# EDGAR Filing Document

**Accession Number:** 0001497778
**File Stem:** 0000940400-25-002912
**Filing Date:** 2025-9
**Character Count:** 89816
**Document Hash:** ce34eed626e700e05966181401b75122
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-002912.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0000940400-25-002912

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIRST TRUST SERIES FUND
- **CENTRAL INDEX KEY:** 0001497778

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22452
- **FILM NUMBER:** 251349194

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

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

## Series and Classes Contracts Data

### First Trust Managed Municipal Fund (Series ID: S000074778)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000232961 | Class I      | CWAIX           |
| C000232962 | Class A      | CWAAX           |

## Nport-Ex

**First Trust Managed Municipal Fund** 

**Portfolio of Investments** 

**July 31, 2025 (Unaudited)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS – 98.6%** | **MUNICIPAL BONDS – 98.6%** | **MUNICIPAL BONDS – 98.6%** | **MUNICIPAL BONDS – 98.6%** | **MUNICIPAL BONDS – 98.6%** |
|  | **Alabama – 3.7%** |  |  |  |
| $500000 | &nbsp;&nbsp; Black Belt Energy Gas Dist AL Gas Proj Rev, Ser C-1 (Mandatory <br> put 06/01/29)<br>| 5.25<br> %<br>| 02/01/53 | $524697 |
| 640000 | &nbsp;&nbsp; Black Belt Energy Gas Dist AL Gas Proj Rev, Ser F (Mandatory <br> put 12/01/28)<br>| 5.50<br> %<br>| 11/01/53 | 672042 |
| 360000 | &nbsp;&nbsp; Homewood AL Eductnl Bldg Auth Rev Stdt Hsg & Parking Proj, <br> Ser C<br>| 5.50<br> %<br>| 10/01/44 | 361503 |
| 500000 | Jacksonville Pub Eductnl Bldg Auth JSU Fdtn Proj, Ser A, BAM | 5.13<br> %<br>| 08/01/44 | 507821 |
| 500000 | &nbsp;&nbsp; SE Energy Auth AL Cooperative Dist Cmdy Sply Rev Proj #6, <br> Ser B (Mandatory put 06/01/30)<br>| 5.00<br> %<br>| 01/01/54 | 527928 |
|  |  |  |  | 2593991 |
|  | **Arizona – 0.9%** |  |  |  |
| 350000 | AZ St Indl Dev Auth Edu Rev Acads of Math & Science Proj (a) | 4.00<br> %<br>| 07/01/29 | 348108 |
| 270000 | &nbsp;&nbsp; Phoenix AZ Indl Dev Auth Stdt Hsg Rev Downtown Phoenix Stdt <br> Hsg II LLC AZ St Univ Proj, Ser A <br>| 5.00<br> %<br>| 07/01/35 | 273653 |
|  |  |  |  | 621761 |
|  | **Arkansas – 0.4%** |  |  |  |
| 250000 | &nbsp;&nbsp; AR Dev Fin Auth Envrnmntl Rev Sustainable Bond United States <br> Steel Corp Proj, AMT<br>| 5.45<br> %<br>| 09/01/52 | 244465 |
|  | **California – 9.0%** |  |  |  |
| 600000 | &nbsp;&nbsp; CA Cmnty Choice Fing Auth Clean Energy Proj Rev Sustainable <br> Bond, Ser A-1 (Mandatory put 08/01/28) <br>| 4.00<br> %<br>| 05/01/53 | 602932 |
| 835000 | &nbsp;&nbsp; CA Cmnty Choice Fing Auth Clean Energy Proj Rev Sustainable <br> Bond, Ser B-1 (Mandatory put 08/01/31) <br>| 4.00<br> %<br>| 02/01/52 | 830224 |
| 250000 | &nbsp;&nbsp; CA St Muni Fin Auth Chrt Sch Rev Palmdale Aerospace Acdmy <br> Proj, Ser A (a)<br>| 5.00<br> %<br>| 07/01/38 | 239667 |
| 500000 | &nbsp;&nbsp; CA St Poll Control Fing Auth Wtr Furnishing Rev Plant Bonds, <br> AMT (a)<br>| 5.00<br> %<br>| 07/01/37 | 498488 |
| 250000 | &nbsp;&nbsp; CA St Poll Control Fing Auth Wtr Furnishing Rev Poseidon Res LP <br> Desalination Proj, AMT (a)<br>| 5.00<br> %<br>| 07/01/36 | 259312 |
| 1000000 | Kern CA Cmnty Clg Dist, Ser D | 5.25<br> %<br>| 08/01/40 | 1074875 |
| 25000 | &nbsp;&nbsp; Los Angeles CA Dept of Arpts Arpt Rev Prerefunded Subord Ref, <br> Ser D, AMT (Pre-refunded maturity 11/15/31) <br>| 5.00<br> %<br>| 05/15/33 | 27052 |
| 250000 | &nbsp;&nbsp; Los Angeles CA Dept of Arpts Arpt Rev Sub Los Angeles Intl Arpt, <br> Ser A, AMT<br>| 5.25<br> %<br>| 05/15/48 | 250381 |
| 500000 | &nbsp;&nbsp; Los Angeles CA Dept of Arpts Arpt Rev Unrefunded Subord Ref, <br> Ser D, AMT<br>| 5.00<br> %<br>| 05/15/31 | 543982 |
| 675000 | &nbsp;&nbsp; River Islands CA Pub Fing Auth Spl Tax Ref Cmnty Facs Dist <br> #2003-1, Ser A-1, AG<br>| 5.00<br> %<br>| 09/01/35 | 723697 |
| 500000 | &nbsp;&nbsp; San Francisco CA City & Cnty Arpts Commn Intl Arpt Rev, Ser A, <br> AMT<br>| 5.00<br> %<br>| 05/01/49 | 490334 |
| 400000 | &nbsp;&nbsp; Santa Clara Vly CA Wtr Dist Safe Clean Wtr Rev Sustainable <br> Bond, Ser A<br>| 5.00<br> %<br>| 08/01/39 | 434274 |
| 390000 | Vacaville CA Spl Tax Lower Lagoon Vly Impt Area No. 1, Ser A | 5.00<br> %<br>| 09/01/35 | 400998 |
|  |  |  |  | 6376216 |
|  | **Colorado – 3.9%** |  |  |  |
| 650000 | &nbsp;&nbsp; Adams & Arapahoe Cntys CO Jt Sch Dist #28J Aurora, COPS, <br> BAM<br>| 5.25<br> %<br>| 12/01/43 | 672221 |
| 600000 | Arista CO Met Dist Ref, Ser A, BAM | 5.00<br> %<br>| 12/01/38 | 629425 |
| 900000 | Denver City & Cnty CO Arpt Rev Ref, Ser D, AMT | 5.50<br> %<br>| 11/15/33 | 1004681 |
| 500000 | Thompson Crossing Met Dist #4 CO Ref | 5.00<br> %<br>| 12/01/39 | 488613 |
|  |  |  |  | 2794940 |

---

------

**First Trust Managed Municipal Fund** 

**Portfolio of Investments (Continued)**

**July 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Connecticut – 0.9%** |  |  |  |
| $330000 | CT St Hlth & Eductnl Facs Auth Rev Covenant Home Inc, Ser B | 5.00<br> %<br>| 12/01/26 | $335549 |
| 250000 | CT St Spl Tax Oblig Rev Transprtn Infra Purp, Ser A | 5.00<br> %<br>| 07/01/36 | 273013 |
|  |  |  |  | 608562 |
|  | **District of Columbia – 1.0%** |  |  |  |
| 650000 | Met WA DC Arpts Auth Arpt Sys Rev Ref, Ser A, AMT | 5.25<br> %<br>| 10/01/40 | 677014 |
|  | **Florida – 7.1%** |  |  |  |
| 400000 | Beach Cmnty Dev Dist FL Capital Impt Rev Ref, AG | 5.25<br> %<br>| 05/01/44 | 403380 |
| 500000 | Berry Bay II CDD FL Spl Assmnt Proj, Ser 2024 | 5.20<br> %<br>| 05/01/44 | 467186 |
| 250000 | Black Creek FL CDD Spl Assmnt Expansion Area Proj | 5.13<br> %<br>| 06/15/32 | 260288 |
| 320000 | Broward Cnty FL Port Facs Rev, AMT | 5.00<br> %<br>| 09/01/38 | 329374 |
| 500000 | Forest Lake Cmnty Dev Dist FL Spl Assmnt Area 1 Proj (a) | 4.00<br> %<br>| 05/01/40 | 445315 |
| 605000 | Jea FL Elec Sys Rev Ref, Ser Three A | 3.00<br> %<br>| 10/01/40 | 489396 |
| 1000000 | Lakewood Ranch FL Stewardship Dist Util Rev Sys Acq Proj, AG | 5.25<br> %<br>| 10/01/48 | 1011858 |
| 75000 | Palm Beach Cnty FL Hlth Facs Auth Acts Retmnt, Ser B | 5.00<br> %<br>| 11/15/42 | 73692 |
| 285000 | Pasco Cnty FL Sch Brd, Ser A, COPS, AG | 5.00<br> %<br>| 08/01/37 | 300900 |
| 495000 | Sarasota Natl FL CDD Spl Assmnt Ref | 3.50<br> %<br>| 05/01/31 | 496655 |
| 400000 | &nbsp;&nbsp; Volusia Cnty FL Eductnl Fac Auth Ref Embry Riddle Aeronautical <br> Univ Inc Proj, Ser A<br>| 4.00<br> %<br>| 10/15/36 | 398859 |
| 335000 | Westview S CDD FL Spl Assmnt Area One 2023 Proj Area | 5.38<br> %<br>| 05/01/43 | 326604 |
|  |  |  |  | 5003507 |
|  | **Georgia – 3.9%** |  |  |  |
| 1000000 | &nbsp;&nbsp; Burke Cnty GA Dev Auth Poll Control Rev Var GA Pwr Co Plant <br> Vogtle Proj Remk, 1st Ser (Mandatory Put 03/06/26) <br>| 3.88<br> %<br>| 10/01/32 | 1003882 |
| 500000 | &nbsp;&nbsp; Fulton Cnty GA Rsdl Care Facs Elderly Auth Retmnt Fac Rev Ref <br> Lenbrook Sq Fdtn Inc<br>| 5.00<br> %<br>| 07/01/31 | 504332 |
| 740000 | Main Street Nat Gas Inc GA Gas Sply Rev, Ser A | 5.00<br> %<br>| 06/01/30 | 779548 |
| 500000 | &nbsp;&nbsp; Main Street Nat Gas Inc GA Gas Sply Rev, Ser A (Mandatory put <br> 12/01/29)<br>| 4.00<br> %<br>| 09/01/52 | 500797 |
|  |  |  |  | 2788559 |
|  | **Hawaii – 1.3%** |  |  |  |
| 500000 | HI St Arpts Sys Rev, Ser A, AMT | 5.00<br> %<br>| 07/01/43 | 494529 |
| 500000 | Honolulu City & Cnty HI Brd of Wtr Sply Wtr Sys Rev, Ser A | 3.00<br> %<br>| 07/01/41 | 400125 |
|  |  |  |  | 894654 |
|  | **Idaho – 0.7%** |  |  |  |
| 505000 | ID St Hlth Facs Auth Rev Ref St Lukes Hlth Sys Proj, Ser A | 5.00<br> %<br>| 03/01/34 | 521621 |
|  | **Illinois – 2.2%** |  |  |  |
| 750000 | Chicago IL Chicago Wks, Ser A | 5.50<br> %<br>| 01/01/40 | 765477 |
| 500000 | IL St  | 5.50<br> %<br>| 05/01/39 | 519681 |
| 250000 | IL St, Ser A | 5.50<br> %<br>| 03/01/47 | 254151 |
|  |  |  |  | 1539309 |
|  | **Indiana – 3.0%** |  |  |  |
| 525000 | &nbsp;&nbsp; IN St Fin Auth Envrnmntl Rev Ref Var Duke Energy IN Inc Proj <br> Remk, Ser A-1, AMT (Mandatory put 06/01/32) <br>| 4.50<br> %<br>| 05/01/35 | 530742 |
| 500000 | IN St Fin Auth Stdt Hsg Rev Sr Stdt Hsg Proj, Ser A | 5.00<br> %<br>| 07/01/54 | 468648 |
| 375000 | &nbsp;&nbsp; Valparaiso IN Exempt Facs Rev Ref Pratt Paper LLC Proj, <br> AMT (a)<br>| 4.50<br> %<br>| 01/01/34 | 378814 |
| 700000 | &nbsp;&nbsp; Whiting IN Envrnmntl Facs Rev Ref BP Products N America Inc <br> Proj, Ser A, AMT (Mandatory put 06/05/26) <br>| 5.00<br> %<br>| 12/01/44 | 709345 |
|  |  |  |  | 2087549 |

---

------

**First Trust Managed Municipal Fund** 

**Portfolio of Investments (Continued)**

**July 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Iowa – 0.8%** |  |  |  |
| $500000 | &nbsp;&nbsp; IA St Fin Auth Midwstrn Disaster Area Rev Ref IA Fertilizer <br> Company Proj (Mandatory put 12/01/42) (Pre-refunded maturity <br> 12/01/32) <br>| 5.00<br> %<br>| 12/01/50 | $564677 |
|  | **Kansas – 0.4%** |  |  |  |
| 235000 | &nbsp;&nbsp; Shawnee Cnty KS Pub Bldg Commn Rev Corrections and Parks & <br> Rec Projs<br>| 5.00<br> %<br>| 09/01/33 | 260640 |
|  | **Kentucky – 2.6%** |  |  |  |
| 1000000 | Boyle Cnty KY Eductnl Facs Rev Ref Centre Clg, Ser A | 5.25<br> %<br>| 06/01/43 | 1012591 |
| 250000 | KY St Property & Bldgs Commn Revs Proj No. 128, Ser A | 5.50<br> %<br>| 11/01/42 | 267473 |
| 550000 | &nbsp;&nbsp; Louisville & Jefferson Cnty KY Met Govt Hlth Sys Rev Ref <br> Norton Hlthcare Inc, Ser A <br>| 5.00<br> %<br>| 10/01/38 | 574990 |
|  |  |  |  | 1855054 |
|  | **Louisiana – 2.3%** |  |  |  |
| 490000 | &nbsp;&nbsp; LA St Loc Govt Envrnmntl Facs & Cmnty Dev Auth Rev Ref <br> Westlake Chemical Corp Proj Remk <br>| 3.50<br> %<br>| 11/01/32 | 468729 |
| 400000 | &nbsp;&nbsp; LA St Pub Facs Auth Sol Wst Disp Fac Rev Var Elementus <br> Minerals LLC Proj (Mandatory put 11/01/25) (a)<br>| 5.00<br> %<br>| 10/01/43 | 401237 |
| 500000 | &nbsp;&nbsp; Saint John the Baptist Parish LA Rev Ref Var Marathon Oil Corp <br> Proj Remk, Ser A-1 (Mandatory put 07/01/26) <br>| 4.05<br> %<br>| 06/01/37 | 504244 |
| 250000 | &nbsp;&nbsp; Saint John the Baptist Parish LA Rev Var Ref Marathon Oil Corp <br> Proj Remk, Subser 2017B-2 (Mandatory put 07/01/26) <br>| 2.38<br> %<br>| 06/01/37 | 248368 |
|  |  |  |  | 1622578 |
|  | **Maryland – 1.8%** |  |  |  |
| 1000000 | &nbsp;&nbsp; MD St Econ Dev Corp Var Ref Constellation Energy Grp Proj <br> Remk, Ser B (Mandatory put 04/03/28) <br>| 4.10<br> %<br>| 10/01/36 | 1017869 |
| 250000 | &nbsp;&nbsp; MD St Hlth & Hgr Eductnl Facs Auth Rev Var Ref Johns Hopkins <br> Hlth System, Ser B (b)<br>| 2.70<br> %<br>| 06/01/46 | 250000 |
|  |  |  |  | 1267869 |
|  | **Massachusetts – 0.6%** |  |  |  |
| 390000 | &nbsp;&nbsp; MA St Dev Fin Agy Rev Tufts Univ Stdt Hsg Proj Prg Medford <br> Properties Inc<br>| 5.25<br> %<br>| 06/01/41 | 407657 |
|  | **Minnesota – 0.6%** |  |  |  |
| 500000 | Rochester MN Hlth Care Facs Rev Mayo Clinic, Ser A | 4.25<br> %<br>| 11/15/50 | 452196 |
|  | **Mississippi – 1.4%** |  |  |  |
| 1000000 | &nbsp;&nbsp; MS St Busn Fin Commn Gulf Opportunity Zone Var Chevron USA <br> Inc, Ser L (b)<br>| 2.70<br> %<br>| 11/01/35 | 1000000 |
|  | **Missouri – 0.6%** |  |  |  |
| 500000 | &nbsp;&nbsp; Saint Louis Cnty MO Indl Dev Auth Sr Living Facs Ref Friendship <br> Vlg St. Louis<br>| 5.00<br> %<br>| 09/01/48 | 450643 |
|  | **Nevada – 1.4%** |  |  |  |
| 1000000 | &nbsp;&nbsp; Clark Cnty NV Poll Control Rev Var Ref NV Pwr Co Proj Remk <br> (Mandatory put 03/31/26)<br>| 3.75<br> %<br>| 01/01/36 | 1001254 |
|  | **New Hampshire – 1.0%** |  |  |  |
| 200000 | &nbsp;&nbsp; NH St Busn Fin Auth Wtr Fac Rev Pennichuck Wtr Wks Inc Proj, <br> Ser A, AMT<br>| 5.50<br> %<br>| 04/01/43 | 196575 |

---

------

**First Trust Managed Municipal Fund** 

**Portfolio of Investments (Continued)**

**July 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **New Hampshire (Continued)** |  |  |  |
| $500000 | &nbsp;&nbsp; NH St Hlth & Edu Facs Auth Rev Ref Dartmouth Hlth Oblig Grp <br> Issue<br>| 5.00<br> %<br>| 08/01/41 | $515078 |
|  |  |  |  | 711653 |
|  | **New Jersey – 1.6%** |  |  |  |
| 40000 | NJ St Hgr Edu Asst Auth Stdt Loan Rev, Ser 1A, AMT | 4.00<br> %<br>| 12/01/30 | 40039 |
| 565000 | &nbsp;&nbsp; NJ St Transprtn Trust Fund Auth Fun Auth Transprtn Prog Bonds, <br> Ser CC<br>| 5.25<br> %<br>| 06/15/41 | 589555 |
| 500000 | NJ St Transprtn Trust Fund Auth Ref Transprtn Sys Bonds, Ser A | 5.00<br> %<br>| 12/15/39 | 509486 |
|  |  |  |  | 1139080 |
|  | **New Mexico – 2.8%** |  |  |  |
| 1000000 | &nbsp;&nbsp; Farmington NM Poll Control Rev Var Ref Pub Svc Co NM San <br> Juan Proj Remk, Ser D (Mandatory put 06/01/28) <br>| 3.90<br> %<br>| 06/01/40 | 1012634 |
| 500000 | &nbsp;&nbsp; NM St Muni Energy Acq Auth Gas Sply Ref (Mandatory put <br> 11/01/30)<br>| 5.00<br> %<br>| 06/01/54 | 530858 |
| 500000 | Winrock Town Ctr NM Tax Incr Dev Dist #1 Ref Sr Lien (a) | 4.25<br> %<br>| 05/01/40 | 449041 |
|  |  |  |  | 1992533 |
|  | **New York – 6.1%** |  |  |  |
| 750000 | &nbsp;&nbsp; Build NYC Res Corp NY Rev Sustainable Bond Kipp NYC Pub <br> Sch Facs Canal W Proj<br>| 5.25<br> %<br>| 07/01/52 | 717850 |
| 400000 | Long Beach NY, Ser B, BAM | 5.25<br> %<br>| 07/15/42 | 408762 |
| 500000 | &nbsp;&nbsp; New York City NY Muni Wtr Fin Auth Wtr & Swr Sys Rev Var <br> Second Gen Resolution Sub, Ser FF-2 (b)<br>| 2.75<br> %<br>| 06/15/44 | 500000 |
| 125000 | New York City NY Transitional Fin Auth Rev Sub, Subser F-3 | 3.00<br> %<br>| 02/01/39 | 104786 |
| 250000 | &nbsp;&nbsp; New York City NY Transitional Fin Auth Rev Subord Fiscal 2026, <br> Ser A, Subser A-1 (c)<br>| 5.25<br> %<br>| 05/01/46 | 260541 |
| 500000 | NY NY, Ser B, Subser B-1 | 5.25<br> %<br>| 10/01/40 | 528605 |
| 750000 | Suffolk Regl Off Track Betting Corp NY Rev | 5.75<br> %<br>| 12/01/44 | 763909 |
| 1000000 | Yonkers NY, Ser F, BAM | 5.00<br> %<br>| 11/15/39 | 1060114 |
|  |  |  |  | 4344567 |
|  | **North Carolina – 0.5%** |  |  |  |
| 380000 | &nbsp;&nbsp; NC St Med Care Commn Retmnt Facs Rev The United Methodist <br> Retmnt Homes Proj, Ser A<br>| 5.00<br> %<br>| 10/01/39 | 385701 |
|  | **Ohio – 3.5%** |  |  |  |
| 500000 | &nbsp;&nbsp; Columbus OH Regl Arpt Auth Rev Ref John Glenn Columbus Intl <br> Arpt, Ser A, AMT<br>| 5.25<br> %<br>| 01/01/41 | 518796 |
| 1000000 | &nbsp;&nbsp; Hamilton Cnty OH Hosp Facs Rev Var Ref Trihealth Inc Obligated <br> Grp Proj Remk, Ser B (b)<br>| 2.80<br> %<br>| 08/15/51 | 1000000 |
| 500000 | Montgomery Cnty OH Hlth Care Facs Rev Ref Solvita Proj | 5.25<br> %<br>| 09/01/49 | 495167 |
| 500000 | OH St Air Quality Dev Auth Ref OH Vly Elec Corp Proj, Ser A | 3.25<br> %<br>| 09/01/29 | 492970 |
|  |  |  |  | 2506933 |
|  | **Oklahoma – 0.5%** |  |  |  |
| 300000 | &nbsp;&nbsp; Tulsa OK Muni Arpt Trust Trustees Ref American Airls Inc Proj, <br> AMT<br>| 6.25<br> %<br>| 12/01/40 | 324911 |
|  | **Oregon – 3.2%** |  |  |  |
| 500000 | &nbsp;&nbsp; Clackamas Cnty OR Hosp Fac Auth Rev Ref Rose Villa Proj, <br> Ser A<br>| 5.38<br> %<br>| 11/15/55 | 444916 |
| 270000 | OR St Dept of Transprtn Hwy User Tax Rev Subord Lien, Ser A | 5.00<br> %<br>| 11/15/39 | 280538 |
| 955000 | Port of Portland OR Arpt Rev, Ser Twenty Seven A, AMT | 5.00<br> %<br>| 07/01/30 | 1034347 |

---

------

**First Trust Managed Municipal Fund** 

**Portfolio of Investments (Continued)**

**July 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Oregon (Continued)** |  |  |  |
| $500000 | Union Cnty OR Hosp Fac Auth Grande Ronde Hosp | 5.00<br> %<br>| 07/01/41 | $484001 |
|  |  |  |  | 2243802 |
|  | **Pennsylvania – 7.0%** |  |  |  |
| 515000 | Lancaster Cnty PA Hosp Auth Penn St Hlth | 5.00<br> %<br>| 11/01/37 | 529538 |
| 500000 | &nbsp;&nbsp; Maxatawny Twp PA Muni Auth Rev Diakon Lutheran Social <br> Ministries Proj, Ser A<br>| 5.00<br> %<br>| 01/01/41 | 479732 |
| 700000 | &nbsp;&nbsp; Montgomery Cnty PA Indl Dev Auth Ref Acts Retmnt Life Cmntys <br> Inc Oblig Grp<br>| 5.00<br> %<br>| 11/15/36 | 704448 |
| 500000 | &nbsp;&nbsp; PA St Econ Dev Fing Auth Solid Waste Disposal Rev Var Draw <br> Down Rep Svcs Inc Remk, Ser B-2, AMT (Mandatory put <br> 01/15/26) <br>| 3.85<br> %<br>| 04/01/49 | 499675 |
| 1000000 | &nbsp;&nbsp; PA St Econ Dev Fing Auth T/E Priv Activity Rev The Penndot <br> Major Bridges Package One Proj P3 Proj, AMT <br>| 5.50<br> %<br>| 06/30/37 | 1050547 |
| 500000 | &nbsp;&nbsp; PA St Econ Dev Fing Auth Upmc Rev Ref Upmc Obligated Grp, <br> Ser B<br>| 5.00<br> %<br>| 03/15/41 | 509067 |
| 750000 | PA St Turnpike Commn Turnpike Rev Ref, Ser B | 5.00<br> %<br>| 12/01/39 | 791188 |
| 450000 | Philadelphia PA, Ser A | 4.00<br> %<br>| 05/01/41 | 409223 |
|  |  |  |  | 4973418 |
|  | **Puerto Rico – 1.8%** |  |  |  |
| 750000 | Puerto Rico Cmwlth Restructured, Ser A1 | 4.00<br> %<br>| 07/01/33 | 731845 |
| 77000 | &nbsp;&nbsp; Puerto Rico Sales Tax Fing Corp Sales Tax Rev Restructured, <br> Ser A-1<br>| 4.50<br> %<br>| 07/01/34 | 76996 |
| 531000 | &nbsp;&nbsp; Puerto Rico Sales Tax Fing Corp Sales Tax Rev Restructured, <br> Ser A-2<br>| 4.33<br> %<br>| 07/01/40 | 494250 |
|  |  |  |  | 1303091 |
|  | **South Carolina – 3.9%** |  |  |  |
| 205000 | &nbsp;&nbsp; SC St Jobs Econ Dev Auth Econ Dev Rev Ref The Woodlands at <br> Furman<br>| 4.00<br> %<br>| 11/15/27 | 204756 |
| 500000 | &nbsp;&nbsp; SC St Jobs Econ Dev Auth Hlth Facs Rev Novant Hlth Oblig Grp, <br> Ser A<br>| 5.50<br> %<br>| 11/01/46 | 519468 |
| 350000 | &nbsp;&nbsp; SC St Jobs Econ Dev Auth Hlthcare Rev Beaufort Memorial <br> Hosp & S of Broad Hlthcare Proj <br>| 5.00<br> %<br>| 11/15/34 | 360716 |
| 350000 | &nbsp;&nbsp; SC St Jobs Econ Dev Auth Hosp Facs Rev Ref Bon Secours Mercy <br> Hlth Inc, Ser A<br>| 5.25<br> %<br>| 11/01/42 | 365307 |
| 545000 | SC St Pub Svc Auth Rev Ref Santee Cooper, Ser C, AG | 5.50<br> %<br>| 12/01/40 | 585639 |
| 750000 | SC St Pub Svc Auth Rev, Ser A | 5.00<br> %<br>| 12/01/45 | 752435 |
|  |  |  |  | 2788321 |
|  | **Tennessee – 1.4%** |  |  |  |
| 500000 | Chattanooga TN Hlth Eductnl & Hsg Fac Brd Ref Erlanger Hlth | 5.25<br> %<br>| 12/01/49 | 500134 |
| 500000 | Met Nashville TN Arpt Auth Arpt Rev, Ser B, AMT | 5.50<br> %<br>| 07/01/41 | 522175 |
|  |  |  |  | 1022309 |
|  | **Texas – 7.9%** |  |  |  |
| 500000 | &nbsp;&nbsp; Arlington TX Hgr Edu Fin Corp Edu Rev Ref Harmony Pub Schs, <br> Ser A<br>| 4.00<br> %<br>| 02/15/36 | 496348 |
| 200000 | &nbsp;&nbsp; Arlington TX Hgr Edu Fin Corp Edu Rev Trinity Basin Preparatory <br> Inc<br>| 5.00<br> %<br>| 08/15/35 | 214461 |
| 300000 | Canton TX Indep Sch Dist (c) | 5.25<br> %<br>| 02/15/42 | 315741 |
| 400000 | Centrl TX Regl Mobility Auth Rev, Ser B | 5.00<br> %<br>| 01/01/39 | 414893 |
| 410000 | Corpus Christi TX Util Sys Rev Junior Lien, Ser B | 5.00<br> %<br>| 07/15/35 | 443417 |

---

------

**First Trust Managed Municipal Fund** 

**Portfolio of Investments (Continued)**

**July 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Texas (Continued)** |  |  |  |
| $190000 | &nbsp;&nbsp; Lower Colorado River TX Auth Trans Contract Rev Ref LCRA <br> Trans Svcs Corp Proj<br>| 5.00<br> %<br>| 05/15/39 | $194202 |
| 500000 | &nbsp;&nbsp; Mission TX Econ Dev Corp Sol Wst Disp Rev Var Ref Waste <br> Mgmt Inc Proj Remk, Ser B, AMT (Mandatory put 09/01/25) <br>| 3.95<br> %<br>| 07/01/40 | 500030 |
| 500000 | &nbsp;&nbsp; Newark Hgr Edu Fin Corp TX Edu Rev Hughen Ctr Inc Proj, <br> Ser A<br>| 5.00<br> %<br>| 08/15/37 | 531925 |
| 500000 | &nbsp;&nbsp; Princeton TX Spl Assmnt Rev Winchester Pub Impr Dist #2 <br> Proj (a)<br>| 5.13<br> %<br>| 09/01/42 | 475541 |
| 750000 | &nbsp;&nbsp; Tarrant Cnty TX Cultural Edu Facs Fin Corp Hosp Rev Var Baylor <br> Scott and White Hlth Proj, Ser F (Mandatory put 11/15/30) <br>| 5.00<br> %<br>| 11/15/52 | 811420 |
| 390000 | Trophy Club TX Pub Impt Dist #1 Spl Assmnt Rev Ref | 5.00<br> %<br>| 09/01/32 | 411850 |
| 500000 | TX St Muni Gas Acq & Sply Corp IV, Ser B | 5.50<br> %<br>| 01/01/32 | 547560 |
| 245000 | TX St Wtr Dev Brd St Revolving Fund | 5.00<br> %<br>| 08/01/37 | 261435 |
|  |  |  |  | 5618823 |
|  | **Utah – 1.5%** |  |  |  |
| 500000 | &nbsp;&nbsp; Fields Estates Pub Infra Dist UT Spl Assmnt Fields Estates Assmnt <br> Area, Ser A-2 (a)<br>| 5.25<br> %<br>| 12/01/53 | 459698 |
| 685000 | Midas Mountain Veterans Prog Pub Infra Dist (a) | 5.20<br> %<br>| 06/01/54 | 631284 |
|  |  |  |  | 1090982 |
|  | **Virginia – 2.1%** |  |  |  |
| 425000 | Salem VA Econ Dev Auth Eductnl Facs Rev Roanoke Clg | 6.00<br> %<br>| 04/01/50 | 431395 |
| 625000 | VA St Cmwlth Transprtn Brd Transprtn Rev | 3.00<br> %<br>| 05/15/41 | 503270 |
| 500000 | &nbsp;&nbsp; VA St Small Busn Fing Auth Hlthcare Facs Rev Ref Mary <br> Washington Hlthcare Obligated Grp, Ser A-1 <br>| 5.00<br> %<br>| 06/15/38 | 525718 |
|  |  |  |  | 1460383 |
|  | **Wisconsin – 1.8%** |  |  |  |
| 400000 | &nbsp;&nbsp; Pub Fin Auth WI Edu Rev Ref Pinecrest Acdmy NV Sloan Canyon <br> Cmps Proj, Ser A (a)<br>| 4.50<br> %<br>| 07/15/49 | 334469 |
| 375000 | &nbsp;&nbsp; Pub Fin Auth WI Stdt Hsg Rev Sr KSU Bixby Real Estate Fdtn <br> LLC Proj, Ser A<br>| 5.00<br> %<br>| 06/15/39 | 385609 |
| 500000 | &nbsp;&nbsp; WI St Hlth & Eductnl Facs Auth Rev Bellin Memorial Hosp Inc, <br> Ser A<br>| 5.00<br> %<br>| 12/01/38 | 522332 |
|  |  |  |  | 1242410 |
|  | **Wyoming – 1.5%** |  |  |  |
| 1000000 | &nbsp;&nbsp; Consol Muni Elec Pwr Sys WY Jt Pwrs Brd Sys Jt Pwrs Brd Ref <br> Electrical Sys Proj<br>| 5.25<br> %<br>| 06/01/40 | 1057916 |

---

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

---

| | |
|:---|:---|
| **Total Investments – 98.6%** | 69841549 |
| (Cost $70,370,330)  |  |
| **Net Other Assets and Liabilities – 1.4%** | 1013785 |
| **Net Assets – 100.0%** | $70855334 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Position** | **Number of**<br> **Contracts**<br>| **Expiration**<br> **Date**<br>| **Notional**<br> **Value**<br>| **Unrealized**<br> **Appreciation**<br> **(Depreciation)/**<br> **Value**<br>|
| Ultra 10-Year U.S. Treasury Notes | Short | 15 | Sep 2025 | $1696172 | $(8531) |

---

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

------

**First Trust Managed Municipal Fund** 

**Portfolio of Investments (Continued)**

**July 31, 2025 (Unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) 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, 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. Although market instability can result in
 periods of increased overall market illiquidity, liquidity for each security is determined based on security specific factors and assumptions,
 which require subjective judgment. At July 31, 2025, securities noted as such amounted to $4,920,974 or 6.9% of net assets.

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

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

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

---

| | |
|:---|:---|
| Abbreviations throughout the Portfolio of Investments: | Abbreviations throughout the Portfolio of Investments: |
| AG | – Assured Guaranty, Inc.  |
| AMT | – Alternative Minimum Tax |
| BAM | – Build America Mutual |
| COPS | – Certificates of Participation |

---

------

**Valuation Inputs**

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

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

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

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

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

A summary of the inputs used to value the Fund's investments as of July 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
|  | **Total**<br> **Value at**<br> **7/31/2025**<br>| &nbsp;&nbsp;&nbsp; **Level 1**<br> **Quoted**<br> **Prices**<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> **Significant**<br> **Observable**<br> **Inputs**<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> **Significant**<br> **Unobservable**<br> **Inputs**<br>|
| Municipal Bonds\* | &nbsp;&nbsp; $69841549 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $69841549 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** |
|  | **Total**<br> **Value at**<br> **7/31/2025**<br>| &nbsp;&nbsp;&nbsp; **Level 1**<br> **Quoted**<br> **Prices**<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> **Significant**<br> **Observable**<br> **Inputs**<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> **Significant**<br> **Unobservable**<br> **Inputs**<br>|
| Futures Contracts | &nbsp;&nbsp; $(8531)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(8531)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

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

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

------

## 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 Series Fund

- **b. Investment Company Act file number:** 811-22452

- **c. CIK number of Registrant:** 0001497778

- **d. LEI of Registrant:** 549300RL1B5O4HI4N885

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

  - **Street Address 1:** 120 East Liberty Drive

  - **City:** Wheaton

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60187

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

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

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

- **b. EDGAR series identifier (if any):** S000074778

- **c. LEI of Series:** 549300B8TD0GNZDKG002

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $71834183.76

**Total Liabilities:** $869096.05

**Net Assets:** $70965087.71

**Delayed Delivery Securities:** $573013.00

**Cash Not Reported:** $1222634.79

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 117.50271000 | **1-Year:** 1533.69122000 | **5-Year:** 11334.92201000 | **10-Year:** 34171.82696000 | **30-Year:** 1355.62654000

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

- **3-Month:** 0.00000000 | **1-Year:** 54.17462000 | **5-Year:** 297.96980000 | **10-Year:** 1311.08549000 | **30-Year:** 87.17531000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000232961 | -0.14%               | 0.72%                | -0.29%               |
| Class ID C000232962 | -0.11%               | 0.64%                | -0.31%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-63774.94               | $-225862.29                                |
| Month 2  | $0.00                    | $295824.41                                 |
| Month 3  | $-91520.64               | $-349354.26                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| VIRGINIA ST SMALL BUSINESS FIN              | Virginia Small Business Financing Authority                                      | CUSIP: 928105CE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $525718.25    | 0.74%             | 2038-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA              | Main Street Natural Gas Inc                                                      | CUSIP: 56035DEM0<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    740000 | PA      | $779548.34    | 1.10%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WESTVIEW SOUTH CDD FL SPL ASSM              | Westview South Community Development District                                    | CUSIP: 961566AB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $326604.30    | 0.46%             | 2043-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH A              | Metropolitan Washington Airports Authority Aviation Revenue                      | CUSIP: 592647LY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $677014.52    | 0.95%             | 2040-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PRINCETON TX SPL ASSMNT REVENU              | City of Princeton TX                                                             | CUSIP: 742400BS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $475540.90    | 0.67%             | 2042-09-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING               | Pennsylvania Economic Development Financing Authority                            | CUSIP: 70870JHR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $509067.00    | 0.72%             | 2041-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE              | South Carolina Jobs-Economic Development Authority                               | CUSIP: 837032BZ3<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    500000 | PA      | $519468.45    | 0.73%             | 2046-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A              | California Community Choice Financing Authority                                  | CUSIP: 13013JBJ4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    600000 | PA      | $602932.14    | 0.85%             | 2053-05-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST               | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 6461366M8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    500000 | PA      | $509485.80    | 0.72%             | 2039-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PUBLIC SVC A              | South Carolina Public Service Authority                                          | CUSIP: 8371515Q8<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    750000 | PA      | $752434.58    | 1.06%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL              | Maryland Health & Higher Educational Facilities Authority                        | CUSIP: 57421CGC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250000.00    | 0.35%             | 2046-06-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE ST HLTH & EDU FA              | New Hampshire Health and Education Facilities Authority Act                      | CUSIP: 64461XLZ6<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |    500000 | PA      | $515078.00    | 0.73%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KERN CA CMNTY CLG DIST                      | Kern Community College District                                                  | CUSIP: 492244GS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1074874.90   | 1.51%             | 2040-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE & JEFFERSON CNTY KY              | Louisville/Jefferson County Metropolitan Government                              | CUSIP: 54659LCW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $574989.86    | 0.81%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA              | Main Street Natural Gas Inc                                                      | CUSIP: 56035DDX7<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500796.50    | 0.71%             | 2052-09-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE              | Public Finance Authority                                                         | CUSIP: 74442EMF4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    400000 | PA      | $334468.72    | 0.47%             | 2049-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP               | Arlington Higher Education Finance Corp                                          | CUSIP: 041806LL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $496348.10    | 0.70%             | 2036-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL               | Black Belt Energy Gas District                                                   | CUSIP: 09182TBT3<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    640000 | PA      | $672042.18    | 0.95%             | 2053-11-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| TULSA OK MUNI ARPT TRUST TRUST              | Tulsa Municipal Airport Trust Trustees/OK                                        | CUSIP: 899661EN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $324910.98    | 0.46%             | 2040-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING               | Pennsylvania Economic Development Financing Authority                            | CUSIP: 70868YAN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050546.80   | 1.48%             | 2037-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP               | Arlington Higher Education Finance Corp                                          | CUSIP: 041807BV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $214460.76    | 0.30%             | 2035-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BOYLE CNTY KY EDUCTNL FACS REV              | County of Boyle KY                                                               | CUSIP: 10346PAT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012590.70   | 1.43%             | 2043-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP               | Lakewood Ranch Stewardship District Utility Revenue                              | CUSIP: 51265LAT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011858.40   | 1.43%             | 2048-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM              | North Carolina Medical Care Commission                                           | CUSIP: 65820YSV9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    380000 | PA      | $385701.03    | 0.54%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LONG BEACH NY                               | City of Long Beach NY                                                            | CUSIP: 542519ES8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $408762.16    | 0.58%             | 2042-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH POLL CO              | Development Authority of Burke County/The                                        | CUSIP: 121342QE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003882.20   | 1.41%             | 2032-10-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HGR EDU ASSISTAN              | New Jersey Higher Education Student Assistance Authority                         | CUSIP: 646080SS1<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40039.59     | 0.06%             | 2030-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R              | Massachusetts Development Finance Agency                                         | CUSIP: 57585BMP0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    390000 | PA      | $407657.29    | 0.57%             | 2041-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FOREST LAKE CMNTY DEV DIST FL               | Forest Lake Community Development District                                       | CUSIP: 34585PAC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $445315.05    | 0.63%             | 2040-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                 | City of New York NY                                                              | CUSIP: 64966QK74<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    500000 | PA      | $528604.90    | 0.74%             | 2040-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SAINT JOHN THE BAPTIST PARISH               | Parish of St John the Baptist LA                                                 | CUSIP: 79020FAW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504243.65    | 0.71%             | 2037-06-01      | Variable      | 4.05%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY PA INDL DEV AU              | Montgomery County Industrial Development Authority/PA                            | CUSIP: 61360PCK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $704447.66    | 0.99%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARISTA CO MET DIST                          | Arista Metropolitan District                                                     | CUSIP: 04041AAN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $629424.84    | 0.89%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PASCO CNTY FL SCH BRD COPS                  | Pasco County School Board                                                        | CUSIP: 702528NB2<br>LEI: 549300NYEDMC7IDJPE68 | Long             | DBT              | MUN               | US        |    285000 | PA      | $300900.41    | 0.42%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI BRD OF              | Honolulu City & County Board of Water Supply                                     | CUSIP: 438689MS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $400124.95    | 0.56%             | 2041-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH CH              | California Municipal Finance Authority                                           | CUSIP: 13048DCP1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    250000 | PA      | $239667.40    | 0.34%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A              | City of Los Angeles Department of Airports                                       | CUSIP: 544445ET2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250381.08    | 0.35%             | 2048-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HOMEWOOD AL EDUCTNL BLDG AUTH               | Homewood Educational Building Authority                                          | CUSIP: 437887HW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $361502.93    | 0.51%             | 2044-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R              | Arizona Industrial Development Authority                                         | CUSIP: 04052BKJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $348108.01    | 0.49%             | 2029-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 10YR ULTRA                                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -15 | NC      | $-8569.86     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| CANTON TX INDEP SCH DIST                    | CANTON INDEPENDENT SCHOOL DISTRICT/TX                                            | CUSIP: 138555RD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $315740.76    | 0.44%             | 2042-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ARKANSAS DEV FIN AUTH ENVIRONM              | Arkansas Development Finance Authority                                           | CUSIP: 04110FAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $244465.28    | 0.34%             | 2052-09-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV              | City & County of Denver CO Airport System Revenue                                | CUSIP: 249182TB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $1004681.07   | 1.42%             | 2033-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CENTRL TX REGL MOBILITY AUTH R              | Central Texas Regional Mobility Authority                                        | CUSIP: 155498LT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $414893.32    | 0.58%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEA FL ELEC SYS REVENUE                     | JEA Electric System Revenue                                                      | CUSIP: 46613SQP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    605000 | PA      | $489395.87    | 0.69%             | 2040-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE ST BUSINESS FIN               | New Hampshire Business Finance Authority                                         | CUSIP: 644684GH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $196575.20    | 0.28%             | 2043-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST PUBLIC FACS AUTHS              | Louisiana Public Facilities Authority                                            | CUSIP: 54640TAK5<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    400000 | PA      | $401236.80    | 0.57%             | 2043-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A              | City of Los Angeles Department of Airports                                       | CUSIP: 544445R68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $543982.10    | 0.77%             | 2031-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP                   | Maryland Economic Development Corp                                               | CUSIP: 574205GR5<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017869.10   | 1.43%             | 2036-10-01      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| SHAWNEE CNTY KS PUBLIC BLDG CO              | County of Shawnee KS                                                             | CUSIP: 820561AZ1<br>LEI: 5493007F3P7G61QTP515 | Long             | DBT              | MUN               | US        |    235000 | PA      | $260640.07    | 0.37%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FULTON CNTY GA RSDL CARE FACS               | Fulton County Residential Care Facilities for the Elderly Authority              | CUSIP: 360059AL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504331.95    | 0.71%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSION TX ECON DEV CORP SOL W              | Mission Economic Development Corp                                                | CUSIP: 605155BS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500029.45    | 0.70%             | 2040-07-01      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| CORPUS CHRISTI TX UTILITY SYSR              | City of Corpus Christi TX Utility System Revenue                                 | CUSIP: 220245U85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $443416.93    | 0.62%             | 2035-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVER ISLANDS CA PUBLIC FING A              | River Islands Public Financing Authority                                         | CUSIP: 76827QGL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $723697.13    | 1.02%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE              | South Carolina Jobs-Economic Development Authority                               | CUSIP: 83703EMW2<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    350000 | PA      | $365307.39    | 0.51%             | 2042-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH MIDWSTRN DISA              | Iowa Finance Authority                                                           | CUSIP: 46246SAV7<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    500000 | PA      | $564676.60    | 0.80%             | 2050-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH AL COOPE              | Southeast Energy Authority A Cooperative District                                | CUSIP: 84136GAK1<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    500000 | PA      | $527927.90    | 0.74%             | 2054-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST WTR DEV BRD                        | Texas Water Development Board                                                    | CUSIP: 8828547W6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $261435.31    | 0.37%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEWARK HGR EDU FIN CORP TX EDU              | Newark Higher Education Finance Corp                                             | CUSIP: 650346FN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $531925.00    | 0.75%             | 2037-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN HLTH CARE FACS RE              | City of Rochester MN                                                             | CUSIP: 771902HP1<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |    500000 | PA      | $452195.80    | 0.64%             | 2050-11-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| HAWAII ST ARPTS SYS REVENUE                 | State of Hawaii Airports System Revenue                                          | CUSIP: 419794A44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $494529.50    | 0.70%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI              | Pennsylvania Turnpike Commission                                                 | CUSIP: 709225GE0<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    750000 | PA      | $791187.83    | 1.11%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SARASOTA NATIONAL FL CDD SPL A              | Sarasota National Community Development District                                 | CUSIP: 80342PAG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $496655.18    | 0.70%             | 2031-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN               | New York City Municipal Water Finance Authority                                  | CUSIP: 64972F2J4<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.70%             | 2044-06-15      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION&              | Texas Municipal Gas Acquisition & Supply Corp IV                                 | CUSIP: 88256PAQ3<br>LEI: 549300PTUE847QDBBW22 | Long             | DBT              | MUN               | US        |    500000 | PA      | $547559.55    | 0.77%             | 2032-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SAINT LOUIS CNTY MO INDL DEV A              | St Louis County Industrial Development Authority                                 | CUSIP: 791524CE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $450642.60    | 0.64%             | 2048-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TROPHY CLUB TX PUBLIC IMPT DIS              | Town of Trophy Club TX Public Improvement District No 1                          | CUSIP: 89706PAX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $411850.26    | 0.58%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY OH HOSP FACS REV              | County of Hamilton OH                                                            | CUSIP: 4072722B8<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 1.41%             | 2051-08-15      | Variable      | 2.88%                 | No            |                  2 | On Loan: No      |
| PORT OF PORTLAND OR ARPT REVEN              | Port of Portland OR Airport Revenue                                              | CUSIP: 735240W58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    955000 | PA      | $1034346.75   | 1.46%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST SPL TAX OBLIG R              | State of Connecticut Special Tax Revenue                                         | CUSIP: 207758K51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $273012.90    | 0.38%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR              | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JPU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     77000 | PA      | $76996.13     | 0.11%             | 2034-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL               | Black Belt Energy Gas District                                                   | CUSIP: 09182TCG0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    500000 | PA      | $524697.40    | 0.74%             | 2053-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE              | South Carolina Jobs-Economic Development Authority                               | CUSIP: 83704HAH0<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    350000 | PA      | $360716.44    | 0.51%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL HLTH FACS A              | Palm Beach County Health Facilities Authority                                    | CUSIP: 69650MAY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $73691.43     | 0.10%             | 2042-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL               | New York City Transitional Finance Authority Future Tax Secured Revenue          | CUSIP: 64971WH52<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $104786.39    | 0.15%             | 2039-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SANTA CLARA VLY CA WTR DIST SA              | Santa Clara Valley Water District Safe Clean Water Revenue                       | CUSIP: 80168EAS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $434274.32    | 0.61%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                  | City of Chicago IL                                                               | CUSIP: 167486P60<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    750000 | PA      | $765477.30    | 1.08%             | 2040-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY              | San Francisco City & County Airport Comm-San Francisco International Airport     | CUSIP: 79766DMB2<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    500000 | PA      | $490333.40    | 0.69%             | 2049-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A              | California Community Choice Financing Authority                                  | CUSIP: 13013JAP1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    835000 | PA      | $830224.05    | 1.17%             | 2052-02-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| WINROCK TOWN CENTER NM TAX INC              | Winrock Town Center Tax Increment Development District No 1                      | CUSIP: 97535RAG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $449040.55    | 0.63%             | 2040-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                 | State of Illinois                                                                | CUSIP: 452153DB2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    250000 | PA      | $254151.00    | 0.36%             | 2047-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN              | California Pollution Control Financing Authority                                 | CUSIP: 13054WAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $498487.65    | 0.70%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| THOMPSON CROSSING MET DIST #4               | Thompson Crossing Metropolitan District No 4                                     | CUSIP: 88477EAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $488613.35    | 0.69%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH STUDE              | Industrial Development Authority of the City of Phoenix Arizona/The              | CUSIP: 71885DDZ2<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    270000 | PA      | $273652.78    | 0.39%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA              | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712JGL1<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    500000 | PA      | $522332.45    | 0.74%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PROPERTY & BLDGS C              | Kentucky State Property & Building Commission                                    | CUSIP: 49151FY87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $267473.60    | 0.38%             | 2042-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SALEM VA ECON DEV AUTH EDUCTNL              | Salem Economic Development Authority                                             | CUSIP: 794565BK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $431395.06    | 0.61%             | 2050-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F              | Tarrant County Cultural Education Facilities Finance Corp                        | CUSIP: 87638QSG5<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    750000 | PA      | $811420.28    | 1.14%             | 2052-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| BERRY BAY II CDD FL SPL ASSMNT              | Berry Bay II Community Development District                                      | CUSIP: 08577DAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $467185.85    | 0.66%             | 2044-05-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| YONKERS NY                                  | City of Yonkers NY                                                               | CUSIP: 986082W43<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1060113.80   | 1.49%             | 2039-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNION CNTY OR HOSP FAC AUTH                 | Union County Hospital Facility Authority                                         | CUSIP: 906420CF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $484001.10    | 0.68%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST CMWLTH TRANSPRTN B              | Virginia Commonwealth Transportation Board                                       | CUSIP: 927793ZU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $503269.75    | 0.71%             | 2041-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| COLUMBUS OH REGL ARPT AUTH REV              | Columbus Regional Airport Authority                                              | CUSIP: 199546CX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $518795.70    | 0.73%             | 2041-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY OH HLTH CARE F              | County of Montgomery OH                                                          | CUSIP: 613518DH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $495166.80    | 0.70%             | 2049-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ADAMS & ARAPAHOE CNTYS CO JT S              | Adams & Arapahoe Counties Joint School District 28J Aurora                       | CUSIP: 005484DA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $672220.71    | 0.95%             | 2043-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SUFFOLK REGL OFF-TRACK BETTING              | Suffolk Regional Off-Track Betting Corp                                          | CUSIP: 86480TAB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $763909.20    | 1.08%             | 2044-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| LOWER COLORADO RIVER TX AUTH T              | Lower Colorado River Authority                                                   | CUSIP: 54811BUY5<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |    190000 | PA      | $194201.98    | 0.27%             | 2039-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAXATAWNY TWP PA MUNI AUTH REV              | Maxatawny Township Municipal Authority                                           | CUSIP: 57778PAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $479731.70    | 0.68%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VOLUSIA CNTY FL EDUCTNL FAC AU              | Volusia County Educational Facility Authority                                    | CUSIP: 928836MZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $398858.60    | 0.56%             | 2036-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FIELDS ESTATES PUBLIC INFRASTR              | Fields Estates Public Infrastructure District                                    | CUSIP: 31657CAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $459697.85    | 0.65%             | 2053-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE              | South Carolina Jobs-Economic Development Authority                               | CUSIP: 837031WH2<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    205000 | PA      | $204755.62    | 0.29%             | 2027-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CO              | Mississippi Business Finance Corp                                                | CUSIP: 60528ACC6<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 1.41%             | 2035-11-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY CITY TRANSITIONAL               | NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY                                     | CUSIP: 64972JWH7<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |    250000 | PA      | $260540.40    | 0.37%             | 2046-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SAINT JOHN THE BAPTIST PARISH               | Parish of St John the Baptist LA                                                 | CUSIP: 79020FBA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $248368.20    | 0.35%             | 2037-06-01      | Variable      | 2.38%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL PORT FACS REVE              | County of Broward FL Port Facilities Revenue                                     | CUSIP: 11506KGV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $329374.05    | 0.46%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING               | Pennsylvania Economic Development Financing Authority                            | CUSIP: 708692BV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $499675.45    | 0.70%             | 2049-04-01      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| BLACK CREEK FL CDD SPL ASSMNT               | Black Creek Community Development District                                       | CUSIP: 09186FAF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $260287.58    | 0.37%             | 2032-06-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| FARMINGTON NM POLL CONTROL REV              | City of Farmington NM                                                            | CUSIP: 311450GC8<br>LEI: 5493000GWMTI2L4AZA61 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012633.70   | 1.43%             | 2040-06-01      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST MUNI ENERGY ACQU              | New Mexico Municipal Energy Acquisition Authority                                | CUSIP: 647207BL2<br>LEI: 549300KZGG2YNDKKCE92 | Long             | DBT              | MUN               | US        |    500000 | PA      | $530858.50    | 0.75%             | 2054-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER CNTY PA HOSP AUTH                 | Lancaster County Hospital Authority/PA                                           | CUSIP: 514045V83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    515000 | PA      | $529538.60    | 0.75%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR              | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    531000 | PA      | $494249.97    | 0.70%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HLTH FACS AUTH REVENU              | Idaho Health Facilities Authority                                                | CUSIP: 451295ZT9<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |    505000 | PA      | $521620.56    | 0.74%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS CNTY OR HOSP FAC AUT              | Clackamas County Hospital Facility Authority                                     | CUSIP: 179027YN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $444915.60    | 0.63%             | 2055-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| JACKSONVILLE PUBLIC EDUCTNL BL              | Jacksonville Public Educational Building Authority                               | CUSIP: 469480BT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507820.80    | 0.72%             | 2044-08-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH                | Ohio Air Quality Development Authority                                           | CUSIP: 677525WB9<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |    500000 | PA      | $492970.55    | 0.69%             | 2029-09-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                 | State of Illinois                                                                | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    500000 | PA      | $519680.95    | 0.73%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MIDAS MOUNTAIN VETERANS PROGRA              | MIDA Mountain Veterans Program Public Infrastructure District                    | CUSIP: 59561SAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    685000 | PA      | $631284.36    | 0.89%             | 2054-06-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH ENVRNMNTL               | Indiana Finance Authority                                                        | CUSIP: 455054BG0<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    525000 | PA      | $530741.72    | 0.75%             | 2035-05-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| VACAVILLE CA SPL TAX                        | City of Vacaville CA                                                             | CUSIP: 918581CD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $400998.39    | 0.57%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST               | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 64613CCE6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    565000 | PA      | $589554.79    | 0.83%             | 2041-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WHITING IN ENVRNMNTL FACS REVE              | City of Whiting IN                                                               | CUSIP: 96634RAU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $709345.14    | 1.00%             | 2044-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI STUDENT HSG              | Public Finance Authority                                                         | CUSIP: 74439YFR7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    375000 | PA      | $385609.20    | 0.54%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                          | Commonwealth of Puerto Rico                                                      | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    750000 | PA      | $731844.53    | 1.03%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV              | Build NYC Resource Corp                                                          | CUSIP: 12008ETX4<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    750000 | PA      | $717849.83    | 1.01%             | 2052-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA                             | City of Philadelphia PA                                                          | CUSIP: 717813ZC6<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |    450000 | PA      | $409223.21    | 0.58%             | 2041-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BEACH CMNTY DEV DIST FL CAPITA              | Beach Community Development District                                             | CUSIP: 07332WAP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $403379.92    | 0.57%             | 2044-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL               | Connecticut State Health & Educational Facilities Authority                      | CUSIP: 20774Y6T9<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    330000 | PA      | $335549.58    | 0.47%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST DEPT OF TRANSPRTN HI              | State of Oregon Department of Transportation                                     | CUSIP: 68607DUU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $280538.26    | 0.40%             | 2039-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHATTANOOGA TN HLTH EDUCTNL &               | Chattanooga Health Educational & Housing Facility Board                          | CUSIP: 162409AN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500133.45    | 0.70%             | 2049-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST LOCAL GOVT ENVRNM              | Louisiana Local Government Environmental Facilities & Community Development Auth | CUSIP: 54628CDX7<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    490000 | PA      | $468729.05    | 0.66%             | 2032-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| VALPARAISO IN EXEMPT FACS REVE              | City of Valparaiso IN                                                            | CUSIP: 92028RAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $378814.05    | 0.53%             | 2034-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CLARK CNTY NV POLL CONTROL REV              | County of Clark NV                                                               | CUSIP: 181008BE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001253.90   | 1.41%             | 2036-01-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A              | City of Los Angeles Department of Airports                                       | CUSIP: 544445P94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27051.77     | 0.04%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET NASHVILLE TN ARPT AUTH ARP              | Metropolitan Nashville Airport Authority/The                                     | CUSIP: 592190QW5<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |    500000 | PA      | $522175.40    | 0.74%             | 2041-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN              | California Pollution Control Financing Authority                                 | CUSIP: 13054WBB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $259311.58    | 0.37%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONSOL MUNI ELEC PWR SYS WY JT              | Consolidated Municipalities Electric Power Systems Joint Powers Board            | CUSIP: 210295EX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1057915.80   | 1.49%             | 2040-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PUBLIC SVC A              | South Carolina Public Service Authority                                          | CUSIP: 837151R27<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    545000 | PA      | $585638.96    | 0.83%             | 2040-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH STUDENT HS              | Indiana Finance Authority                                                        | CUSIP: 45471FAX9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    500000 | PA      | $468648.50    | 0.66%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-18

**Name of Applicant:** First Trust Series Fund

**Signature:** Derek Maltbie

**Name of Signer:** Derek Maltbie

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