# EDGAR Filing Document

**Accession Number:** 0001424212
**File Stem:** 0000940400-25-013864
**Filing Date:** 2025-12
**Character Count:** 72604
**Document Hash:** 8bd240ec905185b7f2c3ae0b2e1d0929
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-013864.hdr.sgml**: 20251219

**ACCESSION NUMBER**: 0000940400-25-013864

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251219

**DATE AS OF CHANGE**: 20251219

**PERIOD START**: 20251031

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22245
- **FILM NUMBER:** 251587107

**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 Institutional Preferred Securities and Income ETF (Series ID: S000058182)

| Class ID   | Class Name                                                    | Ticker Symbol   |
|:---|:---|:---|
| C000190801 | First Trust Institutional Preferred Securities and Income ETF | FPEI            |

## 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 Institutional Preferred Securities and Income ETF

- **b. EDGAR series identifier (if any):** S000058182

- **c. LEI of Series:** 549300D7ZFDT8O4VUH39

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1793044487.52

**Total Liabilities:** $3956484.16

**Net Assets:** $1789088003.36

**Cash Not Reported:** $30227599.21

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 424.28179000 | **1-Year:** 72176.49152000 | **5-Year:** 442543.08299000 | **10-Year:** 225559.06508000 | **30-Year:** 7865.86224000

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

- **3-Month:** 82.04428000 | **1-Year:** 20569.90556000 | **5-Year:** 94406.68311000 | **10-Year:** 22079.66613000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000190801 | 1.02%                | 1.44%                | 1.09%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1082759.13              | $7042910.01                                |
| Month 2  | $3620553.93              | $13606574.94                               |
| Month 3  | $2298826.18              | $7968228.99                                |

### 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        |   2300000 | PA      | $2380424.10   | 0.13%             | N/A             | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS              | BNP Paribas SA                                                               | CUSIP: 05565A5R0<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |  23450000 | PA      | $24853623.20  | 1.39%             | N/A             | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA      | Bank of Nova Scotia/The                                                      | CUSIP: 0641598S8<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |  19400000 | PA      | $20575950.40  | 1.15%             | 2082-10-27      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC        | HSBC Holdings PLC                                                            | CUSIP: 404280DT3<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |  19600000 | PA      | $20802891.20  | 1.16%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK   | Canadian Imperial Bank of Commerce                                           | CUSIP: 13607PNF7<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |   5719000 | PA      | $5849438.95   | 0.33%             | 2085-01-28      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| BBVA BANCOMER SA TEXAS   | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico/TX | CUSIP: 05533UAG3<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |    700000 | PA      | $700451.29    | 0.04%             | 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        |   8552000 | PA      | $9157359.22   | 0.51%             | 2055-04-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY           | Morgan Stanley                                                               | CUSIP: 61762VAA9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    811000 | PA      | $810073.11    | 0.05%             | N/A             | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE | Banco Mercantil del Norte SA/Grand Cayman                                    | CUSIP: 05971PAE8<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |   4200000 | PA      | $4497754.80   | 0.25%             | N/A             | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| AXIS SPECIALTY FINANCE   | AXIS Specialty Finance LLC                                                   | CUSIP: 05463HAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3822000 | PA      | $3707568.02   | 0.21%             | 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        |   5892000 | PA      | $6070028.37   | 0.34%             | N/A             | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC            | Citigroup Inc                                                                | CUSIP: 17327CAV5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   6700000 | PA      | $6901073.70   | 0.39%             | N/A             | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| METLIFE INC              | MetLife Inc                                                                  | CUSIP: 59156RBS6<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |   2900000 | PA      | $3509145.00   | 0.20%             | 2038-04-08      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| ASSURED GUARANTY MUNI    | Assured Guaranty Municipal Holdings Inc                                      | CUSIP: 31769PAB6<br>LEI: 549300WKHOG7BKB8MS12 | Long             | DBT              | CORP              | US        |   2300000 | PA      | $2141852.71   | 0.12%             | 2066-12-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| CITIZENS FINANCIAL GROUP | Citizens Financial Group Inc                                                 | CUSIP: 174610BD6<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |  12513000 | PA      | $12352913.68  | 0.69%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC        | NatWest Group PLC                                                            | CUSIP: 780097BQ3<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    686000 | PA      | $687956.47    | 0.04%             | N/A             | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC  | Goldman Sachs Group Inc/The                                                  | CUSIP: 38141GB52<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   8000000 | PA      | $8163872.00   | 0.46%             | N/A             | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC FIN CO   | Global Atlantic Fin Co                                                       | CUSIP: 37959GAG2<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |  11106000 | PA      | $11628026.42  | 0.65%             | 2054-10-15      | Fixed         | 7.95%                 | 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        |   3592000 | PA      | $3712245.79   | 0.21%             | N/A             | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES   | PNC Financial Services Group Inc/The                                         | CUSIP: 693475BF1<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |  12525000 | PA      | $12743987.10  | 0.71%             | N/A             | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV             | ING Groep NV                                                                 | CUSIP: 000000000<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |   8885000 | PA      | $9631859.77   | 0.54%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER  | American Electric Power Co Inc                                               | CUSIP: 02557TAF6<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |   3420000 | PA      | $3466255.50   | 0.19%             | 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        |     17492 | NS      | $21641977.00  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS GROUP INC  | Goldman Sachs Group Inc/The                                                  | CUSIP: 38141GC28<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   4150000 | PA      | $4324013.65   | 0.24%             | N/A             | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| VOYA FINANCIAL INC       | Voya Financial Inc                                                           | CUSIP: 929089AG5<br>LEI: 549300T065Z4KJ686G75 | Long             | DBT              | CORP              | US        |    755000 | PA      | $798293.21    | 0.04%             | N/A             | Fixed         | 7.76%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV             | ING Groep NV                                                                 | CUSIP: 456837BT9<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |  12725000 | PA      | $13207035.73  | 0.74%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC  | Goldman Sachs Group Inc/The                                                  | CUSIP: 38141GA38<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   8651000 | PA      | $9200234.69   | 0.51%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP         | Duke Energy Corp                                                             | CUSIP: 26441CCG8<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |  10850000 | PA      | $11480753.90  | 0.64%             | 2054-09-01      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC            | Citigroup Inc                                                                | CUSIP: 172967MV0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   8195000 | PA      | $8153934.86   | 0.46%             | N/A             | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BBVA BANCOMER SA TEXAS   | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico/TX | CUSIP: 07336UAA1<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |   7200000 | PA      | $7971084.00   | 0.45%             | 2038-06-29      | Fixed         | 8.45%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV             | ING Groep NV                                                                 | CUSIP: 000000000<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |   1004000 | PA      | $1049984.47   | 0.06%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO              | Southern Co/The                                                              | CUSIP: 842587EB9<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |   8500000 | PA      | $9092050.50   | 0.51%             | 2055-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS              | BNP Paribas SA                                                               | CUSIP: 05565AS20<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   1000000 | PA      | $1067631.00   | 0.06%             | N/A             | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| ASSURANT INC             | Assurant Inc                                                                 | CUSIP: 04621XAK4<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | DBT              | CORP              | US        |   4288000 | PA      | $4409229.82   | 0.25%             | 2048-03-27      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA       | Banco Santander SA                                                           | CUSIP: 05971KAP4<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   7000000 | PA      | $7827456.00   | 0.44%             | N/A             | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL   | NextEra Energy Capital Holdings Inc                                          | CUSIP: 65339KDF4<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   4300000 | PA      | $4602646.90   | 0.26%             | 2055-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FARM CREDIT BK OF TEXAS  | Farm Credit Bank of Texas                                                    | CUSIP: 30767EAC3<br>LEI: V1EBJIOLRNYDHDF63Z33 | Long             | DBT              | USGSE             | US        |    800000 | PA      | $803128.24    | 0.04%             | N/A             | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| SWEDBANK AB              | Swedbank AB                                                                  | CUSIP: 000000000<br>LEI: M312WZV08Y7LYUC71685 | Long             | DBT              | CORP              | SE        |   7800000 | PA      | $8387488.20   | 0.47%             | N/A             | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| BBVA BANCOMER SA TEXAS   | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico/TX | CUSIP: 072912AA6<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |   3350000 | PA      | $3556159.00   | 0.20%             | 2035-02-11      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| TELUS CORP               | TELUS Corp                                                                   | CUSIP: 87971MCL5<br>LEI: 894500WE70KKZRQMBU11 | Long             | DBT              | CORP              | CA        |   3372000 | PA      | $3479821.42   | 0.19%             | 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        |   6200000 | PA      | $6460679.00   | 0.36%             | N/A             | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| TRANSCANADA TRUST        | Transcanada Trust                                                            | CUSIP: 89356BAG3<br>LEI: 549300Y0MFCAXLBWUV51 | Long             | DBT              | CORP              | CA        |   4050000 | PA      | $4008576.20   | 0.22%             | 2082-03-07      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER  | American Electric Power Co Inc                                               | CUSIP: 025537BA8<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |  17060000 | PA      | $18704362.22  | 1.05%             | 2054-12-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| CREDIT SUISSE GROUP AG   | Credit Suisse Group AG                                                       | CUSIP: 225401AX6<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |  18000000 | PA      | $6174000.00   | 0.35%             | N/A             | Fixed         | 9.75%                 | No            |                  3 | On Loan: No      |
| CENTERPOINT ENERGY INC   | CenterPoint Energy Inc                                                       | CUSIP: 15189TBJ5<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | DBT              | CORP              | US        |  13575000 | PA      | $14552752.95  | 0.81%             | 2055-02-15      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| MEIJI YASUDA LIFE INSURA | Meiji Yasuda Life Insurance Co                                               | CUSIP: 585270AE1<br>LEI: 549300SLU4LP6YMRLK07 | Long             | DBT              | CORP              | JP        |  10100000 | PA      | $10594324.30  | 0.59%             | 2055-06-11      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE | Banco Mercantil del Norte SA/Grand Cayman                                    | CUSIP: 05971PAC2<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |   3400000 | PA      | $3646914.80   | 0.20%             | N/A             | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| LIBERTY MUTUAL GROUP INC | Liberty Mutual Group Inc                                                     | CUSIP: 53079EBM5<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |   7078000 | PA      | $6920360.98   | 0.39%             | 2051-12-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| LAND O'LAKES INC         | Land O' Lakes Inc                                                            | CUSIP: 514666AN6<br>LEI: 4ONCJWH5BBCYSJIJYX61 | Long             | DBT              | CORP              | US        |   9646000 | PA      | $8396416.65   | 0.47%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MITSUBISHI UFJ FIN GRP   | Mitsubishi UFJ Financial Group Inc                                           | CUSIP: 606822DP6<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |  11050000 | PA      | $11340073.55  | 0.63%             | N/A             | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| BANC CREDITO INVERSIONES | Banco de Credito e Inversiones SA                                            | CUSIP: 05890MAC7<br>LEI: 549300E9E5Y3PKW24142 | Long             | DBT              | CORP              | CL        |   3000000 | PA      | $3228570.00   | 0.18%             | N/A             | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS              | BNP Paribas SA                                                               | CUSIP: 05565AM34<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   9590000 | PA      | $10120068.07  | 0.57%             | 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        |  26000000 | PA      | $25908129.00  | 1.45%             | 2056-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| COBANK ACB               | CoBank ACB                                                                   | CUSIP: 19075QAE2<br>LEI: P0J8I7M2E0A77CKF1705 | Long             | DBT              | USGSE             | US        |    685000 | PA      | $690097.77    | 0.04%             | N/A             | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC             | Barclays PLC                                                                 | CUSIP: 06738EBT1<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   4170000 | PA      | $3986358.20   | 0.22%             | N/A             | Fixed         | 4.38%                 | No            |                  2 | 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        |   2131000 | PA      | $2211455.91   | 0.12%             | 2028-03-15      | Fixed         | 7.45%                 | Yes           |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA     | Royal Bank of Canada                                                         | CUSIP: 780082AT0<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |  15070000 | PA      | $14898628.48  | 0.83%             | 2084-11-24      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| ARES FINANCE CO          | Ares Finance Co III LLC                                                      | CUSIP: 04018VAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8435000 | PA      | $8298374.09   | 0.46%             | 2051-06-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC             | Barclays PLC                                                                 | CUSIP: 06738ECN3<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   6650000 | PA      | $7555151.45   | 0.42%             | 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        |   9887000 | PA      | $10316698.91  | 0.58%             | N/A             | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| ALLIANZ SE               | Allianz SE                                                                   | CUSIP: 018820AE0<br>LEI: 529900K9B0N5BT694847 | Long             | DBT              | CORP              | DE        |   6800000 | PA      | $7063697.20   | 0.39%             | N/A             | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA       | Banco Santander SA                                                           | CUSIP: 05971KAQ2<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |  20000000 | PA      | $24404040.00  | 1.36%             | 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        |  13000000 | PA      | $13870567.75  | 0.78%             | N/A             | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| BANCO BILBAO VIZCAYA ARG | Banco Bilbao Vizcaya Argentaria SA                                           | CUSIP: 05946KAS0<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |  24200000 | PA      | $25842865.40  | 1.44%             | N/A             | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| BELL CANADA              | Bell Telephone Co of Canada or Bell Canada                                   | CUSIP: 0778FPAQ2<br>LEI: 5493000G3EFX9S7TDE29 | Long             | DBT              | CORP              | CA        |  21286000 | PA      | $22389828.10  | 1.25%             | 2055-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA     | Royal Bank of Canada                                                         | CUSIP: 780082AY9<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |  10230000 | PA      | $10218880.40  | 0.57%             | 2085-11-24      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC             | Enbridge Inc                                                                 | CUSIP: 29250NBP9<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |  11955000 | PA      | $12983010.45  | 0.73%             | 2083-01-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC            | Citigroup Inc                                                                | CUSIP: 17327CBC6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   8650000 | PA      | $8921990.60   | 0.50%             | N/A             | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO      | American Express Co                                                          | CUSIP: 025816CH0<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |  11885000 | PA      | $11677527.12  | 0.65%             | N/A             | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO      | JPMorgan Chase & Co                                                          | CUSIP: 48128BAQ4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |  22200000 | PA      | $23420778.00  | 1.31%             | N/A             | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| FARM CREDIT BK OF TEXAS  | Farm Credit Bank of Texas                                                    | CUSIP: 30767EAE9<br>LEI: V1EBJIOLRNYDHDF63Z33 | Long             | DBT              | USGSE             | US        |   1500000 | PA      | $1574386.50   | 0.09%             | N/A             | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| CREDIT SUISSE GROUP AG   | Credit Suisse Group AG                                                       | CUSIP: 225436AA2<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |   2057000 | PA      | $705551.00    | 0.04%             | N/A             | Variable      | 6.25%                 | No            |                  3 | On Loan: No      |
| BANC CREDITO INVERSIONES | Banco de Credito e Inversiones SA                                            | CUSIP: 05890PAC0<br>LEI: 549300E9E5Y3PKW24142 | Long             | DBT              | CORP              | CL        |    840000 | PA      | $903999.60    | 0.05%             | N/A             | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE         | Societe Generale SA                                                          | CUSIP: 83370RAC2<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |  17200000 | PA      | $18480041.20  | 1.03%             | N/A             | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| CNP ASSURANCES SA        | CNP Assurances SA                                                            | CUSIP: 000000000<br>LEI: 969500QKVPV2H8UXM738 | Long             | DBT              | CORP              | FR        |  13200000 | PA      | $12389339.42  | 0.69%             | 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        |  10101000 | PA      | $10370343.17  | 0.58%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| COBANK ACB               | CoBank ACB                                                                   | CUSIP: 19075QAF9<br>LEI: P0J8I7M2E0A77CKF1705 | Long             | DBT              | USGSE             | US        |   3000000 | PA      | $3082125.00   | 0.17%             | N/A             | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CAPITAL FARM CREDIT ACA  | Capital Farm Credit ACA                                                      | CUSIP: 14019TAA4<br>LEI: 254900S6K5I3OISPS518 | Long             | DBT              | CORP              | US        |   4200000 | PA      | $4147500.00   | 0.23%             | N/A             | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO      | JPMorgan Chase & Co                                                          | CUSIP: 48128BAN1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3955586.80   | 0.22%             | N/A             | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS              | BNP Paribas SA                                                               | CUSIP: 05602XDJ4<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   6980000 | PA      | $7465137.92   | 0.42%             | 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        |  11084000 | PA      | $11187591.06  | 0.63%             | N/A             | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK    | Toronto-Dominion Bank/The                                                    | CUSIP: 89116C4H7<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |  14540000 | PA      | $14720666.48  | 0.82%             | 2085-10-31      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES    | Huntington Bancshares Inc/OH                                                 | CUSIP: 446150AV6<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |   3700000 | PA      | $3643129.89   | 0.20%             | N/A             | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC             | Enbridge Inc                                                                 | CUSIP: 29250NBT1<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |  29131000 | PA      | $33518012.08  | 1.87%             | 2084-01-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| FARM CREDIT BK OF TEXAS  | Farm Credit Bank of Texas                                                    | CUSIP: 30767EAF6<br>LEI: V1EBJIOLRNYDHDF63Z33 | Long             | DBT              | USGSE             | US        |   2040000 | PA      | $2127569.04   | 0.12%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC            | Citigroup Inc                                                                | CUSIP: 172967NB3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   2979000 | PA      | $2930630.57   | 0.16%             | N/A             | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC          | Global Atlantic Fin Co                                                       | CUSIP: 37959GAC1<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |  31357000 | PA      | $30544582.46  | 1.71%             | 2051-10-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| COBANK ACB               | CoBank ACB                                                                   | CUSIP: 19075QAC6<br>LEI: P0J8I7M2E0A77CKF1705 | Long             | DBT              | USGSE             | US        |   1101000 | PA      | $1104314.01   | 0.06%             | N/A             | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC        | HSBC Holdings PLC                                                            | CUSIP: 404280EJ4<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |  23150000 | PA      | $24440635.65  | 1.37%             | N/A             | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| AES CORP/THE             | AES Corp/The                                                                 | CUSIP: 00130HCL7<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |  19491000 | PA      | $18906051.70  | 1.06%             | 2055-07-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| NISOURCE INC             | NiSource Inc                                                                 | CUSIP: 65473PAT2<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |   8037000 | PA      | $8297085.36   | 0.46%             | 2055-03-31      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC  | Goldman Sachs Group Inc/The                                                  | CUSIP: 38141GA79<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |  18030000 | PA      | $19134283.41  | 1.07%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| NIPPON LIFE INSURANCE    | Nippon Life Insurance Co                                                     | CUSIP: 654579AP6<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |   4144000 | PA      | $4494284.03   | 0.25%             | 2055-04-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA       | Banco Santander SA                                                           | CUSIP: 05964HBH7<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   9400000 | PA      | $10444452.80  | 0.58%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP     | Bank of America Corp                                                         | CUSIP: 06055HAB9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   5492000 | PA      | $5564351.61   | 0.31%             | N/A             | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC        | HSBC Holdings PLC                                                            | CUSIP: 404280EH8<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   4620000 | PA      | $4784051.58   | 0.27%             | N/A             | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ASSURED GUARANTY MUNI    | Assured Guaranty Municipal Holdings Inc                                      | CUSIP: 000000000<br>LEI: 549300WKHOG7BKB8MS12 | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1583108.53   | 0.09%             | 2066-12-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP        | State Street Corp                                                            | CUSIP: 857477CM3<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |  12570000 | PA      | $13211623.08  | 0.74%             | N/A             | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY    | Wells Fargo & Co                                                             | CUSIP: 95002YAC7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |  22645000 | PA      | $23815248.31  | 1.33%             | N/A             | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| LIBERTY MUTUAL GROUP INC | Liberty Mutual Group Inc                                                     | CUSIP: 53079EBL7<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |   6585000 | PA      | $4234750.55   | 0.24%             | 2061-02-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| LAND O'LAKES INC         | Land O' Lakes Inc                                                            | CUSIP: 514666AM8<br>LEI: 4ONCJWH5BBCYSJIJYX61 | Long             | DBT              | CORP              | US        |   6675000 | PA      | $6074250.00   | 0.34%             | N/A             | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK    | Toronto-Dominion Bank/The                                                    | CUSIP: 89117F8Z5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |  31080000 | PA      | $32866571.64  | 1.84%             | 2082-10-31      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| EUSHI FINANCE INC        | EUSHI Finance Inc                                                            | CUSIP: 29882DAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7930000 | PA      | $8349489.07   | 0.47%             | 2054-12-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE | Banco Mercantil del Norte SA/Grand Cayman                                    | CUSIP: 05973KAB3<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |   2000000 | PA      | $1966869.20   | 0.11%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC      | Dominion Energy Inc                                                          | CUSIP: 25746UEA3<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |   5180000 | PA      | $5241293.28   | 0.29%             | 2056-02-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| ALGONQUIN PWR & UTILITY  | Algonquin Power & Utilities Corp                                             | CUSIP: 015857AH8<br>LEI: 549300K5VIUTJXQL7X75 | Long             | DBT              | CORP              | CA        |   2129000 | PA      | $2091706.09   | 0.12%             | 2082-01-18      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA      | Bank of Nova Scotia/The                                                      | CUSIP: 0641598V1<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |  14600000 | PA      | $15593062.80  | 0.87%             | 2084-01-27      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| HARTFORD INSUR GRP INC/T | Hartford Insurance Group Inc/The                                             | CUSIP: 416515BC7<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | DBT              | CORP              | US        |  22521000 | PA      | $21229201.52  | 1.19%             | 2047-02-12      | Floating      | 6.60%                 | No            |                  2 | On Loan: No      |
| BANCO BILBAO VIZCAYA ARG | Banco Bilbao Vizcaya Argentaria SA                                           | CUSIP: 05946KAM3<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |  13800000 | PA      | $15444449.40  | 0.86%             | 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        |  10794000 | PA      | $11683652.27  | 0.65%             | 2054-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CREDIT SUISSE GROUP AG   | Credit Suisse Group AG                                                       | CUSIP: 225401AL2<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |   7770000 | PA      | $2665110.00   | 0.15%             | N/A             | Fixed         | 6.38%                 | No            |                  3 | On Loan: No      |
| ING GROEP NV             | ING Groep NV                                                                 | CUSIP: 000000000<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |   5440000 | PA      | $5776627.20   | 0.32%             | N/A             | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC        | HSBC Holdings PLC                                                            | CUSIP: 404280FA2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   8500000 | PA      | $8851637.35   | 0.49%             | 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        |  25956000 | PA      | $27546064.56  | 1.54%             | 2084-05-26      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| ALTAGAS LTD              | AltaGas Ltd                                                                  | CUSIP: 021361AD2<br>LEI: 2549008X5V70MOS4HM10 | Long             | DBT              | CORP              | CA        |   5800000 | PA      | $5950922.44   | 0.33%             | 2054-10-15      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| KUVARE US HOLDINGS INC   | Kuvare US Holdings Inc                                                       | CUSIP: 50149XAA2<br>LEI: 254900MGBERNLZXF7O58 | Long             | DBT              | CORP              | US        |   2464000 | PA      | $2465272.90   | 0.14%             | 2051-02-17      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC      | Dominion Energy Inc                                                          | CUSIP: 25746UDV8<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |  12455000 | PA      | $12996144.84  | 0.73%             | 2055-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC             | Barclays PLC                                                                 | CUSIP: 06738EBX2<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |  20050000 | PA      | $21409831.10  | 1.20%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS              | BNP Paribas SA                                                               | CUSIP: 05565ASK0<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |  18000000 | PA      | $16277587.20  | 0.91%             | 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        |    198000 | PA      | $208213.53    | 0.01%             | 2055-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| COMPEER FINANCIAL ACA    | Compeer Financial ACA                                                        | CUSIP: 20453QAA0<br>LEI: 54930020HTACTODKHT04 | Long             | DBT              | CORP              | US        |    650000 | PA      | $634127.00    | 0.04%             | 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        |  54821000 | PA      | $57145684.51  | 3.19%             | 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        |      6237 | NS      | $7864857.00   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| LLOYDS BANKING GROUP PLC | Lloyds Banking Group PLC                                                     | CUSIP: 53944YAV5<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |  24180000 | PA      | $26220009.29  | 1.47%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC             | Barclays PLC                                                                 | CUSIP: 06738EDC6<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |  14600000 | PA      | $15452859.00  | 0.86%             | 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        |  15550000 | PA      | $16180536.95  | 0.90%             | 2085-08-24      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC   | Venture Global LNG Inc                                                       | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |  11776000 | PA      | $11017929.42  | 0.62%             | N/A             | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA       | Banco Santander SA                                                           | CUSIP: 05971KAH2<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   6600000 | PA      | $6508073.75   | 0.36%             | N/A             | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| COMMERZBANK AG           | Commerzbank AG                                                               | CUSIP: 000000000<br>LEI: 851WYGNLUQLFZBSYGB56 | Long             | DBT              | CORP              | DE        |  23400000 | PA      | $24585795.00  | 1.37%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| LINCOLN NATIONAL CORP    | Lincoln National Corp                                                        | CUSIP: 534187BR9<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4308308.00   | 0.24%             | N/A             | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES    | Huntington Bancshares Inc/OH                                                 | CUSIP: 446150AT1<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    735000 | PA      | $745836.11    | 0.04%             | N/A             | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| TELUS CORP               | TELUS Corp                                                                   | CUSIP: 87971MCM3<br>LEI: 894500WE70KKZRQMBU11 | Long             | DBT              | CORP              | CA        |  12275000 | PA      | $13103317.00  | 0.73%             | 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        |   2600000 | PA      | $2586494.87   | 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        |  11935000 | PA      | $11605446.01  | 0.65%             | N/A             | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SEMPRA                   | Sempra                                                                       | CUSIP: 816851BT5<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |  18364000 | PA      | $18874225.38  | 1.05%             | 2054-10-01      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC            | Citigroup Inc                                                                | CUSIP: 172967PM7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   4993000 | PA      | $5339988.54   | 0.30%             | 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        |   8499000 | PA      | $8732493.03   | 0.49%             | N/A             | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| AMERICAN NATIONAL GROUP  | American National Group Inc                                                  | CUSIP: 025676AR8<br>LEI: 549300RK5RZQ740FPL83 | Long             | DBT              | CORP              | US        |   5090000 | PA      | $5218995.87   | 0.29%             | 2055-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| NOMURA HOLDINGS INC      | Nomura Holdings Inc                                                          | CUSIP: 65535HCC1<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |   8400000 | PA      | $8704298.40   | 0.49%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL         | Bank of Montreal                                                             | CUSIP: 06368L8V1<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |   1065000 | PA      | $1099171.43   | 0.06%             | 2085-11-26      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC | Prudential Financial Inc                                                     | CUSIP: 744320BK7<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |   4175000 | PA      | $4356341.13   | 0.24%             | 2052-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK   | Canadian Imperial Bank of Commerce                                           | CUSIP: 13607P7Y4<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |  23300000 | PA      | $24041289.50  | 1.34%             | 2085-10-28      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER  | American Electric Power Co Inc                                               | CUSIP: 025537AU5<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |   7134000 | PA      | $6947357.44   | 0.39%             | 2062-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| LAND O'LAKES INC         | Land O' Lakes Inc                                                            | CUSIP: 514666AK2<br>LEI: 4ONCJWH5BBCYSJIJYX61 | Long             | DBT              | CORP              | US        |   9185000 | PA      | $9093150.00   | 0.51%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| LAND O'LAKES INC         | Land O' Lakes Inc                                                            | CUSIP: 000000000<br>LEI: 4ONCJWH5BBCYSJIJYX61 | Long             | DBT              | CORP              | US        |    400000 | PA      | $364000.00    | 0.02%             | N/A             | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ENTERGY CORP             | Entergy Corp                                                                 | CUSIP: 29364GAQ6<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |  10110000 | PA      | $10656071.43  | 0.60%             | 2054-12-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA      | Bank of Nova Scotia/The                                                      | CUSIP: 0641598X7<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |  14130000 | PA      | $14782678.83  | 0.83%             | 2085-04-27      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| DAIRY FARMERS OF AMERICA | Dairy Farmers of America Inc                                                 | CUSIP: 23385HAA7<br>LEI: 1LTUIZEFFT7MUIERI838 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1194829.44   | 0.07%             | N/A             | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES    | Huntington Bancshares Inc/OH                                                 | CUSIP: 446150BG8<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |  14405000 | PA      | $14289214.05  | 0.80%             | N/A             | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA       | Credit Agricole SA                                                           | CUSIP: 225313AT2<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |  33354000 | PA      | $34403007.31  | 1.92%             | N/A             | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| LANCASHIRE HOLDINGS LTD  | Lancashire Holdings Ltd                                                      | CUSIP: 000000000<br>LEI: 5493002UNUYXLHOWF752 | Long             | DBT              | CORP              | BM        |   6850000 | PA      | $6772953.53   | 0.38%             | 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        |  15859000 | PA      | $17336487.88  | 0.97%             | 2054-06-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA       | Credit Agricole SA                                                           | CUSIP: 225313AR6<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |  16996000 | PA      | $17219514.40  | 0.96%             | N/A             | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| CREDIT SUISSE GROUP AG   | Credit Suisse Group AG                                                       | CUSIP: 225401AR9<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |   6243000 | PA      | $2141349.00   | 0.12%             | N/A             | Fixed         | 5.25%                 | No            |                  3 | On Loan: No      |
| CREDIT SUISSE GROUP AG   | Credit Suisse Group AG                                                       | CUSIP: 225401AJ7<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |   4150000 | PA      | $1423450.00   | 0.08%             | N/A             | Variable      | 7.50%                 | No            |                  3 | On Loan: No      |
| COREBRIDGE FINANCIAL INC | Corebridge Financial Inc                                                     | CUSIP: 21871XAT6<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |  12355000 | PA      | $12731852.21  | 0.71%             | 2054-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY    | Wells Fargo & Co                                                             | CUSIP: 95002YAA1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |  11640000 | PA      | $12441285.96  | 0.70%             | N/A             | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC        | NatWest Group PLC                                                            | CUSIP: 639057AQ1<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |   6383000 | PA      | $7194381.43   | 0.40%             | N/A             | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| AMER AGCREDIT ACA        | American AgCredit Corp                                                       | CUSIP: 02369GAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  18000000 | PA      | $17662500.00  | 0.99%             | N/A             | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC            | Citigroup Inc                                                                | CUSIP: 172967PE5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1362055.50   | 0.08%             | N/A             | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| NORDEA BANK ABP          | Nordea Bank Abp                                                              | CUSIP: 65558RAQ2<br>LEI: 529900ODI3047E2LIV03 | Long             | DBT              | CORP              | FI        |  16750000 | PA      | $17307339.50  | 0.97%             | N/A             | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA      | Bank of Nova Scotia/The                                                      | CUSIP: 06419GEE2<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |   6060000 | PA      | $6119658.22   | 0.34%             | 2085-10-27      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| SEMPRA                   | Sempra                                                                       | CUSIP: 816851BS7<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |   3522000 | PA      | $3649415.39   | 0.20%             | 2054-10-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP      | Charles Schwab Corp/The                                                      | CUSIP: 808513BJ3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |  30150000 | PA      | $28307171.70  | 1.58%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC  | Goldman Sachs Group Inc/The                                                  | CUSIP: 38144GAE1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   2899000 | PA      | $2860438.66   | 0.16%             | N/A             | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE         | Societe Generale SA                                                          | CUSIP: 83371GAA9<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |  13130000 | PA      | $14578514.73  | 0.81%             | N/A             | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| CITIGROUP INC            | Citigroup Inc                                                                | CUSIP: 172967PJ4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4147920.00   | 0.23%             | N/A             | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER  | American Electric Power Co Inc                                               | CUSIP: 025537AZ4<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |    785000 | PA      | $825331.73    | 0.05%             | 2054-12-15      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| METLIFE INC              | MetLife Inc                                                                  | CUSIP: 59156RCQ9<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |  13932000 | PA      | $14826309.01  | 0.83%             | 2055-03-15      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| METLIFE CAPITAL TRUST IV | MetLife Capital Trust IV                                                     | CUSIP: 591560AA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6514000 | PA      | $7331200.84   | 0.41%             | 2037-12-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL         | Bank of Montreal                                                             | CUSIP: 06368L5Q5<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |  12500000 | PA      | $13315712.50  | 0.74%             | 2084-11-26      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-19

**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