# EDGAR Filing Document

**Accession Number:** 0001424212
**File Stem:** 0001145549-23-017792
**Filing Date:** 2023-3
**Character Count:** 229095
**Document Hash:** 52377cb1edb8cbf68e4df1eefb41c2d0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-017792.hdr.sgml**: 20230323

**ACCESSION NUMBER**: 0001145549-23-017792

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230323

**DATE AS OF CHANGE**: 20230323

**PERIOD START**: 20231031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIRST TRUST EXCHANGE-TRADED FUND III
- **CENTRAL INDEX KEY:** 0001424212
- **IRS NUMBER:** 000000000

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22245
- **FILM NUMBER:** 23755623

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

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

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

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

## Series and Classes Contracts Data

### First Trust Preferred Securities and Income ETF (Series ID: S000034980)

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

## Nport-Ex

#### First Trust Preferred Securities and Income ETF (FPE)<br>

#### Portfolio of Investments

#### January 31, 2023 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | **Description** | **Stated<br> Rate** | **Stated<br> Maturity** | **Value** |
| **$25 PAR PREFERRED SECURITIES – 24.8%** | **$25 PAR PREFERRED SECURITIES – 24.8%** | **$25 PAR PREFERRED SECURITIES – 24.8%** | **$25 PAR PREFERRED SECURITIES – 24.8%** | **$25 PAR PREFERRED SECURITIES – 24.8%** |
|  | **Automobiles – 0.3%** |  |  |  |
| &nbsp;&nbsp;705603 | Ford Motor Co.<br>| 6.50% | 08/15/62 | &nbsp;&nbsp;&nbsp;$17195545 |
|  | **Banks – 4.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10742 | Atlantic Union Bankshares Corp., Series A<br>| 6.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275533 |
| &nbsp;&nbsp;398399 | Bank of America Corp., Series KK<br>| 5.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9617352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | Bank of America Corp., Series LL<br>| 5.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686 |
| 1256465 | Bank of America Corp., Series NN<br>| 4.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;25129300 |
| &nbsp;&nbsp;&nbsp;&nbsp;87463 | Bank of America Corp., Series SS<br>| 4.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1902320 |
| &nbsp;&nbsp;293743 | Citizens Financial Group, Inc., Series D (b)<br>| 6.35% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7481634 |
| &nbsp;&nbsp;&nbsp;&nbsp;23095 | Citizens Financial Group, Inc., Series E<br>| 5.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511554 |
| &nbsp;&nbsp;&nbsp;&nbsp;98432 | Fifth Third Bancorp, Series A<br>| 6.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2459816 |
| &nbsp;&nbsp;859578 | First Republic Bank, Series M<br>| 4.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;15713086 |
| &nbsp;&nbsp;349517 | Fulton Financial Corp., Series A<br>| 5.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7392285 |
| &nbsp;&nbsp;&nbsp;&nbsp;41142 | Huntington Bancshares, Inc., Series H<br>| 4.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792 | JPMorgan Chase & Co., Series DD<br>| 5.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19784 |
| &nbsp;&nbsp;&nbsp;&nbsp;43268 | JPMorgan Chase & Co., Series JJ<br>| 4.55% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917282 |
| &nbsp;&nbsp;484844 | JPMorgan Chase & Co., Series LL<br>| 4.63% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;10419298 |
| &nbsp;&nbsp;567344 | KeyCorp (b)<br>| 6.20% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;14541027 |
| &nbsp;&nbsp;218650 | KeyCorp, Series F<br>| 5.65% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5413774 |
| &nbsp;&nbsp;150301 | Old National Bancorp, Series A<br>| 7.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3882275 |
| 1175124 | PacWest Bancorp, Series A (b)<br>| 7.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;30412209 |
| &nbsp;&nbsp;829306 | Pinnacle Financial Partners, Inc., Series B<br>| 6.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;21279992 |
| 1676150 | Signature Bank, Series A (c)<br>| 5.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;31779804 |
| &nbsp;&nbsp;116076 | Texas Capital Bancshares, Inc., Series B<br>| 5.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2634925 |
| &nbsp;&nbsp;&nbsp;&nbsp;59147 | Truist Financial Corp., Series R<br>| 4.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1313064 |
| &nbsp;&nbsp;&nbsp;&nbsp;58735 | Valley National Bancorp, Series B, 3 Mo. LIBOR + 3.58% (d)<br>| 7.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1488345 |
| &nbsp;&nbsp;220273 | Wells Fargo & Co., Series AA<br>| 4.70% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4753491 |
| &nbsp;&nbsp;464615 | Wells Fargo & Co., Series Q (b)<br>| 5.85% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;11345898 |
| &nbsp;&nbsp;746818 | Wells Fargo & Co., Series Y<br>| 5.63% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;18446405 |
| &nbsp;&nbsp;305243 | Wells Fargo & Co., Series Z<br>| 4.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6480309 |
| &nbsp;&nbsp;569994 | WesBanco, Inc., Series A (b)<br>| 6.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;14420848 |
| &nbsp;&nbsp;620288 | Western Alliance Bancorp, Series A (b)<br>| 4.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;13317583 |
| &nbsp;&nbsp;634062 | Wintrust Financial Corp., Series E (b)<br>| 6.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;16517315 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;280709782 |
|  | **Capital Markets – 1.9%** |  |  |  |
| &nbsp;&nbsp;106463 | Affiliated Managers Group, Inc.<br>| 5.88% | 03/30/59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2693514 |
| &nbsp;&nbsp;228855 | Affiliated Managers Group, Inc.<br>| 4.75% | 09/30/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4577100 |
| &nbsp;&nbsp;980305 | Affiliated Managers Group, Inc.<br>| 4.20% | 09/30/61 | &nbsp;&nbsp;&nbsp;&nbsp;17439626 |
| 1515332 | Carlyle Finance LLC<br>| 4.63% | 05/15/61 | &nbsp;&nbsp;&nbsp;&nbsp;29215601 |
| &nbsp;&nbsp;400858 | Goldman Sachs Group (The), Inc., Series J (b)<br>| 5.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;10001407 |
| 1109761 | KKR Group Finance Co., IX LLC<br>| 4.63% | 04/01/61 | &nbsp;&nbsp;&nbsp;&nbsp;21939975 |
| &nbsp;&nbsp;100761 | Morgan Stanley, Series P<br>| 6.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2623817 |
| &nbsp;&nbsp;496152 | Oaktree Capital Group LLC, Series A<br>| 6.63% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;11862994 |
| &nbsp;&nbsp;813527 | Oaktree Capital Group LLC, Series B<br>| 6.55% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;19500242 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;119854276 |
|  | **Consumer Finance – 0.2%** |  |  |  |
| &nbsp;&nbsp;366057 | Capital One Financial Corp., Series I<br>| 5.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8012988 |
| &nbsp;&nbsp;138337 | Capital One Financial Corp., Series J<br>| 4.80% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2877409 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10890397 |
|  | **Diversified Financial Services – 0.7%** |  |  |  |
| &nbsp;&nbsp;529821 | Apollo Asset Management, Inc., Series B<br>| 6.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;13430962 |

---

------

#### First Trust Preferred Securities and Income ETF (FPE)<br>

#### Portfolio of Investments (Continued)

#### January 31, 2023 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | **Description** | **Stated<br> Rate** | **Stated<br> Maturity** | **Value** |
| **$25 PAR PREFERRED SECURITIES (Continued)** | **$25 PAR PREFERRED SECURITIES (Continued)** | **$25 PAR PREFERRED SECURITIES (Continued)** | **$25 PAR PREFERRED SECURITIES (Continued)** | **$25 PAR PREFERRED SECURITIES (Continued)** |
|  | **Diversified Financial Services (Continued)** |  |  |  |
| 1301268 | Equitable Holdings, Inc., Series A<br>| 5.25% | (a) | &nbsp;&nbsp;&nbsp;$29434682 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42865644 |
|  | **Diversified Telecommunication Services – 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;78274 | AT&T, Inc.<br>| 5.35% | 11/01/66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1879359 |
| &nbsp;&nbsp;344397 | AT&T, Inc., Series C<br>| 4.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7225449 |
| &nbsp;&nbsp;955339 | Qwest Corp. <br>| 6.50% | 09/01/56 | &nbsp;&nbsp;&nbsp;&nbsp;19679983 |
| 1039347 | Qwest Corp. <br>| 6.75% | 06/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;21795107 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50579898 |
|  | **Electric Utilities – 1.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;14701 | BIP Bermuda Holdings I Ltd.<br>| 5.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301959 |
| &nbsp;&nbsp;891011 | Brookfield BRP Holdings Canada, Inc.<br>| 4.63% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;15833265 |
| &nbsp;&nbsp;638505 | Brookfield Infrastructure Finance ULC<br>| 5.00% | 05/24/81 | &nbsp;&nbsp;&nbsp;&nbsp;12859491 |
| &nbsp;&nbsp;139433 | SCE Trust III, Series H (b)<br>| 5.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3116328 |
| &nbsp;&nbsp;448143 | SCE Trust IV, Series J (b)<br>| 5.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9007674 |
| &nbsp;&nbsp;985614 | SCE Trust V, Series K (b)<br>| 5.45% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;21910199 |
| &nbsp;&nbsp;556905 | Southern (The) Co., Series 2020<br>| 4.95% | 01/30/80 | &nbsp;&nbsp;&nbsp;&nbsp;12563777 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75592693 |
|  | **Equity Real Estate Investment Trusts – 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 | Digital Realty Trust, Inc., Series L<br>| 5.20% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7829 |
| &nbsp;&nbsp;850146 | Global Net Lease, Inc., Series A<br>| 7.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;20318489 |
| 1080167 | Hudson Pacific Properties, Inc., Series C<br>| 4.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;16137695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957 | National Storage Affiliates Trust, Series A<br>| 6.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24011 |
| &nbsp;&nbsp;313599 | Vornado Realty Trust, Series N<br>| 5.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5698094 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42186118 |
|  | **Food Products – 0.7%** |  |  |  |
| &nbsp;&nbsp;405675 | CHS, Inc., Series 2 (b)<br>| 7.10% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;10369053 |
| 1381337 | CHS, Inc., Series 3 (b)<br>| 6.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;34975453 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45344506 |
|  | **Gas Utilities – 0.2%** |  |  |  |
| &nbsp;&nbsp;803453 | South Jersey Industries, Inc.<br>| 5.63% | 09/16/79 | &nbsp;&nbsp;&nbsp;&nbsp;12686523 |
| &nbsp;&nbsp;&nbsp;&nbsp;54298 | Spire, Inc., Series A<br>| 5.90% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343875 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14030398 |
|  | **Independent Power & Renewable Electricity Producers – 0.2%** |  |  |  |
| &nbsp;&nbsp;668928 | Brookfield Renewable Partners L.P., Series 17<br>| 5.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;14040799 |
|  | **Insurance – 7.2%** |  |  |  |
| 2131709 | Aegon Funding Co., LLC<br>| 5.10% | 12/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;48283209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3173 | Allstate (The) Corp., 3 Mo. LIBOR + 3.17% (d)<br>| 7.99% | 01/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79960 |
| &nbsp;&nbsp;&nbsp;&nbsp;17977 | Allstate (The) Corp., Series H<br>| 5.10% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431808 |
| 1857834 | American Equity Investment Life Holding Co., Series A (b)<br>| 5.95% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;44625173 |
| &nbsp;&nbsp;927002 | American Equity Investment Life Holding Co., Series B (b)<br>| 6.63% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;23833221 |
| &nbsp;&nbsp;312756 | AmTrust Financial Services, Inc.<br>| 7.25% | 06/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5613970 |
| &nbsp;&nbsp;363925 | AmTrust Financial Services, Inc.<br>| 7.50% | 09/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6264969 |
| &nbsp;&nbsp;&nbsp;&nbsp;24642 | Arch Capital Group Ltd., Series F<br>| 5.45% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594119 |
| &nbsp;&nbsp;564869 | Arch Capital Group Ltd., Series G<br>| 4.55% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;11291731 |
| &nbsp;&nbsp;285853 | Aspen Insurance Holdings Ltd.<br>| 5.63% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6323068 |
| 1711649 | Aspen Insurance Holdings Ltd.<br>| 5.63% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;37758977 |
| &nbsp;&nbsp;546119 | Aspen Insurance Holdings Ltd. (b)<br>| 5.95% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;13494600 |
| &nbsp;&nbsp;587015 | Assurant, Inc.<br>| 5.25% | 01/15/61 | &nbsp;&nbsp;&nbsp;&nbsp;13454384 |
| &nbsp;&nbsp;909644 | Athene Holding Ltd., Series A (b)<br>| 6.35% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;23168633 |

---

------

#### First Trust Preferred Securities and Income ETF (FPE)<br>

#### Portfolio of Investments (Continued)

#### January 31, 2023 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | **Description** | **Stated<br> Rate** | **Stated<br> Maturity** | **Value** |
| **$25 PAR PREFERRED SECURITIES (Continued)** | **$25 PAR PREFERRED SECURITIES (Continued)** | **$25 PAR PREFERRED SECURITIES (Continued)** | **$25 PAR PREFERRED SECURITIES (Continued)** | **$25 PAR PREFERRED SECURITIES (Continued)** |
|  | **Insurance (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;68006 | Athene Holding Ltd., Series B<br>| &nbsp;&nbsp;&nbsp;5.63% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;$1596781 |
| &nbsp;&nbsp;138162 | Athene Holding Ltd., Series D<br>| &nbsp;&nbsp;&nbsp;4.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2764622 |
| 1574033 | Athene Holding Ltd., Series E (b)<br>| &nbsp;&nbsp;&nbsp;7.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;41538731 |
| &nbsp;&nbsp;431817 | Axis Capital Holdings Ltd., Series E<br>| &nbsp;&nbsp;&nbsp;5.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;10013836 |
| &nbsp;&nbsp;754186 | CNO Financial Group, Inc. (e)<br>| &nbsp;&nbsp;&nbsp;5.13% | 11/25/60 | &nbsp;&nbsp;&nbsp;&nbsp;13711101 |
| 1244856 | Delphi Financial Group, Inc., 3 Mo. LIBOR + 3.19% (d)<br>| &nbsp;&nbsp;&nbsp;7.80% | 05/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;28476081 |
| &nbsp;&nbsp;386476 | Enstar Group Ltd., Series D (b)<br>| &nbsp;&nbsp;&nbsp;7.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9287018 |
| &nbsp;&nbsp;418217 | Globe Life, Inc.<br>| &nbsp;&nbsp;&nbsp;4.25% | 06/15/61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8343429 |
| 1353586 | Lincoln National Corp., Series D<br>| &nbsp;&nbsp;&nbsp;9.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;38915597 |
| &nbsp;&nbsp;215020 | Phoenix Cos. (The), Inc.<br>| &nbsp;&nbsp;&nbsp;7.45% | 01/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3862297 |
| &nbsp;&nbsp;998503 | Prudential Financial, Inc.<br>| &nbsp;&nbsp;&nbsp;5.95% | 09/01/62 | &nbsp;&nbsp;&nbsp;&nbsp;25461826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | Reinsurance Group of America, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;7.13% | 10/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 |
| &nbsp;&nbsp;104848 | RenaissanceRe Holdings Ltd., Series F<br>| &nbsp;&nbsp;&nbsp;5.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2533128 |
| 1170385 | RenaissanceRe Holdings Ltd., Series G<br>| &nbsp;&nbsp;&nbsp;4.20% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;21277599 |
| &nbsp;&nbsp;&nbsp;&nbsp;21531 | Selective Insurance Group, Inc., Series B<br>| &nbsp;&nbsp;&nbsp;4.60% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401123 |
| &nbsp;&nbsp;294621 | W.R. Berkley Corp.<br>| &nbsp;&nbsp;&nbsp;5.10% | 12/30/59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6732090 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;450133134 |
|  | **Mortgage Real Estate Investment Trusts – 0.6%** |  |  |  |
| &nbsp;&nbsp;321850 | AGNC Investment Corp., Series C, 3 Mo. LIBOR + 5.11% (d)<br>| &nbsp;&nbsp;&nbsp;9.91% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8123494 |
| &nbsp;&nbsp;300285 | AGNC Investment Corp., Series D (b)<br>| &nbsp;&nbsp;&nbsp;6.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6687347 |
| &nbsp;&nbsp;136341 | AGNC Investment Corp., Series E (b)<br>| &nbsp;&nbsp;&nbsp;6.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3054038 |
| &nbsp;&nbsp;660685 | AGNC Investment Corp., Series F (b)<br>| &nbsp;&nbsp;&nbsp;6.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;14270796 |
| &nbsp;&nbsp;&nbsp;&nbsp;52416 | Annaly Capital Management, Inc., Series F, 3 Mo. LIBOR + 4.99% (d)<br>| &nbsp;&nbsp;&nbsp;9.72% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1302538 |
| &nbsp;&nbsp;275479 | Annaly Capital Management, Inc., Series I (b)<br>| &nbsp;&nbsp;&nbsp;6.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6404887 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39843100 |
|  | **Multi-Utilities – 1.9%** |  |  |  |
| &nbsp;&nbsp;382170 | Algonquin Power & Utilities Corp. (b)<br>| &nbsp;&nbsp;&nbsp;6.88% | 10/17/78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9535141 |
| &nbsp;&nbsp;684445 | Algonquin Power & Utilities Corp., Series 19-A (b)<br>| &nbsp;&nbsp;&nbsp;6.20% | 07/01/79 | &nbsp;&nbsp;&nbsp;&nbsp;15879124 |
| &nbsp;&nbsp;639721 | Brookfield Infrastructure Partners L.P., Series 13<br>| &nbsp;&nbsp;&nbsp;5.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;12890378 |
| &nbsp;&nbsp;&nbsp;&nbsp;61303 | Brookfield Infrastructure Partners L.P., Series 14<br>| &nbsp;&nbsp;&nbsp;5.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1198474 |
| &nbsp;&nbsp;172453 | CMS Energy Corp.<br>| &nbsp;&nbsp;&nbsp;5.88% | 10/15/78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4290631 |
| &nbsp;&nbsp;113332 | CMS Energy Corp.<br>| &nbsp;&nbsp;&nbsp;5.88% | 03/01/79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2850300 |
| &nbsp;&nbsp;276327 | CMS Energy Corp., Series C<br>| &nbsp;&nbsp;&nbsp;4.20% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5490617 |
| &nbsp;&nbsp;&nbsp;&nbsp;93242 | DTE Energy Co.<br>| &nbsp;&nbsp;&nbsp;4.38% | 12/01/81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1910529 |
| &nbsp;&nbsp;805960 | DTE Energy Co., Series E<br>| &nbsp;&nbsp;&nbsp;5.25% | 12/01/77 | &nbsp;&nbsp;&nbsp;&nbsp;19987808 |
| &nbsp;&nbsp;955325 | Integrys Holding, Inc. (b) (e)<br>| &nbsp;&nbsp;&nbsp;6.00% | 08/01/73 | &nbsp;&nbsp;&nbsp;&nbsp;23500995 |
| &nbsp;&nbsp;796257 | Sempra Energy<br>| &nbsp;&nbsp;&nbsp;5.75% | 07/01/79 | &nbsp;&nbsp;&nbsp;&nbsp;19651623 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;117185620 |
|  | **Oil, Gas & Consumable Fuels – 1.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;36533 | Enbridge, Inc., Series B (b)<br>| &nbsp;&nbsp;&nbsp;6.38% | 04/15/78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914056 |
| &nbsp;&nbsp;&nbsp;&nbsp;92177 | Energy Transfer L.P., Series C (b)<br>| &nbsp;&nbsp;&nbsp;7.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2198421 |
| 2111571 | Energy Transfer L.P., Series E (b)<br>| &nbsp;&nbsp;&nbsp;7.60% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;50677704 |
| &nbsp;&nbsp;747122 | NuStar Energy L.P., Series A, 3 Mo. LIBOR + 6.77% (d)<br>| 11.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;18692992 |
| &nbsp;&nbsp;367554 | NuStar Logistics L.P., 3 Mo. LIBOR + 6.73% (d)<br>| 11.53% | 01/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9214579 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81697752 |
|  | **Real Estate Management & Development – 1.6%** |  |  |  |
| 1589499 | Brookfield Property Partners L.P., Series A<br>| &nbsp;&nbsp;&nbsp;5.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;28992462 |
| &nbsp;&nbsp;164609 | Brookfield Property Partners L.P., Series A-1<br>| &nbsp;&nbsp;&nbsp;6.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3321810 |
| 1306219 | Brookfield Property Partners L.P., Series A2<br>| &nbsp;&nbsp;&nbsp;6.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;25954572 |
| 1536111 | Brookfield Property Preferred L.P.<br>| &nbsp;&nbsp;&nbsp;6.25% | 07/26/81 | &nbsp;&nbsp;&nbsp;&nbsp;29232192 |

---

------

#### First Trust Preferred Securities and Income ETF (FPE)<br>

#### Portfolio of Investments (Continued)

#### January 31, 2023 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | **Description** | **Stated<br> Rate** | **Stated<br> Maturity** | **Value** |
| **$25 PAR PREFERRED SECURITIES (Continued)** | **$25 PAR PREFERRED SECURITIES (Continued)** | **$25 PAR PREFERRED SECURITIES (Continued)** | **$25 PAR PREFERRED SECURITIES (Continued)** | **$25 PAR PREFERRED SECURITIES (Continued)** |
|  | **Real Estate Management & Development (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677 | DigitalBridge Group, Inc., Class H<br>| &nbsp;&nbsp;&nbsp;7.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462567 | DigitalBridge Group, Inc., Series I<br>| &nbsp;&nbsp;&nbsp;7.15% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;10412383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41158 | DigitalBridge Group, Inc., Series J<br>| &nbsp;&nbsp;&nbsp;7.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915765 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98844389 |
|  | **Thrifts & Mortgage Finance – 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551770 | New York Community Bancorp, Inc., Series A (b)<br>| &nbsp;&nbsp;&nbsp;6.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;13623201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11833 | Washington Federal, Inc., Series A<br>| &nbsp;&nbsp;&nbsp;4.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240092 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13863293 |
|  | **Trading Companies & Distributors – 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369508 | Air Lease Corp., Series A (b)<br>| &nbsp;&nbsp;&nbsp;6.15% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9086202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32024 | WESCO International, Inc., Series A (b)<br>| 10.63% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871053 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9957255 |
|  | **Wireless Telecommunication Services – 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259030 | United States Cellular Corp.<br>| &nbsp;&nbsp;&nbsp;6.25% | 09/01/69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5123613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267143 | United States Cellular Corp.<br>| &nbsp;&nbsp;&nbsp;5.50% | 03/01/70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4955503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940754 | United States Cellular Corp.<br>| &nbsp;&nbsp;&nbsp;5.50% | 06/01/70 | &nbsp;&nbsp;&nbsp;&nbsp;17601507 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27680623 |
|  | **Total $25 Par Preferred Securities<br>** | **Total $25 Par Preferred Securities<br>** | **Total $25 Par Preferred Securities<br>** | &nbsp;&nbsp;1552495222 |
|  | (Cost $1,715,998,568) |  |  |  |
| **$100 PAR PREFERRED SECURITIES – 0.2%** | **$100 PAR PREFERRED SECURITIES – 0.2%** | **$100 PAR PREFERRED SECURITIES – 0.2%** | **$100 PAR PREFERRED SECURITIES – 0.2%** | **$100 PAR PREFERRED SECURITIES – 0.2%** |
|  | **Banks – 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49330 | CoBank ACB, Series H (b)<br>| &nbsp;&nbsp;&nbsp;6.20% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4896003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90015 | Farm Credit Bank of Texas (b) (f)<br>| &nbsp;&nbsp;&nbsp;6.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9007126 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13903129 |
|  | **Food Products – 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | Dairy Farmers of America, Inc. (f)<br>| &nbsp;&nbsp;&nbsp;7.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67550 |
|  | **Total $100 Par Preferred Securities<br>** | **Total $100 Par Preferred Securities<br>** | **Total $100 Par Preferred Securities<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13970679 |
|  | (Cost $14,603,514) |  |  |  |
| **$1,000 PAR PREFERRED SECURITIES – 2.9%** | **$1,000 PAR PREFERRED SECURITIES – 2.9%** | **$1,000 PAR PREFERRED SECURITIES – 2.9%** | **$1,000 PAR PREFERRED SECURITIES – 2.9%** | **$1,000 PAR PREFERRED SECURITIES – 2.9%** |
|  | **Banks – 2.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47503 | Bank of America Corp., Series L<br>| &nbsp;&nbsp;&nbsp;7.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;59103233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88218 | Wells Fargo & Co., Series L<br>| &nbsp;&nbsp;&nbsp;7.50% | (a) | &nbsp;&nbsp;&nbsp;110977362 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;170080595 |
|  | **Diversified Financial Services – 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7900 | Compeer Financial ACA (b) (f)<br>| &nbsp;&nbsp;&nbsp;6.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7848855 |
|  | **Total $1,000 Par Preferred Securities<br>** | **Total $1,000 Par Preferred Securities<br>** | **Total $1,000 Par Preferred Securities<br>** | &nbsp;&nbsp;&nbsp;&nbsp;177929450 |
|  | (Cost $195,423,407) |  |  |  |
| **Par<br> Amount** | **Description** | **Stated<br> Rate** | **Stated<br> Maturity** | **Value** |
| **CAPITAL PREFERRED SECURITIES – 67.8%** | **CAPITAL PREFERRED SECURITIES – 67.8%** | **CAPITAL PREFERRED SECURITIES – 67.8%** | **CAPITAL PREFERRED SECURITIES – 67.8%** | **CAPITAL PREFERRED SECURITIES – 67.8%** |
|  | **Banks – 28.8%** |  |  |  |
| $32549000 | Australia & New Zealand Banking Group Ltd. (b) (f) (g)<br>| &nbsp;&nbsp;&nbsp;6.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;32852845 |
| &nbsp;&nbsp;&nbsp;30500000 | Banco Bilbao Vizcaya Argentaria S.A., Series 9 (b) (g)<br>| &nbsp;&nbsp;&nbsp;6.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;29928430 |
| &nbsp;&nbsp;&nbsp;11250000 | Banco Mercantil del Norte S.A. (b) (f) (g)<br>| &nbsp;&nbsp;&nbsp;7.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;10840444 |
| &nbsp;&nbsp;&nbsp;15700000 | Banco Mercantil del Norte S.A. (b) (f) (g)<br>| &nbsp;&nbsp;&nbsp;7.63% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;15549123 |
| &nbsp;&nbsp;&nbsp;21630000 | Banco Mercantil del Norte S.A. (b) (f) (g)<br>| &nbsp;&nbsp;&nbsp;8.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;22261584 |

---

------

#### First Trust Preferred Securities and Income ETF (FPE)<br>

#### Portfolio of Investments (Continued)

#### January 31, 2023 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par<br> Amount** | **Description** | **Stated<br> Rate** | **Stated<br> Maturity** | **Value** |
| **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** |
|  | **Banks (Continued)** |  |  |  |
| $35600000 | Banco Santander S.A. (b) (g)<br>| 4.75% | (a) | &nbsp;&nbsp;&nbsp;$30977991 |
| &nbsp;&nbsp;&nbsp;43200000 | Banco Santander S.A. (b) (g) (h)<br>| 7.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;43024608 |
| &nbsp;&nbsp;&nbsp;14075000 | Bank of America Corp., Series RR (b)<br>| 4.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;12809658 |
| &nbsp;&nbsp;&nbsp;40283000 | Bank of America Corp., Series TT (b)<br>| 6.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;40423991 |
| &nbsp;&nbsp;&nbsp;11594000 | Bank of America Corp., Series X (b)<br>| 6.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;11615797 |
| &nbsp;&nbsp;&nbsp;13800000 | Bank of Nova Scotia (The) (b)<br>| 4.90% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;13436508 |
| &nbsp;&nbsp;&nbsp;19070000 | Bank of Nova Scotia (The) (b)<br>| 8.63% | 10/27/82 | &nbsp;&nbsp;&nbsp;&nbsp;20318517 |
| &nbsp;&nbsp;&nbsp;&nbsp;3000000 | Bank of Nova Scotia (The), Series 2 (b)<br>| 3.63% | 10/27/81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2372894 |
| &nbsp;&nbsp;&nbsp;10575000 | Barclays PLC (b) (g)<br>| 4.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8622098 |
| &nbsp;&nbsp;&nbsp;42409000 | Barclays PLC (b) (g)<br>| 6.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;40553182 |
| &nbsp;&nbsp;&nbsp;&nbsp;5760000 | Barclays PLC (b) (g)<br>| 7.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5731027 |
| 135865000 | Barclays PLC (b) (g)<br>| 8.00% | (a) | &nbsp;&nbsp;&nbsp;135695169 |
| &nbsp;&nbsp;&nbsp;64400000 | Barclays PLC (b) (g)<br>| 8.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;64828260 |
| &nbsp;&nbsp;&nbsp;11600000 | BBVA Bancomer S.A. (b) (f) (g)<br>| 5.88% | 09/13/34 | &nbsp;&nbsp;&nbsp;&nbsp;11189244 |
| &nbsp;&nbsp;&nbsp;11850000 | BNP Paribas S.A. (b) (f) (g)<br>| 4.63% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;10398375 |
| &nbsp;&nbsp;&nbsp;44450000 | BNP Paribas S.A. (b) (f) (g)<br>| 4.63% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;36471610 |
| &nbsp;&nbsp;&nbsp;29498000 | BNP Paribas S.A. (b) (f) (g)<br>| 6.63% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;29203020 |
| &nbsp;&nbsp;&nbsp;&nbsp;8315000 | BNP Paribas S.A. (b) (f) (g)<br>| 7.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8371168 |
| &nbsp;&nbsp;&nbsp;19580000 | BNP Paribas S.A. (b) (f) (g)<br>| 7.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;20314250 |
| &nbsp;&nbsp;&nbsp;&nbsp;8300000 | BNP Paribas S.A. (b) (f) (g)<br>| 9.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9034550 |
| &nbsp;&nbsp;&nbsp;37946000 | Citigroup, Inc. (b)<br>| 3.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;34735768 |
| &nbsp;&nbsp;&nbsp;16365000 | Citigroup, Inc., Series M (b)<br>| 6.30% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;16160438 |
| &nbsp;&nbsp;&nbsp;16200000 | Citigroup, Inc., Series P (b)<br>| 5.95% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;15807544 |
| &nbsp;&nbsp;&nbsp;17355000 | Citigroup, Inc., Series T (b)<br>| 6.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;17511889 |
| &nbsp;&nbsp;&nbsp;19803000 | Citigroup, Inc., Series W (b)<br>| 4.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;18370081 |
| &nbsp;&nbsp;&nbsp;&nbsp;7860000 | Citigroup, Inc., Series Y (b)<br>| 4.15% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7015050 |
| &nbsp;&nbsp;&nbsp;&nbsp;1551000 | Citizens Financial Group, Inc., Series F (b)<br>| 5.65% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1535459 |
| &nbsp;&nbsp;&nbsp;&nbsp;3572000 | Citizens Financial Group, Inc., Series G (b)<br>| 4.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3103795 |
| &nbsp;&nbsp;&nbsp;18474000 | CoBank ACB, Series I (b)<br>| 6.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;18354449 |
| &nbsp;&nbsp;&nbsp;35655000 | CoBank ACB, Series K (b)<br>| 6.45% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;36088054 |
| &nbsp;&nbsp;&nbsp;11200000 | Commerzbank AG (b) (g) (h)<br>| 7.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;11056763 |
| &nbsp;&nbsp;&nbsp;11810000 | Credit Agricole S.A. (b) (f) (g)<br>| 6.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;11695673 |
| &nbsp;&nbsp;&nbsp;43500000 | Credit Agricole S.A. (b) (f) (g)<br>| 8.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;44985307 |
| &nbsp;&nbsp;&nbsp;26200000 | Danske Bank A.S. (b) (g) (h)<br>| 4.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;23110103 |
| &nbsp;&nbsp;&nbsp;13613000 | Danske Bank A.S. (b) (g) (h)<br>| 6.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;13298199 |
| &nbsp;&nbsp;&nbsp;15960000 | Danske Bank A.S. (b) (g) (h)<br>| 7.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;15541529 |
| &nbsp;&nbsp;&nbsp;&nbsp;7650000 | Farm Credit Bank of Texas, Series 3 (b) (f)<br>| 6.20% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6923250 |
| &nbsp;&nbsp;&nbsp;20300000 | Farm Credit Bank of Texas, Series 4 (b) (f)<br>| 5.70% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;19082000 |
| &nbsp;&nbsp;&nbsp;&nbsp;8527000 | Fifth Third Bancorp, Series H (b)<br>| 5.10% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8353458 |
| &nbsp;&nbsp;&nbsp;12800000 | HSBC Holdings PLC (b) (g)<br>| 4.60% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;10883200 |
| &nbsp;&nbsp;&nbsp;20836000 | ING Groep N.V. (b) (g)<br>| 5.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;19733046 |
| &nbsp;&nbsp;&nbsp;&nbsp;4579000 | ING Groep N.V. (b) (g)<br>| 6.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4481857 |
| &nbsp;&nbsp;&nbsp;44745000 | Intesa Sanpaolo S.p.A. (b) (f) (g)<br>| 7.70% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;42351012 |
| &nbsp;&nbsp;&nbsp;32100000 | Lloyds Banking Group PLC (b) (g)<br>| 6.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;31368039 |
| &nbsp;&nbsp;&nbsp;44931668 | Lloyds Banking Group PLC (b) (g)<br>| 7.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;44658483 |
| &nbsp;&nbsp;&nbsp;42017000 | Lloyds Banking Group PLC (b) (g)<br>| 7.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;41712377 |
| &nbsp;&nbsp;&nbsp;&nbsp;5278602 | M&T Bank Corp. (b)<br>| 3.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4447222 |
| &nbsp;&nbsp;&nbsp;&nbsp;7932000 | M&T Bank Corp., Series G (b)<br>| 5.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7608274 |
| &nbsp;&nbsp;&nbsp;18900000 | NatWest Group PLC (b) (g)<br>| 6.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;18096750 |
| &nbsp;&nbsp;&nbsp;24825000 | NatWest Group PLC (b) (g)<br>| 8.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;25134195 |
| &nbsp;&nbsp;&nbsp;&nbsp;8975000 | PNC Financial Services Group (The), Inc., Series U (b)<br>| 6.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8951665 |
| &nbsp;&nbsp;&nbsp;40615000 | PNC Financial Services Group (The), Inc., Series V (b)<br>| 6.20% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;40728722 |
| &nbsp;&nbsp;&nbsp;85600000 | Societe Generale S.A. (b) (f) (g)<br>| 5.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;73823964 |
| &nbsp;&nbsp;&nbsp;&nbsp;8589000 | Societe Generale S.A. (b) (f) (g)<br>| 7.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8567528 |
| &nbsp;&nbsp;&nbsp;33820000 | Societe Generale S.A. (b) (f) (g)<br>| 9.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;36398775 |

---

------

#### First Trust Preferred Securities and Income ETF (FPE)<br>

#### Portfolio of Investments (Continued)

#### January 31, 2023 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par<br> Amount** | **Description** | **Stated<br> Rate** | **Stated<br> Maturity** | **Value** |
| **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** |
|  | **Banks (Continued)** |  |  |  |
| $63460000 | Standard Chartered PLC (b) (f) (g)<br>| 4.30% | (a) | &nbsp;&nbsp;&nbsp;$54505794 |
| &nbsp;&nbsp;&nbsp;12700000 | Standard Chartered PLC (b) (f) (g)<br>| 6.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;12509500 |
| &nbsp;&nbsp;&nbsp;52790000 | Standard Chartered PLC (b) (f) (g)<br>| 7.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;54241725 |
| &nbsp;&nbsp;&nbsp;48046398 | SVB Financial Group, Series C (b) (i)<br>| 4.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;38526895 |
| &nbsp;&nbsp;&nbsp;50341000 | SVB Financial Group, Series D (b) (i)<br>| 4.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;40318107 |
| &nbsp;&nbsp;&nbsp;13000000 | Swedbank AB, Series NC5 (b) (g) (h)<br>| 5.63% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;12650625 |
| &nbsp;&nbsp;&nbsp;&nbsp;5695000 | Texas Capital Bancshares, Inc. (b)<br>| 4.00% | 05/06/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5187613 |
| &nbsp;&nbsp;&nbsp;39450000 | Toronto-Dominion Bank (The) (b)<br>| 8.13% | 10/31/82 | &nbsp;&nbsp;&nbsp;&nbsp;41964938 |
| &nbsp;&nbsp;&nbsp;&nbsp;5000000 | Truist Financial Corp., Series N (b)<br>| 4.80% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4803575 |
| &nbsp;&nbsp;&nbsp;59930000 | UniCredit S.p.A. (b) (g) (h)<br>| 8.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;59368156 |
| &nbsp;&nbsp;&nbsp;&nbsp;4400000 | UniCredit S.p.A. (b) (f)<br>| 7.30% | 04/02/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4282573 |
| &nbsp;&nbsp;&nbsp;13500000 | UniCredit S.p.A. (b) (f)<br>| 5.46% | 06/30/35 | &nbsp;&nbsp;&nbsp;&nbsp;11823898 |
| &nbsp;&nbsp;&nbsp;55880000 | Wells Fargo & Co., Series BB (b)<br>| 3.90% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;51549300 |
|  |  |  |  | &nbsp;&nbsp;1800230960 |
|  | **Capital Markets – 8.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;40096000 | Apollo Management Holdings L.P. (b) (f)<br>| 4.95% | 01/14/50 | &nbsp;&nbsp;&nbsp;&nbsp;34499101 |
| &nbsp;&nbsp;&nbsp;&nbsp;3050000 | Charles Schwab (The) Corp., Series H (b)<br>| 4.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2627575 |
| &nbsp;&nbsp;&nbsp;63997000 | Charles Schwab (The) Corp., Series I (b)<br>| 4.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;59046832 |
| &nbsp;&nbsp;&nbsp;15800000 | Charles Schwab (The) Corp., Series K (b)<br>| 5.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;15286500 |
| &nbsp;&nbsp;&nbsp;81425000 | Credit Suisse Group AG (b) (f) (g) (j)<br>| 5.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;61272312 |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | Credit Suisse Group AG (b) (f) (g) (j)<br>| 6.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060044 |
| &nbsp;&nbsp;&nbsp;51775000 | Credit Suisse Group AG (b) (f) (g) (j)<br>| 6.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;42067188 |
| &nbsp;&nbsp;&nbsp;76900000 | Credit Suisse Group AG (b) (f) (g) (j)<br>| 7.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;71382969 |
| &nbsp;&nbsp;&nbsp;27200000 | Credit Suisse Group AG (b) (f) (g) (j)<br>| 9.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;26452000 |
| &nbsp;&nbsp;&nbsp;63400000 | Deutsche Bank AG, Series 2020 (b) (g)<br>| 6.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;57862257 |
| &nbsp;&nbsp;&nbsp;28725000 | EFG International AG (b) (g) (h)<br>| 5.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;26143628 |
| &nbsp;&nbsp;&nbsp;24875000 | Goldman Sachs Group (The), Inc., Series R (b)<br>| 4.95% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;23931156 |
| &nbsp;&nbsp;&nbsp;38000000 | UBS Group AG (b) (f) (g)<br>| 4.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;34253200 |
| &nbsp;&nbsp;&nbsp;&nbsp;2400000 | UBS Group AG (b) (g) (h)<br>| 5.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2283132 |
| &nbsp;&nbsp;&nbsp;26389000 | UBS Group AG (b) (g) (h)<br>| 6.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;26265631 |
| &nbsp;&nbsp;&nbsp;22400000 | UBS Group AG (b) (f) (g)<br>| 7.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;22315328 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;506748853 |
|  | **Consumer Finance – 1.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;37292000 | Ally Financial, Inc., Series B (b)<br>| 4.70% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;30789207 |
| &nbsp;&nbsp;&nbsp;&nbsp;9830000 | Ally Financial, Inc., Series C (b)<br>| 4.70% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7569100 |
| &nbsp;&nbsp;&nbsp;35379000 | American Express Co. (b)<br>| 3.55% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;31391779 |
| &nbsp;&nbsp;&nbsp;20077000 | Capital One Financial Corp., Series M (b)<br>| 3.95% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;17475797 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87225883 |
|  | **Diversified Financial Services – 3.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;64250000 | American AgCredit Corp. (b) (f)<br>| 5.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;56620314 |
| &nbsp;&nbsp;&nbsp;40400000 | Ares Finance Co. III LLC (b) (f)<br>| 4.13% | 06/30/51 | &nbsp;&nbsp;&nbsp;&nbsp;31327192 |
| &nbsp;&nbsp;&nbsp;28250000 | Capital Farm Credit ACA, Series 1 (b) (f)<br>| 5.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;25778125 |
| &nbsp;&nbsp;&nbsp;13950000 | Compeer Financial ACA (b) (f)<br>| 4.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;12363201 |
| &nbsp;&nbsp;&nbsp;53110000 | Corebridge Financial, Inc. (b) (f)<br>| 6.88% | 12/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;52907130 |
| &nbsp;&nbsp;&nbsp;10548000 | Voya Financial, Inc., Series A (b)<br>| 6.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;10541671 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;189537633 |
|  | **Electric Utilities – 1.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3000000 | American Electric Power Co., Inc. (b)<br>| 3.88% | 02/15/62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2574575 |
| &nbsp;&nbsp;&nbsp;21918000 | Duke Energy Corp. (b)<br>| 4.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;21172446 |
| &nbsp;&nbsp;&nbsp;17965000 | Edison International, Series B (b)<br>| 5.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;16017414 |
| &nbsp;&nbsp;&nbsp;32500000 | Emera, Inc., Series 16-A (b)<br>| 6.75% | 06/15/76 | &nbsp;&nbsp;&nbsp;&nbsp;32041203 |

---

------

#### First Trust Preferred Securities and Income ETF (FPE)<br>

#### Portfolio of Investments (Continued)

#### January 31, 2023 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par<br> Amount** | **Description** | **Stated<br> Rate** | **Stated<br> Maturity** | **Value** |
| **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** |
|  | **Electric Utilities (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;$5000000 | NextEra Energy Capital Holdings, Inc. (b)<br>| 5.65% | 05/01/79 | &nbsp;&nbsp;&nbsp;&nbsp;$4777163 |
| &nbsp;&nbsp;&nbsp;16409000 | Southern (The) Co., Series 21-A (b)<br>| 3.75% | 09/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;14322533 |
| &nbsp;&nbsp;&nbsp;30516000 | Southern California Edison Co., Series E, 3 Mo. LIBOR + 4.20% (d)<br>| 8.64% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;30287130 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;121192464 |
|  | **Energy Equipment & Services – 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3524000 | Transcanada Trust (b)<br>| 5.63% | 05/20/75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400506 |
| &nbsp;&nbsp;&nbsp;27600000 | Transcanada Trust (b)<br>| 5.50% | 09/15/79 | &nbsp;&nbsp;&nbsp;&nbsp;25011023 |
| &nbsp;&nbsp;&nbsp;34700000 | Transcanada Trust (b)<br>| 5.60% | 03/07/82 | &nbsp;&nbsp;&nbsp;&nbsp;31099875 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59511404 |
|  | **Food Products – 1.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;10700000 | Dairy Farmers of America, Inc. (k)<br>| 7.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9228750 |
| &nbsp;&nbsp;&nbsp;25362000 | Land O'Lakes Capital Trust I (k)<br>| 7.45% | 03/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;25044975 |
| &nbsp;&nbsp;&nbsp;44888000 | Land O'Lakes, Inc. (f)<br>| 7.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;39771890 |
| &nbsp;&nbsp;&nbsp;14010000 | Land O'Lakes, Inc. (f)<br>| 7.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;12468900 |
| &nbsp;&nbsp;&nbsp;31520000 | Land O'Lakes, Inc. (f)<br>| 8.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;29822963 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;116337478 |
|  | **Insurance – 8.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5000000 | Aegon N.V. (b)<br>| 5.50% | 04/11/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4775895 |
| &nbsp;&nbsp;&nbsp;&nbsp;6700000 | Allianz SE (b) (f)<br>| 3.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5859820 |
| &nbsp;&nbsp;&nbsp;&nbsp;7502000 | Asahi Mutual Life Insurance Co. (b) (h)<br>| 6.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7521880 |
| &nbsp;&nbsp;&nbsp;32200000 | Assurant, Inc. (b)<br>| 7.00% | 03/27/48 | &nbsp;&nbsp;&nbsp;&nbsp;32015659 |
| &nbsp;&nbsp;&nbsp;12999000 | Assured Guaranty Municipal Holdings, Inc. (b) (f)<br>| 6.40% | 12/15/66 | &nbsp;&nbsp;&nbsp;&nbsp;12401176 |
| &nbsp;&nbsp;&nbsp;38875000 | AXIS Specialty Finance LLC (b)<br>| 4.90% | 01/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;33099774 |
| &nbsp;&nbsp;&nbsp;11400000 | CNP Assurances (b) (h)<br>| 4.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9434423 |
| &nbsp;&nbsp;&nbsp;23688000 | Enstar Finance LLC (b)<br>| 5.75% | 09/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;21256664 |
| &nbsp;&nbsp;&nbsp;55217000 | Enstar Finance LLC (b)<br>| 5.50% | 01/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;45615026 |
| &nbsp;&nbsp;&nbsp;13700000 | Fortegra Financial Corp. (b) (k)<br>| 8.50% | 10/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;13939754 |
| &nbsp;&nbsp;&nbsp;87495000 | Global Atlantic Fin Co. (b) (f)<br>| 4.70% | 10/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;75444823 |
| &nbsp;&nbsp;&nbsp;18871000 | Hartford Financial Services Group (The), Inc., 3 Mo. LIBOR + 2.13% (d) (f)<br>| 6.73% | 02/12/47 | &nbsp;&nbsp;&nbsp;&nbsp;16186600 |
| &nbsp;&nbsp;&nbsp;26429000 | Kuvare US Holdings, Inc. (b) (f)<br>| 7.00% | 02/17/51 | &nbsp;&nbsp;&nbsp;&nbsp;26825435 |
| &nbsp;&nbsp;&nbsp;&nbsp;9310000 | La Mondiale SAM (b) (h)<br>| 5.88% | 01/26/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8934304 |
| &nbsp;&nbsp;&nbsp;40630000 | Lancashire Holdings Ltd. (b) (h)<br>| 5.63% | 09/18/41 | &nbsp;&nbsp;&nbsp;&nbsp;33859864 |
| &nbsp;&nbsp;&nbsp;35910000 | Liberty Mutual Group, Inc. (b) (f)<br>| 4.13% | 12/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;30783488 |
| &nbsp;&nbsp;&nbsp;15500000 | Lincoln National Corp., Series C<br>| 9.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;17166250 |
| &nbsp;&nbsp;&nbsp;16649000 | Principal Financial Group, Inc., 3 Mo. LIBOR + 3.04% (d)<br>| 7.65% | 05/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;16399265 |
| &nbsp;&nbsp;&nbsp;50448000 | Prudential Financial, Inc. (b)<br>| 6.00% | 09/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;50390788 |
| &nbsp;&nbsp;&nbsp;47900000 | QBE Insurance Group Ltd. (b) (f)<br>| 5.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;47301250 |
| &nbsp;&nbsp;&nbsp;24999000 | QBE Insurance Group Ltd. (b) (h)<br>| 6.75% | 12/02/44 | &nbsp;&nbsp;&nbsp;&nbsp;24972821 |
| &nbsp;&nbsp;&nbsp;16000000 | QBE Insurance Group Ltd. (b) (h)<br>| 5.88% | 06/17/46 | &nbsp;&nbsp;&nbsp;&nbsp;15613840 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;549798799 |
|  | **Mortgage Real Estate Investment Trusts – 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1800000 | Scentre Group Trust 2 (b) (f)<br>| 4.75% | 09/24/80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1681872 |
| &nbsp;&nbsp;&nbsp;26435000 | Scentre Group Trust 2 (b) (f)<br>| 5.13% | 09/24/80 | &nbsp;&nbsp;&nbsp;&nbsp;23291419 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24973291 |
|  | **Multi-Utilities – 3.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;67818000 | Algonquin Power & Utilities Corp. (b)<br>| 4.75% | 01/18/82 | &nbsp;&nbsp;&nbsp;&nbsp;57389626 |
| &nbsp;&nbsp;&nbsp;42658000 | CenterPoint Energy, Inc., Series A (b)<br>| 6.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;41991469 |
| &nbsp;&nbsp;&nbsp;17052000 | CMS Energy Corp. (b)<br>| 3.75% | 12/01/50 | &nbsp;&nbsp;&nbsp;&nbsp;13959279 |

---

------

#### First Trust Preferred Securities and Income ETF (FPE)<br>

#### Portfolio of Investments (Continued)

#### January 31, 2023 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par<br> Amount** | **Description** | **Stated<br> Rate** | **Stated<br> Maturity** | **Value** |
| **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** |
|  | **Multi-Utilities (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;$5730000 | Dominion Energy, Inc., Series B (b)<br>| 4.65% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;$5374167 |
| &nbsp;&nbsp;&nbsp;28520000 | NiSource, Inc. (b)<br>| 5.65% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;27808635 |
| &nbsp;&nbsp;&nbsp;59610000 | Sempra Energy (b)<br>| 4.13% | 04/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;52268810 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;198791986 |
|  | **Oil, Gas & Consumable Fuels – 6.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;27792000 | Buckeye Partners L.P., 3 Mo. LIBOR + 4.02% (b)<br>| 8.84% | 01/22/78 | &nbsp;&nbsp;&nbsp;&nbsp;23413430 |
| &nbsp;&nbsp;&nbsp;21237000 | DCP Midstream Operating L.P. (b) (f)<br>| 5.85% | 05/21/43 | &nbsp;&nbsp;&nbsp;&nbsp;20995111 |
| &nbsp;&nbsp;&nbsp;57082000 | Enbridge, Inc. (b)<br>| 6.25% | 03/01/78 | &nbsp;&nbsp;&nbsp;&nbsp;54373446 |
| &nbsp;&nbsp;&nbsp;47400000 | Enbridge, Inc. (b)<br>| 7.63% | 01/15/83 | &nbsp;&nbsp;&nbsp;&nbsp;48930698 |
| &nbsp;&nbsp;&nbsp;65166000 | Enbridge, Inc., Series 16-A (b)<br>| 6.00% | 01/15/77 | &nbsp;&nbsp;&nbsp;&nbsp;61981562 |
| &nbsp;&nbsp;&nbsp;40850000 | Enbridge, Inc., Series 20-A (b)<br>| 5.75% | 07/15/80 | &nbsp;&nbsp;&nbsp;&nbsp;38758071 |
| &nbsp;&nbsp;&nbsp;15122000 | Energy Transfer L.P., 3 Mo. LIBOR + 3.02% (d)<br>| 7.46% | 11/01/66 | &nbsp;&nbsp;&nbsp;&nbsp;12199109 |
| &nbsp;&nbsp;&nbsp;&nbsp;9660000 | Energy Transfer L.P., Series A (b)<br>| 6.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9116625 |
| &nbsp;&nbsp;&nbsp;24986000 | Energy Transfer L.P., Series F (b)<br>| 6.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;23705467 |
| &nbsp;&nbsp;&nbsp;24500000 | Energy Transfer L.P., Series G (b)<br>| 7.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;22442000 |
| &nbsp;&nbsp;&nbsp;&nbsp;9000000 | Energy Transfer L.P., Series H (b)<br>| 6.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8463420 |
| &nbsp;&nbsp;&nbsp;55280000 | Enterprise Products Operating LLC, 3 Mo. LIBOR + 2.78% (d)<br>| 7.54% | 06/01/67 | &nbsp;&nbsp;&nbsp;&nbsp;49203346 |
| &nbsp;&nbsp;&nbsp;14318000 | Enterprise Products Operating LLC, Series D, 3 Mo. LIBOR + 2.99% (d)<br>| 7.63% | 08/16/77 | &nbsp;&nbsp;&nbsp;&nbsp;13725808 |
| &nbsp;&nbsp;&nbsp;&nbsp;3330000 | Enterprise Products Operating LLC, Series E<br>| 5.25% | 08/16/77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2909213 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;390217306 |
|  | **Trading Companies & Distributors – 3.0%** |  |  |  |
| 142083000 | AerCap Holdings N.V. (b)<br>| 5.88% | 10/10/79 | &nbsp;&nbsp;&nbsp;136291697 |
| &nbsp;&nbsp;&nbsp;15700000 | Air Lease Corp., Series B (b)<br>| 4.65% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;13973000 |
| &nbsp;&nbsp;&nbsp;46300000 | Aircastle Ltd. (b) (f)<br>| 5.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;38197500 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;188462197 |
|  | **Transportation Infrastructure – 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9666000 | AerCap Global Aviation Trust (b) (f)<br>| 6.50% | 06/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9461516 |
|  | **Total Capital Preferred Securities<br>** | **Total Capital Preferred Securities<br>** | **Total Capital Preferred Securities<br>** | &nbsp;&nbsp;4242489770 |
|  | (Cost $4,513,142,176) |  |  |  |
| **Principal<br> Value** | **Description** | **Stated<br> Coupon** | **Stated<br> Maturity** | **Value** |
| **FOREIGN CORPORATE BONDS AND NOTES – 1.4%** | **FOREIGN CORPORATE BONDS AND NOTES – 1.4%** | **FOREIGN CORPORATE BONDS AND NOTES – 1.4%** | **FOREIGN CORPORATE BONDS AND NOTES – 1.4%** | **FOREIGN CORPORATE BONDS AND NOTES – 1.4%** |
|  | **Insurance – 1.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;94408028 | Highlands Holdings Bond Issuer Ltd./Highlands Holdings Bond Co-Issuer, Inc. (f) (l)<br>| 7.63% | 10/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;87704586 |
|  | (Cost $98,555,870) |  |  |  |
| **CORPORATE BONDS AND NOTES – 0.2%** | **CORPORATE BONDS AND NOTES – 0.2%** | **CORPORATE BONDS AND NOTES – 0.2%** | **CORPORATE BONDS AND NOTES – 0.2%** | **CORPORATE BONDS AND NOTES – 0.2%** |
|  | **Insurance – 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;12296000 | AmTrust Financial Services, Inc.<br>| 6.13% | 08/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;12047679 |
|  | (Cost $12,297,315) |  |  |  |

---

---

| | |
|:---|:---|
| **Total Investments – 97.3%<br>**  | &nbsp;&nbsp;&nbsp;6086637386 |
| (Cost $6,550,020,850) |  |
| **Net Other Assets and Liabilities – 2.7%<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;167294088 |
| **Net Assets – 100.0%<br>**  | $6253931474 |

---

(a) Perpetual maturity.

------

#### First Trust Preferred Securities and Income ETF (FPE)<br>

#### Portfolio of Investments (Continued)

#### January 31, 2023 (Unaudited)
(b) Fixed-to-floating or fixed-to-variable rate security. The interest rate shown reflects the fixed rate in effect at January 31, 2023. At a predetermined date, the fixed rate will
change to a floating rate or a variable rate.

(c) On March 12, 2023, Signature Bank was placed in receivership under the Federal Deposit Insurance Corporation. Since that event, the Fund is valuing this security significantly lower
than the price determined on January 31, 2023.

(d) Floating or variable rate security.

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

(f) This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule 144A of the Securities Act of 1933, as amended (the
"1933 Act"), and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Trust's Board of Trustees, this security has
been determined to be liquid by the Advisor. Although market instability can result in periods of increased overall market illiquidity, liquidity for each security is determined based on security specific factors and
assumptions, which require subjective judgment. At January 31, 2023, securities noted as such amounted to $1,555,097,196 or 24.9% of net assets.

(g) This security is a contingent convertible capital security which may be subject to conversion into common stock of the issuer under certain circumstances. At January 31, 2023,
securities noted as such amounted to $1,607,377,267 or 25.7% of net assets. Of these securities, 3.7% originated in emerging markets, and 96.3% originated in foreign markets.

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

(i) On March 10, 2023, Silicon Valley Bank was placed in receivership under the Federal Deposit Insurance Corporation. Prior to that event, the Fund liquidated its position at a price
significantly below where it was priced on January 31, 2023.

(j) As of March 20, 2023, due to market events, the Fund is valuing these securities significantly lower than the price determined on January 31, 2023.

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

(l) These notes are Senior Payment-in-kind ("PIK") Toggle Notes whereby the issuer may, at its option, elect to pay interest on the notes (1) entirely in
cash or (2) entirely in PIK interest. Interest paid in cash will accrue on the notes at a rate of 7.63% per annum ("Cash Interest Rate") and PIK interest will accrue on the notes at a rate per annum equal
to the Cash Interest Rate plus 75 basis points. There were no interest distributions received during the fiscal year-to-date period (November 1, 2022 to January 31, 2023).

LIBOR London Interbank Offered Rate

------

#### Valuation Inputs
A summary of the inputs used to value the Fund's investments as of January 31, 2023 is as follows (see Valuation Inputs in the Additional Information section):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total<br> Value at<br> 1/31/2023** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** |
| $25 Par Preferred Securities: |  |  |  |  |
| &nbsp;&nbsp;Gas Utilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;$14030398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1343875 | &nbsp;&nbsp;&nbsp;&nbsp;$12686523 | $— |
| &nbsp;&nbsp;Insurance<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450133134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405915817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44217317 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;Multi-Utilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117185620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93684625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23500995 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;Other Industry Categories\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 971146070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 971146070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| $100 Par Preferred Securities: |  |  |  |  |
| &nbsp;&nbsp;Banks<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13903129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4896003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9007126 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;Food Products<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67550 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| $1,000 Par Preferred Securities: |  |  |  |  |
| &nbsp;&nbsp;Banks<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170080595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170080595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;Diversified Financial Services<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7848855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7848855 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Capital Preferred Securities\*<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4242489770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4242489770 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Foreign Corporate Bonds and Notes\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87704586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87704586 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Corporate Bonds and Notes\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12047679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12047679 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments<br>| $6086637386 | &nbsp;&nbsp;$1647066985 | $4439570401 | $— |

---

\* See Portfolio of Investments for industry breakout.

------

#### First Trust Preferred Securities and Income ETF (FPE)<br>

#### Portfolio of Investments (Continued)

#### January 31, 2023 (Unaudited)

------

#### Restricted Securities
As of January 31, 2023, the Fund held restricted securities as shown in the following table that the Advisor has deemed illiquid.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security** | &nbsp;&nbsp;**Acquisition<br> Date** | &nbsp;&nbsp;**Par Amount** | &nbsp;&nbsp;**Current Price** | &nbsp;&nbsp;**Carrying<br> Cost** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of<br> Net<br> Assets** |
| **FPE** |  |  |  |  |  |  |
| Dairy Farmers of America, Inc., 7.13% | &nbsp;&nbsp;09/15/16-12/10/21 | &nbsp;&nbsp;$10700000 | &nbsp;&nbsp;$86.25 | &nbsp;&nbsp;$10903500 | &nbsp;&nbsp;$9228750 | &nbsp;&nbsp;0.15% |
| Fortegra Financial Corp., 8.50%, 10/15/57 | &nbsp;&nbsp;10/12/17-03/12/18 | &nbsp;&nbsp;&nbsp;&nbsp;13700000 | &nbsp;&nbsp;&nbsp;&nbsp;101.75 | &nbsp;&nbsp;&nbsp;&nbsp;13718748 | &nbsp;&nbsp;&nbsp;&nbsp;13939754 | &nbsp;&nbsp;0.22 |
| Land O'Lakes Capital Trust I, 7.45%, 03/15/28 | &nbsp;&nbsp;03/20/15-07/23/21 | &nbsp;&nbsp;&nbsp;&nbsp;25362000 | &nbsp;&nbsp;&nbsp;&nbsp;98.75 | &nbsp;&nbsp;&nbsp;&nbsp;27201120 | &nbsp;&nbsp;&nbsp;&nbsp;25044975 | &nbsp;&nbsp;0.40 |
|  |  |  |  | &nbsp;&nbsp;$51823368 | &nbsp;&nbsp;$48213479 | &nbsp;&nbsp;0.77% |

---

------

#### First Trust Institutional Preferred Securities and Income ETF (FPEI)<br>

#### Portfolio of Investments

#### January 31, 2023 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | **Description** | **Stated<br> Rate** | **Stated<br> Maturity** | **Value** |
| **$1,000 PAR PREFERRED SECURITIES – 1.4%** | **$1,000 PAR PREFERRED SECURITIES – 1.4%** | **$1,000 PAR PREFERRED SECURITIES – 1.4%** | **$1,000 PAR PREFERRED SECURITIES – 1.4%** | **$1,000 PAR PREFERRED SECURITIES – 1.4%** |
|  | **Banks – 1.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5014 | Bank of America Corp., Series L<br>| 7.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6238419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6658 | Wells Fargo & Co., Series L<br>| 7.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8375697 |
|  | **Total $1,000 Par Preferred Securities<br>** | **Total $1,000 Par Preferred Securities<br>** | **Total $1,000 Par Preferred Securities<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14614116 |
|  | (Cost $16,550,864) |  |  |  |
| **Par<br> Amount** | **Description** | **Stated<br> Rate** | **Stated<br> Maturity** | **Value** |
| **CAPITAL PREFERRED SECURITIES – 94.9%** | **CAPITAL PREFERRED SECURITIES – 94.9%** | **CAPITAL PREFERRED SECURITIES – 94.9%** | **CAPITAL PREFERRED SECURITIES – 94.9%** | **CAPITAL PREFERRED SECURITIES – 94.9%** |
|  | **Banks – 41.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;$4950000 | Australia & New Zealand Banking Group Ltd. (b) (c) (d)<br>| 6.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4996208 |
| &nbsp;&nbsp;&nbsp;&nbsp;1145000 | Australia & New Zealand Banking Group Ltd. (c) (d) (e)<br>| 6.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155689 |
| &nbsp;&nbsp;&nbsp;&nbsp;5400000 | Banco Bilbao Vizcaya Argentaria S.A., Series 9 (c) (d)<br>| 6.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5298804 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | Banco Mercantil del Norte S.A. (b) (c) (d)<br>| 6.63% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1768614 |
| &nbsp;&nbsp;&nbsp;&nbsp;3501000 | Banco Mercantil del Norte S.A. (b) (c) (d)<br>| 7.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3373546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842000 | Banco Mercantil del Norte S.A. (b) (c) (d)<br>| 7.63% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833908 |
| &nbsp;&nbsp;&nbsp;&nbsp;1400000 | Banco Mercantil del Norte S.A. (b) (c) (d)<br>| 8.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1440879 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | Banco Santander S.A. (c) (d)<br>| 4.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1740337 |
| &nbsp;&nbsp;&nbsp;&nbsp;4400000 | Banco Santander S.A. (c) (d) (e)<br>| 7.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4382136 |
| &nbsp;&nbsp;&nbsp;&nbsp;3656000 | Bank of America Corp., Series RR (d)<br>| 4.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3327326 |
| &nbsp;&nbsp;&nbsp;22796000 | Bank of America Corp., Series TT (d)<br>| 6.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22875786 |
| &nbsp;&nbsp;&nbsp;&nbsp;5400000 | Bank of America Corp., Series X (d)<br>| 6.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5410152 |
| &nbsp;&nbsp;&nbsp;&nbsp;3200000 | Bank of Nova Scotia (The) (d)<br>| 4.90% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3115712 |
| &nbsp;&nbsp;&nbsp;19400000 | Bank of Nova Scotia (The) (d)<br>| 8.63% | 10/27/82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20670123 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Bank of Nova Scotia (The), Series 2 (d)<br>| 3.63% | 10/27/81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790965 |
| &nbsp;&nbsp;&nbsp;&nbsp;2300000 | Barclays PLC (c) (d)<br>| 4.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875255 |
| &nbsp;&nbsp;&nbsp;&nbsp;9350000 | Barclays PLC (c) (d)<br>| 6.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8940844 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | Barclays PLC (c) (d)<br>| 7.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1989940 |
| &nbsp;&nbsp;&nbsp;17329000 | Barclays PLC (c) (d)<br>| 8.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17307339 |
| &nbsp;&nbsp;&nbsp;&nbsp;7500000 | Barclays PLC (c) (d)<br>| 8.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7549875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | BBVA Bancomer S.A. (b) (c) (d)<br>| 5.88% | 09/13/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675213 |
| &nbsp;&nbsp;&nbsp;&nbsp;3200000 | BNP Paribas S.A. (b) (c) (d)<br>| 4.63% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2808000 |
| &nbsp;&nbsp;&nbsp;&nbsp;6800000 | BNP Paribas S.A. (b) (c) (d)<br>| 4.63% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5579459 |
| &nbsp;&nbsp;&nbsp;&nbsp;2010000 | BNP Paribas S.A. (b) (c) (d)<br>| 6.63% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1989900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | BNP Paribas S.A. (b) (c) (d)<br>| 7.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402702 |
| &nbsp;&nbsp;&nbsp;&nbsp;6740000 | BNP Paribas S.A. (b) (c) (d)<br>| 7.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6992750 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | BNP Paribas S.A. (b) (c) (d)<br>| 9.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1088500 |
| &nbsp;&nbsp;&nbsp;&nbsp;8195000 | Citigroup, Inc. (d)<br>| 3.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7501703 |
| &nbsp;&nbsp;&nbsp;&nbsp;1281000 | Citigroup, Inc., 3 Mo. LIBOR + 4.07% (f)<br>| 8.87% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1294451 |
| &nbsp;&nbsp;&nbsp;&nbsp;3467000 | Citigroup, Inc., Series M (d)<br>| 6.30% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3423662 |
| &nbsp;&nbsp;&nbsp;11414000 | Citigroup, Inc., Series P (d)<br>| 5.95% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11137488 |
| &nbsp;&nbsp;&nbsp;&nbsp;4149000 | Citigroup, Inc., Series W (d)<br>| 4.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3848784 |
| &nbsp;&nbsp;&nbsp;&nbsp;2979000 | Citigroup, Inc., Series Y (d)<br>| 4.15% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2658758 |
| &nbsp;&nbsp;&nbsp;&nbsp;6363000 | Citizens Financial Group, Inc., Series F (d)<br>| 5.65% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6299243 |
| &nbsp;&nbsp;&nbsp;&nbsp;6170000 | Citizens Financial Group, Inc., Series G (d)<br>| 4.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5361258 |
| &nbsp;&nbsp;&nbsp;&nbsp;1358000 | CoBank ACB, Series I (d)<br>| 6.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1349212 |
| &nbsp;&nbsp;&nbsp;&nbsp;3185000 | CoBank ACB, Series K (d)<br>| 6.45% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3223684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | Commerzbank AG (c) (d) (e)<br>| 7.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394884 |
| &nbsp;&nbsp;&nbsp;&nbsp;2306000 | Credit Agricole S.A. (b) (c) (d)<br>| 6.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2283677 |
| &nbsp;&nbsp;&nbsp;&nbsp;3000000 | Credit Agricole S.A. (c) (d) (e)<br>| 7.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3006000 |
| &nbsp;&nbsp;&nbsp;&nbsp;2200000 | Credit Agricole S.A. (b) (c) (d)<br>| 8.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2275119 |
| &nbsp;&nbsp;&nbsp;&nbsp;4800000 | Danske Bank A.S. (c) (d) (e)<br>| 4.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4233912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | Danske Bank A.S. (c) (d) (e)<br>| 6.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 | Danske Bank A.S. (c) (d) (e)<br>| 7.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | Farm Credit Bank of Texas, Series 3 (b) (d)<br>| 6.20% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724000 |
| &nbsp;&nbsp;&nbsp;&nbsp;1100000 | Farm Credit Bank of Texas, Series 4 (b) (d)<br>| 5.70% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034000 |
| &nbsp;&nbsp;&nbsp;&nbsp;5264000 | Fifth Third Bancorp, Series H (d)<br>| 5.10% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5156867 |

---

------

#### First Trust Institutional Preferred Securities and Income ETF (FPEI)<br>

#### Portfolio of Investments (Continued)

#### January 31, 2023 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par<br> Amount** | **Description** | **Stated<br> Rate** | **Stated<br> Maturity** | **Value** |
| **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** |
|  | **Banks (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$400000 | HSBC Holdings PLC (c) (d)<br>| 4.60% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$340100 |
| &nbsp;&nbsp;&nbsp;&nbsp;1700000 | Huntington Bancshares, Inc., Series G (d)<br>| 4.45% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1597438 |
| &nbsp;&nbsp;&nbsp;&nbsp;3750000 | ING Groep N.V. (c) (d)<br>| 5.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3551494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | ING Groep N.V. (c) (d)<br>| 6.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391514 |
| &nbsp;&nbsp;&nbsp;21570000 | Intesa Sanpaolo S.p.A. (b) (c) (d)<br>| 7.70% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20415942 |
| &nbsp;&nbsp;&nbsp;&nbsp;8295000 | JPMorgan Chase & Co., Series KK (d)<br>| 3.65% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7579556 |
| &nbsp;&nbsp;&nbsp;&nbsp;7241000 | JPMorgan Chase & Co., Series Q (d)<br>| 5.15% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7186179 |
| &nbsp;&nbsp;&nbsp;&nbsp;2533000 | JPMorgan Chase & Co., Series S (d)<br>| 6.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2560116 |
| &nbsp;&nbsp;&nbsp;&nbsp;1550000 | Lloyds Banking Group PLC (c) (d)<br>| 6.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1514656 |
| &nbsp;&nbsp;&nbsp;&nbsp;7148424 | Lloyds Banking Group PLC (c) (d)<br>| 7.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7104962 |
| &nbsp;&nbsp;&nbsp;&nbsp;4340000 | Lloyds Banking Group PLC (c) (d)<br>| 7.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4308535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762742 | M&T Bank Corp. (d)<br>| 3.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642610 |
| &nbsp;&nbsp;&nbsp;&nbsp;2341000 | M&T Bank Corp., Series G (d)<br>| 5.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2245458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693000 | Macquarie Bank Ltd. (b) (c) (d)<br>| 6.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638504 |
| &nbsp;&nbsp;&nbsp;20781000 | NatWest Group PLC (c) (d)<br>| 6.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19897807 |
| &nbsp;&nbsp;&nbsp;&nbsp;1550000 | NatWest Group PLC (c) (d)<br>| 8.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1569305 |
| &nbsp;&nbsp;&nbsp;&nbsp;2425000 | Nordea Bank Abp (b) (c) (d)<br>| 6.63% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2403781 |
| &nbsp;&nbsp;&nbsp;&nbsp;6540000 | PNC Financial Services Group (The), Inc., Series U (d)<br>| 6.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6522996 |
| &nbsp;&nbsp;&nbsp;18415000 | PNC Financial Services Group (The), Inc., Series V (d)<br>| 6.20% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18466562 |
| &nbsp;&nbsp;&nbsp;&nbsp;5000000 | Regions Financial Corp., Series D (d)<br>| 5.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4978935 |
| &nbsp;&nbsp;&nbsp;&nbsp;6800000 | Societe Generale S.A. (b) (c) (d)<br>| 5.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5864521 |
| &nbsp;&nbsp;&nbsp;&nbsp;2711000 | Societe Generale S.A. (b) (c) (d)<br>| 7.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2704222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | Societe Generale S.A. (c) (d) (e)<br>| 7.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399000 |
| &nbsp;&nbsp;&nbsp;&nbsp;2639000 | Societe Generale S.A. (b) (c) (d)<br>| 8.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2673637 |
| &nbsp;&nbsp;&nbsp;&nbsp;7200000 | Societe Generale S.A. (b) (c) (d)<br>| 9.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7749000 |
| &nbsp;&nbsp;&nbsp;&nbsp;3800000 | Standard Chartered PLC (b) (c) (d)<br>| 4.30% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3263820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | Standard Chartered PLC (b) (c) (d)<br>| 6.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394000 |
| &nbsp;&nbsp;&nbsp;10170000 | Standard Chartered PLC (b) (c) (d)<br>| 7.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10449675 |
| &nbsp;&nbsp;&nbsp;&nbsp;7836258 | SVB Financial Group, Series C (d) (g)<br>| 4.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6283649 |
| &nbsp;&nbsp;&nbsp;10584000 | SVB Financial Group, Series D (d) (g)<br>| 4.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8476726 |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | Swedbank AB, Series NC5 (c) (d) (e)<br>| 5.63% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463000 | Texas Capital Bancshares, Inc. (d)<br>| 4.00% | 05/06/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421750 |
| &nbsp;&nbsp;&nbsp;20550000 | Toronto-Dominion Bank (The) (d)<br>| 8.13% | 10/31/82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21860062 |
| &nbsp;&nbsp;&nbsp;&nbsp;7800000 | Truist Financial Corp., Series N (d)<br>| 4.80% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7493577 |
| &nbsp;&nbsp;&nbsp;&nbsp;6850000 | UniCredit S.p.A. (c) (d) (e)<br>| 8.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6785781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | UniCredit S.p.A. (b) (d)<br>| 7.30% | 04/02/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | UniCredit S.p.A. (b) (d)<br>| 5.46% | 06/30/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656883 |
| &nbsp;&nbsp;&nbsp;13695000 | Wells Fargo & Co., Series BB (d)<br>| 3.90% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12633637 |
| &nbsp;&nbsp;&nbsp;&nbsp;1176000 | Wells Fargo & Co., Series U (d)<br>| 5.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1173295 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;419903080 |
|  | **Capital Markets – 11.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5371000 | Apollo Management Holdings L.P. (b) (d)<br>| 4.95% | 01/14/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4621276 |
| &nbsp;&nbsp;&nbsp;&nbsp;1370000 | Bank of New York Mellon (The) Corp., Series I (d)<br>| 3.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193681 |
| &nbsp;&nbsp;&nbsp;13000000 | Charles Schwab (The) Corp., Series G (d)<br>| 5.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12963600 |
| &nbsp;&nbsp;&nbsp;10677000 | Charles Schwab (The) Corp., Series H (d)<br>| 4.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9198235 |
| &nbsp;&nbsp;&nbsp;23809000 | Charles Schwab (The) Corp., Series I (d)<br>| 4.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21967374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | Charles Schwab (The) Corp., Series K (d)<br>| 5.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241875 |
| &nbsp;&nbsp;&nbsp;&nbsp;6243000 | Credit Suisse Group AG (b) (c) (d) (h)<br>| 5.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4697857 |
| &nbsp;&nbsp;&nbsp;&nbsp;2057000 | Credit Suisse Group AG (b) (c) (d) (h)<br>| 6.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1817092 |
| &nbsp;&nbsp;&nbsp;&nbsp;7770000 | Credit Suisse Group AG (b) (c) (d) (h)<br>| 6.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6313125 |
| &nbsp;&nbsp;&nbsp;&nbsp;4150000 | Credit Suisse Group AG (b) (c) (d) (h)<br>| 7.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3852267 |
| &nbsp;&nbsp;&nbsp;18000000 | Credit Suisse Group AG (b) (c) (d) (h)<br>| 9.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17505000 |
| &nbsp;&nbsp;&nbsp;&nbsp;9950000 | Deutsche Bank AG, Series 2020 (c) (d)<br>| 6.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9080906 |
| &nbsp;&nbsp;&nbsp;&nbsp;4730000 | EFG International AG (c) (d) (e)<br>| 5.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4304939 |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | Goldman Sachs Group (The), Inc., Series R (d)<br>| 4.95% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1154468 |
| &nbsp;&nbsp;&nbsp;&nbsp;2899000 | Goldman Sachs Group (The), Inc., Series T (d)<br>| 3.80% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2541626 |

---

------

#### First Trust Institutional Preferred Securities and Income ETF (FPEI)<br>

#### Portfolio of Investments (Continued)

#### January 31, 2023 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par<br> Amount** | **Description** | **Stated<br> Rate** | **Stated<br> Maturity** | **Value** |
| **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** |
|  | **Capital Markets (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;$3185000 | Goldman Sachs Group (The), Inc., Series U (d)<br>| 3.65% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2777638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811000 | Morgan Stanley, Series M (d)<br>| 5.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813028 |
| &nbsp;&nbsp;&nbsp;&nbsp;2700000 | UBS Group AG (c) (d) (e)<br>| 4.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2220480 |
| &nbsp;&nbsp;&nbsp;&nbsp;5500000 | UBS Group AG (b) (c) (d)<br>| 4.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4957700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | UBS Group AG (c) (d) (e)<br>| 5.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190261 |
| &nbsp;&nbsp;&nbsp;&nbsp;2500000 | UBS Group AG (c) (d) (e)<br>| 6.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2488312 |
| &nbsp;&nbsp;&nbsp;&nbsp;1425000 | UBS Group AG (b) (c) (d)<br>| 7.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1419614 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | UBS Group AG (c) (d) (e)<br>| 7.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1494330 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;117814684 |
|  | **Consumer Finance – 1.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9905000 | Ally Financial, Inc., Series B (d)<br>| 4.70% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8177816 |
| &nbsp;&nbsp;&nbsp;&nbsp;7846000 | Ally Financial, Inc., Series C (d)<br>| 4.70% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6041420 |
| &nbsp;&nbsp;&nbsp;&nbsp;2497000 | American Express Co. (d)<br>| 3.55% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2215588 |
| &nbsp;&nbsp;&nbsp;&nbsp;1932000 | Capital One Financial Corp., Series M (d)<br>| 3.95% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1681687 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18116511 |
|  | **Diversified Financial Services – 3.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3000000 | American AgCredit Corp. (b) (d)<br>| 5.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2643750 |
| &nbsp;&nbsp;&nbsp;&nbsp;7435000 | Ares Finance Co. III LLC (b) (d)<br>| 4.13% | 06/30/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5765289 |
| &nbsp;&nbsp;&nbsp;&nbsp;4200000 | Capital Farm Credit ACA, Series 1 (b) (d)<br>| 5.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3832500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | Compeer Financial ACA (b) (d)<br>| 4.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576063 |
| &nbsp;&nbsp;&nbsp;21096000 | Corebridge Financial, Inc. (b) (d)<br>| 6.88% | 12/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21015418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Voya Financial, Inc. (d)<br>| 5.65% | 05/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755000 | Voya Financial, Inc., Series A (d)<br>| 6.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754547 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35085762 |
|  | **Electric Utilities – 4.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1349000 | American Electric Power Co., Inc. (d)<br>| 3.88% | 02/15/62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1157701 |
| &nbsp;&nbsp;&nbsp;13830000 | Duke Energy Corp. (d)<br>| 4.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13359564 |
| &nbsp;&nbsp;&nbsp;&nbsp;6158000 | Edison International, Series B (d)<br>| 5.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5490411 |
| &nbsp;&nbsp;&nbsp;&nbsp;5462000 | Emera, Inc., Series 16-A (d)<br>| 6.75% | 06/15/76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5384894 |
| &nbsp;&nbsp;&nbsp;&nbsp;5711000 | NextEra Energy Capital Holdings, Inc. (d)<br>| 5.65% | 05/01/79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5456475 |
| &nbsp;&nbsp;&nbsp;&nbsp;1428000 | Southern (The) Co., Series 21-A (d)<br>| 3.75% | 09/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1246424 |
| &nbsp;&nbsp;&nbsp;&nbsp;1372000 | Southern (The) Co., Series B (d)<br>| 4.00% | 01/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1308655 |
| &nbsp;&nbsp;&nbsp;&nbsp;7500000 | Southern California Edison Co., Series E, 3 Mo. LIBOR + 4.20% (f)<br>| 8.64% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7443750 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40847874 |
|  | **Energy Equipment & Services – 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276000 | Transcanada Trust (d)<br>| 5.63% | 05/20/75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266328 |
| &nbsp;&nbsp;&nbsp;&nbsp;8285000 | Transcanada Trust (d)<br>| 5.50% | 09/15/79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7507838 |
| &nbsp;&nbsp;&nbsp;&nbsp;2650000 | Transcanada Trust (d)<br>| 5.60% | 03/07/82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2375062 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10149228 |
|  | **Food Products – 1.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | Dairy Farmers of America, Inc. (i)<br>| 7.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035000 |
| &nbsp;&nbsp;&nbsp;&nbsp;1400000 | Land O'Lakes Capital Trust I (i)<br>| 7.45% | 03/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1382500 |
| &nbsp;&nbsp;&nbsp;&nbsp;6146000 | Land O'Lakes, Inc. (b)<br>| 7.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5445510 |
| &nbsp;&nbsp;&nbsp;&nbsp;2220000 | Land O'Lakes, Inc. (b)<br>| 7.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1975800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | Land O'Lakes, Inc. (e)<br>| 7.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535000 | Land O'Lakes, Inc. (b)<br>| 8.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506195 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10701005 |
|  | **Insurance – 14.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8000000 | Aegon N.V. (d)<br>| 5.50% | 04/11/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7641432 |
| &nbsp;&nbsp;&nbsp;&nbsp;3500000 | Allianz SE (b) (d)<br>| 3.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3061100 |

---

------

#### First Trust Institutional Preferred Securities and Income ETF (FPEI)<br>

#### Portfolio of Investments (Continued)

#### January 31, 2023 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par<br> Amount** | **Description** | **Stated<br> Rate** | **Stated<br> Maturity** | **Value** |
| **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** |
|  | **Insurance (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;$2000000 | Asahi Mutual Life Insurance Co. (d) (e)<br>| 6.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2005300 |
| &nbsp;&nbsp;&nbsp;&nbsp;3858000 | Assurant, Inc. (d)<br>| 7.00% | 03/27/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3835913 |
| &nbsp;&nbsp;&nbsp;&nbsp;2300000 | Assured Guaranty Municipal Holdings, Inc. (b) (d)<br>| 6.40% | 12/15/66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2194223 |
| &nbsp;&nbsp;&nbsp;&nbsp;1700000 | Assured Guaranty Municipal Holdings, Inc. (d) (e)<br>| 6.40% | 12/15/66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1621817 |
| &nbsp;&nbsp;&nbsp;&nbsp;5170000 | AXIS Specialty Finance LLC (d)<br>| 4.90% | 01/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4401951 |
| &nbsp;&nbsp;&nbsp;10200000 | CNP Assurances (d) (e)<br>| 4.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8441326 |
| &nbsp;&nbsp;&nbsp;&nbsp;1332000 | Enstar Finance LLC (d)<br>| 5.75% | 09/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195284 |
| &nbsp;&nbsp;&nbsp;12538000 | Enstar Finance LLC (d)<br>| 5.50% | 01/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10357701 |
| &nbsp;&nbsp;&nbsp;10245000 | Global Atlantic Fin Co. (b) (d)<br>| 4.70% | 10/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8834016 |
| &nbsp;&nbsp;&nbsp;11970000 | Hartford Financial Services Group (The), Inc., 3 Mo. LIBOR + 2.13% (b) (f)<br>| 6.73% | 02/12/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10267267 |
| &nbsp;&nbsp;&nbsp;&nbsp;2464000 | Kuvare US Holdings, Inc. (b) (d)<br>| 7.00% | 02/17/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500960 |
| &nbsp;&nbsp;&nbsp;&nbsp;3631000 | La Mondiale SAM (d) (e)<br>| 5.88% | 01/26/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3484475 |
| &nbsp;&nbsp;&nbsp;&nbsp;6850000 | Lancashire Holdings Ltd. (d) (e)<br>| 5.63% | 09/18/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5708591 |
| &nbsp;&nbsp;&nbsp;&nbsp;7300000 | Liberty Mutual Group, Inc. (b) (d)<br>| 4.13% | 12/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6257852 |
| &nbsp;&nbsp;&nbsp;&nbsp;6585000 | Liberty Mutual Group, Inc. (b)<br>| 4.30% | 02/01/61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300489 |
| &nbsp;&nbsp;&nbsp;19361000 | Lincoln National Corp., Series C (d)<br>| 9.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21442307 |
| &nbsp;&nbsp;&nbsp;&nbsp;2501000 | Markel Corp. (d)<br>| 6.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2497874 |
| &nbsp;&nbsp;&nbsp;&nbsp;6514000 | MetLife, Inc.<br>| 6.40% | 12/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6643500 |
| &nbsp;&nbsp;&nbsp;&nbsp;2900000 | MetLife, Inc. (b)<br>| 9.25% | 04/08/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3505709 |
| &nbsp;&nbsp;&nbsp;&nbsp;3500000 | Principal Financial Group, Inc., 3 Mo. LIBOR + 3.04% (f)<br>| 7.65% | 05/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3447500 |
| &nbsp;&nbsp;&nbsp;10415000 | Prudential Financial, Inc. (d)<br>| 6.00% | 09/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10403189 |
| &nbsp;&nbsp;&nbsp;&nbsp;8200000 | QBE Insurance Group Ltd. (b) (d)<br>| 5.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8097500 |
| &nbsp;&nbsp;&nbsp;&nbsp;2850000 | QBE Insurance Group Ltd. (d) (e)<br>| 6.75% | 12/02/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2847015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | QBE Insurance Group Ltd. (d) (e)<br>| 5.88% | 06/17/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292760 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;145287051 |
|  | **Mortgage Real Estate Investment Trusts – 1.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4114000 | Scentre Group Trust 2 (b) (d)<br>| 4.75% | 09/24/80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3844012 |
| &nbsp;&nbsp;&nbsp;11220000 | Scentre Group Trust 2 (b) (d)<br>| 5.13% | 09/24/80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9885747 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13729759 |
|  | **Multi-Utilities – 4.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;14427000 | Algonquin Power & Utilities Corp. (d)<br>| 4.75% | 01/18/82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12208560 |
| &nbsp;&nbsp;&nbsp;10013000 | CenterPoint Energy, Inc., Series A (d)<br>| 6.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9856547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948000 | CMS Energy Corp. (d)<br>| 3.75% | 12/01/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776061 |
| &nbsp;&nbsp;&nbsp;&nbsp;9925000 | Dominion Energy, Inc., Series B (d)<br>| 4.65% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9308657 |
| &nbsp;&nbsp;&nbsp;&nbsp;7986000 | NiSource, Inc. (d)<br>| 5.65% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7786808 |
| &nbsp;&nbsp;&nbsp;&nbsp;2066000 | Sempra Energy (d)<br>| 4.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1988525 |
| &nbsp;&nbsp;&nbsp;&nbsp;7323000 | Sempra Energy (d)<br>| 4.13% | 04/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6421146 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48346304 |
|  | **Oil, Gas & Consumable Fuels – 8.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8710000 | Buckeye Partners L.P., 3 Mo. LIBOR + 4.02% (f)<br>| 8.84% | 01/22/78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7337758 |
| &nbsp;&nbsp;&nbsp;10006000 | DCP Midstream Operating L.P. (b) (d)<br>| 5.85% | 05/21/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9892032 |
| &nbsp;&nbsp;&nbsp;&nbsp;1026000 | Enbridge, Inc. (d)<br>| 6.25% | 03/01/78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977316 |
| &nbsp;&nbsp;&nbsp;11765000 | Enbridge, Inc. (d)<br>| 7.63% | 01/15/83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12144929 |
| &nbsp;&nbsp;&nbsp;&nbsp;7398000 | Enbridge, Inc., Series 16-A (d)<br>| 6.00% | 01/15/77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7036485 |
| &nbsp;&nbsp;&nbsp;&nbsp;7504000 | Enbridge, Inc., Series 20-A (d)<br>| 5.75% | 07/15/80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7119720 |
| &nbsp;&nbsp;&nbsp;&nbsp;1878000 | Energy Transfer L.P., Series A (d)<br>| 6.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1772363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | Energy Transfer L.P., Series B (d)<br>| 6.63% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83893 |
| &nbsp;&nbsp;&nbsp;14525000 | Energy Transfer L.P., Series F (d)<br>| 6.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13780594 |
| &nbsp;&nbsp;&nbsp;11603000 | Energy Transfer L.P., Series G (d)<br>| 7.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10628348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728000 | Energy Transfer L.P., Series H (d)<br>| 6.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684597 |
| &nbsp;&nbsp;&nbsp;&nbsp;4715000 | Enterprise Products Operating LLC, 3 Mo. LIBOR + 2.78% (f)<br>| 7.54% | 06/01/67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4196704 |
| &nbsp;&nbsp;&nbsp;&nbsp;9377000 | Enterprise Products Operating LLC, Series D, 3 Mo. LIBOR + 2.99% (f)<br>| 7.63% | 08/16/77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8989167 |

---

------

#### First Trust Institutional Preferred Securities and Income ETF (FPEI)<br>

#### Portfolio of Investments (Continued)

#### January 31, 2023 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par<br> Amount** | **Description** | **Stated<br> Rate** | **Stated<br> Maturity** | **Value** |
| **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** |
|  | **Oil, Gas & Consumable Fuels (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;$2950000 | Enterprise Products Operating LLC, Series E (d)<br>| 5.25% | 08/16/77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2577231 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87221137 |
|  | **Trading Companies & Distributors – 2.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;13172000 | AerCap Holdings N.V. (d)<br>| 5.88% | 10/10/79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12635109 |
| &nbsp;&nbsp;&nbsp;&nbsp;1127000 | Air Lease Corp., Series B (d)<br>| 4.65% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003030 |
| &nbsp;&nbsp;&nbsp;&nbsp;8440000 | Aircastle Ltd. (b) (d)<br>| 5.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6963000 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20601139 |
|  | **Transportation Infrastructure – 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2722000 | AerCap Global Aviation Trust (b) (d)<br>| 6.50% | 06/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2664416 |
|  | **Total Capital Preferred Securities<br>** | **Total Capital Preferred Securities<br>** | **Total Capital Preferred Securities<br>** | &nbsp;&nbsp;&nbsp;&nbsp;970467950 |
|  | (Cost $976,694,347) |  |  |  |
| **Principal<br> Value** | **Description** | **Stated<br> Coupon** | **Stated<br> Maturity** | **Value** |
| **FOREIGN CORPORATE BONDS AND NOTES – 1.1%** | **FOREIGN CORPORATE BONDS AND NOTES – 1.1%** | **FOREIGN CORPORATE BONDS AND NOTES – 1.1%** | **FOREIGN CORPORATE BONDS AND NOTES – 1.1%** | **FOREIGN CORPORATE BONDS AND NOTES – 1.1%** |
|  | **Insurance – 1.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;11900342 | Highlands Holdings Bond Issuer Ltd./Highlands Holdings Bond Co-Issuer, Inc. (b) (j)<br>| 7.63% | 10/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11055358 |
|  | (Cost $12,433,750) |  |  |  |
| **CORPORATE BONDS AND NOTES – 0.2%** | **CORPORATE BONDS AND NOTES – 0.2%** | **CORPORATE BONDS AND NOTES – 0.2%** | **CORPORATE BONDS AND NOTES – 0.2%** | **CORPORATE BONDS AND NOTES – 0.2%** |
|  | **Insurance – 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2168000 | AmTrust Financial Services, Inc.<br>| 6.13% | 08/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2124217 |
|  | (Cost $2,177,549) |  |  |  |

---

---

| | |
|:---|:---|
| **Total Investments – 97.6%<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;998261641 |
| (Cost $1,007,856,510) |  |
| **Net Other Assets and Liabilities – 2.4%<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25001023 |
| **Net Assets – 100.0%<br>**  | $1023262664 |

---

(a) Perpetual maturity.

(b) This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule 144A of the Securities Act of 1933, as amended (the
"1933 Act"), and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Trust's Board of Trustees, this security has
been determined to be liquid by First Trust Advisors L.P., (the "Advisor"). Although market instability can result in periods of increased overall market illiquidity, liquidity for each security is
determined based on security specific factors and assumptions, which require subjective judgment. At January 31, 2023, securities noted as such amounted to $276,332,584 or 27.0% of net assets.

(c) This security is a contingent convertible capital security which may be subject to conversion into common stock of the issuer under certain circumstances. At January 31, 2023,
securities noted as such amounted to $259,678,373 or 25.4% of net assets. Of these securities, 3.1% originated in emerging markets, and 96.9% originated in foreign markets.

(d) Fixed-to-floating or fixed-to-variable rate security. The interest rate shown reflects the fixed rate in effect at January 31, 2023. At a predetermined date, the fixed rate will
change to a floating rate or a variable rate.

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

(f) Floating or variable rate security.

(g) On March 10, 2023, Silicon Valley Bank was placed in receivership under the Federal Deposit Insurance Corporation. Prior to that event, the Fund liquidated its position at a price
significantly below where it was priced on January 31, 2023.

(h) As of March 20, 2023, due to market events, the Fund is valuing these securities significantly lower than the price determined on January 31, 2023.

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

------

#### First Trust Institutional Preferred Securities and Income ETF (FPEI)<br>

#### Portfolio of Investments (Continued)

#### January 31, 2023 (Unaudited)
(j) These notes are Senior Payment-in-kind ("PIK") Toggle Notes whereby the issuer may, at its option, elect to pay interest on the notes (1) entirely in
cash or (2) entirely in PIK interest. Interest paid in cash will accrue on the notes at a rate of 7.63% per annum ("Cash Interest Rate") and PIK interest will accrue on the notes at a rate per annum equal
to the Cash Interest Rate plus 75 basis points. There were no interest distributions received during the fiscal year-to-date period (November 1, 2022 to January 31, 2023).

LIBOR London Interbank Offered Rate

------

#### Valuation Inputs
A summary of the inputs used to value the Fund's investments as of January 31, 2023 is as follows (see Valuation Inputs in the Additional Information section):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total<br> Value at<br> 1/31/2023** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** |
| $1,000 Par Preferred Securities\*<br>| &nbsp;&nbsp;$14614116 | &nbsp;&nbsp;$14614116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $— |
| Capital Preferred Securities\*<br>| &nbsp;&nbsp;&nbsp;&nbsp; 970467950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 970467950 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Foreign Corporate Bonds and Notes\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11055358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11055358 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Corporate Bonds and Notes\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2124217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2124217 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments<br>| $998261641 | &nbsp;&nbsp;$14614116 | $983647525 | $— |

---

\* See Portfolio of Investments for industry breakout.

------

#### Restricted Securities
As of January 31, 2023, the Fund held restricted securities as shown in the following table that the Advisor has deemed illiquid.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security** | &nbsp;&nbsp;**Acquisition<br> Date** | &nbsp;&nbsp;**Par Amount** | &nbsp;&nbsp;**Current Price** | &nbsp;&nbsp;**Carrying<br> Cost** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of<br> Net<br> Assets** |
| **FPEI** |  |  |  |  |  |  |
| Dairy Farmers of America, Inc., 7.13% | &nbsp;&nbsp;01/21/21-12/08/21 | &nbsp;&nbsp;$1200000 | &nbsp;&nbsp;$86.25 | &nbsp;&nbsp;$1222750 | &nbsp;&nbsp;$1035000 | &nbsp;&nbsp;0.10% |
| Land O'Lakes Capital Trust I, 7.45%, 03/15/28 | &nbsp;&nbsp;05/04/18-07/21/21 | &nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;98.75 | &nbsp;&nbsp;&nbsp;&nbsp;1529173 | &nbsp;&nbsp;&nbsp;&nbsp;1382500 | &nbsp;&nbsp;0.14 |
|  |  |  |  | &nbsp;&nbsp;$2751923 | &nbsp;&nbsp;$2417500 | &nbsp;&nbsp;0.24% |

---

------

#### Additional Information

#### First Trust Exchange-Traded Fund III

#### January 31, 2023 (Unaudited)

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

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

• 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.)

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Wheaton

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60187

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

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

- **a. Name of Series:** First Trust Preferred Securities and Income ETF

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

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

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

- **a. Date of fiscal year-end:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $6296745576.33

**Total Liabilities:** $43279714.18

**Net Assets:** $6253465862.15

**Cash Not Reported:** $104513594.55

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 801.269915190012 | **1-Year:** 118268.741531451268 | **5-Year:** 283925.466830240320 | **10-Year:** 142280.414828477392 | **30-Year:** 213866.917352239109

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

- **3-Month:** 4318.346692358230 | **1-Year:** 99252.147843752254 | **5-Year:** 201584.300523080781 | **10-Year:** 50979.529902126058 | **30-Year:** 143105.742547315954

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000107588 | 2.90%                | -0.16%               | 7.42%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-9626665.13             | $148440295.85                              |
| Month 2  | $-59526198.32            | $19503154.92                               |
| Month 3  | $-13289559.78            | $417370074.62                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Allianz SE                                                                              | ALLIANZ SE V/R /PERP/                       | CUSIP: 018820AA8<br>LEI: 529900K9B0N5BT694847 | Long             | DBT              | CORP              | DE        |   6700000 | PA      | $5859820.00   | 0.09%             | 2500-12-31      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| American Express Company                                                                | AMERICAN EXPRESS CO V/R /PERP/              | CUSIP: 025816CH0<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |  35379000 | PA      | $31391778.56  | 0.50%             | 2500-12-31      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| Apollo Management Holdings, L.P.                                                        | APOLLO MANAGEMENT V/R 01/14/50              | CUSIP: 03765HAE1<br>LEI: 5493006XQW0V5K38YM64 | Long             | DBT              | CORP              | US        |  40096000 | PA      | $34499100.80  | 0.55%             | 2050-01-14      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Agnc Investment Corp                                                                    | AGNC INVESTMENT CORP /PFD/                  | CUSIP: 00123Q500<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |    321850 | NS      | $8123494.00   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnc Investment Corp                                                                    | AGNC INVESTMENT CORP /PFD/                  | CUSIP: 00123Q609<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |    300285 | NS      | $6687346.95   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ING Groep N.V.                                                                          | ING GROEP NV V/R /PERP/                     | CUSIP: 456837AF0<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |   4579000 | PA      | $4481856.52   | 0.07%             | 2500-12-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Intesa Sanpaolo S.p.A.                                                                  | INTESA SANPAOLO SPA V/R /PERP/              | CUSIP: 46115HAU1<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |  44745000 | PA      | $42351011.84  | 0.68%             | 2500-12-31      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| BBVA Mexico SA Institucion de Banca Multiple Grupo Financiero BBVA Mexico               | BBVA BANCOMER SA  V/R 09/13/34              | CUSIP: 05533UAG3<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |  11600000 | PA      | $11189244.00  | 0.18%             | 2034-09-13      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Banco Mercantile del Norte SA Grand Cayman Branch                                       | BANCO MERCANTIL DE  V/R /PERP/              | CUSIP: 05962GAJ8<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |  15700000 | PA      | $15549123.00  | 0.25%             | 2500-12-31      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Agnc Investment Corp                                                                    | AGNC INVESTMENT CORP /PFD/                  | CUSIP: 00123Q807<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |    136341 | NS      | $3054038.40   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnc Investment Corp                                                                    | AGNC INVESTMENT CORP /PFD/                  | CUSIP: 00123Q872<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |    660685 | NS      | $14270796.00  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| UniCredit S.p.A.                                                                        | UNICREDIT SPA V/R 06/30/35                  | CUSIP: 904678AS8<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |  13500000 | PA      | $11823898.05  | 0.19%             | 2035-06-30      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| Asahi Mutual Life Insurance Co.                                                         | ASAHI MUTUAL LIFE I V/R /PERP/              | CUSIP: J0249NAB6<br>LEI: 549300ZTKF2W3KCEJ782 | Long             | DBT              | CORP              | JP        |   7502000 | PA      | $7521880.30   | 0.12%             | 2500-12-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Commerzbank AG                                                                          | COMMERZBANK AG V/R /PERP/                   | CUSIP: D170472W6<br>LEI: 851WYGNLUQLFZBSYGB56 | Long             | DBT              | CORP              | DE        |  11200000 | PA      | $11056763.20  | 0.18%             | 2500-12-31      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| UniCredit S.p.A.                                                                        | UNICREDIT SPA V/R /PERP/                    | CUSIP: T9T20LTJ7<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |  56950000 | PA      | $56416093.75  | 0.90%             | 2500-12-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Banco Mercantile del Norte SA Grand Cayman Branch                                       | BANCO MERCANTIL DE  V/R /PERP/              | CUSIP: 05971PAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |  11250000 | PA      | $10840443.75  | 0.17%             | 2500-12-31      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Cobank ACB                                                                              | COBANK ACB V/R /PERP/                       | CUSIP: 19075QAE2<br>LEI: P0J8I7M2E0A77CKF1705 | Long             | DBT              | CORP              | US        |  35655000 | PA      | $36088054.22  | 0.58%             | 2500-12-31      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                                | AT&T INC 5.35% 11/1/66                      | CUSIP: 00206R300<br>LEI: 549300Z40J86GGSTL398 | Long             | EP               | CORP              | US        |     78274 | NS      | $1879358.74   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                                                                                | AT&T INC /PFD/                              | CUSIP: 00206R706<br>LEI: 549300Z40J86GGSTL398 | Long             | EP               | CORP              | US        |    344397 | NS      | $7225449.06   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Bank AG                                                                        | DEUTSCHE BANK AG V/R /PERP/                 | CUSIP: 251525AX9<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |  63400000 | PA      | $57862256.63  | 0.93%             | 2500-12-31      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| M&T Bank Corporation                                                                    | M&T BANK CORPORATIO V/R /PERP/              | CUSIP: 55261FAL8<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |   7932000 | PA      | $7608274.06   | 0.12%             | 2500-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Athene Holding Ltd                                                                      | ATHENE HOLDING LTD /PFD/                    | CUSIP: 04686J507<br>LEI: 549300H316CT32FQXI76 | Long             | EP               | CORP              | BM        |   1574033 | NS      | $41538730.87  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| AXIS Capital Holdings Limited                                                           | AXIS CAPITAL HLDGS LTD /PFD/                | CUSIP: 05461T305<br>LEI: N/A                  | Long             | EP               | CORP              | BM        |    431817 | NS      | $10013836.23  | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T Bank Corporation                                                                    | M&T BANK CORPORATIO V/R /PERP/              | CUSIP: 55261FAN4<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |   5278602 | PA      | $4447222.19   | 0.07%             | 2500-12-31      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Societe Generale S.A.                                                                   | SOCIETE GENERALE V/R /PERP/                 | CUSIP: 83370RAC2<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |  33820000 | PA      | $36398775.00  | 0.58%             | 2500-12-31      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Bank of America Corporation                                                             | BANK OF AMERICA CORP /PFD/                  | CUSIP: 06055H871<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |     87463 | NS      | $1902320.25   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| W.R. Berkley Corporation                                                                | BERKLEY (WR) COR 5.1% 12/30/59              | CUSIP: 084423805<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EP               | CORP              | US        |    309464 | NS      | $7071252.40   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield BRP Holdings (Canada) Inc                                                    | BROOKFIELD BRP HOLDINGS /PFD/               | CUSIP: 11259P109<br>LEI: 549300NSPD7QJ50GZW26 | Long             | EP               | CORP              | CA        |    891011 | NS      | $15833265.47  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Infrastructure Finance ULC                                                   | BROOKFIELD INFRASTRUCTURE FIN  NT CAL 81    | CUSIP: 11276B109<br>LEI: N/A                  | Long             | EP               | CORP              | CA        |    638505 | NS      | $12859490.70  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corporation                                                       | CAPITAL ONE FINANCI V/R /PERP/              | CUSIP: 14040HCF0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |  20077000 | PA      | $17475796.98  | 0.28%             | 2500-12-31      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Citizens Financial Group Inc                                                            | CITIZENS FINANCIAL GROUP /PFD/              | CUSIP: 174610402<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EP               | CORP              | US        |     46174 | NS      | $1022754.10   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital Farm Credit ACA                                                                 | CAPITAL FARM CREDIT V/R /PERP/              | CUSIP: 14019TAA4<br>LEI: 254900S6K5I3OISPS518 | Long             | DBT              | CORP              | US        |  28250000 | PA      | $25778125.00  | 0.41%             | 2500-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Centerpoint Energy Inc                                                                  | CENTERPOINT ENERGY  V/R /PERP/              | CUSIP: 15189TAS6<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | DBT              | CORP              | US        |  42658000 | PA      | $41991468.75  | 0.67%             | 2500-12-31      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Compeer Financial, ACA                                                                  | COMPEER FINANCIAL ACA /PFD/                 | CUSIP: 20453Q201<br>LEI: 54930020HTACTODKHT04 | Long             | EP               | CORP              | US        |      7900 | NS      | $7848855.40   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Dairy Farmers of America Inc                                                            | DAIRY FARMERS OF AMERICA /PFD/              | CUSIP: 23385H406<br>LEI: 1LTUIZEFFT7MUIERI838 | Long             | EP               | CORP              | US        |       700 | NS      | $67550.00     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UniCredit S.p.A.                                                                        | UNICREDIT SPA V/R 04/02/34                  | CUSIP: 904678AQ2<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |   4400000 | PA      | $4282572.89   | 0.07%             | 2034-04-02      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| CNP Assurances SA                                                                       | CNP ASSURANCES V/R /PERP/                   | CUSIP: F1876NBV3<br>LEI: 969500QKVPV2H8UXM738 | Long             | DBT              | CORP              | FR        |  11400000 | PA      | $9434423.40   | 0.15%             | 2500-12-31      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| La Mondiale                                                                             | LA MONDIALE V/R 01/26/47                    | CUSIP: F5616KAC8<br>LEI: 969500L0T16HX3R78P61 | Long             | DBT              | CORP              | FR        |   9310000 | PA      | $8934304.26   | 0.14%             | 2047-01-26      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CMS Energy Corporation                                                                  | CMS ENERGY CORP V/R 12/01/50                | CUSIP: 125896BV1<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |  17052000 | PA      | $13959278.76  | 0.22%             | 2050-12-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                      | ENERGY TRANSFER LP V/R /PERP/               | CUSIP: 29273VAL4<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |  24986000 | PA      | $23705467.50  | 0.38%             | 2500-12-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                      | ENERGY TRANSFER LP V/R /PERP/               | CUSIP: 29273VAM2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |  24500000 | PA      | $22442000.00  | 0.36%             | 2500-12-31      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                          | BNP PARIBAS V/R /PERP/                      | CUSIP: 05565AHN6<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |  29498000 | PA      | $29203020.00  | 0.47%             | 2500-12-31      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                          | CITIGROUP INC V/R /PERP/                    | CUSIP: 172967HQ7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |  16365000 | PA      | $16160437.50  | 0.26%             | 2500-12-31      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                          | CITIGROUP INC V/R /PERP/                    | CUSIP: 172967JM4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |  16200000 | PA      | $15807543.50  | 0.25%             | 2500-12-31      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                          | CITIGROUP INC V/R /PERP/                    | CUSIP: 172967KM2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |  17355000 | PA      | $17511889.20  | 0.28%             | 2500-12-31      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                          | CITIGROUP INC V/R /PERP/                    | CUSIP: 172967MU2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |  19803000 | PA      | $18370081.46  | 0.29%             | 2500-12-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc.                                                                           | ENBRIDGE INC V/R 03/01/78                   | CUSIP: 29250NAW5<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |  57082000 | PA      | $54373445.97  | 0.87%             | 2078-03-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                      | ENERGY TRANSFER LP V/R /PERP/               | CUSIP: 29273VAN0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   9000000 | PA      | $8463420.00   | 0.14%             | 2500-12-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Enstar Finance Llc                                                                      | ENSTAR FINANCE LL V/R 09/01/40              | CUSIP: 29360AAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  23688000 | PA      | $21256663.68  | 0.34%             | 2040-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                                                       | ENTERPRISE PRODUC V/R 08/16/77              | CUSIP: 29379VBM4<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |  14318000 | PA      | $13725807.52  | 0.22%             | 2077-08-16      | Floating      | 7.63%                 | No            |                  2 | On Loan: No      |
| Farm Credit Bank of Texas                                                               | FARM CREDIT BK OF T V/R /PERP/              | CUSIP: 30767EAD1<br>LEI: V1EBJIOLRNYDHDF63Z33 | Long             | DBT              | USGSE             | US        |  20300000 | PA      | $19082000.00  | 0.31%             | 2500-12-31      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Enstar Finance Llc                                                                      | ENSTAR FINANCE LL V/R 01/15/42              | CUSIP: 29360AAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  55217000 | PA      | $45615025.98  | 0.73%             | 2042-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| First Republic Bank San Francisco                                                       | FIRST REPUBLIC BANK /PFD/                   | CUSIP: 33616C720<br>LEI: YWC0TIKBQM2JV8L4IV08 | Long             | EP               | CORP              | US        |    868935 | NS      | $15884131.80  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Fifth Third Bancorp                                                                     | FIFTH THIRD BANCORP V/R /PERP/              | CUSIP: 316773CM0<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |   8527000 | PA      | $8353458.24   | 0.13%             | 2500-12-31      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Assured Guaranty Municipal Holdings Inc                                                 | ASSURED GUARANTY  V/R 12/15/66              | CUSIP: 31769PAB6<br>LEI: 549300WKHOG7BKB8MS12 | Long             | DBT              | CORP              | US        |  12999000 | PA      | $12401175.99  | 0.20%             | 2036-12-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Brookfield Property Partners LP                                                         | BROOKFIELD PROPERTY PART /PFD/              | CUSIP: G16249156<br>LEI: 5493004J5Z0TZW83NU62 | Long             | EP               | CORP              | US        |   1306219 | NS      | $25954571.53  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Property Preferred Lp                                                        | BROOKFIELD PPTY /PFD/                       | CUSIP: G1624R107<br>LEI: 5493004J5Z0TZW83NU62 | Long             | EP               | CORP              | BM        |   1536111 | NS      | $29232192.33  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortegra Financial Corp                                                                 | FORTEGRA FINANCIA V/R 10/15/57              | CUSIP: 34954WAA2<br>LEI: 5493004Z5XFZNDJRE757 | Long             | DBT              | CORP              | US        |  13700000 | PA      | $13939753.97  | 0.22%             | 2057-10-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Global Atlantic Finance Co.                                                             | GLOBAL ATLANTIC V/R 10/15/51                | CUSIP: 37959GAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  87495000 | PA      | $75444822.87  | 1.21%             | 2051-10-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                               | GOLDMAN SACHS GROUP V/R /PERP/              | CUSIP: 38144GAB7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |  24875000 | PA      | $23931156.18  | 0.38%             | 2500-12-31      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| The Hartford Financial Services Group, Inc.                                             | HARTFORD FINL SVC V/R 02/12/47              | CUSIP: 416515BC7<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | DBT              | CORP              | US        |  18871000 | PA      | $16186600.25  | 0.26%             | 2047-02-12      | Floating      | 6.73%                 | No            |                  2 | On Loan: No      |
| Kuvare United States Holdings Inc                                                       | KUVARE US HOLDING V/R 02/17/51              | CUSIP: 50149XAA2<br>LEI: 254900MGBERNLZXF7O58 | Long             | DBT              | CORP              | US        |  26429000 | PA      | $26825435.00  | 0.43%             | 2051-02-17      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Land O'Lakes Capital Trust I                                                            | LAND O LAKES CA 7.45% 03/15/28              | CUSIP: 514665AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  25362000 | PA      | $25044975.00  | 0.40%             | 2028-03-15      | Fixed         | 7.45%                 | Yes           |                  2 | On Loan: No      |
| Land O'Lakes Inc.                                                                       | LAND O'LAKES INC 8% /PERP/                  | CUSIP: 514666AK2<br>LEI: 4ONCJWH5BBCYSJIJYX61 | Long             | DBT              | CORP              | US        |  31520000 | PA      | $29822963.20  | 0.48%             | 2500-12-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Land O'Lakes Inc.                                                                       | LAND O'LAKES INC 7.25% /PERP/               | CUSIP: 514666AM8<br>LEI: 4ONCJWH5BBCYSJIJYX61 | Long             | DBT              | CORP              | US        |  14010000 | PA      | $12468900.00  | 0.20%             | 2500-12-31      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Aercap Global Aviation Trust                                                            | AERCAP GLOBAL AVI V/R 06/15/45              | CUSIP: 00773HAA5<br>LEI: 635400FBSV8LXXNRV758 | Long             | DBT              | CORP              | US        |   9666000 | PA      | $9461515.77   | 0.15%             | 2045-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Air Lease Corporation                                                                   | AIR LEASE CORP V/R /PERP/                   | CUSIP: 00912XBJ2<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |  15700000 | PA      | $13973000.00  | 0.22%             | 2500-12-31      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Ally Financial Inc.                                                                     | ALLY FINANCIAL INC V/R /PERP/               | CUSIP: 02005NBM1<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |  37292000 | PA      | $30789207.50  | 0.49%             | 2500-12-31      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| American Electric Power Co, Inc.                                                        | AMERICAN ELECTRIC V/R 02/15/62              | CUSIP: 025537AU5<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2574574.74   | 0.04%             | 2062-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                                                                | LLOYDS BANKING GROU V/R /PERP/              | CUSIP: 539439AU3<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |  42017000 | PA      | $41712376.75  | 0.67%             | 2500-12-31      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                                                                | LLOYDS BANKING GROU V/R /PERP/              | CUSIP: 53944YAJ2<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |  32100000 | PA      | $31368039.11  | 0.50%             | 2500-12-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NatWest Group PLC                                                                       | NATWEST GROUP PLC V/R /PERP/                | CUSIP: 780097BQ3<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |  18900000 | PA      | $18096750.00  | 0.29%             | 2500-12-31      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings Inc                                                     | NEXTERA ENERGY CA V/R 05/01/79              | CUSIP: 65339KBK5<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4777162.80   | 0.08%             | 2079-05-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| NiSource Inc.                                                                           | NISOURCE INC V/R /PERP/                     | CUSIP: 65473PAG0<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |  28520000 | PA      | $27808635.34  | 0.44%             | 2500-12-31      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| NatWest Group PLC                                                                       | NATWEST GROUP PLC V/R /PERP/                | CUSIP: 780099CK1<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |  24825000 | PA      | $25134195.38  | 0.40%             | 2500-12-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Standard Chartered PLC                                                                  | STANDARD CHARTERED  V/R /PERP/              | CUSIP: 853254CD0<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |  63460000 | PA      | $54505794.00  | 0.87%             | 2500-12-31      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Standard Chartered PLC                                                                  | STANDARD CHARTERED  V/R /PERP/              | CUSIP: 853254CM0<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |  52790000 | PA      | $54241725.00  | 0.87%             | 2500-12-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group Inc                                                        | PNC FINANCIAL SERVI V/R /PERP/              | CUSIP: 693475BF1<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |  40615000 | PA      | $40728722.00  | 0.65%             | 2500-12-31      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Southern California Edison Company                                                      | SOUTHERN CAL EDISON V/R 12/31/49 /PERP/     | CUSIP: 842400FU2<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |  30516000 | PA      | $30287130.00  | 0.48%             | 2500-12-31      | Floating      | 8.64%                 | No            |                  2 | On Loan: No      |
| Texas Capital Bancshares, Inc.                                                          | TEXAS CAPITAL BAN V/R 05/06/31              | CUSIP: 88224QAA5<br>LEI: 549300466Q2SXRX0YM48 | Long             | DBT              | CORP              | US        |   5695000 | PA      | $5187613.09   | 0.08%             | 2031-05-06      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corporation                                                            | TRUIST FINANCIAL CO V/R /PERP/              | CUSIP: 89832QAD1<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4803575.20   | 0.08%             | 2500-12-31      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                          | BNP PARIBAS V/R /PERP/                      | CUSIP: 05565AAN3<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   8315000 | PA      | $8371167.83   | 0.13%             | 2500-12-31      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                          | BNP PARIBAS V/R /PERP/                      | CUSIP: 05565AB28<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |  11850000 | PA      | $10398375.00  | 0.17%             | 2500-12-31      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Banco Mercantile del Norte SA Grand Cayman Branch                                       | BANCO MERCANTIL DE  V/R /PERP/              | CUSIP: 05971PAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |  21630000 | PA      | $22261584.10  | 0.36%             | 2500-12-31      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Voya Financial Inc                                                                      | VOYA FINANCIAL INC V/R /PERP/               | CUSIP: 929089AG5<br>LEI: 549300T065Z4KJ686G75 | Long             | DBT              | CORP              | US        |  10548000 | PA      | $10541671.20  | 0.17%             | 2500-12-31      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Company                                                                   | WELLS FARGO & COMPA V/R /PERP/              | CUSIP: 949746TD3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |  55880000 | PA      | $51549300.00  | 0.82%             | 2500-12-31      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Credit Agricole S.A.                                                                    | CREDIT AGRICOLE SA V/R /PERP/               | CUSIP: 225313AJ4<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |  43500000 | PA      | $44985307.50  | 0.72%             | 2500-12-31      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc.                                                                           | ENBRIDGE INC V/R 07/15/80                   | CUSIP: 29250NBC8<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |  40850000 | PA      | $38758071.50  | 0.62%             | 2080-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc.                                                                           | ENBRIDGE INC V/R 01/15/83                   | CUSIP: 29250NBP9<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |  47400000 | PA      | $48930697.68  | 0.78%             | 2083-01-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| The Toronto-Dominion Bank                                                               | TORONTO-DOMINION  V/R 10/31/82              | CUSIP: 89117F8Z5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |  39450000 | PA      | $41964937.50  | 0.67%             | 2082-10-31      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| TransCanada Trust                                                                       | TRANSCANADA TRUST V/R 05/20/75              | CUSIP: 89356BAA6<br>LEI: 549300Y0MFCAXLBWUV51 | Long             | DBT              | CORP              | CA        |   3524000 | PA      | $3400506.46   | 0.05%             | 2075-05-20      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| TransCanada Trust                                                                       | TRANSCANADA TRUST V/R 09/15/79              | CUSIP: 89356BAE8<br>LEI: 549300Y0MFCAXLBWUV51 | Long             | DBT              | CORP              | CA        |  27600000 | PA      | $25011022.57  | 0.40%             | 2079-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TransCanada Trust                                                                       | TRANSCANADA TRUST V/R 03/07/82              | CUSIP: 89356BAG3<br>LEI: 549300Y0MFCAXLBWUV51 | Long             | DBT              | CORP              | CA        |  34700000 | PA      | $31099875.00  | 0.50%             | 2082-03-07      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Danske Bank A/S                                                                         | DANSKE BANK A/S V/R /PERP/                  | CUSIP: K22274H96<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |  15960000 | PA      | $15541528.80  | 0.25%             | 2500-12-31      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Danske Bank A/S                                                                         | DANSKE BANK A/S V/R /PERP/                  | CUSIP: K222736J8<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |  13613000 | PA      | $13298199.38  | 0.21%             | 2500-12-31      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Danske Bank A/S                                                                         | DANSKE BANK A/S V/R /PERP/                  | CUSIP: K2227DL59<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |  26200000 | PA      | $23110103.00  | 0.37%             | 2500-12-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| PacWest Bancorp                                                                         | PACWEST BANCORP /PFD/                       | CUSIP: 695263202<br>LEI: 549300YI8VMFO7G36V04 | Long             | EP               | CORP              | US        |   1190911 | NS      | $30820776.68  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Phoenix Companies Inc                                                                   | PHOENIX CO 7.45% 1/15/32 PFD                | CUSIP: 71902E208<br>LEI: 549300Q3ENSFI87YLC32 | Long             | EP               | CORP              | US        |    215020 | NS      | $3862296.75   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Pinnacle Financial Partners Inc                                                         | PINNACLE FINANCIAL PARTN /PFD/              | CUSIP: 72346Q302<br>LEI: 54930098EZ8JMSAZGS24 | Long             | EP               | CORP              | US        |    829306 | NS      | $21279991.96  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Prudential Financial, Inc.                                                              | PRUDENTIAL FIN 5.95% 09/01/62               | CUSIP: 744320870<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | EP               | CORP              | US        |   1010288 | NS      | $25762344.00  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Qwest Corporation                                                                       | QWEST CORP PREFD 6.75% 6/15/57              | CUSIP: 74913G873<br>LEI: 549300R2L4N683OO1509 | Long             | EP               | CORP              | US        |   1039347 | NS      | $21795106.59  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Qwest Corporation                                                                       | QWEST CORP 6.5% 9/1/56                      | CUSIP: 74913G881<br>LEI: 549300R2L4N683OO1509 | Long             | EP               | CORP              | US        |    955339 | NS      | $19679983.40  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Reinsurance Group of America, Incorporated                                              | REINSURANCE GRP OF AMER /PFD/               | CUSIP: 759351885<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EP               | CORP              | US        |         2 | NS      | $53.28        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Renaissancere Holdings Ltd.                                                             | RENAISSANCERE HOLDINGS L /PFD/              | CUSIP: 75968N309<br>LEI: EK6GB9U3U58PDI411C94 | Long             | EP               | CORP              | BM        |    104848 | NS      | $2533127.68   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| SCE Trust V                                                                             | SCE TRUST V PREFERRED                       | CUSIP: 78409W201<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    985614 | NS      | $21910199.22  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Aegon Funding Company LLC                                                               | AEGON FUNDING 5.1% 12/15/49                 | CUSIP: 00775V104<br>LEI: KEIOKM01PSK5VZ5CCI74 | Long             | EP               | CORP              | US        |   2145418 | NS      | $48593717.70  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd.                                                                 | ARCH CAPITAL GROUP LTD /PFD/                | CUSIP: 03939A107<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EP               | CORP              | BM        |     24642 | NS      | $594118.62    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd.                                                                 | ARCH CAPITAL GROUP LTD /PFD/                | CUSIP: 03939A404<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EP               | CORP              | BM        |    573392 | NS      | $11462106.08  | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Nova Scotia                                                                     | BANK OF NOVA SCOTIA V/R /PERP/              | CUSIP: 064159VJ2<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |  13800000 | PA      | $13436508.00  | 0.21%             | 2500-12-31      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Aegon N.V.                                                                              | AEGON NV V/R 04/11/48                       | CUSIP: 007924AJ2<br>LEI: O4QK7KMMK83ITNTHUG69 | Long             | DBT              | CORP              | NL        |   5000000 | PA      | $4775894.85   | 0.08%             | 2048-04-11      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Ally Financial Inc.                                                                     | ALLY FINANCIAL INC V/R /PERP/               | CUSIP: 02005NBN9<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   9830000 | PA      | $7569100.00   | 0.12%             | 2500-12-31      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| American Agcredit ACA                                                                   | AMER AGCREDIT ACA V/R /PERP/                | CUSIP: 02369GAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  64250000 | PA      | $56620313.79  | 0.91%             | 2500-12-31      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                          | BNP PARIBAS V/R /PERP/                      | CUSIP: 05565ASK0<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |  44450000 | PA      | $36471609.94  | 0.58%             | 2500-12-31      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria, S.A.                                                   | BANCO BILBAO VIZCAY V/R /PERP/              | CUSIP: 05946KAG6<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |  30500000 | PA      | $29928430.00  | 0.48%             | 2500-12-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                                                            | BARCLAYS PLC V/R /PERP/                     | CUSIP: 06738EBA2<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   5760000 | PA      | $5731027.20   | 0.09%             | 2500-12-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                                                            | BARCLAYS PLC V/R /PERP/                     | CUSIP: 06738EBN4<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |  42409000 | PA      | $40553182.16  | 0.65%             | 2500-12-31      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                                                            | BARCLAYS PLC V/R /PERP/                     | CUSIP: 06738EBT1<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |  10575000 | PA      | $8622097.72   | 0.14%             | 2500-12-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                                                            | BARCLAYS PLC V/R /PERP/                     | CUSIP: 06738EBX2<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |  64400000 | PA      | $64828260.00  | 1.04%             | 2500-12-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Group AG                                                                  | CREDIT SUISSE GROUP V/R /PERP/              | CUSIP: 225401AJ7<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |  76900000 | PA      | $71382968.68  | 1.14%             | 2500-12-31      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Group AG                                                                  | CREDIT SUISSE GROUP V/R /PERP/              | CUSIP: 225401AL2<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |  51775000 | PA      | $42067187.50  | 0.67%             | 2500-12-31      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Group AG                                                                  | CREDIT SUISSE GROUP V/R /PERP/              | CUSIP: 225401AR9<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |  81425000 | PA      | $61272312.50  | 0.98%             | 2500-12-31      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Group AG                                                                  | CREDIT SUISSE GROUP V/R /PERP/              | CUSIP: 225436AA2<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |   1200000 | PA      | $1060044.00   | 0.02%             | 2500-12-31      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                       | HSBC HOLDINGS PLC V/R /PERP/                | CUSIP: 404280CN7<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |  12800000 | PA      | $10883200.00  | 0.17%             | 2500-12-31      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Highlands Holdings Bond Issuer Limited / Highlands Holdings Bond Co-Issuer Incorporated | HIGHLAND HOLDI 7.625% 10/15/25              | CUSIP: 43103QAA6<br>LEI: 894500QEH89ZMUFQMM46 | Long             | DBT              | CORP              | BM        |  94408028 | PA      | $87704585.97  | 1.40%             | 2025-10-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| ING Groep N.V.                                                                          | ING GROEP NV V/R /PERP/                     | CUSIP: 456837AR4<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |  20836000 | PA      | $19733046.34  | 0.32%             | 2500-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                                                                | LLOYDS BANKING GROU V/R /PERP/              | CUSIP: 539439AG4<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |  44931668 | PA      | $44658483.46  | 0.71%             | 2500-12-31      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Cobank ACB                                                                              | COBANK ACB V/R /PERP/                       | CUSIP: 19075QAC6<br>LEI: P0J8I7M2E0A77CKF1705 | Long             | DBT              | CORP              | US        |  18474000 | PA      | $18354448.65  | 0.29%             | 2500-12-31      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Compeer Financial, ACA                                                                  | COMPEER FINANCIAL A V/R /PERP/              | CUSIP: 20453QAA0<br>LEI: 54930020HTACTODKHT04 | Long             | DBT              | CORP              | US        |  13950000 | PA      | $12363200.75  | 0.20%             | 2500-12-31      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                            | UBS GROUP AG V/R /PERP/                     | CUSIP: 902613AJ7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |  38000000 | PA      | $34253200.00  | 0.55%             | 2500-12-31      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| UBS Group Funding (Switzerland) AG                                                      | UBS GROUP AG V/R /PERP/                     | CUSIP: 90352JAF0<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |  22400000 | PA      | $22315328.00  | 0.36%             | 2500-12-31      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Banco Santander, S.A.                                                                   | BANCO SANTANDER SA V/R /PERP/               | CUSIP: E2R99CQ59<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |  43200000 | PA      | $43024608.00  | 0.69%             | 2500-12-31      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Swedbank AB (publ)                                                                      | SWEDBANK AB V/R /PERP/                      | CUSIP: W9423YGR5<br>LEI: M312WZV08Y7LYUC71685 | Long             | DBT              | CORP              | SE        |  13000000 | PA      | $12650625.00  | 0.20%             | 2500-12-31      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Corebridge Financial Inc.                                                               | COREBRIDGE FINANC V/R 12/15/52              | CUSIP: 21871XAN9<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |  53110000 | PA      | $52907129.89  | 0.85%             | 2052-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| DCP Midstream, LLC                                                                      | DCP MIDSTREAM OPE V/R 05/21/43              | CUSIP: 23311RAH9<br>LEI: VQOHU6HCVU6YY1KUKU03 | Long             | DBT              | CORP              | US        |  21237000 | PA      | $20995110.57  | 0.34%             | 2043-05-21      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| EFG International AG                                                                    | EFG INTERNATIONAL A V/R /PERP/              | CUSIP: H2078CAB4<br>LEI: 506700PR1R98BSF81139 | Long             | DBT              | CORP              | CH        |  28725000 | PA      | $26143627.88  | 0.42%             | 2500-12-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                            | UBS GROUP AG V/R /PERP/                     | CUSIP: H42097BR7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   2400000 | PA      | $2283132.00   | 0.04%             | 2500-12-31      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| UBS Group Funding (Switzerland) AG                                                      | UBS GROUP AG V/R /PERP/                     | CUSIP: H4209UAN6<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |  26389000 | PA      | $26265631.43  | 0.42%             | 2500-12-31      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Dairy Farmers of America Inc                                                            | DAIRY FARMERS OF 7.125% /PERP/              | CUSIP: 23385HAA7<br>LEI: 1LTUIZEFFT7MUIERI838 | Long             | DBT              | CORP              | US        |  10700000 | PA      | $9228750.00   | 0.15%             | 2500-12-31      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Dominion Energy Inc                                                                     | DOMINION ENERGY INC V/R /PERP/              | CUSIP: 25746UDD8<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |   5730000 | PA      | $5374167.00   | 0.09%             | 2500-12-31      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Affiliated Managers Group, Inc.                                                         | AFFILIATED MANAGERS GROU /PFD/              | CUSIP: 008252835<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EP               | CORP              | US        |    980305 | NS      | $17439625.95  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Affiliated Managers Group, Inc.                                                         | AFFILIATED 4.75% 9/30/60 /PFD/              | CUSIP: 008252843<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EP               | CORP              | US        |    231441 | NS      | $4628820.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Globe Life Inc                                                                          | GLOBE LIFE INC /PFD/                        | CUSIP: 37959E300<br>LEI: 5493001JFHKQOPP6XA71 | Long             | EP               | CORP              | US        |    424824 | NS      | $8475238.80   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Affiliated Managers Group, Inc.                                                         | AFFILIATED MAN 5.875% 03/30/59              | CUSIP: 008252850<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EP               | CORP              | US        |    129546 | NS      | $3277513.80   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Lease Corporation                                                                   | AIR LEASE CORP /PFD/                        | CUSIP: 00912X500<br>LEI: 5493004NW4M4P8TMMK63 | Long             | EP               | CORP              | US        |    369508 | NS      | $9086201.72   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Company                                                                   | WELLS FARGO & COMPANY /PFD/                 | CUSIP: 94988U128<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |    220273 | NS      | $4753491.34   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Wesbanco Inc                                                                            | WESBANCO INC /PFD/                          | CUSIP: 950810705<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    569994 | NS      | $14420848.20  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Assurant Inc.                                                                           | ASSURANT INC /PFD/                          | CUSIP: 04621X306<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | EP               | CORP              | US        |    596781 | NS      | $13678220.52  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Athene Holding Ltd                                                                      | ATHENE HOLDING LTD /PFD/                    | CUSIP: 04686J200<br>LEI: 549300H316CT32FQXI76 | Long             | EP               | CORP              | BM        |     68006 | NS      | $1596780.88   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Wesco International, Inc.                                                               | WESCO INTERNATIONAL INC.                    | CUSIP: 95082P303<br>LEI: 529900TXOGREY3WNJ434 | Long             | EP               | CORP              | US        |     38930 | NS      | $1058896.00   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Alliance Bancorporation                                                         | WESTERN ALLIANCE BANCORP /PFD/              | CUSIP: 957638406<br>LEI: 5493003VJXZ5JXT9S762 | Long             | EP               | CORP              | US        |    620288 | NS      | $13317583.36  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Athene Holding Ltd                                                                      | ATHENE HOLDING LTD /PFD/                    | CUSIP: 04686J408<br>LEI: 549300H316CT32FQXI76 | Long             | EP               | CORP              | BM        |    138162 | NS      | $2764621.62   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlantic Union Bankshares Corp                                                          | ATLANTIC UNION BANKSHARE /PFD/              | CUSIP: 04911A206<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     10742 | NS      | $275533.37    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Wintrust Financial Corporation                                                          | WINTRUST FINANCIAL CORP /PFD/               | CUSIP: 97650W504<br>LEI: Q774KI4AW80FHFW33O61 | Long             | EP               | CORP              | US        |    659905 | NS      | $17190525.25  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Ford Motor Company                                                                      | FORD MOTOR COMP 6.5% 08/15/62               | CUSIP: 345370811<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EP               | CORP              | US        |    705603 | NS      | $17195545.11  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Fulton Financial Corporation                                                            | FULTON FINANCIAL CORP /PFD/                 | CUSIP: 360271308<br>LEI: 5493005QLZ6O1BNC0C11 | Long             | EP               | CORP              | US        |    350261 | NS      | $7408020.15   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Net Lease Inc                                                                    | GLOBAL NET LEASE INC /PFD/                  | CUSIP: 379378300<br>LEI: 549300NUYANCT5SU8Z65 | Long             | EP               | CORP              | US        |    850146 | NS      | $20318489.40  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Cellular Corporation                                                      | US CELLULAR 5.5% 03/01/70                   | CUSIP: 911684801<br>LEI: 549300B164AZXESI6E03 | Long             | EP               | CORP              | US        |    267143 | NS      | $4955502.65   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Cellular Corporation                                                      | US CELLULAR CORP /PFD/                      | CUSIP: 911684884<br>LEI: 549300B164AZXESI6E03 | Long             | EP               | CORP              | US        |    940754 | NS      | $17601507.34  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Valley National Bancorp                                                                 | VALLEY NATIONAL BANCORP /PFD/               | CUSIP: 919794305<br>LEI: 549300ET52S1UBIB9762 | Long             | EP               | CORP              | US        |     63433 | NS      | $1607392.22   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Vornado Realty Trust                                                                    | VORNADO REALTY TRUST /PFD/                  | CUSIP: 929042810<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    313599 | NS      | $5698093.83   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Washington Federal Inc                                                                  | WASHINGTON FEDERAL INC /PFD/                | CUSIP: 938824307<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     46946 | NS      | $952534.34    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Company                                                                   | WELLS FARGO & CO PREF /PFD/                 | CUSIP: 949746556<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |    494795 | NS      | $12082893.90  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Company                                                                   | WELLS FARGO & COMPANY /PFD/CV               | CUSIP: 949746804<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |     88218 | NS      | $110977361.82 | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Company                                                                   | WELLS FARGO & COMPANY /PFD/                 | CUSIP: 94988U151<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |    434299 | NS      | $9220167.77   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Company                                                                   | WELLS FARGO & COMPANY /PFD/                 | CUSIP: 94988U656<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |    746818 | NS      | $18446404.60  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co New                                                                    | WELLS FARGO & COMPANY /PFD/                 | CUSIP: 95002Y400<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |     70560 | NS      | $1376625.60   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE Energy Company                                                                      | DTE ENERGY CO 4.375% 12/01/81               | CUSIP: 233331818<br>LEI: 549300IX8SD6XXD71I78 | Long             | EP               | CORP              | US        |     96347 | NS      | $1974150.03   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Athene Holding Ltd                                                                      | ATHENE HOLDING LTD /PFD/                    | CUSIP: G0684D305<br>LEI: 549300H316CT32FQXI76 | Long             | EP               | CORP              | BM        |    909644 | NS      | $23168632.68  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Edison International                                                                    | EDISON INTERNATIONA V/R /PERP/              | CUSIP: 281020AT4<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |  17965000 | PA      | $16017414.35  | 0.26%             | 2500-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Emera Inc                                                                               | EMERA INC V/R 06/15/76                      | CUSIP: 290876AD3<br>LEI: NQZVQT2P5IUF2PGA1Q48 | Long             | DBT              | CORP              | CA        |  32500000 | PA      | $32041203.35  | 0.51%             | 2076-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc.                                                                           | ENBRIDGE INC V/R 01/15/77                   | CUSIP: 29250NAN5<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |  65166000 | PA      | $61981561.75  | 0.99%             | 2077-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Spire Inc                                                                               | SPIRE INC /PFD/                             | CUSIP: 84857L309<br>LEI: 549300NXSY15DRY2R511 | Long             | EP               | CORP              | US        |     54298 | NS      | $1343875.50   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corporation                                                            | TRUIST FINANCIAL CORP /PFD/                 | CUSIP: 89832Q695<br>LEI: 549300DRQQI75D2JP341 | Long             | EP               | CORP              | US        |    118855 | NS      | $2638581.00   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Cellular Corporation                                                      | UNITED STATES 6.25% 09/01/69                | CUSIP: 911684702<br>LEI: 549300B164AZXESI6E03 | Long             | EP               | CORP              | US        |    259030 | NS      | $5123613.40   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Lancashire Holdings Limited                                                             | LANCASHIRE HOLDIN V/R 09/18/41              | CUSIP: G5361WAB0<br>LEI: 5493002UNUYXLHOWF752 | Long             | DBT              | CORP              | BM        |  40630000 | PA      | $33859863.73  | 0.54%             | 2041-09-18      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Aspen Insurance Holdings Ltd.                                                           | ASPEN INSURANCE HLDG LTD /PFD/              | CUSIP: G05384162<br>LEI: 549300YX6HECG9XQCQ75 | Long             | EP               | CORP              | BM        |    285853 | NS      | $6323068.36   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Algonquin Power & Utilities Corporation                                                 | ALGONQUIN PWR & UTILITY                     | CUSIP: 015857709<br>LEI: 549300K5VIUTJXQL7X75 | Long             | EP               | CORP              | CA        |    396129 | NS      | $9883418.55   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Algonquin Power & Utilities Corporation                                                 | ALGONQUIN PWR & UTILITY /PFD/               | CUSIP: 015857808<br>LEI: 549300K5VIUTJXQL7X75 | Long             | EP               | CORP              | CA        |    684445 | NS      | $15879124.00  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Property Partners LP                                                         | BROOKFIELD PROPERTY PART /PFD/              | CUSIP: G16249149<br>LEI: 5493004J5Z0TZW83NU62 | Long             | EP               | CORP              | US        |    164609 | NS      | $3321809.62   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Infrastructure Partners LP                                                   | BROOKFIELD INFRASTRUCTUR /PFD/              | CUSIP: G16252267<br>LEI: 549300WEH5R2OODI7Y90 | Long             | EP               | CORP              | BM        |    639721 | NS      | $12890378.15  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| The Allstate Corporation                                                                | ALLSTATE CORP PFD V/R 1/15/53               | CUSIP: 020002309<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EP               | CORP              | US        |      3173 | NS      | $79959.60     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| The Allstate Corporation                                                                | ALLSTATE CORP /PFD/                         | CUSIP: 020002838<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EP               | CORP              | US        |     17977 | NS      | $431807.54    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Infrastructure Partners LP                                                   | BROOKFIELD INFRASTRUCTUR /PFD/              | CUSIP: G16252275<br>LEI: 549300WEH5R2OODI7Y90 | Long             | EP               | CORP              | BM        |     61303 | NS      | $1198473.65   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Renewable Partners L P                                                       | BROOKFIELD RENEWABLE PAR /PFD/              | CUSIP: G16258231<br>LEI: VA8DFMRI2GY8Y7V79H93 | Long             | EP               | CORP              | BM        |    668928 | NS      | $14040798.72  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| American Equity Investment Life Holding Company                                         | AMERICAN EQUITY INVESTME /PFD/              | CUSIP: 025676503<br>LEI: 549300RK5RZQ740FPL83 | Long             | EP               | CORP              | US        |   1866461 | NS      | $44832393.22  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| American Equity Investment Life Holding Company                                         | AMERICAN EQUITY INVESTME /PFD/              | CUSIP: 025676602<br>LEI: 549300RK5RZQ740FPL83 | Long             | EP               | CORP              | US        |    927002 | NS      | $23833221.42  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| AmTrust Financial Services Inc.                                                         | AMTRUST FINANCIAL 7.5% 9/15/55              | CUSIP: 032359853<br>LEI: 549300SNNS1GRWBTGA28 | Long             | EP               | CORP              | US        |    363925 | NS      | $6264968.88   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| AmTrust Financial Services Inc.                                                         | AMTRUST FINANCIAL SERV /PFD/                | CUSIP: 032359861<br>LEI: 549300SNNS1GRWBTGA28 | Long             | EP               | CORP              | US        |    312756 | NS      | $5613970.20   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Annaly Capital Management, Inc.                                                         | ANNALY CAPITAL MGMT /PFD/                   | CUSIP: 035710847<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EP               | CORP              | US        |    275479 | NS      | $6404886.75   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Annaly Capital Management, Inc.                                                         | ANNALY CAPITAL MGMT SER F                   | CUSIP: 035710870<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EP               | CORP              | US        |     52416 | NS      | $1302537.60   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AerCap Holdings N.V.                                                                    | AERCAP HOLDINGS N V/R 10/10/79              | CUSIP: 00774YAA7<br>LEI: 549300SZYINBBLJQU475 | Long             | DBT              | CORP              | NL        | 142083000 | PA      | $136291696.92 | 2.18%             | 2079-10-10      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Apollo Asset Management Inc                                                             | APOLLO ASSET MANAGEMENT /PFD/               | CUSIP: 03769W302<br>LEI: 54930054P2G7ZJB0KM79 | Long             | EP               | CORP              | US        |    529821 | NS      | $13430962.35  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Nova Scotia                                                                     | BANK OF NOVA SCOT V/R 10/27/82              | CUSIP: 0641598S8<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |  19070000 | PA      | $20318517.48  | 0.32%             | 2082-10-27      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Huntington Bancshares Incorporated                                                      | HUNTINGTON BANCSHARES /PFD/                 | CUSIP: 446150823<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EP               | CORP              | US        |     60556 | NS      | $1240186.88   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Wisconsin Public Service Corporation                                                    | INTEGRYS EN V/R 8/1/73 /PFD/                | CUSIP: 45822P204<br>LEI: 549300J4VEJBU9YKTV37 | Long             | EP               | CORP              | US        |    955325 | NS      | $23500995.00  | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Credit Agricole S.A.                                                                    | CREDIT AGRICOLE SA V/R /PERP/               | CUSIP: 225313AL9<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |  11810000 | PA      | $11695673.30  | 0.19%             | 2500-12-31      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                                                       | ENTERPRISE PRODUC V/R 08/16/77              | CUSIP: 29379VBN2<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |   3330000 | PA      | $2909213.34   | 0.05%             | 2077-08-16      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Farm Credit Bank of Texas                                                               | FARM CREDIT BK OF T V/R /PERP/              | CUSIP: 30767EAC3<br>LEI: V1EBJIOLRNYDHDF63Z33 | Long             | DBT              | USGSE             | US        |   7650000 | PA      | $6923250.00   | 0.11%             | 2500-12-31      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Land O'Lakes Inc.                                                                       | LAND O'LAKES INC 7% /PERP/                  | CUSIP: 514666AN6<br>LEI: 4ONCJWH5BBCYSJIJYX61 | Long             | DBT              | CORP              | US        |  44888000 | PA      | $39771890.20  | 0.64%             | 2500-12-31      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                    | JPMORGAN CHASE & CO /PFD/                   | CUSIP: 48128B549<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EP               | CORP              | US        |    510363 | NS      | $10967700.87  | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                                                                    | JPMORGAN CHASE & CO /PFD/                   | CUSIP: 48128B580<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EP               | CORP              | US        |     75881 | NS      | $1608677.20   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Mutual Group, Inc.                                                              | LIBERTY MUTUAL GR V/R 12/15/51              | CUSIP: 53079EBM5<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |  35910000 | PA      | $30783488.40  | 0.49%             | 2051-12-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Lincoln National Corporation                                                            | LINCOLN NATIONAL CO V/R /PERP/              | CUSIP: 534187BR9<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | DBT              | CORP              | US        |  15500000 | PA      | $17166250.00  | 0.27%             | 2500-12-31      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group Inc                                                        | PNC FINANCIAL SERVI V/R /PERP/              | CUSIP: 693475BD6<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   8975000 | PA      | $8951665.00   | 0.14%             | 2500-12-31      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Principal Financial Group                                                               | PRINCIPAL FINANCI V/R 05/15/55              | CUSIP: 74251VAL6<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | DBT              | CORP              | US        |  16649000 | PA      | $16399265.00  | 0.26%             | 2055-05-15      | Floating      | 7.65%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                    | JPMORGAN CHASE /PFD/                        | CUSIP: 48128B655<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EP               | CORP              | US        |       792 | NS      | $19784.16     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR Group Finance Company IX LLC                                                        | KKR GROUP FIN CO IX LLC /PFD/               | CUSIP: 48253M104<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   1109761 | NS      | $21939974.97  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Prudential Financial, Inc.                                                              | PRUDENTIAL FINANC V/R 09/01/52              | CUSIP: 744320BK7<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |  50448000 | PA      | $50390787.93  | 0.81%             | 2052-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SVB Financial Group                                                                     | SVB FINANCIAL GROUP V/R /PERP/              | CUSIP: 78486QAJ0<br>LEI: 549300D2KJ20JMXE7542 | Long             | DBT              | CORP              | US        |  48046398 | PA      | $38526895.02  | 0.62%             | 2500-12-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KeyCorp                                                                                 | KEYCORP /PFD/                               | CUSIP: 493267843<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EP               | CORP              | US        |    567344 | NS      | $14541026.72  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| KeyCorp                                                                                 | KEYCORP /PREFERRED/                         | CUSIP: 493267876<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EP               | CORP              | US        |    218650 | NS      | $5413774.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln National Corporation                                                            | LINCOLN NATIONAL CORP /PFD/                 | CUSIP: 534187885<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | EP               | CORP              | US        |   1369141 | NS      | $39362803.75  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| SCE Trust IV                                                                            | SCE TRUST IV /PFD/ SER J                    | CUSIP: 78409G206<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    448143 | NS      | $9007674.30   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| SVB Financial Group                                                                     | SVB FINANCIAL GROUP V/R /PERP/              | CUSIP: 78486QAP6<br>LEI: 549300D2KJ20JMXE7542 | Long             | DBT              | CORP              | US        |  50341000 | PA      | $40318106.90  | 0.64%             | 2500-12-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| The Charles Schwab Corporation                                                          | CHARLES SCHWAB CORP V/R /PERP/              | CUSIP: 808513BJ3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |   3050000 | PA      | $2627575.00   | 0.04%             | 2500-12-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| The Charles Schwab Corporation                                                          | CHARLES SCHWAB CORP V/R /PERP/              | CUSIP: 808513BK0<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |  63997000 | PA      | $59046832.05  | 0.94%             | 2500-12-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| The Charles Schwab Corporation                                                          | CHARLES SCHWAB CORP V/R /PERP/              | CUSIP: 808513CB9<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |  15800000 | PA      | $15286500.00  | 0.24%             | 2500-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sempra                                                                                  | SEMPRA ENERGY V/R 04/01/52                  | CUSIP: 816851BM0<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |  59610000 | PA      | $52268810.33  | 0.84%             | 2052-04-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Societe Generale S.A.                                                                   | SOCIETE GENERALE V/R /PERP/                 | CUSIP: 83367TBF5<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   8589000 | PA      | $8567527.50   | 0.14%             | 2500-12-31      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Societe Generale S.A.                                                                   | SOCIETE GENERALE V/R /PERP/                 | CUSIP: 83370RAA6<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |  85600000 | PA      | $73823964.34  | 1.18%             | 2500-12-31      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Southern Co.                                                                            | SOUTHERN CO V/R 09/15/51                    | CUSIP: 842587DJ3<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |  16409000 | PA      | $14322532.64  | 0.23%             | 2051-09-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| SCE Trust III                                                                           | SCE TRUST III   PFD                         | CUSIP: 78409B207<br>LEI: N/A                  | Long             | EP               | RF                | US        |    139433 | NS      | $3116327.55   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Bip Bermuda Holdings I Limited                                                          | BIP BERMUDA HOLDINGS I /PFD/                | CUSIP: 05554M100<br>LEI: 549300Y8SLOLKXX0MZ44 | Long             | EP               | CORP              | BM        |     14701 | NS      | $301958.54    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corporation                                                             | BANK OF AMERICA CORP PREFERRED              | CUSIP: 060505682<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |     47503 | NS      | $59103232.60  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corporation                                                             | BANK OF AMERICA CORP /PFD/                  | CUSIP: 06053U601<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |    398399 | NS      | $9617351.86   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corporation                                                             | BANK OF AMERICA CORP /PFD/                  | CUSIP: 06055H202<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |     90486 | NS      | $2070319.68   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corporation                                                             | BANK OF AMERICA CORP /PFD/                  | CUSIP: 06055H400<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |   1368154 | NS      | $27363080.00  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlyle Finance LLC                                                                     | CARLYLE FINANCE 4.625% 5/15/61              | CUSIP: 14314C105<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   1515332 | NS      | $29215600.96  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizens Financial Group Inc                                                            | CITIZENS FINANCIAL GROUP /PFD/              | CUSIP: 174610204<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EP               | CORP              | US        |    293743 | NS      | $7481634.21   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Cobank ACB                                                                              | COBANK ACB /PFD/                            | CUSIP: 19075Q862<br>LEI: P0J8I7M2E0A77CKF1705 | Long             | EP               | CORP              | US        |     49330 | NS      | $4896002.50   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| DTE Energy Company                                                                      | DTE ENERGY CO 5.25% 12/01/77                | CUSIP: 233331859<br>LEI: 549300IX8SD6XXD71I78 | Long             | EP               | CORP              | US        |    805960 | NS      | $19987808.00  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Delphi Financial Group, Inc.                                                            | DELPHI FINANCIAL GROUP PFD                  | CUSIP: 247131303<br>LEI: 5493001NGT0EEYMZG011 | Long             | EP               | CORP              | US        |   1244856 | NS      | $28476081.00  | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Digital Realty Trust Inc                                                                | DIGITAL REALTY TRUST INC /PFD/              | CUSIP: 253868822<br>LEI: 549300HKCZ31D08NEI41 | Long             | EP               | CORP              | US        |       333 | NS      | $7828.83      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Enbridge Inc.                                                                           | ENBRIDGE INC /PFD/                          | CUSIP: 29250N477<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EP               | CORP              | CA        |     36533 | NS      | $914055.66    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Energy Transfer LP                                                                      | ENERGY TRANSFER LP /PFD/                    | CUSIP: 29273V407<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EP               | CORP              | US        |     92177 | NS      | $2198421.45   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Energy Transfer LP                                                                      | ENERGY TRANSFER L P /PFD/                   | CUSIP: 29273V605<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EP               | CORP              | US        |   2111571 | NS      | $50677704.00  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Enstar Group Ltd                                                                        | ENSTAR GROUP LTD /PFD/                      | CUSIP: 29359U109<br>LEI: 213800AMAL5QFXVUCN04 | Long             | EP               | CORP              | BM        |    386476 | NS      | $9287018.28   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Equitable Holdings Inc                                                                  | EQUITABLE HOLDINGS INC /PFD/                | CUSIP: 29452E200<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EP               | CORP              | US        |   1312422 | NS      | $29686985.64  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Farm Credit Bank of Texas                                                               | FARM CREDIT BK OF TEXAS /PFD/               | CUSIP: 30767E406<br>LEI: V1EBJIOLRNYDHDF63Z33 | Long             | EP               | USGSE             | US        |     90015 | NS      | $9007125.94   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Fifth Third Bancorp                                                                     | MB FINANCIAL INC SER C /PFD/                | CUSIP: 316773886<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EP               | CORP              | US        |     98432 | NS      | $2459815.68   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Property Partners LP                                                         | BROOKFIELD PROPERTY PART /PFD/              | CUSIP: G16249164<br>LEI: 5493004J5Z0TZW83NU62 | Long             | EP               | CORP              | BM        |   1589499 | NS      | $28992461.76  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Aspen Insurance Holdings Ltd.                                                           | ASPEN INSURANCE HOLDINGS LTD   PFD SHS 5.95 | CUSIP: G05384154<br>LEI: 549300YX6HECG9XQCQ75 | Long             | EP               | CORP              | BM        |    546119 | NS      | $13494600.49  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Aspen Insurance Holdings Ltd.                                                           | ASPEN INSURANCE HLDG /PFD/                  | CUSIP: G05384204<br>LEI: 549300YX6HECG9XQCQ75 | Long             | EP               | CORP              | BM        |   1711649 | NS      | $37758976.94  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| AmTrust Financial Services Inc.                                                         | AMTRUST FINANC 6.125% 08/15/23              | CUSIP: 032359AE1<br>LEI: 549300SNNS1GRWBTGA28 | Long             | DBT              | CORP              | US        |  12296000 | PA      | $12047679.08  | 0.19%             | 2023-08-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Ares Finance Co III LLC                                                                 | ARES FINANCE CO V/R 06/30/51                | CUSIP: 04018VAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  40400000 | PA      | $31327192.62  | 0.50%             | 2051-06-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Assurant Inc.                                                                           | ASSURANT INC V/R 03/27/48                   | CUSIP: 04621XAK4<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | DBT              | CORP              | US        |  32200000 | PA      | $32015659.19  | 0.51%             | 2048-03-27      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Axis Specialty Finance LLC                                                              | AXIS SPECIALTY FI V/R 01/15/40              | CUSIP: 05463HAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  38875000 | PA      | $33099773.93  | 0.53%             | 2040-01-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Bank of America Corporation                                                             | BANK OF AMERICA COR V/R /PERP/              | CUSIP: 060505EH3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |  11594000 | PA      | $11615796.72  | 0.19%             | 2500-12-31      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Bank of America Corporation                                                             | BANK OF AMERICA COR V/R /PERP/              | CUSIP: 060505GB4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |  14075000 | PA      | $12809657.50  | 0.20%             | 2500-12-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Bank of America Corporation                                                             | BANK OF AMERICA COR V/R /PERP/              | CUSIP: 06055HAB9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |  40283000 | PA      | $40423990.50  | 0.65%             | 2500-12-31      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Buckeye Partners LP                                                                     | BUCKEYE PARTNERS  V/R 01/22/78              | CUSIP: 118230AS0<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |  27792000 | PA      | $23413430.43  | 0.37%             | 2078-01-22      | Floating      | 8.84%                 | No            |                  2 | On Loan: No      |
| CHS Inc                                                                                 | CHS INC PFD                                 | CUSIP: 12542R506<br>LEI: XEIEFTLYDQ1MZ6TZV015 | Long             | EP               | CORP              | US        |    407689 | NS      | $10420530.84  | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| CHS Inc                                                                                 | CHS INC /PFD/                               | CUSIP: 12542R704<br>LEI: XEIEFTLYDQ1MZ6TZV015 | Long             | EP               | CORP              | US        |   1381337 | NS      | $34975452.84  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS Energy Corporation                                                                  | CMS ENERGY CORP /PFD/                       | CUSIP: 125896837<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EP               | CORP              | US        |    293304 | NS      | $5827950.48   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS Energy Corporation                                                                  | CMS ENERGY 5.875% 3/1/79 /PFD/              | CUSIP: 125896845<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EP               | CORP              | US        |    113332 | NS      | $2850299.80   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS Energy Corporation                                                                  | CMS ENER 5.875% 10/15/78/PFD/               | CUSIP: 125896852<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EP               | CORP              | US        |    172453 | NS      | $4290630.64   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO Financial Group, Inc.                                                               | CNO FINANCIAL GROUP INC /PFD/               | CUSIP: 12621E301<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EP               | CORP              | US        |    754186 | NS      | $13711101.48  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corporation                                                       | CAPITAL ONE FINANCIAL CO /PFD/              | CUSIP: 14040H782<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EP               | CORP              | US        |    168592 | NS      | $3506713.60   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corporation                                                       | CAPITAL ONE FINANCIAL CO /PFD/              | CUSIP: 14040H824<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EP               | CORP              | US        |    366057 | NS      | $8012987.73   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                                                                          | CITIGROUP INC V/R /PERP/                    | CUSIP: 172967MV0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |  37946000 | PA      | $34735768.40  | 0.56%             | 2500-12-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                          | CITIGROUP INC V/R /PERP/                    | CUSIP: 172967NB3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   7860000 | PA      | $7015050.00   | 0.11%             | 2500-12-31      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Citizens Financial Group Inc                                                            | CITIZENS FINANCIAL  V/R /PERP/              | CUSIP: 174610AU9<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |   1551000 | PA      | $1535459.07   | 0.02%             | 2500-12-31      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Citizens Financial Group Inc                                                            | CITIZENS FINANCIAL  V/R /PERP/              | CUSIP: 174610BD6<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |   3572000 | PA      | $3103794.88   | 0.05%             | 2500-12-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp                                                                        | DUKE ENERGY CORP V/R /PERP/                 | CUSIP: 26441CBG9<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |  21918000 | PA      | $21172445.64  | 0.34%             | 2500-12-31      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                      | ENERGY TRANSFER L V/R 11/01/66              | CUSIP: 29273RBA6<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |  15122000 | PA      | $12199108.69  | 0.20%             | 2066-11-01      | Floating      | 7.46%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                      | ENERGY TRANSFER LP V/R /PERP/               | CUSIP: 29273VAH3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   9660000 | PA      | $9116625.00   | 0.15%             | 2500-12-31      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                                                       | ENTERPRISE PRODUC V/R 06/01/67              | CUSIP: 29379VAN3<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |  55280000 | PA      | $49203346.00  | 0.79%             | 2067-06-01      | Floating      | 7.54%                 | No            |                  2 | On Loan: No      |
| Aircastle Limited                                                                       | AIRCASTLE LTD V/R /PERP/                    | CUSIP: 00928QAW1<br>LEI: 549300PNK8AKY3OIKP58 | Long             | DBT              | CORP              | BM        |  46300000 | PA      | $38197500.00  | 0.61%             | 2500-12-31      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Algonquin Power & Utilities Corporation                                                 | ALGONQUIN PWR & U V/R 01/18/82              | CUSIP: 015857AH8<br>LEI: 549300K5VIUTJXQL7X75 | Long             | DBT              | CORP              | CA        |  67818000 | PA      | $57389626.14  | 0.92%             | 2082-01-18      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Australia and New Zealand Banking Group Ltd. London Branch                              | AUST & NZ BANKING G V/R /PERP/              | CUSIP: 05254HAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |  32549000 | PA      | $32852844.92  | 0.53%             | 2500-12-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia                                                                     | BANK OF NOVA SCOT V/R 10/27/81              | CUSIP: 0641598N9<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |   3000000 | PA      | $2372893.50   | 0.04%             | 2081-10-27      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                               | GOLDMAN SACHS GROUP INC /PFD/               | CUSIP: 38145G308<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EP               | CORP              | US        |    400858 | NS      | $10001407.10  | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Hudson Pacific Properties Inc                                                           | HUDSON PACIFIC PROPERTIE /PFD/              | CUSIP: 444097307<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   1080167 | NS      | $16137694.98  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                                                          | MORGAN STANLEY /PFD/                        | CUSIP: 61762V853<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |    125682 | NS      | $3272759.28   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| National Storage Affiliates Trust                                                       | NATIONAL STORAGE AFF /PFD/                  | CUSIP: 637870205<br>LEI: N/A                  | Long             | EP               | CORP              | US        |       957 | NS      | $24011.13     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| New York Community Bancorp Inc.                                                         | NY COMMUNITY BANCORP INC PREF               | CUSIP: 649445202<br>LEI: 529900HVXOTLY61GL030 | Long             | EP               | CORP              | US        |    551770 | NS      | $13623201.30  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| NuStar Energy LP                                                                        | NUSTAR ENERGY LP PREFERRED                  | CUSIP: 67058H201<br>LEI: 5493003BMLTUIEG2LG44 | Long             | EP               | CORP              | US        |    747122 | NS      | $18692992.44  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Nustar Logistics, L.P.                                                                  | NUSTAR LOGISTICS LP /PFD/                   | CUSIP: 67059T204<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | EP               | CORP              | US        |    375990 | NS      | $9426069.30   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Oaktree Capital Group LLC                                                               | OAKTREE CAPITAL GRP LLC /PFD/               | CUSIP: 674001300<br>LEI: 254900T1ODNFOK2L6090 | Long             | EP               | CORP              | US        |    496152 | NS      | $11862994.32  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Old National Bancorp                                                                    | OLD NATL BANCORP /PFD/                      | CUSIP: 68003D204<br>LEI: 549300MMK90CL5KMVX16 | Long             | EP               | CORP              | US        |    150301 | NS      | $3882274.83   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| QBE Insurance Group Ltd.                                                                | QBE INSURANCE GROUP V/R /PERP/              | CUSIP: 74728GAE0<br>LEI: 549300D2FBW76FPUSG65 | Long             | DBT              | CORP              | AU        |  38900000 | PA      | $38413750.00  | 0.61%             | 2500-12-31      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Scentre Group Trust 2                                                                   | SCENTRE GROUP TRU V/R 09/24/80              | CUSIP: 76025LAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |   1800000 | PA      | $1681871.99   | 0.03%             | 2080-09-24      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Scentre Group Trust 2                                                                   | SCENTRE GROUP TRU V/R 09/24/80              | CUSIP: 76025LAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |  26435000 | PA      | $23291419.32  | 0.37%             | 2080-09-24      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Signature Bank                                                                          | SIGNATURE BANK NEW YORK /PFD/               | CUSIP: 82669G203<br>LEI: VLP5AP0XK2GM6GKD1007 | Long             | EP               | CORP              | US        |   1676616 | NS      | $31788639.36  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| DigitalBridge Group Inc                                                                 | DIGITALBRIDGE GROUP INC/PFD/                | CUSIP: 25401T306<br>LEI: 549300XG87L902AGBO89 | Long             | EP               | CORP              | US        |     41158 | NS      | $915765.50    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| South Jersey Industries Inc                                                             | SOUTH JERSEY INDUSTRIES /PFD/               | CUSIP: 838518207<br>LEI: 549300DJYWYT5VXLFA46 | Long             | EP               | CORP              | US        |    803453 | NS      | $12686522.87  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co.                                                                            | SOUTHERN CO 4.95% 01/30/80                  | CUSIP: 842587800<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EP               | CORP              | US        |    600582 | NS      | $13549129.92  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Capital Bancshares, Inc.                                                          | TEXAS CAPITAL BANCSHARES /PFD/              | CUSIP: 88224Q305<br>LEI: 549300466Q2SXRX0YM48 | Long             | EP               | CORP              | US        |    116076 | NS      | $2634925.20   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| QBE Insurance Group Ltd.                                                                | QBE INSURANCE GRO V/R 06/17/46              | CUSIP: Q7787GAE0<br>LEI: 549300D2FBW76FPUSG65 | Long             | DBT              | CORP              | AU        |  16000000 | PA      | $15613840.00  | 0.25%             | 2046-06-17      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| QBE Insurance Group Ltd.                                                                | QBE INSURANCE GRO V/R 12/02/44              | CUSIP: Q78063AG1<br>LEI: 549300D2FBW76FPUSG65 | Long             | DBT              | CORP              | AU        |  24999000 | PA      | $24972820.55  | 0.40%             | 2044-12-02      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Renaissancere Holdings Ltd.                                                             | RENAISSANCERE HOLDINGS L /PFD/              | CUSIP: G7498P127<br>LEI: EK6GB9U3U58PDI411C94 | Long             | EP               | CORP              | BM        |   1170656 | NS      | $21282526.08  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| DigitalBridge Group Inc                                                                 | DIGITALBRIDGE GROUP INC/PFD/                | CUSIP: 25401T405<br>LEI: 549300XG87L902AGBO89 | Long             | EP               | CORP              | US        |    462567 | NS      | $10412383.17  | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| DigitalBridge Group Inc                                                                 | DIGITALBRIDGE GROUP INC /PFD/               | CUSIP: 25401T504<br>LEI: 549300XG87L902AGBO89 | Long             | EP               | CORP              | US        |       677 | NS      | $15205.42     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                                                                          | BNP PARIBAS V/R /PERP/                      | CUSIP: 05565AM34<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |  19580000 | PA      | $20314250.00  | 0.32%             | 2500-12-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                          | BNP PARIBAS V/R /PERP/                      | CUSIP: 05565AS20<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   8300000 | PA      | $9034550.00   | 0.14%             | 2500-12-31      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Oaktree Capital Group LLC                                                               | OAKTREE CAPITAL GRP LLC /PFD/               | CUSIP: 674001409<br>LEI: 254900T1ODNFOK2L6090 | Long             | EP               | CORP              | US        |    813527 | NS      | $19500242.19  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Selective Insurance Group Inc.                                                          | SELECTIVE INSURANCE GROU /PFD/              | CUSIP: 816300503<br>LEI: 549300R3WGJWLE40R258 | Long             | EP               | CORP              | US        |     21531 | NS      | $401122.53    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Sempra                                                                                  | SEMPRA ENER 5.75% 7/1/79 /PFD/              | CUSIP: 816851604<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EP               | CORP              | US        |    796257 | NS      | $19651622.76  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Santander, S.A.                                                                   | BANCO SANTANDER SA V/R /PERP/               | CUSIP: 05971KAH2<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |  35600000 | PA      | $30977991.12  | 0.50%             | 2500-12-31      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                                                            | BARCLAYS PLC V/R /PERP/                     | CUSIP: 06738EBG9<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        | 135865000 | PA      | $135695168.75 | 2.17%             | 2500-12-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Group AG                                                                  | CREDIT SUISSE GROUP V/R /PERP/              | CUSIP: 225401AX6<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |  27200000 | PA      | $26452000.00  | 0.42%             | 2500-12-31      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Standard Chartered PLC                                                                  | STANDARD CHARTERED  V/R /PERP/              | CUSIP: 853254BT6<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |  12700000 | PA      | $12509500.00  | 0.20%             | 2500-12-31      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-03

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

**Signature:** Donald P. Swade

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

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