (e) | 8.92% | (a) | 3967371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266209 | Annaly Capital Management, Inc., Series J | 8.88% | (a) | 7014607 |
|  |  |  |  | 36145124 |
|  | **Multi-Utilities — 2.4%**  | **Multi-Utilities — 2.4%**  | **Multi-Utilities — 2.4%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 558548 | &nbsp;&nbsp;&nbsp; Algonquin Power & Utilities Corp., Series 19-A, 3 Mo. CME Term <br> SOFR + CSA + 4.01% (e) | 8.53% | 07/01/79 | 14444051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 664059 | Brookfield Infrastructure Finance ULC | 5.00% | 05/24/81 | 11162832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 616426 | Brookfield Infrastructure Partners, L.P., Series 13 | 5.13% | (a) | 10540885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56983 | Brookfield Infrastructure Partners, L.P., Series 14 | 5.00% | (a) | 952756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 981724 | CMS Energy Corp. | 5.88% | 10/15/78 | 23325762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 549229 | CMS Energy Corp. | 5.88% | 03/01/79 | 13208957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20021 | DTE Energy Co. | 4.38% | 12/01/81 | 355373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70998 | DTE Energy Co., Series E | 5.25% | 12/01/77 | 1587515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2583389 | DTE Energy Co., Series H | 6.25% | 10/01/85 | 64068047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 771364 | Sempra | 5.75% | 07/01/79 | 17355690 |
|  |  |  |  | 157001868 |
|  | **Oil, Gas & Consumable Fuels — 0.1%**  | **Oil, Gas & Consumable Fuels — 0.1%**  | **Oil, Gas & Consumable Fuels — 0.1%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 406861 | TransCanada PipeLines Ltd. | 6.25% | 11/01/85 | 10090153 |
|  | **Real Estate Management & Development — 0.6%**  | **Real Estate Management & Development — 0.6%**  | **Real Estate Management & Development — 0.6%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1440450 | Brookfield Property Partners, L.P., Series A | 5.75% | (a) | 19993446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1234804 | Brookfield Property Partners, L.P., Series A2 | 6.38% | (a) | 18534408 |
|  |  |  |  | 38527854 |
|  | **Specialized REITs — 0.1%**  | **Specialized REITs — 0.1%**  | **Specialized REITs — 0.1%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39376 | Public Storage, Series K | 4.75% | (a) | 766651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 267640 | Public Storage, Series L | 4.63% | (a) | 5109247 |
|  |  |  |  | 5875898 |
|  | **Wireless Telecommunication Services — 2.2%**  | **Wireless Telecommunication Services — 2.2%**  | **Wireless Telecommunication Services — 2.2%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 605613 | T-Mobile USA, Inc. | 6.25% | 09/01/69 | 15231167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3100717 | T-Mobile USA, Inc. | 5.50% | 03/01/70 | 70975412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2371574 | T-Mobile USA, Inc. | 5.50% | 06/01/70 | 54380192 |
|  |  |  |  | 140586771 |
|  | **Total $25 Par Preferred Securities** | **Total $25 Par Preferred Securities** | **Total $25 Par Preferred Securities** | 1614463994 |
|  | (Cost $1,723,688,006) | (Cost $1,723,688,006) | (Cost $1,723,688,006) |  |
| **$1,000 PAR PREFERRED SECURITIES — 2.2%** | **$1,000 PAR PREFERRED SECURITIES — 2.2%** | **$1,000 PAR PREFERRED SECURITIES — 2.2%** | **$1,000 PAR PREFERRED SECURITIES — 2.2%** | **$1,000 PAR PREFERRED SECURITIES — 2.2%** |
|  | **Banks — 2.2%**  | **Banks — 2.2%**  | **Banks — 2.2%**  | **Banks — 2.2%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6691 | Bank of America Corp., Series L | 7.25% | (a) | 8336986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110579 | Wells Fargo & Co., Series L | 7.50% | (a) | 136450063 |
|  | **Total $1,000 Par Preferred Securities** | **Total $1,000 Par Preferred Securities** | **Total $1,000 Par Preferred Securities** | 144787049 |
|  | (Cost $154,065,370) | (Cost $154,065,370) |  |  |

---

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

------

**First Trust Preferred Securities and Income ETF (FPE)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par** <br>**Amount**<br>| **Description** | **Stated** <br>**Rate**<br>| **Stated** <br>**Maturity**<br>| **Value** |
| **CAPITAL PREFERRED SECURITIES — 70.9%** | **CAPITAL PREFERRED SECURITIES — 70.9%** | **CAPITAL PREFERRED SECURITIES — 70.9%** | **CAPITAL PREFERRED SECURITIES — 70.9%** | **CAPITAL PREFERRED SECURITIES — 70.9%** |
|  | **Banks — 40.9%**  | **Banks — 40.9%**  | **Banks — 40.9%**  |  |
| $22600000 | Banco Bilbao Vizcaya Argentaria S.A. (c) (f) | 7.75% | (a) | $24321171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25200000 | Banco Bilbao Vizcaya Argentaria S.A. (c) (f) | 9.38% | (a) | 28268755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11320000 | Banco de Credito e Inversiones S.A. (c) (f) (g) | 8.75% | (a) | 12227751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | Banco de Credito e Inversiones S.A. (c) (f) (h) | 8.75% | (a) | 5400950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 22250000 | Banco Mercantil del Norte S.A. (c) (f) (g) | 7.50% | (a) | 23013420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15700000 | Banco Mercantil del Norte S.A. (c) (f) (g) | 7.63% | (a) | 16166368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21630000 | Banco Mercantil del Norte S.A. (c) (f) (g) | 8.38% | (a) | 23347530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25000000 | Banco Mercantil del Norte S.A. (c) (f) (g) | 8.75% | (a) | 27097050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 33100000 | Banco Santander S.A. (c) (f) | 8.00% | (a) | 36505229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21600000 | Banco Santander S.A. (c) (f) | 9.63% | (a) | 23988722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50600000 | Banco Santander S.A. (c) (f) | 9.63% | (a) | 61093074 |
| &nbsp;&nbsp; 155649000 | Bank of America Corp. (c) | 6.63% | (a) | 161819860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 60800000 | Bank of Montreal (c) | 7.70% | 05/26/84 | 64689802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30189000 | Bank of Montreal (c) | 7.30% | 11/26/84 | 32224856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17168000 | Bank of Montreal, Series 6 (c) | 6.88% | 11/26/85 | 17690457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 38764000 | Bank of Nova Scotia (The) (c) | 8.63% | 10/27/82 | 41068714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 44149000 | Bank of Nova Scotia (The) (c) | 8.00% | 01/27/84 | 47304725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 37800000 | Bank of Nova Scotia (The) (c) | 7.35% | 04/27/85 | 39624077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21720000 | Bank of Nova Scotia (The) (c) | 6.88% | 10/27/85 | 22313673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7205000 | Barclays PLC (c) (f) | 4.38% | (a) | 7012979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17900000 | Barclays PLC (c) (f) | 7.63% | (a) | 19299869 |
| &nbsp;&nbsp; 100000000 | Barclays PLC (c) (f) | 8.00% | (a) | 106959400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25750000 | Barclays PLC (c) (f) | 9.63% | (a) | 29298556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11600000 | BBVA Mexico S.A. (c) (f) (g) | 5.88% | 09/13/34 | 11620381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12300000 | BBVA Mexico S.A. (c) (f) (g) | 7.63% | 02/11/35 | 13010230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 31600000 | BBVA Mexico S.A. (c) (f) (g) | 8.45% | 06/29/38 | 35149059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 59483000 | BNP Paribas S.A. (c) (f) (g) | 4.63% | (a) | 55526857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9300000 | BNP Paribas S.A. (c) (f) (g) | 7.38% | (a) | 9828268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 36770000 | BNP Paribas S.A. (c) (f) (g) | 7.75% | (a) | 39075222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 28020000 | BNP Paribas S.A. (c) (f) (g) | 8.00% | (a) | 30614680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 56900000 | BNP Paribas S.A. (c) (f) (g) | 8.50% | (a) | 60962034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8300000 | BNP Paribas S.A. (c) (f) (g) | 9.25% | (a) | 8869712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15000000 | Canadian Imperial Bank of Commerce (c) | 6.95% | 01/28/85 | 15487740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 44100000 | Canadian Imperial Bank of Commerce (c) | 7.00% | 10/28/85 | 45847639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 75485000 | Citigroup, Inc. (c) | 6.63% | (a) | 76890836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12438000 | Citigroup, Inc., Series BB (c) | 7.20% | (a) | 12943194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20832000 | Citigroup, Inc., Series DD (c) | 7.00% | (a) | 21822841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 24700000 | Citigroup, Inc., Series FF (c) | 6.95% | (a) | 25457994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 35958000 | Citigroup, Inc., Series GG (c) | 6.88% | (a) | 36757930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12500000 | CoBank ACB (c) | 7.25% | (a) | 12838462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 34455000 | CoBank ACB, Series K (c) | 6.45% | (a) | 34754517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 36800000 | Commerzbank AG (c) (f) (h) | 7.50% | (a) | 38926709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 45578000 | Credit Agricole S.A. (c) (f) (g) | 6.70% | (a) | 46636503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 75172000 | Credit Agricole S.A. (c) (f) (g) | 7.13% | (a) | 78643443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6200000 | Farm Credit Bank of Texas (c) | 7.75% | (a) | 6500836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7650000 | Farm Credit Bank of Texas, Series 3 (c) (g) | 6.20% | (a) | 7662661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7460000 | Farm Credit Bank of Texas, Series 6 (c) | 7.00% | (a) | 7766308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30950000 | First Citizens BancShares, Inc., Series D (c) | 7.00% | (a) | 31667452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11380000 | HSBC Holdings PLC (c) (f) | 6.88% | (a) | 11763290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 48450000 | HSBC Holdings PLC (c) (f) | 6.95% | (a) | 51039390 |

---

------

**First Trust Preferred Securities and Income ETF (FPE)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par**<br> **Amount**<br>| **Description** | **Stated**<br> **Rate**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** |
|  | **Banks (Continued)**  | **Banks (Continued)**  | **Banks (Continued)**  |  |
| $30900000 | HSBC Holdings PLC (c) (f) | 7.05% | (a) | $32228515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 56700000 | HSBC Holdings PLC (c) (f) | 8.00% | (a) | 59699770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 49511000 | Huntington Bancshares, Inc., Series K (c) | 6.25% | (a) | 49535795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 57807000 | ING Groep N.V. (c) (f) | 7.00% | (a) | 60505142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 22200000 | ING Groep N.V. (c) (f) (h) | 7.25% | (a) | 23742545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 285000 | ING Groep N.V. (c) (f) (h) | 7.50% | (a) | 297782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 38873000 | ING Groep N.V. (c) (f) (h) | 8.00% | (a) | 42258105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 82350000 | JPMorgan Chase & Co., Series NN (c) | 6.88% | (a) | 87031844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9300000 | Lloyds Banking Group PLC (c) (f) | 6.63% | (a) | 9230804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000000 | Lloyds Banking Group PLC (c) (f) | 8.00% | (a) | 54309200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 40500000 | Mitsubishi UFJ Financial Group, Inc. (c) (f) | 6.35% | (a) | 41492088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 24705000 | NatWest Group PLC (c) (f) | 8.13% | (a) | 27935055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12520000 | Nordea Bank Abp (c) (f) (g) | 6.75% | (a) | 12869346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14810000 | PNC Financial Services Group (The), Inc., Series U (c) | 6.00% | (a) | 14914011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 19095000 | PNC Financial Services Group (The), Inc., Series V (c) | 6.20% | (a) | 19401952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 41711000 | PNC Financial Services Group (The), Inc., Series W (c) | 6.25% | (a) | 43115242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12156000 | Royal Bank of Canada (c) | 6.35% | 11/24/84 | 11961817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 58100000 | Royal Bank of Canada (c) | 6.75% | 08/24/85 | 60109853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 35640000 | Royal Bank of Canada (c) | 6.50% | 11/24/85 | 35482856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 33820000 | Societe Generale S.A. (c) (f) (g) | 9.38% | (a) | 36140694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 32870000 | Societe Generale S.A. (c) (f) (g) | 10.00% | (a) | 36599825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17420000 | Sumitomo Mitsui Financial Group, Inc. (c) (f) | 6.60% | (a) | 18002438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8600000 | Swedbank AB (c) (f) (h) | 7.75% | (a) | 9313800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 63430000 | Toronto-Dominion Bank (The) (c) | 8.13% | 10/31/82 | 66488848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 28200000 | Toronto-Dominion Bank (The) (c) | 6.35% | 10/31/85 | 28677088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 55303000 | Wells Fargo & Co. (c) | 6.85% | (a) | 57871521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | Wells Fargo & Co. (c) | 7.63% | (a) | 5327970 |
|  |  |  |  | 2643345082 |
|  | **Capital Markets — 6.9%**  | **Capital Markets — 6.9%**  | **Capital Markets — 6.9%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 40400000 | Ares Finance Co. III LLC (c) (g) | 4.13% | 06/30/51 | 39966443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11900000 | Bank of New York Mellon Corp. (The) (c) | 5.95% | (a) | 12097314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 73169000 | Charles Schwab (The) Corp., Series H (c) | 4.00% | (a) | 68690347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 81425000 | Credit Suisse Group AG, Claim (d) (i) (j) (k) |  |  | 27993915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | Credit Suisse Group AG, Claim (d) (i) (j) (k) |  |  | 412560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 51775000 | Credit Suisse Group AG, Claim (d) (i) (j) (k) |  |  | 17800245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 76900000 | Credit Suisse Group AG, Claim (d) (i) (j) (k) |  |  | 26438220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 27200000 | Credit Suisse Group AG, Claim (d) (i) (j) (k) |  |  | 9351360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 24800000 | Deutsche Bank AG (c) (f) (h) | 8.13% | (a) | 26756416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15500000 | Goldman Sachs Group (The), Inc. (c) | 6.85% | (a) | 16161435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375000 | Goldman Sachs Group (The), Inc., Series R (c) | 7.56% | (a) | 375389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13608000 | Goldman Sachs Group (The), Inc., Series W (c) | 7.50% | (a) | 14404921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 72610000 | Goldman Sachs Group (The), Inc., Series X (c) | 7.50% | (a) | 76691481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30900000 | Goldman Sachs Group (The), Inc., Series Y (c) | 6.13% | (a) | 31498145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 31200000 | Nomura Holdings, Inc. (c) (f) | 7.00% | (a) | 32436737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12536000 | State Street Corp., Series I (c) | 6.70% | (a) | 13010400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 27247000 | State Street Corp., Series J (c) | 6.70% | (a) | 28561668 |
|  |  |  |  | 442646996 |
|  | **Diversified Telecommunication Services — 1.7%**  | **Diversified Telecommunication Services — 1.7%**  | **Diversified Telecommunication Services — 1.7%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 64644000 | Bell Canada (c) | 7.00% | 09/15/55 | 67823192 |

---

------

**First Trust Preferred Securities and Income ETF (FPE)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par**<br> **Amount**<br>| **Description** | **Stated**<br> **Rate**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** |
|  | **Diversified Telecommunication Services (Continued)**  | **Diversified Telecommunication Services (Continued)**  | **Diversified Telecommunication Services (Continued)**  |  |
| $12456000 | TELUS Corp. (c) | 6.63% | 10/15/55 | $12745042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 26177000 | TELUS Corp. (c) | 7.00% | 10/15/55 | 27389956 |
|  |  |  |  | 107958190 |
|  | **Electric Utilities — 4.5%**  | **Electric Utilities — 4.5%**  | **Electric Utilities — 4.5%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 51590000 | American Electric Power Co., Inc. (c) | 6.95% | 12/15/54 | 55304325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 36830000 | American Electric Power Co., Inc., Series D (c) | 6.05% | 03/15/56 | 36585987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 23875000 | Duke Energy Corp. (c) | 6.45% | 09/01/54 | 24990404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 24750000 | Entergy Corp. (c) | 6.10% | 06/15/56 | 24741922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21680000 | EUSHI Finance, Inc. (c) | 7.63% | 12/15/54 | 22816075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 37000000 | EUSHI Finance, Inc. (c) | 6.25% | 04/01/56 | 37244385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 35006000 | NextEra Energy Capital Holdings, Inc. (c) | 6.75% | 06/15/54 | 37212323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16250000 | NextEra Energy Capital Holdings, Inc. (c) | 6.50% | 08/15/55 | 17092368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 31000000 | Southern (The) Co., Series 2025 (c) | 6.38% | 03/15/55 | 32345517 |
|  |  |  |  | 288333306 |
|  | **Financial Services — 2.2%**  | **Financial Services — 2.2%**  | **Financial Services — 2.2%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 64250000 | American AgCredit Corp. (c) (g) | 5.25% | (a) | 63525903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 28250000 | Capital Farm Credit ACA, Series 1 (c) (g) | 5.00% | (a) | 28259888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13950000 | Compeer Financial ACA (c) (g) | 4.88% | (a) | 13746121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15480000 | Compeer Financial ACA (c) (g) | 7.88% | (a) | 15982559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18560000 | Corebridge Financial, Inc. (c) | 6.88% | (a) | 19296516 |
|  |  |  |  | 140810987 |
|  | **Food Products — 1.8%**  | **Food Products — 1.8%**  | **Food Products — 1.8%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10700000 | Dairy Farmers of America, Inc. (l) | 7.13% | (a) | 10790897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20360000 | Land O'Lakes Capital Trust I (l) | 7.45% | 03/15/28 | 21037770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 44888000 | Land O'Lakes, Inc. (g) | 7.00% | (a) | 40174760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14010000 | Land O'Lakes, Inc. (g) | 7.25% | (a) | 12958862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 31520000 | Land O'Lakes, Inc. (g) | 8.00% | (a) | 31636728 |
|  |  |  |  | 116599017 |
|  | **Gas Utilities — 0.6%**  | **Gas Utilities — 0.6%**  | **Gas Utilities — 0.6%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 21500000 | AltaGas Ltd. (c) (g) | 7.20% | 10/15/54 | 22372061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18560000 | Spire, Inc. (c) | 6.45% | 06/01/56 | 18747249 |
|  |  |  |  | 41119310 |
|  | **Independent Power and Renewable Electricity Producers — 0.6%**  | **Independent Power and Renewable Electricity Producers — 0.6%**  | **Independent Power and Renewable Electricity Producers — 0.6%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 36425000 | AES (The) Corp. (c) | 6.95% | 07/15/55 | 35636468 |
|  | **Insurance — 6.3%**  | **Insurance — 6.3%**  | **Insurance — 6.3%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 25000000 | Allianz SE (c) (f) (g) | 6.55% | (a) | 26036975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18700000 | American National Group, Inc. (c) | 7.00% | 12/01/55 | 18899062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 34460000 | Assurant, Inc. (c) | 7.00% | 03/27/48 | 35499367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12699000 | Assured Guaranty Municipal Holdings, Inc. (c) (g) | 6.40% | 12/15/66 | 11941760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16181000 | AXIS Specialty Finance LLC (c) | 4.90% | 01/15/40 | 15622632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 29400000 | CNP Assurances S.A. (c) (f) (h) | 4.88% | (a) | 27991757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13700000 | Fortegra Financial Corp. (l) | 8.50% | 10/15/57 | 13643282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 27045000 | Global Atlantic Fin Co. (c) (g) | 7.95% | 10/15/54 | 27975862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 35399000 | Global Atlantic Fin Co. (c) (g) | 7.25% | 03/01/56 | 35700423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 69648000 | &nbsp;&nbsp;&nbsp; Hartford Insurance Group (The), Inc., 3 Mo. CME Term SOFR + <br> CSA + 2.13% (e) (g) | 6.24% | 02/12/47 | 66456662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 26429000 | Kuvare US Holdings, Inc. (c) (g) | 7.00% | 02/17/51 | 26395221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 32050000 | Lancashire Holdings Ltd. (c) (h) | 5.63% | 09/18/41 | 32098407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5977000 | Liberty Mutual Group, Inc. (c) (g) | 4.13% | 12/15/51 | 5916571 |

---

------

**First Trust Preferred Securities and Income ETF (FPE)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par**<br> **Amount**<br>| **Description** | **Stated**<br> **Rate**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** |
|  | **Insurance (Continued)**  | **Insurance (Continued)**  | **Insurance (Continued)**  |  |
| $35800000 | Meiji Yasuda Life Insurance Co. (c) (g) | 6.10% | 06/11/55 | $36866124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7509000 | MetLife, Inc., Series G (c) | 6.35% | 03/15/55 | 7889984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15499000 | Nippon Life Insurance Co. (c) (g) | 6.50% | 04/30/55 | 16592919 |
|  |  |  |  | 405527008 |
|  | **Multi-Utilities — 2.7%**  | **Multi-Utilities — 2.7%**  | **Multi-Utilities — 2.7%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | CenterPoint Energy, Inc., Series B (c) | 6.85% | 02/15/55 | 1485845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 55306000 | Dominion Energy, Inc. (c) | 6.63% | 05/15/55 | 56889687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 40235000 | Dominion Energy, Inc. (c) | 6.20% | 02/15/56 | 40391862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3526000 | Dominion Energy, Inc., Series A (c) | 6.88% | 02/01/55 | 3673464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12433000 | Dominion Energy, Inc., Series B (c) | 7.00% | 06/01/54 | 13450417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21700000 | NiSource, Inc. (c) | 6.38% | 03/31/55 | 22433916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 35416000 | Sempra (c) | 6.40% | 10/01/54 | 35845809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2850000 | Sempra (c) | 6.88% | 10/01/54 | 2922974 |
|  |  |  |  | 177093974 |
|  | **Oil, Gas & Consumable Fuels — 1.7%**  | **Oil, Gas & Consumable Fuels — 1.7%**  | **Oil, Gas & Consumable Fuels — 1.7%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 28420000 | Enbridge, Inc. (c) | 7.63% | 01/15/83 | 31015144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 52162000 | Enbridge, Inc. (c) | 8.50% | 01/15/84 | 59705773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6750000 | Energy Transfer, L.P., Series G (c) | 7.13% | (a) | 6991704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10516000 | Transcanada Trust (c) | 5.60% | 03/07/82 | 10472271 |
|  |  |  |  | 108184892 |
|  | **Trading Companies & Distributors — 0.5%**  | **Trading Companies & Distributors — 0.5%**  | **Trading Companies & Distributors — 0.5%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 36433000 | Air Lease Corp., Series D (c) | 6.00% | (a) | 35208053 |
|  | **Wireless Telecommunication Services — 0.5%**  | **Wireless Telecommunication Services — 0.5%**  | **Wireless Telecommunication Services — 0.5%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 30470000 | Rogers Communications, Inc. (c) | 7.13% | 04/15/55 | 31965445 |
|  | **Total Capital Preferred Securities** | **Total Capital Preferred Securities** | **Total Capital Preferred Securities** | 4574428728 |
|  | (Cost $4,521,987,246) | (Cost $4,521,987,246) | (Cost $4,521,987,246) |  |
|  | **Total Investments — 98.1%** | **Total Investments — 98.1%** | **Total Investments — 98.1%** | 6333679771 |
|  | (Cost $6,399,740,622) | (Cost $6,399,740,622) | (Cost $6,399,740,622) |  |
|  | **Net Other Assets and Liabilities — 1.9%** | **Net Other Assets and Liabilities — 1.9%** | **Net Other Assets and Liabilities — 1.9%** | 121360221 |
|  | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $6455039992 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Perpetual maturity.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Fixed-to-variable rate security. The interest rate shown reflects the fixed rate in
 effect at January 31, 2026. At a predetermined date, the fixed rate will change to a variable rate.

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) Floating or variable rate security.

&nbsp;&nbsp;&nbsp;&nbsp;(f) This security is a contingent convertible capital security which may be subject to
 conversion into common stock of the issuer under certain circumstances. At January 31, 2026, securities noted as such amounted
 to $1,513,513,596 or 23.4% of net assets. Of these securities, 11.0% originated in emerging markets, and 89.0% originated in foreign
 markets.

&nbsp;&nbsp;&nbsp;&nbsp;(g) This security, sold within the terms of a private placement memorandum, is exempt
 from registration upon resale under Rule 144A of the Securities Act of 1933, as amended (the "1933 Act"), and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Trust's Board of Trustees, this security has been determined to be liquid by the Advisor. Although market instability
 can result in periods of increased overall market illiquidity, liquidity for each security is determined based on security specific
 factors and assumptions, which require subjective judgment. At January 31, 2026, securities noted as such amounted to $1,107,566,876
 or 17.2% of net assets.

------

**First Trust Preferred Securities and Income ETF (FPE)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;(h) This security may be resold to qualified foreign investors and foreign institutional
 buyers under Regulation S of the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Claim pending with the administrative court of Switzerland.

&nbsp;&nbsp;&nbsp;&nbsp;(j) This security is fair valued by the Advisor's Pricing Committee in accordance with procedures approved by the Trust's Board of Trustees, and in accordance with provisions of the Investment Company Act of 1940
 and rules thereunder, as amended. At January 31, 2026, securities noted as such are valued at $81,996,300 or 1.3% of net
 assets.

&nbsp;&nbsp;&nbsp;&nbsp;(k) This security's value was determined using significant unobservable inputs (see Valuation Inputs in the Additional Information section).

&nbsp;&nbsp;&nbsp;&nbsp;(l) 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;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Abbreviations throughout the Portfolio of Investments: | Abbreviations throughout the Portfolio of Investments: |
| CME | – Chicago Mercantile Exchange |
| CSA | – Credit Spread Adjustment |
| REITs | – Real Estate Investment Trusts |
| SOFR | – Secured Overnight Financing Rate |

---

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

---

| | |
|:---|:---|
| **Country Allocation**<sup>†</sup> <br>| **% of Net** <br>**Assets**<br>|
| United States | &nbsp;&nbsp; 55.9% |
| Canada | &nbsp;&nbsp; 13.0 |
| France | &nbsp;&nbsp;&nbsp; 6.7 |
| United Kingdom | &nbsp;&nbsp;&nbsp; 6.3 |
| Bermuda | &nbsp;&nbsp;&nbsp; 3.7 |
| Spain | &nbsp;&nbsp;&nbsp; 2.7 |
| Mexico | &nbsp;&nbsp;&nbsp; 2.3 |
| Japan | &nbsp;&nbsp;&nbsp; 2.2 |
| Netherlands | &nbsp;&nbsp;&nbsp; 2.0 |
| Germany | &nbsp;&nbsp;&nbsp; 1.4 |
| Switzerland | &nbsp;&nbsp;&nbsp; 1.3 |
| Chile | &nbsp;&nbsp;&nbsp; 0.3 |
| Finland | &nbsp;&nbsp;&nbsp; 0.2 |
| Sweden | &nbsp;&nbsp;&nbsp; 0.1 |
| &nbsp;&nbsp;&nbsp; Total Investments | &nbsp;&nbsp; 98.1 |
| &nbsp;&nbsp;&nbsp; Net Other Assets and Liabilities | &nbsp;&nbsp;&nbsp; 1.9 |
| &nbsp;&nbsp;&nbsp; Total | 100.0% |

---

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

<sup>†</sup> Portfolio securities are categorized based upon their country of incorporation.

------

**First Trust Preferred Securities and Income ETF (FPE)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of January 31, 2026 is as follows (see Valuation Inputs in the Additional Information section):

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**1/31/2026**<br>| &nbsp;&nbsp;&nbsp; **Level 1** <br>**Quoted** <br>**Prices**<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| $25 Par Preferred Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Banks | &nbsp;&nbsp; $82030785 | &nbsp;&nbsp;&nbsp;&nbsp; $74252885 | &nbsp;&nbsp;&nbsp;&nbsp; $7777900 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; Insurance | &nbsp;&nbsp; 496082210 | &nbsp;&nbsp;&nbsp;&nbsp; 431015935 | &nbsp;&nbsp;&nbsp;&nbsp; 65066275 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Other Industry Categories\* | &nbsp;&nbsp; 1036350999 | &nbsp;&nbsp;&nbsp;&nbsp; 1036350999 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| $1,000 Par Preferred Securities\* | &nbsp;&nbsp; 144787049 | &nbsp;&nbsp;&nbsp;&nbsp; 144787049 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Capital Preferred Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Capital Markets | &nbsp;&nbsp; 442646996 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 360650696 | &nbsp;&nbsp;&nbsp;&nbsp; 81996300 |
| &nbsp;&nbsp;&nbsp; Other Industry Categories\* | &nbsp;&nbsp; 4131781732 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4131781732 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp; $6333679771 | &nbsp;&nbsp;&nbsp;&nbsp; $1686406868 | &nbsp;&nbsp;&nbsp;&nbsp; $4565276603 | &nbsp;&nbsp;&nbsp;&nbsp; $81996300 |

---

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

\* See Portfolio of Investments for industry breakout.

Level 3 investments are fair valued by the Advisor's Pricing Committee and are footnoted in the Portfolio of Investments. All Level 3 values are based on unobservable inputs. As of January 31, 2026, Level 3 investments were valued using unadjusted pricing quotes obtained from dealers.

The following table presents the activity of the Fund's investments measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the period presented.

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

---

| | |
|:---|:---|
| **Beginning Balance at October 31, 2025** |  |
| &nbsp;&nbsp;&nbsp; Capital Preferred Securities | $81805500 |
| Net Realized Gain (Loss) |  |
| Net Change in Unrealized Appreciation/Depreciation | 190800 |
| Purchases |  |
| Sales |  |
| Transfers In |  |
| Transfers Out |  |
| **Ending Balance at January 31, 2026** |  |
| &nbsp;&nbsp;&nbsp; Capital Preferred Securities | 81996300 |
| Total Level 3 holdings | $81996300 |

---

There was a net change of $190,800 in unrealized appreciation (depreciation) from Level 3 investments held as of January 31, 2026.

------

**First Trust Preferred Securities and Income ETF (FPE)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

------

**Restricted Securities**

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Security | Acquisition <br>Date<br>| Par <br>Amount<br>| Current <br>Price<br>| Carrying <br>Cost<br>| Value | % of <br>Net Assets<br>|
| &nbsp;&nbsp;&nbsp; Dairy Farmers of America, Inc., <br> 7.13%<br>| 09/15/16 - <br> 12/08/21<br>| &nbsp;&nbsp; $10700000 | &nbsp;&nbsp; $100.85 | &nbsp;&nbsp; $10903500 | &nbsp;&nbsp; $10790897 | 0.17<br> %<br>|
| &nbsp;&nbsp;&nbsp; Fortegra Financial Corp., 8.50%, <br> 10/15/57<br>| 10/12/17 - <br> 03/12/18<br>| &nbsp;&nbsp; 13700000 | 99.59 | &nbsp;&nbsp; 13718430 | &nbsp;&nbsp; 13643282 | 0.21 |
| &nbsp;&nbsp;&nbsp; Land O'Lakes Capital Trust I, <br> 7.45%, 03/15/28<br>| 03/20/15 - <br> 05/08/18<br>| &nbsp;&nbsp; 20360000 | 103.33 | &nbsp;&nbsp; 20971328 | &nbsp;&nbsp; 21037770 | 0.32 |
|  |  |  |  | &nbsp;&nbsp; $45593258 | &nbsp;&nbsp; $45471949 | 0.70<br> %<br>|

---

------

**First Trust Institutional Preferred Securities and Income ETF (FPEI)**

**Portfolio of Investments**

**January 31, 2026 (Unaudited)**

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

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Stated** <br>**Rate**<br>| **Value** |
| **$1,000 PAR PREFERRED SECURITIES — 1.3%** | **$1,000 PAR PREFERRED SECURITIES — 1.3%** | **$1,000 PAR PREFERRED SECURITIES — 1.3%** | **$1,000 PAR PREFERRED SECURITIES — 1.3%** |
|  | **Banks — 1.3%**  | **Banks — 1.3%**  | **Banks — 1.3%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3031 | Bank of America Corp., Series L | 7.25%<br> (a) | $3776626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17492 | Wells Fargo & Co., Series L | 7.50%<br> (a) | 21584428 |
|  | **Total $1,000 Par Preferred Securities** | **Total $1,000 Par Preferred Securities** | 25361054 |
|  | (Cost $26,002,495) | (Cost $26,002,495) |  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par** <br>**Amount**<br>| **Description** | **Stated** <br>**Rate**<br>| **Stated** <br>**Maturity**<br>| **Value** |
| **CAPITAL PREFERRED SECURITIES — 96.3%** | **CAPITAL PREFERRED SECURITIES — 96.3%** | **CAPITAL PREFERRED SECURITIES — 96.3%** | **CAPITAL PREFERRED SECURITIES — 96.3%** | **CAPITAL PREFERRED SECURITIES — 96.3%** |
|  | **Banks — 55.2%**  | **Banks — 55.2%**  | **Banks — 55.2%**  |  |
| $30200000 | Banco Bilbao Vizcaya Argentaria S.A. (b) (c) | 7.75% | (a) | 32499972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13800000 | Banco Bilbao Vizcaya Argentaria S.A. (b) (c) | 9.38% | (a) | 15480509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | Banco de Credito e Inversiones S.A. (b) (c) (d) | 8.75% | (a) | 3240570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 840000 | Banco de Credito e Inversiones S.A. (b) (c) (e) | 8.75% | (a) | 907360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Banco Mercantil del Norte S.A. (b) (c) (d) | 6.63% | (a) | 1976738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10101000 | Banco Mercantil del Norte S.A. (b) (c) (d) | 7.50% | (a) | 10447575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3592000 | Banco Mercantil del Norte S.A. (b) (c) (d) | 7.63% | (a) | 3698700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3400000 | Banco Mercantil del Norte S.A. (b) (c) (d) | 8.38% | (a) | 3669977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4200000 | Banco Mercantil del Norte S.A. (b) (c) (d) | 8.75% | (a) | 4552304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16200000 | Banco Santander S.A. (b) (c) | 8.00% | (a) | 17866607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | Banco Santander S.A. (b) (c) | 9.63% | (a) | 7774123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21200000 | Banco Santander S.A. (b) (c) | 9.63% | (a) | 25596308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 54821000 | Bank of America Corp. (c) | 6.63% | (a) | 56994433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5492000 | Bank of America Corp., Series TT (c) | 6.13% | (a) | 5565884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25956000 | Bank of Montreal (c) | 7.70% | 05/26/84 | 27616587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12500000 | Bank of Montreal (c) | 7.30% | 11/26/84 | 13342962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1065000 | Bank of Montreal, Series 6 (c) | 6.88% | 11/26/85 | 1097410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 19400000 | Bank of Nova Scotia (The) (c) | 8.63% | 10/27/82 | 20553427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14600000 | Bank of Nova Scotia (The) (c) | 8.00% | 01/27/84 | 15643593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14130000 | Bank of Nova Scotia (The) (c) | 7.35% | 04/27/85 | 14811857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6060000 | Bank of Nova Scotia (The) (c) | 6.88% | 10/27/85 | 6225638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4170000 | Barclays PLC (b) (c) | 4.38% | (a) | 4058865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14600000 | Barclays PLC (b) (c) | 7.63% | (a) | 15741793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20050000 | Barclays PLC (b) (c) | 8.00% | (a) | 21445360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6650000 | Barclays PLC (b) (c) | 9.63% | (a) | 7566423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | BBVA Mexico S.A. (b) (c) (d) | 5.88% | 09/13/34 | 701230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3350000 | BBVA Mexico S.A. (b) (c) (d) | 7.63% | 02/11/35 | 3543437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7200000 | BBVA Mexico S.A. (b) (c) (d) | 8.45% | 06/29/38 | 8008646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18000000 | BNP Paribas S.A. (b) (c) (d) | 4.63% | (a) | 16802842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2300000 | BNP Paribas S.A. (b) (c) (d) | 7.38% | (a) | 2430647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9590000 | BNP Paribas S.A. (b) (c) (d) | 7.75% | (a) | 10191226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6980000 | BNP Paribas S.A. (b) (c) (d) | 8.00% | (a) | 7626355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 23450000 | BNP Paribas S.A. (b) (c) (d) | 8.50% | (a) | 25124072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | BNP Paribas S.A. (b) (c) (d) | 9.25% | (a) | 1068640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5719000 | Canadian Imperial Bank of Commerce (c) | 6.95% | 01/28/85 | 5904959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 23300000 | Canadian Imperial Bank of Commerce (c) | 7.00% | 10/28/85 | 24223356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 26236000 | Citigroup, Inc. (c) | 6.63% | (a) | 26724621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | Citigroup, Inc., Series BB (c) | 7.20% | (a) | 4162468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4993000 | Citigroup, Inc., Series DD (c) | 7.00% | (a) | 5230484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6700000 | Citigroup, Inc., Series FF (c) | 6.95% | (a) | 6905610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8650000 | Citigroup, Inc., Series GG (c) | 6.88% | (a) | 8842430 |

---

------

**First Trust Institutional Preferred Securities and Income ETF (FPEI)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par**<br> **Amount**<br>| **Description** | **Stated**<br> **Rate**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** |
|  | **Banks (Continued)**  | **Banks (Continued)**  | **Banks (Continued)**  |  |
| $2979000 | Citigroup, Inc., Series Y (c) | 4.15% | (a) | $2960602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12513000 | Citizens Financial Group, Inc., Series G (c) | 4.00% | (a) | 12445386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | CoBank ACB (c) | 7.25% | (a) | 3081231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 685000 | CoBank ACB, Series K (c) | 6.45% | (a) | 690955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 23400000 | Commerzbank AG (b) (c) (e) | 7.50% | (a) | 24752309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16996000 | Credit Agricole S.A. (b) (c) (d) | 6.70% | (a) | 17390715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 33354000 | Credit Agricole S.A. (b) (c) (d) | 7.13% | (a) | 34894288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Farm Credit Bank of Texas (c) | 7.75% | (a) | 1572783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | Farm Credit Bank of Texas, Series 3 (c) (d) | 6.20% | (a) | 801324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2040000 | Farm Credit Bank of Texas, Series 6 (c) | 7.00% | (a) | 2123762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8800000 | First Citizens BancShares, Inc., Series D (c) | 7.00% | (a) | 9003993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4620000 | HSBC Holdings PLC (b) (c) | 6.88% | (a) | 4775606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 23150000 | HSBC Holdings PLC (b) (c) | 6.95% | (a) | 24387242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8500000 | HSBC Holdings PLC (b) (c) | 7.05% | (a) | 8865449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 19600000 | HSBC Holdings PLC (b) (c) | 8.00% | (a) | 20636958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17998000 | Huntington Bancshares, Inc., Series K (c) | 6.25% | (a) | 18007013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 31775000 | ING Groep N.V. (b) (c) | 7.00% | (a) | 33258098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5440000 | ING Groep N.V. (b) (c) (e) | 7.25% | (a) | 5817993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1004000 | ING Groep N.V. (b) (c) (e) | 7.50% | (a) | 1049028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8885000 | ING Groep N.V. (b) (c) (e) | 8.00% | (a) | 9658716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9883000 | JPMorgan Chase & Co., Series KK (c) | 3.65% | (a) | 9879349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 22200000 | JPMorgan Chase & Co., Series NN (c) | 6.88% | (a) | 23462137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2600000 | Lloyds Banking Group PLC (b) (c) | 6.63% | (a) | 2580655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18780000 | Lloyds Banking Group PLC (b) (c) | 8.00% | (a) | 20398536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11050000 | Mitsubishi UFJ Financial Group, Inc. (b) (c) | 6.35% | (a) | 11320681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | NatWest Group PLC (b) (c) | 7.30% | (a) | 5310090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11800000 | NatWest Group PLC (b) (c) | 8.13% | (a) | 13342791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14980000 | Nordea Bank Abp (b) (c) (d) | 6.75% | (a) | 15397987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11084000 | PNC Financial Services Group (The), Inc., Series U (c) | 6.00% | (a) | 11161843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12525000 | PNC Financial Services Group (The), Inc., Series V (c) | 6.20% | (a) | 12726339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8499000 | PNC Financial Services Group (The), Inc., Series W (c) | 6.25% | (a) | 8785127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13094000 | Royal Bank of Canada (c) | 6.35% | 11/24/84 | 12884834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15550000 | Royal Bank of Canada (c) | 6.75% | 08/24/85 | 16087921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10230000 | Royal Bank of Canada (c) | 6.50% | 11/24/85 | 10184894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17200000 | Societe Generale S.A. (b) (c) (d) | 9.38% | (a) | 18380246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13130000 | Societe Generale S.A. (b) (c) (d) | 10.00% | (a) | 14619887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6200000 | Sumitomo Mitsui Financial Group, Inc. (b) (c) | 6.60% | (a) | 6407297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7800000 | Swedbank AB (b) (c) (e) | 7.75% | (a) | 8447400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 31080000 | Toronto-Dominion Bank (The) (c) | 8.13% | 10/31/82 | 32578802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14540000 | Toronto-Dominion Bank (The) (c) | 6.35% | 10/31/85 | 14785988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 22645000 | Wells Fargo & Co. (c) | 6.85% | (a) | 23696736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11640000 | Wells Fargo & Co. (c) | 7.63% | (a) | 12403514 |
|  |  |  |  | 1036882503 |
|  | **Capital Markets — 7.5%**  | **Capital Markets — 7.5%**  | **Capital Markets — 7.5%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8435000 | Ares Finance Co. III LLC (c) (d) | 4.13% | 06/30/51 | 8344479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30150000 | Charles Schwab (The) Corp., Series H (c) | 4.00% | (a) | 28304527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6243000 | Credit Suisse Group AG, Claim (f) (g) (h) (i) |  |  | 2146343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2057000 | Credit Suisse Group AG, Claim (f) (g) (h) (i) |  |  | 707197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7770000 | Credit Suisse Group AG, Claim (f) (g) (h) (i) |  |  | 2671326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4150000 | Credit Suisse Group AG, Claim (f) (g) (h) (i) |  |  | 1426770 |

---

------

**First Trust Institutional Preferred Securities and Income ETF (FPEI)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par**<br> **Amount**<br>| **Description** | **Stated**<br> **Rate**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** |
|  | **Capital Markets (Continued)**  | **Capital Markets (Continued)**  | **Capital Markets (Continued)**  |  |
| $18000000 | Credit Suisse Group AG, Claim (f) (g) (h) (i) |  |  | $6188400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13000000 | Deutsche Bank AG (b) (c) (e) | 8.13% | (a) | 14025541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4150000 | Goldman Sachs Group (The), Inc. (c) | 6.85% | (a) | 4327094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2899000 | Goldman Sachs Group (The), Inc., Series T (c) | 3.80% | (a) | 2885372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8651000 | Goldman Sachs Group (The), Inc., Series W (c) | 7.50% | (a) | 9157626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18030000 | Goldman Sachs Group (The), Inc., Series X (c) | 7.50% | (a) | 19043484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8000000 | Goldman Sachs Group (The), Inc., Series Y (c) | 6.13% | (a) | 8154859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 811000 | Morgan Stanley, Series M | 5.88% | (a) | 807887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8400000 | Nomura Holdings, Inc. (b) (c) | 7.00% | (a) | 8732968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9887000 | State Street Corp., Series I (c) | 6.70% | (a) | 10261154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12570000 | State Street Corp., Series J (c) | 6.70% | (a) | 13176502 |
|  |  |  |  | 140361529 |
|  | **Consumer Finance — 1.2%**  | **Consumer Finance — 1.2%**  | **Consumer Finance — 1.2%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 23435000 | American Express Co. (c) | 3.55% | (a) | 23205780 |
|  | **Diversified Telecommunication Services — 2.1%**  | **Diversified Telecommunication Services — 2.1%**  | **Diversified Telecommunication Services — 2.1%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 21286000 | Bell Canada (c) | 7.00% | 09/15/55 | 22332846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3372000 | TELUS Corp. (c) | 6.63% | 10/15/55 | 3450247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12275000 | TELUS Corp. (c) | 7.00% | 10/15/55 | 12843783 |
|  |  |  |  | 38626876 |
|  | **Electric Utilities — 6.9%**  | **Electric Utilities — 6.9%**  | **Electric Utilities — 6.9%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 17060000 | American Electric Power Co., Inc. (c) | 6.95% | 12/15/54 | 18288269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3235000 | American Electric Power Co., Inc. (c) | 3.88% | 02/15/62 | 3190081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20272000 | American Electric Power Co., Inc., Series D (c) | 6.05% | 03/15/56 | 20137690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10850000 | Duke Energy Corp. (c) | 6.45% | 09/01/54 | 11356896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10110000 | Entergy Corp. (c) | 7.13% | 12/01/54 | 10590407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7050000 | Entergy Corp. (c) | 6.10% | 06/15/56 | 7047699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7930000 | EUSHI Finance, Inc. (c) | 7.63% | 12/15/54 | 8345548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 26000000 | EUSHI Finance, Inc. (c) | 6.25% | 04/01/56 | 26171730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10794000 | NextEra Energy Capital Holdings, Inc. (c) | 6.75% | 06/15/54 | 11474313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4300000 | NextEra Energy Capital Holdings, Inc. (c) | 6.50% | 08/15/55 | 4522903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8500000 | Southern (The) Co., Series 2025 (c) | 6.38% | 03/15/55 | 8868932 |
|  |  |  |  | 129994468 |
|  | **Financial Services — 2.4%**  | **Financial Services — 2.4%**  | **Financial Services — 2.4%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 18000000 | American AgCredit Corp. (c) (d) | 5.25% | (a) | 17797140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4200000 | Capital Farm Credit ACA, Series 1 (c) (d) | 5.00% | (a) | 4201470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 | Compeer Financial ACA (c) (d) | 4.88% | (a) | 640501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4400000 | Compeer Financial ACA (c) (d) | 7.88% | (a) | 4542846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5280000 | Corebridge Financial, Inc. (c) | 6.88% | (a) | 5489526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12355000 | Corebridge Financial, Inc. (c) | 6.38% | 09/15/54 | 12628918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 755000 | Voya Financial, Inc., Series A (c) | 7.76% | (a) | 799407 |
|  |  |  |  | 46099808 |
|  | **Food Products — 1.7%**  | **Food Products — 1.7%**  | **Food Products — 1.7%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | Dairy Farmers of America, Inc. (j) | 7.13% | (a) | 1210194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2131000 | Land O'Lakes Capital Trust I (j) | 7.45% | 03/15/28 | 2201939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9646000 | Land O'Lakes, Inc. (d) | 7.00% | (a) | 8633170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11115000 | Land O'Lakes, Inc. (d) | 7.25% | (a) | 10281067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | Land O'Lakes, Inc. (e) | 7.25% | (a) | 369989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9185000 | Land O'Lakes, Inc. (d) | 8.00% | (a) | 9219015 |
|  |  |  |  | 31915374 |

---

------

**First Trust Institutional Preferred Securities and Income ETF (FPEI)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par**<br> **Amount**<br>| **Description** | **Stated**<br> **Rate**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** |
|  | **Gas Utilities — 1.0%**  | **Gas Utilities — 1.0%**  | **Gas Utilities — 1.0%**  |  |
| $5800000 | AltaGas Ltd. (c) (d) | 7.20% | 10/15/54 | $6035254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12240000 | Spire, Inc. (c) | 6.45% | 06/01/56 | 12363487 |
|  |  |  |  | 18398741 |
|  | **Independent Power and Renewable Electricity Producers — 1.0%**  | **Independent Power and Renewable Electricity Producers — 1.0%**  | **Independent Power and Renewable Electricity Producers — 1.0%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 19491000 | AES (The) Corp. (c) | 6.95% | 07/15/55 | 19069057 |
|  | **Insurance — 8.5%**  | **Insurance — 8.5%**  | **Insurance — 8.5%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6800000 | Allianz SE (b) (c) (d) | 6.55% | (a) | 7082057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5090000 | American National Group, Inc. (c) | 7.00% | 12/01/55 | 5144183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4288000 | Assurant, Inc. (c) | 7.00% | 03/27/48 | 4417333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2300000 | Assured Guaranty Municipal Holdings, Inc. (c) (d) | 6.40% | 12/15/66 | 2162851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | Assured Guaranty Municipal Holdings, Inc. (c) (e) | 6.40% | 12/15/66 | 1598629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9794000 | Athene Holding Ltd. (c) | 6.88% | 06/28/55 | 9816428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3822000 | AXIS Specialty Finance LLC (c) | 4.90% | 01/15/40 | 3690112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13200000 | CNP Assurances S.A. (b) (c) (e) | 4.88% | (a) | 12567728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10178000 | Global Atlantic Fin Co. (c) (d) | 7.95% | 10/15/54 | 10528316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11295000 | Global Atlantic Fin Co. (c) (d) | 7.25% | 03/01/56 | 11391177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 22521000 | &nbsp;&nbsp;&nbsp; Hartford Insurance Group (The), Inc., 3 Mo. CME Term SOFR + <br> CSA + 2.13% (d) (k) | 6.24% | 02/12/47 | 21489066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2464000 | Kuvare US Holdings, Inc. (c) (d) | 7.00% | 02/17/51 | 2460851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6850000 | Lancashire Holdings Ltd. (c) (e) | 5.63% | 09/18/41 | 6860346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7078000 | Liberty Mutual Group, Inc. (c) (d) | 4.13% | 12/15/51 | 7006440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6585000 | Liberty Mutual Group, Inc. (d) | 4.30% | 02/01/61 | 4418671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | Lincoln National Corp., Series C (c) | 9.25% | (a) | 4298076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10100000 | Meiji Yasuda Life Insurance Co. (c) (d) | 6.10% | 06/11/55 | 10400778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6514000 | MetLife Capital Trust IV (d) | 7.88% | 12/15/37 | 7228156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2900000 | MetLife, Inc. (d) | 9.25% | 04/08/38 | 3485716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13932000 | MetLife, Inc., Series G (c) | 6.35% | 03/15/55 | 14638868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4144000 | Nippon Life Insurance Co. (c) (d) | 6.50% | 04/30/55 | 4436483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4175000 | Prudential Financial, Inc. (c) | 6.00% | 09/01/52 | 4314771 |
|  |  |  |  | 159437036 |
|  | **Multi-Utilities — 4.7%**  | **Multi-Utilities — 4.7%**  | **Multi-Utilities — 4.7%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2129000 | Algonquin Power & Utilities Corp. (c) | 4.75% | 01/18/82 | 2114888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13575000 | CenterPoint Energy, Inc., Series B (c) | 6.85% | 02/15/55 | 14407392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11578000 | Dominion Energy, Inc. (c) | 6.63% | 05/15/55 | 11909536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11109000 | Dominion Energy, Inc. (c) | 6.20% | 02/15/56 | 11152310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198000 | Dominion Energy, Inc., Series A (c) | 6.88% | 02/01/55 | 206281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15859000 | Dominion Energy, Inc., Series B (c) | 7.00% | 06/01/54 | 17156773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8037000 | NiSource, Inc. (c) | 6.38% | 03/31/55 | 8308819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18364000 | Sempra (c) | 6.40% | 10/01/54 | 18586865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3522000 | Sempra (c) | 6.88% | 10/01/54 | 3612181 |
|  |  |  |  | 87455045 |
|  | **Oil, Gas & Consumable Fuels — 3.0%**  | **Oil, Gas & Consumable Fuels — 3.0%**  | **Oil, Gas & Consumable Fuels — 3.0%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11955000 | Enbridge, Inc. (c) | 7.63% | 01/15/83 | 13046659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 29131000 | Enbridge, Inc. (c) | 8.50% | 01/15/84 | 33343983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5892000 | Energy Transfer, L.P., Series G (c) | 7.13% | (a) | 6102981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4050000 | Transcanada Trust (c) | 5.60% | 03/07/82 | 4033159 |
|  |  |  |  | 56526782 |
|  | **Trading Companies & Distributors — 0.6%**  | **Trading Companies & Distributors — 0.6%**  | **Trading Companies & Distributors — 0.6%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11935000 | Air Lease Corp., Series D (c) | 6.00% | (a) | 11533723 |

---

------

**First Trust Institutional Preferred Securities and Income ETF (FPEI)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par**<br> **Amount**<br>| **Description** | **Stated**<br> **Rate**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** |
|  | **Wireless Telecommunication Services — 0.5%**  | **Wireless Telecommunication Services — 0.5%**  | **Wireless Telecommunication Services — 0.5%**  |  |
| $8552000 | Rogers Communications, Inc. (c) | 7.13% | 04/15/55 | $8971726 |
|  | **Total Capital Preferred Securities** | **Total Capital Preferred Securities** | **Total Capital Preferred Securities** | 1808478448 |
|  | (Cost $1,740,750,952) | (Cost $1,740,750,952) | (Cost $1,740,750,952) |  |
|  | **Total Investments — 97.6%** | **Total Investments — 97.6%** | **Total Investments — 97.6%** | 1833839502 |
|  | (Cost $1,766,753,447) | (Cost $1,766,753,447) | (Cost $1,766,753,447) |  |
|  | **Net Other Assets and Liabilities — 2.4%** | **Net Other Assets and Liabilities — 2.4%** | **Net Other Assets and Liabilities — 2.4%** | 45056536 |
|  | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1878896038 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Perpetual maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(b) This security is a contingent convertible capital security which may be subject to
 conversion into common stock of the issuer under certain circumstances. At January 31, 2026, securities noted as such amounted
 to $596,120,545 or 31.7% of net assets. Of these securities, 6.8% originated in emerging markets, and 93.2% originated in foreign
 markets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Fixed-to-variable rate security. The interest rate shown reflects the fixed rate in
 effect at January 31, 2026. At a predetermined date, the fixed rate will change to a variable rate.

&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 First Trust Advisors L.P. (the "Advisor"). Although market instability can result in periods of increased overall market illiquidity, liquidity for each security is determined
 based on security specific factors and assumptions, which require subjective judgment. At January 31, 2026, securities noted
 as such amounted to $366,352,910 or 19.5% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) This security may be resold to qualified foreign investors and foreign institutional
 buyers under Regulation S of the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Claim pending with the administrative court of Switzerland.

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

&nbsp;&nbsp;&nbsp;&nbsp;(h) This security is fair valued by the Advisor's Pricing Committee in accordance with procedures approved by the Trust's Board of Trustees, and in accordance with provisions of the Investment Company Act of 1940
 and rules thereunder, as amended. At January 31, 2026, securities noted as such are valued at $13,140,036 or 0.7% of net
 assets.

&nbsp;&nbsp;&nbsp;&nbsp;(i) This security's value was determined using significant unobservable inputs (see Valuation Inputs in the Additional Information section).

&nbsp;&nbsp;&nbsp;&nbsp;(j) 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;(k) Floating or variable rate security.

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

---

| | |
|:---|:---|
| Abbreviations throughout the Portfolio of Investments: | Abbreviations throughout the Portfolio of Investments: |
| CME | – Chicago Mercantile Exchange |
| CSA | – Credit Spread Adjustment |
| SOFR | – Secured Overnight Financing Rate |

---

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

------

**First Trust Institutional Preferred Securities and Income ETF (FPEI)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | |
|:---|:---|
| **Country Allocation**<sup>†</sup> <br>| **% of Net** <br>**Assets**<br>|
| United States | &nbsp;&nbsp; 46.9% |
| Canada | &nbsp;&nbsp; 17.1 |
| France | &nbsp;&nbsp;&nbsp; 8.6 |
| United Kingdom | &nbsp;&nbsp;&nbsp; 7.9 |
| Spain | &nbsp;&nbsp;&nbsp; 5.3 |
| Netherlands | &nbsp;&nbsp;&nbsp; 2.7 |
| Germany | &nbsp;&nbsp;&nbsp; 2.4 |
| Japan | &nbsp;&nbsp;&nbsp; 2.2 |
| Mexico | &nbsp;&nbsp;&nbsp; 1.9 |
| Finland | &nbsp;&nbsp;&nbsp; 0.8 |
| Switzerland | &nbsp;&nbsp;&nbsp; 0.7 |
| Sweden | &nbsp;&nbsp;&nbsp; 0.5 |
| Bermuda | &nbsp;&nbsp;&nbsp; 0.4 |
| Chile | &nbsp;&nbsp;&nbsp; 0.2 |
| &nbsp;&nbsp;&nbsp; Total Investments | &nbsp;&nbsp; 97.6 |
| &nbsp;&nbsp;&nbsp; Net Other Assets and Liabilities | &nbsp;&nbsp;&nbsp; 2.4 |
| &nbsp;&nbsp;&nbsp; Total | 100.0% |

---

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

<sup>†</sup> Portfolio securities are categorized based upon their country of incorporation.

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of January 31, 2026 is as follows (see Valuation Inputs in the Additional Information section):

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**1/31/2026**<br>| &nbsp;&nbsp;&nbsp; **Level 1** <br>**Quoted** <br>**Prices**<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| $1,000 Par Preferred Securities\* | &nbsp;&nbsp; $25361054 | &nbsp;&nbsp;&nbsp;&nbsp; $25361054 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Capital Preferred Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Capital Markets | &nbsp;&nbsp; 140361529 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 127221493 | &nbsp;&nbsp;&nbsp;&nbsp; 13140036 |
| &nbsp;&nbsp;&nbsp; Other Industry Categories\* | &nbsp;&nbsp; 1668116919 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1668116919 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp; $1833839502 | &nbsp;&nbsp;&nbsp;&nbsp; $25361054 | &nbsp;&nbsp;&nbsp;&nbsp; $1795338412 | &nbsp;&nbsp;&nbsp;&nbsp; $13140036 |

---

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

\* See Portfolio of Investments for industry breakout.

Level 3 investments are fair valued by the Advisor's Pricing Committee and are footnoted in the Portfolio of Investments. All Level 3 values are based on unobservable inputs.

------

**Restricted Securities**

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Security | Acquisition <br>Date<br>| Par <br>Amount<br>| Current <br>Price<br>| Carrying <br>Cost<br>| Value | % of <br>Net Assets<br>|
| &nbsp;&nbsp;&nbsp; Dairy Farmers of America, Inc., <br> 7.13%<br>| 01/21/21 - <br> 12/08/21<br>| &nbsp;&nbsp; $1200000 | &nbsp;&nbsp; $100.85 | &nbsp;&nbsp; $1222750 | &nbsp;&nbsp; $1210194 | 0.06<br> %<br>|
| &nbsp;&nbsp;&nbsp; Land O'Lakes Capital Trust I, <br> 7.45%, 03/15/28<br>| 05/04/18 - <br> 10/02/25<br>| &nbsp;&nbsp; 2131000 | 103.33 | &nbsp;&nbsp; 2197390 | &nbsp;&nbsp; 2201939 | 0.12 |
|  |  |  |  | &nbsp;&nbsp; $3420140 | &nbsp;&nbsp; $3412133 | 0.18<br> %<br>|

---

------

**First Trust Exchange-Traded Fund III**

**Additional Information**

**January 31, 2026 (Unaudited)**

**Valuation Inputs**

The Funds are 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.

------

## 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 Preferred Securities and Income ETF

- **b. EDGAR series identifier (if any):** S000034980

- **c. LEI of Series:** 54930020K2F7W4E0C531

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $6488735998.84

**Total Liabilities:** $33004081.79

**Net Assets:** $6455731917.05

**Cash Not Reported:** $70836265.05

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 63.73548000 | **1-Year:** 217097.60789000 | **5-Year:** 1420539.92444000 | **10-Year:** 1427334.18508000 | **30-Year:** 152361.81534000

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

- **3-Month:** 477.28067000 | **1-Year:** 73624.40030000 | **5-Year:** 247322.99997000 | **10-Year:** 221041.00009000 | **30-Year:** 9684.59258000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000107588 | -0.02%               | 0.56%                | 0.70%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-3075863.96             | $-25137803.28                              |
| Month 2  | $-322699.55              | $-3089157.78                               |
| Month 3  | $-955981.13              | $21033787.83                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BNP PARIBAS              | BNP Paribas SA                                                               | CUSIP: 05602XJC3<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   9300000 | PA      | $9828267.90   | 0.15%             | N/A             | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| FARM CREDIT BK OF TEXAS  | Farm Credit Bank of Texas                                                    | CUSIP: 30767EAF6<br>LEI: V1EBJIOLRNYDHDF63Z33 | Long             | DBT              | USGSE             | US        |   7460000 | PA      | $7766307.60   | 0.12%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP   | Bank of New York Mellon Corp/The                                             | CUSIP: 064058AR1<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |  11900000 | PA      | $12097313.90  | 0.19%             | N/A             | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| WINTRUST FINANCIAL CORP  | Wintrust Financial Corp                                                      | CUSIP: 97650W702<br>LEI: Q774KI4AW80FHFW33O61 | Long             | EP               | CORP              | US        |    613334 | NS      | $16296284.38  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS PLC             | Barclays PLC                                                                 | CUSIP: 06738ECN3<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |  25750000 | PA      | $29298556.00  | 0.45%             | N/A             | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP        | State Street Corp                                                            | CUSIP: 857477CH4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |  12536000 | PA      | $13010399.85  | 0.20%             | N/A             | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| ALLIANZ SE               | Allianz SE                                                                   | CUSIP: 018820AE0<br>LEI: 529900K9B0N5BT694847 | Long             | DBT              | CORP              | DE        |  25000000 | PA      | $26036975.00  | 0.40%             | N/A             | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| EQUITABLE HOLDINGS INC   | Equitable Holdings Inc                                                       | CUSIP: 29452E200<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EP               | CORP              | US        |   1386108 | NS      | $29025101.52  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN NATIONAL GROUP  | American National Group Inc                                                  | CUSIP: 025676859<br>LEI: 549300RK5RZQ740FPL83 | Long             | EP               | CORP              | US        |   1061742 | NS      | $26607254.52  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| AGNC INVESTMENT CORP     | AGNC Investment Corp                                                         | CUSIP: 00123Q807<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |     37960 | NS      | $967220.80    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCO BILBAO VIZCAYA ARG | Banco Bilbao Vizcaya Argentaria SA                                           | CUSIP: 05946KAS0<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |  22600000 | PA      | $24321170.80  | 0.38%             | N/A             | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY       | Ford Motor Co                                                                | CUSIP: 345370837<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EP               | CORP              | US        |    569484 | NS      | $12226821.48  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO & COMPANY    | Wells Fargo & Co                                                             | CUSIP: 94988U151<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |    194137 | NS      | $3824498.90   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSCANADA PIPELINES    | TransCanada PipeLines Ltd                                                    | CUSIP: 893526681<br>LEI: 5BV01I6231JPDAPMGH09 | Long             | EP               | CORP              | CA        |    406861 | NS      | $10090152.80  | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| TPG OPERATING GROUP II   | TPG Operating Group II LP                                                    | CUSIP: 872652102<br>LEI: 2549001H9RJQNZT7MU11 | Long             | EP               | CORP              | US        |   1189692 | NS      | $30015929.16  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCH CAPITAL GROUP LTD   | Arch Capital Group Ltd                                                       | CUSIP: 03939A404<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EP               | CORP              | BM        |    339190 | NS      | $6037582.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ENBRIDGE INC             | Enbridge Inc                                                                 | CUSIP: 29250NBP9<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |  28420000 | PA      | $31015143.88  | 0.48%             | 2083-01-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| FARM CREDIT BK OF TEXAS  | Farm Credit Bank of Texas                                                    | CUSIP: 30767EAE9<br>LEI: V1EBJIOLRNYDHDF63Z33 | Long             | DBT              | USGSE             | US        |   6200000 | PA      | $6500836.40   | 0.10%             | N/A             | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| BANC CREDITO INVERSIONES | Banco de Credito e Inversiones SA                                            | CUSIP: 05890PAC0<br>LEI: 549300E9E5Y3PKW24142 | Long             | DBT              | CORP              | CL        |   5000000 | PA      | $5400950.00   | 0.08%             | N/A             | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE         | Societe Generale SA                                                          | CUSIP: 83370RAC2<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |  33820000 | PA      | $36140693.90  | 0.56%             | N/A             | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| DTE ENERGY CO            | DTE Energy Co                                                                | CUSIP: 233331859<br>LEI: 549300IX8SD6XXD71I78 | Long             | EP               | CORP              | US        |     70998 | NS      | $1587515.28   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPITAL FARM CREDIT ACA  | Capital Farm Credit ACA                                                      | CUSIP: 14019TAA4<br>LEI: 254900S6K5I3OISPS518 | Long             | DBT              | CORP              | US        |  28250000 | PA      | $28259888.07  | 0.44%             | N/A             | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD BRP HOLDINGS  | Brookfield BRP Holdings Canada Inc                                           | CUSIP: 11259P109<br>LEI: 549300NSPD7QJ50GZW26 | Long             | EP               | CORP              | CA        |    891011 | NS      | $13570097.53  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| AES CORP/THE             | AES Corp/The                                                                 | CUSIP: 00130HCL7<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |  36425000 | PA      | $35636467.96  | 0.55%             | 2055-07-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP     | Bank of America Corp                                                         | CUSIP: 06055H400<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |    110067 | NS      | $2008722.75   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| NOMURA HOLDINGS INC      | Nomura Holdings Inc                                                          | CUSIP: 65535HCC1<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |  31200000 | PA      | $32436736.80  | 0.50%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| NORDEA BANK ABP          | Nordea Bank Abp                                                              | CUSIP: 65558RAQ2<br>LEI: 529900ODI3047E2LIV03 | Long             | DBT              | CORP              | FI        |  12520000 | PA      | $12869345.56  | 0.20%             | N/A             | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC  | Goldman Sachs Group Inc/The                                                  | CUSIP: 38141GC28<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |  15500000 | PA      | $16161434.91  | 0.25%             | N/A             | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA       | Banco Santander SA                                                           | CUSIP: 05971KAP4<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |  21600000 | PA      | $23988722.40  | 0.37%             | N/A             | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| MEIJI YASUDA LIFE INSURA | Meiji Yasuda Life Insurance Co                                               | CUSIP: 585270AE1<br>LEI: 549300SLU4LP6YMRLK07 | Long             | DBT              | CORP              | JP        |  35800000 | PA      | $36866124.00  | 0.57%             | 2055-06-11      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC            | Citigroup Inc                                                                | CUSIP: 17327CBC6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |  35958000 | PA      | $36757930.30  | 0.57%             | N/A             | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA     | Royal Bank of Canada                                                         | CUSIP: 780082AT0<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |  12156000 | PA      | $11961817.38  | 0.19%             | 2084-11-24      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK    | Toronto-Dominion Bank/The                                                    | CUSIP: 89116C4H7<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |  28200000 | PA      | $28677087.60  | 0.44%             | 2085-10-31      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| F&G ANNUITIES & LIFE INC | F&G Annuities & Life Inc                                                     | CUSIP: 30190A609<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   2817676 | NS      | $63735831.12  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS GROUP INC  | Goldman Sachs Group Inc/The                                                  | CUSIP: 38141GA79<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |  72610000 | PA      | $76691480.71  | 1.19%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC        | HSBC Holdings PLC                                                            | CUSIP: 404280EJ4<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |  48450000 | PA      | $51039390.39  | 0.79%             | N/A             | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| CMS ENERGY CORP          | CMS Energy Corp                                                              | CUSIP: 125896852<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EP               | CORP              | US        |    981724 | NS      | $23325762.24  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| NISOURCE INC             | NiSource Inc                                                                 | CUSIP: 65473PAT2<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |  21700000 | PA      | $22433915.70  | 0.35%             | 2055-03-31      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| XCEL ENERGY INC          | Xcel Energy Inc                                                              | CUSIP: 98389B878<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EP               | CORP              | US        |   3263139 | NS      | $81252161.10  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC HOLDINGS PLC        | HSBC Holdings PLC                                                            | CUSIP: 404280EH8<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |  11380000 | PA      | $11763289.78  | 0.18%             | N/A             | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP     | Bank of America Corp                                                         | CUSIP: 06055H871<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |     16247 | NS      | $322502.95    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BROOKFIELD PROPERTY PART | Brookfield Property Partners LP                                              | CUSIP: 000000000<br>LEI: 5493004J5Z0TZW83NU62 | Long             | EP               | CORP              | US        |   1440450 | NS      | $19993446.00  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO & COMPANY    | Wells Fargo & Co                                                             | CUSIP: 95002YAC7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |  55303000 | PA      | $57871521.29  | 0.90%             | N/A             | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| US BANCORP               | US Bancorp                                                                   | CUSIP: 902973759<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EP               | CORP              | US        |    115824 | NS      | $2720705.76   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| LAND O'LAKES INC         | Land O' Lakes Inc                                                            | CUSIP: 514666AM8<br>LEI: 4ONCJWH5BBCYSJIJYX61 | Long             | DBT              | CORP              | US        |  14010000 | PA      | $12958861.92  | 0.20%             | N/A             | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| NIPPON LIFE INSURANCE    | Nippon Life Insurance Co                                                     | CUSIP: 654579AP6<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |  15499000 | PA      | $16592919.42  | 0.26%             | 2055-04-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| AGNC INVESTMENT CORP     | AGNC Investment Corp                                                         | CUSIP: 00123Q872<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |    449245 | NS      | $11285034.40  | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| TORONTO-DOMINION BANK    | Toronto-Dominion Bank/The                                                    | CUSIP: 89117F8Z5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |  63430000 | PA      | $66488848.32  | 1.03%             | 2082-10-31      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| ANNALY CAPITAL MGMT      | Annaly Capital Management Inc                                                | CUSIP: 035710870<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EP               | CORP              | US        |    153358 | NS      | $3967371.46   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| DIGITALBRIDGE GROUP INC  | DigitalBridge Group Inc                                                      | CUSIP: 25401T306<br>LEI: 549300XG87L902AGBO89 | Long             | EP               | CORP              | US        |    371318 | NS      | $7162724.22   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| DOMINION ENERGY INC      | Dominion Energy Inc                                                          | CUSIP: 25746UEA3<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |  40235000 | PA      | $40391861.38  | 0.63%             | 2056-02-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA      | Bank of Nova Scotia/The                                                      | CUSIP: 0641598V1<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |  44149000 | PA      | $47304725.05  | 0.73%             | 2084-01-27      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| REINSURANCE GRP OF AMER  | Reinsurance Group of America Inc                                             | CUSIP: 759351802<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EP               | CORP              | US        |     24984 | NS      | $625099.68    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| HARTFORD INSUR GRP INC/T | Hartford Insurance Group Inc/The                                             | CUSIP: 416515BC7<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | DBT              | CORP              | US        |  69648000 | PA      | $66456661.78  | 1.03%             | 2047-02-12      | Floating      | 6.24%                 | No            |                  2 | On Loan: No      |
| BANCO BILBAO VIZCAYA ARG | Banco Bilbao Vizcaya Argentaria SA                                           | CUSIP: 05946KAM3<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |  25200000 | PA      | $28268755.20  | 0.44%             | N/A             | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL   | NextEra Energy Capital Holdings Inc                                          | CUSIP: 65339KDB3<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |  35006000 | PA      | $37212323.16  | 0.58%             | 2054-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA       | Banco Santander SA                                                           | CUSIP: 05964HBH7<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |  33100000 | PA      | $36505228.70  | 0.57%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| METLIFE INC              | MetLife Inc                                                                  | CUSIP: 59156R850<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EP               | CORP              | US        |      4142 | NS      | $82840.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ASSURANT INC             | Assurant Inc                                                                 | CUSIP: 04621X306<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | EP               | CORP              | US        |    773301 | NS      | $15930000.60  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| BROOKFIELD PROPERTY PART | Brookfield Property Partners LP                                              | CUSIP: 000000000<br>LEI: 5493004J5Z0TZW83NU62 | Long             | EP               | CORP              | US        |   1234804 | NS      | $18534408.04  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| KUVARE US HOLDINGS INC   | Kuvare US Holdings Inc                                                       | CUSIP: 50149XAA2<br>LEI: 254900MGBERNLZXF7O58 | Long             | DBT              | CORP              | US        |  26429000 | PA      | $26395221.10  | 0.41%             | 2051-02-17      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| COMPEER FINANCIAL ACA    | Compeer Financial ACA                                                        | CUSIP: 20453QAA0<br>LEI: 54930020HTACTODKHT04 | Long             | DBT              | CORP              | US        |  13950000 | PA      | $13746120.75  | 0.21%             | N/A             | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP     | Bank of America Corp                                                         | CUSIP: 06055HAH6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        | 155649000 | PA      | $161819860.25 | 2.51%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP     | Bank of America Corp                                                         | CUSIP: 060505682<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |      6691 | NS      | $8336986.00   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS PLC             | Barclays PLC                                                                 | CUSIP: 06738EDC6<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |  17900000 | PA      | $19299869.50  | 0.30%             | N/A             | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA     | Royal Bank of Canada                                                         | CUSIP: 780082AV5<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |  58100000 | PA      | $60109853.30  | 0.93%             | 2085-08-24      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ALGONQUIN PWR & UTILITY  | Algonquin Power & Utilities Corp                                             | CUSIP: 015857808<br>LEI: 549300K5VIUTJXQL7X75 | Long             | EP               | CORP              | CA        |    558548 | NS      | $14444051.28  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| STATE STREET CORP        | State Street Corp                                                            | CUSIP: 857477CM3<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |  27247000 | PA      | $28561667.75  | 0.44%             | N/A             | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| COMMERZBANK AG           | Commerzbank AG                                                               | CUSIP: 000000000<br>LEI: 851WYGNLUQLFZBSYGB56 | Long             | DBT              | CORP              | DE        |  36800000 | PA      | $38926708.80  | 0.60%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| AXIS CAPITAL HLDGS LTD   | Axis Capital Holdings Ltd                                                    | CUSIP: 05461T305<br>LEI: 635400VD2NQBYAHMEM55 | Long             | EP               | CORP              | BM        |    454366 | NS      | $9219086.14   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBAL NET LEASE INC     | Global Net Lease Inc                                                         | CUSIP: 379378300<br>LEI: 549300NUYANCT5SU8Z65 | Long             | EP               | CORP              | US        |    493052 | NS      | $11542347.32  | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| TELUS CORP               | TELUS Corp                                                                   | CUSIP: 87971MCM3<br>LEI: 894500WE70KKZRQMBU11 | Long             | DBT              | CORP              | CA        |  26177000 | PA      | $27389956.32  | 0.42%             | 2055-10-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC | Lloyds Banking Group PLC                                                     | CUSIP: 539439BF5<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |   9300000 | PA      | $9230804.28   | 0.14%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP           | Air Lease Corp                                                               | CUSIP: 00912XBQ6<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |  36433000 | PA      | $35208053.32  | 0.55%             | N/A             | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SEMPRA                   | Sempra                                                                       | CUSIP: 816851BT5<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |  35416000 | PA      | $35845808.58  | 0.56%             | 2054-10-01      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| ASPEN INSURANCE HLDG LTD | Aspen Insurance Holdings Ltd                                                 | CUSIP: 000000000<br>LEI: 549300YX6HECG9XQCQ75 | Long             | EP               | CORP              | BM        |   2072470 | NS      | $41014181.30  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC            | Citigroup Inc                                                                | CUSIP: 172967PM7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |  20832000 | PA      | $21822840.75  | 0.34%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES   | PNC Financial Services Group Inc/The                                         | CUSIP: 693475BP9<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |  41711000 | PA      | $43115242.53  | 0.67%             | N/A             | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| F&G ANNUITIES & LIFE INC | F&G Annuities & Life Inc                                                     | CUSIP: 30190A203<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   1736379 | NS      | $44538121.35  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN NATIONAL GROUP  | American National Group Inc                                                  | CUSIP: 025676AR8<br>LEI: 549300RK5RZQ740FPL83 | Long             | DBT              | CORP              | US        |  18700000 | PA      | $18899061.50  | 0.29%             | 2055-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| AGNC INVESTMENT CORP     | AGNC Investment Corp                                                         | CUSIP: 00123Q609<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |    300535 | NS      | $7501353.60   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| FORTEGRA FINANCIAL CORP  | Fortegra Financial Corp                                                      | CUSIP: 34954WAA2<br>LEI: 5493004Z5XFZNDJRE757 | Long             | DBT              | CORP              | US        |  13700000 | PA      | $13643282.00  | 0.21%             | 2057-10-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| LAND O'LAKES INC         | Land O' Lakes Inc                                                            | CUSIP: 514666AK2<br>LEI: 4ONCJWH5BBCYSJIJYX61 | Long             | DBT              | CORP              | US        |  31520000 | PA      | $31636728.02  | 0.49%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA      | Bank of Nova Scotia/The                                                      | CUSIP: 0641598X7<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |  37800000 | PA      | $39624076.80  | 0.61%             | 2085-04-27      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| PUBLIC STORAGE           | Public Storage                                                               | CUSIP: 74460W552<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EP               | CORP              | US        |    267640 | NS      | $5109247.60   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| HUNTINGTON BANCSHARES    | Huntington Bancshares Inc/OH                                                 | CUSIP: 446150BG8<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |  49511000 | PA      | $49535795.11  | 0.77%             | N/A             | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PHOENIX COMPANIES INC    | Phoenix Cos Inc/The                                                          | CUSIP: 71902E208<br>LEI: 549300Q3ENSFI87YLC32 | Long             | EP               | CORP              | US        |    226438 | NS      | $4330626.75   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| CREDIT SUISSE GROUP AG   | Credit Suisse Group AG                                                       | CUSIP: 225401AR9<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |  81425000 | PA      | $27993915.00  | 0.43%             | N/A             | Fixed         | 5.25%                 | No            |                  3 | On Loan: No      |
| BANK OF NY MELLON CORP   | Bank of New York Mellon Corp/The                                             | CUSIP: 064058845<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EP               | CORP              | US        |    896269 | NS      | $23087889.44  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T INC                 | AT&T Inc                                                                     | CUSIP: 00206R508<br>LEI: 549300Z40J86GGSTL398 | Long             | EP               | CORP              | US        |     40027 | NS      | $824556.20    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BROOKFIELD INFRA FIN ULC | Brookfield Infrastructure Finance ULC                                        | CUSIP: 11276B109<br>LEI: 984500CDDWC47U7DBA74 | Long             | EP               | CORP              | CA        |    664059 | NS      | $11162831.79  | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO & COMPANY    | Wells Fargo & Co                                                             | CUSIP: 95002YAA1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5327970.00   | 0.08%             | N/A             | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| AMER AGCREDIT ACA        | American AgCredit Corp                                                       | CUSIP: 02369GAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  64250000 | PA      | $63525902.50  | 0.98%             | N/A             | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA      | Bank of Nova Scotia/The                                                      | CUSIP: 06419GEE2<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |  21720000 | PA      | $22313672.76  | 0.35%             | 2085-10-27      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| SEMPRA                   | Sempra                                                                       | CUSIP: 816851BS7<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |   2850000 | PA      | $2922974.25   | 0.05%             | 2054-10-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC FIN CO   | Global Atlantic Fin Co                                                       | CUSIP: 37959GAH0<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |  35399000 | PA      | $35700422.49  | 0.55%             | 2056-03-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE         | Societe Generale SA                                                          | CUSIP: 83371GAA9<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |  32870000 | PA      | $36599824.64  | 0.57%             | N/A             | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| CITIGROUP INC            | Citigroup Inc                                                                | CUSIP: 172967PJ4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |  12438000 | PA      | $12943194.25  | 0.20%             | N/A             | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| ALLSTATE CORP            | Allstate Corp/The                                                            | CUSIP: 020002838<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EP               | CORP              | US        |    122810 | NS      | $2646555.50   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BROOKFIELD OAKTREE HLDGS | Brookfield Oaktree Holdings LLC                                              | CUSIP: 674001409<br>LEI: 254900T1ODNFOK2L6090 | Long             | EP               | CORP              | US        |   1036421 | NS      | $22334872.55  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| SEMPRA                   | Sempra                                                                       | CUSIP: 816851604<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EP               | CORP              | US        |    771364 | NS      | $17355690.00  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO FINANCIAL GROUP INC  | CNO Financial Group Inc                                                      | CUSIP: 12621E301<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EP               | CORP              | US        |    799000 | NS      | $15396730.00  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF MONTREAL         | Bank of Montreal                                                             | CUSIP: 06368L5Q5<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |  30189000 | PA      | $32224855.59  | 0.50%             | 2084-11-26      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA      | Bank of Nova Scotia/The                                                      | CUSIP: 0641598S8<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |  38764000 | PA      | $41068713.62  | 0.64%             | 2082-10-27      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK   | Canadian Imperial Bank of Commerce                                           | CUSIP: 13607PNF7<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |  15000000 | PA      | $15487740.00  | 0.24%             | 2085-01-28      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| BBVA MEX BANCA GRUPO TX  | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico/TX | CUSIP: 05533UAG3<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |  11600000 | PA      | $11620381.20  | 0.18%             | 2034-09-13      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN | Rogers Communications Inc                                                    | CUSIP: 775109DH1<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |  30470000 | PA      | $31965445.05  | 0.50%             | 2055-04-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| ATHENE HOLDING LTD       | Athene Holding Ltd                                                           | CUSIP: 04686J200<br>LEI: 549300H316CT32FQXI76 | Long             | EP               | CORP              | US        |     22322 | NS      | $443091.70    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCO MERCANTIL DE NORTE | Banco Mercantil del Norte SA/Grand Cayman                                    | CUSIP: 05971PAE8<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |  25000000 | PA      | $27097050.00  | 0.42%             | N/A             | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| AFFILIATED MANAGERS GROU | Affiliated Managers Group Inc                                                | CUSIP: 008252835<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EP               | CORP              | US        |    857989 | NS      | $13315989.28  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTERGY CORP             | Entergy Corp                                                                 | CUSIP: 29364GAS2<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |  24750000 | PA      | $24741922.10  | 0.38%             | 2056-06-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC             | Enbridge Inc                                                                 | CUSIP: 29250NBT1<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |  52162000 | PA      | $59705772.76  | 0.92%             | 2084-01-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| EUSHI FINANCE INC        | EUSHI Finance Inc                                                            | CUSIP: 29882DAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  21680000 | PA      | $22816075.36  | 0.35%             | 2054-12-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC FIN CO   | Global Atlantic Fin Co                                                       | CUSIP: 37959GAG2<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |  27045000 | PA      | $27975861.86  | 0.43%             | 2054-10-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES   | PNC Financial Services Group Inc/The                                         | CUSIP: 693475BF1<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |  19095000 | PA      | $19401952.13  | 0.30%             | N/A             | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| PINNACLE FINANCL PARTNRS | Pinnacle Financial Partners Inc                                              | CUSIP: 72348N505<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    303247 | NS      | $7544785.36   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN ELECTRIC POWER  | American Electric Power Co Inc                                               | CUSIP: 02557TAF6<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |  36830000 | PA      | $36585987.25  | 0.57%             | 2056-03-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY    | Wells Fargo & Co                                                             | CUSIP: 949746804<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |    110579 | NS      | $136450062.84 | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORP     | Bank of America Corp                                                         | CUSIP: 06053U601<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |   1209025 | NS      | $27481138.25  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCH CAPITAL GROUP LTD   | Arch Capital Group Ltd                                                       | CUSIP: 03939A107<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EP               | CORP              | BM        |        32 | NS      | $677.76       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T INC                 | AT&T Inc                                                                     | CUSIP: 00206R706<br>LEI: 549300Z40J86GGSTL398 | Long             | EP               | CORP              | US        |    757464 | NS      | $14619055.20  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC | Prudential Financial Inc                                                     | CUSIP: 744320805<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | EP               | CORP              | US        |     14342 | NS      | $344208.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ING GROEP NV             | ING Groep NV                                                                 | CUSIP: 000000000<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    285000 | PA      | $297781.98    | 0.00%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY           | Morgan Stanley                                                               | CUSIP: 61762V606<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |    144127 | NS      | $3548406.74   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHERN CO              | Southern Co/The                                                              | CUSIP: 842587EB9<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |  31000000 | PA      | $32345516.56  | 0.50%             | 2055-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| DIGITALBRIDGE GROUP INC  | DigitalBridge Group Inc                                                      | CUSIP: 25401T504<br>LEI: 549300XG87L902AGBO89 | Long             | EP               | CORP              | US        |    149755 | NS      | $2876793.55   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE ENERGY CO            | DTE Energy Co                                                                | CUSIP: 233331792<br>LEI: 549300IX8SD6XXD71I78 | Long             | EP               | CORP              | US        |   2583389 | NS      | $64068047.20  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHERN CO              | Southern Co/The                                                              | CUSIP: 842587404<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EP               | CORP              | US        |     50423 | NS      | $1119894.83   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC STORAGE           | Public Storage                                                               | CUSIP: 74460W578<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EP               | CORP              | US        |     39376 | NS      | $766650.72    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTERA ENERGY CAPITAL   | NextEra Energy Capital Holdings Inc                                          | CUSIP: 65339KDF4<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |  16250000 | PA      | $17092367.50  | 0.26%             | 2055-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| AFFILIATED MANAGERS GROU | Affiliated Managers Group Inc                                                | CUSIP: 008252827<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EP               | CORP              | US        |   1168325 | NS      | $28390297.50  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHERN CO              | Southern Co/The                                                              | CUSIP: 842587883<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EP               | CORP              | US        |     94939 | NS      | $1736434.31   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BBVA MEX BANCA GRUPO TX  | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico/TX | CUSIP: 072912AA6<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |  12300000 | PA      | $13010230.04  | 0.20%             | 2035-02-11      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| GLOBE LIFE INC           | Globe Life Inc                                                               | CUSIP: 37959E300<br>LEI: 5493001JFHKQOPP6XA71 | Long             | EP               | CORP              | US        |     87348 | NS      | $1498018.20   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO      | JPMorgan Chase & Co                                                          | CUSIP: 48128B655<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EP               | CORP              | US        |      8729 | NS      | $218225.00    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN ELECTRIC POWER  | American Electric Power Co Inc                                               | CUSIP: 025537BA8<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |  51590000 | PA      | $55304325.23  | 0.86%             | 2054-12-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| FIRST CITIZENS BANCSHARE | First Citizens BancShares Inc/NC                                             | CUSIP: 31959XAG8<br>LEI: 549300N3Z00ZHE2XC526 | Long             | DBT              | CORP              | US        |  30950000 | PA      | $31667451.95  | 0.49%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC            | Citigroup Inc                                                                | CUSIP: 172967QJ3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |  75485000 | PA      | $76890836.41  | 1.19%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CREDIT SUISSE GROUP AG   | Credit Suisse Group AG                                                       | CUSIP: 225401AX6<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |  27200000 | PA      | $9351360.00   | 0.14%             | N/A             | Fixed         | 9.75%                 | No            |                  3 | On Loan: No      |
| AEGON FUNDING CO LLC     | AEGON Funding Co LLC                                                         | CUSIP: 00775V104<br>LEI: KEIOKM01PSK5VZ5CCI74 | Long             | EP               | CORP              | US        |   3148778 | NS      | $63416388.92  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCO MERCANTIL DE NORTE | Banco Mercantil del Norte SA/Grand Cayman                                    | CUSIP: 05971PAC2<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |  21630000 | PA      | $23347530.15  | 0.36%             | N/A             | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| LAND O'LAKES INC         | Land O' Lakes Inc                                                            | CUSIP: 514666AN6<br>LEI: 4ONCJWH5BBCYSJIJYX61 | Long             | DBT              | CORP              | US        |  44888000 | PA      | $40174760.00  | 0.62%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD OAKTREE HLDGS | Brookfield Oaktree Holdings LLC                                              | CUSIP: 674001300<br>LEI: 254900T1ODNFOK2L6090 | Long             | EP               | CORP              | US        |    665911 | NS      | $14510200.69  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| ANNALY CAPITAL MGMT      | Annaly Capital Management Inc                                                | CUSIP: 035710821<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EP               | CORP              | US        |    266209 | NS      | $7014607.15   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| BANC CREDITO INVERSIONES | Banco de Credito e Inversiones SA                                            | CUSIP: 05890MAC7<br>LEI: 549300E9E5Y3PKW24142 | Long             | DBT              | CORP              | CL        |  11320000 | PA      | $12227750.80  | 0.19%             | N/A             | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| CREDIT SUISSE GROUP AG   | Credit Suisse Group AG                                                       | CUSIP: 225401AL2<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |  51775000 | PA      | $17800245.00  | 0.28%             | N/A             | Fixed         | 6.38%                 | No            |                  3 | On Loan: No      |
| COBANK ACB               | CoBank ACB                                                                   | CUSIP: 19075QAE2<br>LEI: P0J8I7M2E0A77CKF1705 | Long             | DBT              | USGSE             | US        |  34455000 | PA      | $34754517.32  | 0.54%             | N/A             | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC             | Barclays PLC                                                                 | CUSIP: 06738EBT1<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   7205000 | PA      | $7012978.61   | 0.11%             | N/A             | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO | Capital One Financial Corp                                                   | CUSIP: 14040H824<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EP               | CORP              | US        |     65398 | NS      | $1287686.62   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| LAND O LAKES CAP TRST I  | Land O'Lakes Capital Trust I                                                 | CUSIP: 514665AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  20360000 | PA      | $21037770.15  | 0.33%             | 2028-03-15      | Fixed         | 7.45%                 | Yes           |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC | Corebridge Financial Inc                                                     | CUSIP: 21871X208<br>LEI: 549300XY1661QCIA7J65 | Long             | EP               | CORP              | US        |   2766604 | NS      | $66149501.64  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AFFILIATED MANAGERS GROU | Affiliated Managers Group Inc                                                | CUSIP: 008252850<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EP               | CORP              | US        |    310069 | NS      | $6666483.50   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCO SANTANDER SA       | Banco Santander SA                                                           | CUSIP: 05971KAQ2<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |  50600000 | PA      | $61093073.80  | 0.95%             | N/A             | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG         | Deutsche Bank AG                                                             | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |  24800000 | PA      | $26756416.20  | 0.41%             | N/A             | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| BELL CANADA              | Bell Telephone Co of Canada or Bell Canada                                   | CUSIP: 0778FPAQ2<br>LEI: 5493000G3EFX9S7TDE29 | Long             | DBT              | CORP              | CA        |  64644000 | PA      | $67823191.92  | 1.05%             | 2055-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ENSTAR GROUP LTD         | Enstar Group Ltd                                                             | CUSIP: 29359U109<br>LEI: 213800AMAL5QFXVUCN04 | Long             | EP               | CORP              | BM        |   2530652 | NS      | $60735648.00  | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| ING GROEP NV             | ING Groep NV                                                                 | CUSIP: 000000000<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |  22200000 | PA      | $23742544.80  | 0.37%             | N/A             | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA     | Royal Bank of Canada                                                         | CUSIP: 780082AY9<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |  35640000 | PA      | $35482856.11  | 0.55%             | 2085-11-24      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CMS ENERGY CORP          | CMS Energy Corp                                                              | CUSIP: 125896845<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EP               | CORP              | US        |    549229 | NS      | $13208957.45  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| DIGITALBRIDGE GROUP INC  | DigitalBridge Group Inc                                                      | CUSIP: 25401T405<br>LEI: 549300XG87L902AGBO89 | Long             | EP               | CORP              | US        |    598173 | NS      | $11658391.77  | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO      | JPMorgan Chase & Co                                                          | CUSIP: 48128BAQ4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |  82350000 | PA      | $87031844.55  | 1.35%             | N/A             | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CREDIT SUISSE GROUP AG   | Credit Suisse Group AG                                                       | CUSIP: 225436AA2<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |   1200000 | PA      | $412560.00    | 0.01%             | N/A             | Variable      | 6.25%                 | No            |                  3 | On Loan: No      |
| SOUTHERN CO              | Southern Co/The                                                              | CUSIP: 842587867<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EP               | CORP              | US        |    778002 | NS      | $20064671.58  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| CNP ASSURANCES SA        | CNP Assurances SA                                                            | CUSIP: 000000000<br>LEI: 969500QKVPV2H8UXM738 | Long             | DBT              | CORP              | FR        |  29400000 | PA      | $27991757.35  | 0.43%             | N/A             | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE | Banco Mercantil del Norte SA/Grand Cayman                                    | CUSIP: 05971PAB4<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |  22250000 | PA      | $23013419.75  | 0.36%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| COBANK ACB               | CoBank ACB                                                                   | CUSIP: 19075QAF9<br>LEI: P0J8I7M2E0A77CKF1705 | Long             | DBT              | USGSE             | US        |  12500000 | PA      | $12838462.50  | 0.20%             | N/A             | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CHS INC                  | CHS Inc                                                                      | CUSIP: 12542R704<br>LEI: XEIEFTLYDQ1MZ6TZV015 | Long             | EP               | CORP              | US        |    253247 | NS      | $6351434.76   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| REINSURANCE GRP OF AMER  | Reinsurance Group of America Inc                                             | CUSIP: 759351885<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EP               | CORP              | US        |     26228 | NS      | $667502.60    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP PARIBAS              | BNP Paribas SA                                                               | CUSIP: 05602XDJ4<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |  28020000 | PA      | $30614680.02  | 0.47%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES   | PNC Financial Services Group Inc/The                                         | CUSIP: 693475BD6<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |  14810000 | PA      | $14914010.63  | 0.23%             | N/A             | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AFFILIATED MANAGERS GROU | Affiliated Managers Group Inc                                                | CUSIP: 008252843<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EP               | CORP              | US        |    197154 | NS      | $3442308.84   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| RENAISSANCERE HOLDINGS L | RenaissanceRe Holdings Ltd                                                   | CUSIP: 75968N309<br>LEI: EK6GB9U3U58PDI411C94 | Long             | EP               | CORP              | BM        |     85784 | NS      | $1918130.24   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC HOLDINGS PLC        | HSBC Holdings PLC                                                            | CUSIP: 404280FA2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |  30900000 | PA      | $32228514.60  | 0.50%             | N/A             | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL         | Bank of Montreal                                                             | CUSIP: 06368LQ58<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |  60800000 | PA      | $64689801.60  | 1.00%             | 2084-05-26      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| ALTAGAS LTD              | AltaGas Ltd                                                                  | CUSIP: 021361AD2<br>LEI: 2549008X5V70MOS4HM10 | Long             | DBT              | CORP              | CA        |  21500000 | PA      | $22372061.50  | 0.35%             | 2054-10-15      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC             | Barclays PLC                                                                 | CUSIP: 06738EBX2<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        | 100000000 | PA      | $106959400.00 | 1.66%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC      | Dominion Energy Inc                                                          | CUSIP: 25746UDV8<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |  55306000 | PA      | $56889687.31  | 0.88%             | 2055-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS              | BNP Paribas SA                                                               | CUSIP: 05565ASK0<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |  59483000 | PA      | $55526857.05  | 0.86%             | N/A             | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC      | Dominion Energy Inc                                                          | CUSIP: 25746UDT3<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |   3526000 | PA      | $3673464.09   | 0.06%             | 2055-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC | Lloyds Banking Group PLC                                                     | CUSIP: 53944YAV5<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |  50000000 | PA      | $54309200.00  | 0.84%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ATHENE HOLDING LTD       | Athene Holding Ltd                                                           | CUSIP: 04686J861<br>LEI: 549300H316CT32FQXI76 | Long             | EP               | CORP              | US        |   1203489 | NS      | $29822457.42  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY           | Morgan Stanley                                                               | CUSIP: 61762V853<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |     13521 | NS      | $344244.66    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| T-MOBILE USA INC         | T-Mobile USA Inc                                                             | CUSIP: 87264A303<br>LEI: 549300V2JRLO5DIFGE82 | Long             | EP               | CORP              | US        |   2371574 | NS      | $54380191.82  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR GROUP FIN CO IX LLC  | KKR Group Finance Co IX LLC                                                  | CUSIP: 48253M104<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   1012578 | NS      | $17730240.78  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF MONTREAL         | Bank of Montreal                                                             | CUSIP: 06368L8V1<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |  17168000 | PA      | $17690456.58  | 0.27%             | 2085-11-26      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK   | Canadian Imperial Bank of Commerce                                           | CUSIP: 13607P7Y4<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |  44100000 | PA      | $45847638.90  | 0.71%             | 2085-10-28      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| JACKSON FINANCIAL INC    | Jackson Financial Inc                                                        | CUSIP: 46817M206<br>LEI: 213800WXW2KG1N4CO374 | Long             | EP               | CORP              | US        |    114642 | NS      | $2993302.62   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CREDIT AGRICOLE SA       | Credit Agricole SA                                                           | CUSIP: 225313AT2<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |  75172000 | PA      | $78643442.96  | 1.22%             | N/A             | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| DAIRY FARMERS OF AMERICA | Dairy Farmers of America Inc                                                 | CUSIP: 23385HAA7<br>LEI: 1LTUIZEFFT7MUIERI838 | Long             | DBT              | CORP              | US        |  10700000 | PA      | $10790896.50  | 0.17%             | N/A             | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| LANCASHIRE HOLDINGS LTD  | Lancashire Holdings Ltd                                                      | CUSIP: 000000000<br>LEI: 5493002UNUYXLHOWF752 | Long             | DBT              | CORP              | BM        |  32050000 | PA      | $32098406.72  | 0.50%             | 2041-09-18      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC      | Dominion Energy Inc                                                          | CUSIP: 25746UDU0<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |  12433000 | PA      | $13450417.26  | 0.21%             | 2054-06-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ATHENE HOLDING LTD       | Athene Holding Ltd                                                           | CUSIP: 04686J507<br>LEI: 549300H316CT32FQXI76 | Long             | EP               | CORP              | US        |   1271509 | NS      | $32881222.74  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| CREDIT AGRICOLE SA       | Credit Agricole SA                                                           | CUSIP: 225313AR6<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |  45578000 | PA      | $46636503.47  | 0.72%             | N/A             | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| RENAISSANCERE HOLDINGS L | RenaissanceRe Holdings Ltd                                                   | CUSIP: 000000000<br>LEI: EK6GB9U3U58PDI411C94 | Long             | EP               | CORP              | BM        |    859247 | NS      | $13885431.52  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| BROOKFIELD INFRASTRUCTUR | Brookfield Infrastructure Partners LP                                        | CUSIP: 000000000<br>LEI: 549300WEH5R2OODI7Y90 | Long             | EP               | CORP              | BM        |     56983 | NS      | $952755.76    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| STATE STREET CORP        | State Street Corp                                                            | CUSIP: 857477855<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EP               | CORP              | US        |    212696 | NS      | $4983467.28   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| CREDIT SUISSE GROUP AG   | Credit Suisse Group AG                                                       | CUSIP: 225401AJ7<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |  76900000 | PA      | $26438220.00  | 0.41%             | N/A             | Variable      | 7.50%                 | No            |                  3 | On Loan: No      |
| NATWEST GROUP PLC        | NatWest Group PLC                                                            | CUSIP: 639057AQ1<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |  24705000 | PA      | $27935055.23  | 0.43%             | N/A             | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS              | BNP Paribas SA                                                               | CUSIP: 05565A5R0<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |  56900000 | PA      | $60962034.10  | 0.94%             | N/A             | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ASPEN INSURANCE HLDG LTD | Aspen Insurance Holdings Ltd                                                 | CUSIP: 000000000<br>LEI: 549300YX6HECG9XQCQ75 | Long             | EP               | CORP              | BM        |    490244 | NS      | $9736245.84   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| CHS INC                  | CHS Inc                                                                      | CUSIP: 12542R506<br>LEI: XEIEFTLYDQ1MZ6TZV015 | Long             | EP               | CORP              | US        |     49047 | NS      | $1248246.15   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CHARLES SCHWAB CORP      | Charles Schwab Corp/The                                                      | CUSIP: 808513BJ3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |  73169000 | PA      | $68690347.46  | 1.06%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DTE ENERGY CO            | DTE Energy Co                                                                | CUSIP: 233331818<br>LEI: 549300IX8SD6XXD71I78 | Long             | EP               | CORP              | US        |     20021 | NS      | $355372.75    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| COMPEER FINANCIAL ACA    | Compeer Financial ACA                                                        | CUSIP: 20453QAC6<br>LEI: 54930020HTACTODKHT04 | Long             | DBT              | CORP              | US        |  15480000 | PA      | $15982558.82  | 0.25%             | N/A             | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| METLIFE INC              | MetLife Inc                                                                  | CUSIP: 59156RCQ9<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |   7509000 | PA      | $7889984.13   | 0.12%             | 2055-03-15      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD INFRASTRUCTUR | Brookfield Infrastructure Partners LP                                        | CUSIP: 000000000<br>LEI: 549300WEH5R2OODI7Y90 | Long             | EP               | CORP              | BM        |    616426 | NS      | $10540884.60  | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| ATHENE HOLDING LTD       | Athene Holding Ltd                                                           | CUSIP: 04686J838<br>LEI: 549300H316CT32FQXI76 | Long             | EP               | CORP              | US        |   1695186 | NS      | $42854302.08  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC HOLDINGS PLC        | HSBC Holdings PLC                                                            | CUSIP: 404280DT3<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |  56700000 | PA      | $59699770.20  | 0.92%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC | Corebridge Financial Inc                                                     | CUSIP: 21871XAU3<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |  18560000 | PA      | $19296516.48  | 0.30%             | N/A             | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY           | Morgan Stanley                                                               | CUSIP: 61762V838<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |    398053 | NS      | $10436949.66  | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T INC                 | AT&T Inc                                                                     | CUSIP: 00206R300<br>LEI: 549300Z40J86GGSTL398 | Long             | EP               | CORP              | US        |    627289 | NS      | $14088910.94  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO      | JPMorgan Chase & Co                                                          | CUSIP: 48128B622<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EP               | CORP              | US        |      7606 | NS      | $154782.10    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AXIS SPECIALTY FINANCE   | AXIS Specialty Finance LLC                                                   | CUSIP: 05463HAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  16181000 | PA      | $15622632.36  | 0.24%             | 2040-01-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP       | Energy Transfer LP                                                           | CUSIP: 29273VAM2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   6750000 | PA      | $6991704.00   | 0.11%             | N/A             | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC            | Citigroup Inc                                                                | CUSIP: 17327CAV5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |  24700000 | PA      | $25457993.60  | 0.39%             | N/A             | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| ASSURED GUARANTY MUNI    | Assured Guaranty Municipal Holdings Inc                                      | CUSIP: 31769PAB6<br>LEI: 549300WKHOG7BKB8MS12 | Long             | DBT              | CORP              | US        |  12699000 | PA      | $11941760.03  | 0.18%             | 2066-12-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC  | Goldman Sachs Group Inc/The                                                  | CUSIP: 38141GB52<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |  30900000 | PA      | $31498144.59  | 0.49%             | N/A             | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE | Banco Mercantil del Norte SA/Grand Cayman                                    | CUSIP: 05962GAJ8<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |  15700000 | PA      | $16166368.50  | 0.25%             | N/A             | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV             | ING Groep NV                                                                 | CUSIP: 000000000<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |  38873000 | PA      | $42258105.16  | 0.65%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CARLYLE FINANCE LLC      | Carlyle Finance LLC                                                          | CUSIP: 14314C105<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   1970124 | NS      | $34181651.40  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTERA ENERGY CAPITAL   | NextEra Energy Capital Holdings Inc                                          | CUSIP: 65339K837<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | EP               | CORP              | US        |   3473570 | NS      | $88923392.00  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS GROUP INC  | Goldman Sachs Group Inc/The                                                  | CUSIP: 38141GA38<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |  13608000 | PA      | $14404921.09  | 0.22%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV             | ING Groep NV                                                                 | CUSIP: 456837BT9<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |  57807000 | PA      | $60505141.73  | 0.94%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY       | Ford Motor Co                                                                | CUSIP: 345370811<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EP               | CORP              | US        |    462967 | NS      | $10555647.60  | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| DUKE ENERGY CORP         | Duke Energy Corp                                                             | CUSIP: 26441CCG8<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |  23875000 | PA      | $24990404.43  | 0.39%             | 2054-09-01      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| BBVA MEX BANCA GRUPO TX  | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico/TX | CUSIP: 07336UAA1<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |  31600000 | PA      | $35149059.20  | 0.54%             | 2038-06-29      | Fixed         | 8.45%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP    | Truist Financial Corp                                                        | CUSIP: 89832Q695<br>LEI: 549300DRQQI75D2JP341 | Long             | EP               | CORP              | US        |    156680 | NS      | $3074061.60   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| SPIRE INC                | Spire Inc                                                                    | CUSIP: 84857LAE1<br>LEI: 549300NXSY15DRY2R511 | Long             | DBT              | CORP              | US        |  18560000 | PA      | $18747249.06  | 0.29%             | 2056-06-01      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| AGNC INVESTMENT CORP     | AGNC Investment Corp                                                         | CUSIP: 00123Q831<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |    208460 | NS      | $5409537.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP PARIBAS              | BNP Paribas SA                                                               | CUSIP: 05565AS20<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   8300000 | PA      | $8869712.00   | 0.14%             | N/A             | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| ASSURANT INC             | Assurant Inc                                                                 | CUSIP: 04621XAK4<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | DBT              | CORP              | US        |  34460000 | PA      | $35499367.36  | 0.55%             | 2048-03-27      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO      | JPMorgan Chase & Co                                                          | CUSIP: 48128B549<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EP               | CORP              | US        |    533024 | NS      | $10607177.60  | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| APOLLO GLOBAL MANAGEMENT | Apollo Global Management Inc                                                 | CUSIP: 03769M205<br>LEI: 254900LMFT1CY9IYB476 | Long             | EP               | CORP              | US        |       947 | NS      | $24962.92     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHERN CO              | Southern Co/The                                                              | CUSIP: 842587800<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EP               | CORP              | US        |    594749 | NS      | $12222091.95  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| VOYA FINANCIAL INC       | Voya Financial Inc                                                           | CUSIP: 929089209<br>LEI: 549300T065Z4KJ686G75 | Long             | EP               | CORP              | US        |    224438 | NS      | $5471798.44   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| FARM CREDIT BK OF TEXAS  | Farm Credit Bank of Texas                                                    | CUSIP: 30767EAC3<br>LEI: V1EBJIOLRNYDHDF63Z33 | Long             | DBT              | USGSE             | US        |   7650000 | PA      | $7662660.75   | 0.12%             | N/A             | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| SWEDBANK AB              | Swedbank AB                                                                  | CUSIP: 000000000<br>LEI: M312WZV08Y7LYUC71685 | Long             | DBT              | CORP              | SE        |   8600000 | PA      | $9313800.00   | 0.14%             | N/A             | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD RENEWABLE PAR | Brookfield Renewable Partners LP                                             | CUSIP: 000000000<br>LEI: VA8DFMRI2GY8Y7V79H93 | Long             | EP               | CORP              | CA        |    638546 | NS      | $11468286.16  | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| BERKLEY (WR) CORPORATION | W R Berkley Corp                                                             | CUSIP: 084423805<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EP               | CORP              | US        |    370556 | NS      | $7714975.92   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| TELUS CORP               | TELUS Corp                                                                   | CUSIP: 87971MCL5<br>LEI: 894500WE70KKZRQMBU11 | Long             | DBT              | CORP              | CA        |  12456000 | PA      | $12745041.48  | 0.20%             | 2055-10-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINL GRP | Sumitomo Mitsui Financial Group Inc                                          | CUSIP: 86562MDK3<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |  17420000 | PA      | $18002437.70  | 0.28%             | N/A             | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| TRANSCANADA TRUST        | Transcanada Trust                                                            | CUSIP: 89356BAG3<br>LEI: 549300Y0MFCAXLBWUV51 | Long             | DBT              | CORP              | CA        |  10516000 | PA      | $10472271.32  | 0.16%             | 2082-03-07      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC         | T-Mobile USA Inc                                                             | CUSIP: 87264A204<br>LEI: 549300V2JRLO5DIFGE82 | Long             | EP               | CORP              | US        |   3100717 | NS      | $70975412.13  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTERPOINT ENERGY INC   | CenterPoint Energy Inc                                                       | CUSIP: 15189TBJ5<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1485845.20   | 0.02%             | 2055-02-15      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| LIBERTY MUTUAL GROUP INC | Liberty Mutual Group Inc                                                     | CUSIP: 53079EBM5<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |   5977000 | PA      | $5916571.04   | 0.09%             | 2051-12-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC            | Citigroup Inc                                                                | CUSIP: 172967242<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EP               | CORP              | US        |    310000 | NS      | $7777900.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| MITSUBISHI UFJ FIN GRP   | Mitsubishi UFJ Financial Group Inc                                           | CUSIP: 606822DP6<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |  40500000 | PA      | $41492088.00  | 0.64%             | N/A             | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY       | Ford Motor Co                                                                | CUSIP: 345370845<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EP               | CORP              | US        |    303738 | NS      | $6670086.48   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP PARIBAS              | BNP Paribas SA                                                               | CUSIP: 05565AM34<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |  36770000 | PA      | $39075221.61  | 0.61%             | N/A             | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| EUSHI FINANCE INC        | EUSHI Finance Inc                                                            | CUSIP: 29882DAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  37000000 | PA      | $37244385.00  | 0.58%             | 2056-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC  | Goldman Sachs Group Inc/The                                                  | CUSIP: 38144GAB7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    375000 | PA      | $375389.32    | 0.01%             | N/A             | Fixed         | 7.56%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC         | T-Mobile USA Inc                                                             | CUSIP: 87264A105<br>LEI: 549300V2JRLO5DIFGE82 | Long             | EP               | CORP              | US        |    605613 | NS      | $15231166.95  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| ARES FINANCE CO          | Ares Finance Co III LLC                                                      | CUSIP: 04018VAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  40400000 | PA      | $39966443.36  | 0.62%             | 2051-06-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Derek Maltbie

**Name of Signer:** Derek Maltbie

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