# EDGAR Filing Document

**Accession Number:** 0001424212
**File Stem:** 0001752724-25-155881
**Filing Date:** 2025-6
**Character Count:** 202342
**Document Hash:** 29df4ab6fb8888a600e9f51882ee240b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-155881.hdr.sgml**: 20250625

**ACCESSION NUMBER**: 0001752724-25-155881

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250625

**DATE AS OF CHANGE**: 20250625

**PERIOD START**: 20250731

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22245
- **FILM NUMBER:** 251072871

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

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

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

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

## Series and Classes Contracts Data

### First Trust Ultra Short Duration Municipal ETF (Series ID: S000063443)

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

## Nport-Ex

**First Trust Short Duration Managed Municipal ETF (FSMB)**

**Portfolio of Investments**

**April 30, 2025 (Unaudited)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Stated** <br>**Coupon**<br>| **Stated** <br>**Maturity**<br>| **Value** |
| **MUNICIPAL BONDS — 99.1%** | **MUNICIPAL BONDS — 99.1%** | **MUNICIPAL BONDS — 99.1%** | **MUNICIPAL BONDS — 99.1%** | **MUNICIPAL BONDS — 99.1%** |
|  | **Alabama — 6.1%** | **Alabama — 6.1%** | **Alabama — 6.1%** |  |
| $130000 | &nbsp;&nbsp;&nbsp; Black Belt Energy Gas Dist AL Gas Prepay Rev Proj No 4, Ser A-1 <br> (Mandatory put 12/01/25) | 4.00% | 12/01/49 | $130118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1035000 | &nbsp;&nbsp;&nbsp; Black Belt Energy Gas Dist AL Gas Proj Rev Bonds Proj No 7, Ser <br> C-1 (Mandatory put 12/01/26) | 4.00% | 10/01/52 | 1033283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp; Black Belt Energy Gas Dist AL Gas Proj Rev Proj No 6, Ser B <br> (Mandatory put 12/01/26) | 4.00% | 10/01/52 | 489187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1165000 | Black Belt Energy Gas Dist AL Gas Proj Rev, Ser C-1 | 5.25% | 12/01/27 | 1205507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Black Belt Energy Gas Dist AL Gas Proj Rev, Ser C-1 (Mandatory <br> put 06/01/29) | 5.25% | 02/01/53 | 1045685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3385000 | &nbsp;&nbsp;&nbsp; Black Belt Energy Gas Dist AL Gas Sply Rev Ref, Ser D1 <br> (Mandatory put 06/01/27) | 4.00% | 07/01/52 | 3383738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Black Belt Energy Gas Dist AL Gas Sply Rev, Ser B (Mandatory <br> put 12/01/30) | 5.25% | 12/01/53 | 1061061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Energy SE AL A Cooperative Dist Energy Sply Rev, Ser B <br> (Mandatory put 06/01/32) | 5.25% | 07/01/54 | 1061533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2470000 | &nbsp;&nbsp;&nbsp; Lower AL Gas Dist Gas Proj Rev Bonds Proj 2 (Mandatory put <br> 12/01/25) | 4.00% | 12/01/50 | 2471204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | Midcity Impt Dist AL Spl Assmnt Rev | 3.88% | 11/01/27 | 192795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Mobile AL Indl Dev Brd Poll Control Rev Var AL Pwr Co Barry <br> Plant Remk (Mandatory put 03/12/26) | 3.30% | 07/15/34 | 1998092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2315000 | &nbsp;&nbsp;&nbsp; SE Energy Auth AL Cmdy Sply Rev Proj #1, Ser A (Mandatory put <br> 10/01/28) | 4.00% | 11/01/51 | 2302067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2095000 | SE Energy Auth AL Cmdy Sply Rev Proj #2, Ser B | 4.00% | 06/01/30 | 2090345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | SE Energy Auth AL Cmdy Sply Rev Proj No 3, Ser A-1 | 5.00% | 12/01/26 | 509085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp; SE Energy Auth Cooperative Dist AL Energy Sply Rev, Ser C <br> (Mandatory put 11/01/32) | 5.00% | 10/01/55 | 6295387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Selma AL Indl Dev Brd Rev Var Intl Paper Company Proj Ref <br> Remk, Ser A (Mandatory put 10/01/31) | 3.45% | 11/01/33 | 1949760 |
|  |  |  |  | 27218847 |
|  | **Arizona — 1.9%** | **Arizona — 1.9%** | **Arizona — 1.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1340000 | AZ Indl Dev Auth Hosp Rev Phoenix Children's Hosp, Ser A | 5.00% | 02/01/35 | 1410126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; AZ St Indl Dev Auth Edu Rev Acads of Math & Science Proj, <br>Ser B (a) | 5.00% | 07/01/29 | 1255095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 855000 | &nbsp;&nbsp;&nbsp; AZ St Indl Dev Auth Edu Rev Doral Acdmy NV Fire Mesa & Red <br> Rock Cmps Proj, Ser A | 3.55% | 07/15/29 | 824356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 965000 | &nbsp;&nbsp;&nbsp; AZ St Indl Dev Auth Edu Rev Pinecrest Acdmy Horizon Inspirada <br> & St Rose Cmps, Ser A (a) | 5.00% | 07/15/28 | 972435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | AZ St Indl Dev Auth Edu Rev Ref Basis Schs Projs, Ser A (a) | 5.00% | 07/01/26 | 100339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp; AZ St Indl Dev Auth Edu Rev Ref Doral Acdmy of Northern NV <br> Proj, Ser A (a) | 4.00% | 07/15/26 | 229156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp; AZ St Indl Dev Auth Edu Rev Ref Doral Acdmy of Northern NV <br> Proj, Ser A (a) | 4.00% | 07/15/31 | 418095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; AZ St Indl Dev Auth Natl Chrt Sch Revolving Loan Fd Equitable <br> Sch Revolving Fund Sustainable Bonds, Ser A | 4.00% | 11/01/27 | 500736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345000 | &nbsp;&nbsp;&nbsp; AZ St Indl Dev Auth Natl Chrt Sch Revolving Loan Fd Equitable <br> Sch Revolving Fund Sustainable Bonds, Ser A | 5.00% | 11/01/32 | 371399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; Chandler AZ Indl Dev Auth Indl Dev Rev Var Intel Corp Proj, Ser <br> 2022-2, AMT (Mandatory put 09/01/27) | 5.00% | 09/01/52 | 1269822 |

---

------

**First Trust Short Duration Managed Municipal ETF (FSMB)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Arizona (Continued)** | **Arizona (Continued)** | **Arizona (Continued)** |  |
| $1000000 | &nbsp;&nbsp;&nbsp; Coconino Cnty AZ Poll Controlcorp Var Ref NV Pwr Co Proj <br> Remk, Ser B (Mandatory put 03/31/26) | 3.75% | 03/01/39 | $997513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Paradise Schs Projs <br> Paragon Mgmt Inc (a) | 4.00% | 07/01/26 | 198711 |
|  |  |  |  | 8547783 |
|  | **California — 4.4%** | **California — 4.4%** | **California — 4.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; CA Cmnty Choice Fing Auth Clean Energy Proj Rev Sustainable <br> Bond, Ser A-1 (Mandatory put 08/01/28) | 4.00% | 05/01/53 | 349376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp; CA Cmnty Choice Fing Auth Clean Energy Proj Rev Sustainable <br> Bond, Ser B-1 (Mandatory put 08/01/31) | 4.00% | 02/01/52 | 4451366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; CA Cmnty Choice Fing Auth Clean Energy Proj Rev Sustainable <br> Bond, Ser B-1 (Mandatory put 08/01/29) | 5.00% | 07/01/53 | 1037579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 910000 | &nbsp;&nbsp;&nbsp; CA Cmnty Choice Fing Auth Clean Energy Proj Rev Sustainable <br> Bond, Ser E (Mandatory put 09/01/32) | 5.00% | 02/01/55 | 959178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | CA St Hlth Facs Fing Auth Rev Initial Entrance Fees, Ser A | 3.85% | 11/15/27 | 1251668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1160000 | &nbsp;&nbsp;&nbsp; CA St Hlth Facs Fing Auth Rev Var Ref Stanford Hlth Care, Ser A <br> (Mandatory put 08/15/25) | 3.00% | 08/15/54 | 1154172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Mobile Home Park Rev Ref Sr Caritas <br> Projs, Ser A | 5.00% | 08/15/25 | 527238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | CA St Muni Fin Auth Ref Palomar Hlth, Ser A, AGM, COPS | 5.00% | 11/01/27 | 102980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | CA St Muni Fin Auth Spl Fac Rev United Airls Inc Proj, AMT | 4.00% | 07/15/29 | 968322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; CA St Poll Control Fin Auth Sol Wst Disp Rev Ref Wst Mgmt <br> Inc, Ser B-1, AMT | 3.00% | 11/01/25 | 994582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; CA St Poll Control Fin Auth Sol Wst Disp Rev Var Ref Rep Svcs <br> Inc Proj Remk, AMT (Mandatory put 08/15/25) (a) | 3.70% | 07/01/43 | 996592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; CA St Poll Control Fin Auth Sol Wst Disp Rev Var Wst Mgmt Proj <br> Remk, Ser A, AMT (Mandatory put 07/02/29) | 4.25% | 07/01/31 | 2016251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; CA St Sch Fin Auth Chrt Sch Rev Ref Classical Academies <br> Oceanside Proj, Ser A (a) | 4.00% | 10/01/27 | 349206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | CA St Stwd Cmntys Dev Auth Spl Tax Rev Impt Area No 1 | 4.00% | 09/01/25 | 79977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; Folsom Ranch CA Fing Auth Spl Tax Rev White Rock Springs <br> Ranch | 4.00% | 09/01/26 | 100600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 475000 | Fontana CA Spl Tax Cmnty Facs Dt #109 | 5.00% | 09/01/30 | 499110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260000 | Fontana CA Spl Tax Cmnty Facs Dt #109 | 5.00% | 09/01/32 | 274770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | Long Beach CA Marina Rev | 5.00% | 05/15/32 | 1100686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 730000 | Los Angeles CA Dept of Arpts Arpt Rev Subord Ref, Ser A, AMT | 5.00% | 05/15/29 | 766220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Ontario CA Cmnty Facs Dist #64 Spl Tax Sunset Ranch | 5.00% | 09/01/30 | 518073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525000 | Ontario CA Cmnty Facs Dist #64 Spl Tax Sunset Ranch | 5.00% | 09/01/31 | 546907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | Roseville CA Spl Tax Svsp Westpark Federico Cmnty Facs Dt No 1 | 3.00% | 09/01/25 | 69597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | Roseville CA Spl Tax Svsp Westpark Federico Cmnty Facs Dt No 1 | 4.00% | 09/01/26 | 85191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp; San Francisco CA City & Cnty Dev Spl Tax Dist No Mission Rock <br> Fac and Svcs, Ser A (a) | 4.00% | 09/01/26 | 145361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | San Luis Obispo CA Cmnty Facs Dist #2019-1 Spl Tax | 4.00% | 09/01/26 | 100574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; Western Placer Wst Mgmt Auth CA Solid Wst Rev Landfill Impt <br> Proj, Ser B | 5.00% | 06/01/34 | 232801 |
|  |  |  |  | 19678377 |
|  | **Colorado — 3.1%** | **Colorado — 3.1%** | **Colorado — 3.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; CO St Eductnl & Cultural Facs Auth Rev Ref & Impt Chrt Sch <br> Univ Lab Bldg Corp (a) | 5.00% | 12/15/28 | 502063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | CO St Hlth Facs Auth Rev Commonspirit Hlth Oblig Grp, Ser A | 5.00% | 11/01/26 | 410501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1035000 | CO St Hlth Facs Auth Rev Ref Commonspirit Hlth, Ser A-2 | 5.00% | 08/01/31 | 1086537 |

---

------

**First Trust Short Duration Managed Municipal ETF (FSMB)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Colorado (Continued)** | **Colorado (Continued)** | **Colorado (Continued)** |  |
| $505000 | CO St Hlth Facs Auth Rev Ref Covenant Living Cmntys and Svcs | 5.00% | 12/01/29 | $533977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; CO St Hlth Facs Auth Rev Ref Evangelical Lutheran Good <br> Samaritan Soc Proj, Ser A (Pre-refunded maturity 06/01/25) | 5.00% | 06/01/40 | 1001141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; CO St Hlth Facs Auth Rev Ref Frasier Meadows Retmnt Cmnty <br> Proj, Ser A | 5.25% | 05/15/30 | 1014467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp; CO St Hlth Facs Auth Rev Var Ref Intermountain Hlthcare, Ser B <br> (Mandatory put 08/17/26) | 5.00% | 05/15/62 | 127487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; CO St Hlth Facs Auth Rev Var Ref Intermountain Hlthcare, Ser C <br> (Mandatory put 08/15/28) | 5.00% | 05/15/62 | 2094760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | Denver City & Cnty CO Arpt Rev Ref Sub Sys, Ser A, AMT | 5.00% | 12/01/29 | 1293456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1290000 | Denver City & Cnty CO Arpt Rev Ref Sub Sys, Ser A, AMT | 5.00% | 12/01/31 | 1328926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Denver City & Cnty CO Arpt Rev Ref Sub Sys, Ser A, AMT | 5.00% | 12/01/34 | 1022798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Denver City & Cnty CO Arpt Rev Var Ref, Ser B2, AMT <br> (Mandatory put 11/15/25) | 5.00% | 11/15/31 | 1004400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 770000 | Denver City & Cnty CO Arpt Rev, Ser A, AMT | 5.00% | 11/15/25 | 775886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp; Park Creek CO Met Dist Rev Ref Sr Ltd Property Tax <br> Supported, Ser A | 5.00% | 12/01/31 | 20141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Sand Creek CO Met Dist Ref Ltd Tax, Ser A | 4.00% | 12/01/31 | 485584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1055000 | Traditions CO Met Dist #2 Ref, BAM | 5.00% | 12/01/32 | 1075837 |
|  |  |  |  | 13777961 |
|  | **Connecticut — 2.1%** | **Connecticut — 2.1%** | **Connecticut — 2.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215000 | CT St Hlth & Eductnl Facs Auth Rev Hartford Hlthcare, Ser A | 5.00% | 07/01/30 | 225907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp; CT St Hlth & Eductnl Facs Auth Rev Ref Yale Univ, Ser A-2 <br> (Mandatory put 07/01/26) | 2.00% | 07/01/42 | 132838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp; CT St Hlth & Eductnl Facs Auth Rev Var Remk, Ser A (Mandatory <br> put 02/10/26) | 2.80% | 07/01/48 | 1692129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1365000 | CT St Hsg Fin Auth Ref St Supported Spl Oblig, Ser 21, AMT | 4.00% | 06/15/30 | 1352133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525000 | CT St Ref, Ser B (b) | 5.00% | 12/01/28 | 558949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | CT St Spl Tax Oblig Rev Transprtn Infra, Ser A | 5.00% | 09/01/30 | 2038358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140000 | CT St Spl Tax Oblig Rev, Ser B | 5.00% | 10/01/27 | 146349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | CT St, Ser B | 5.00% | 06/15/25 | 1001890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Stamford CT Hsg Auth Mozaic Concierge Living Proj, Ser D | 4.25% | 10/01/30 | 1988545 |
|  |  |  |  | 9137098 |
|  | **District of Columbia — 0.5%** | **District of Columbia — 0.5%** | **District of Columbia — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Met Washington DC Arpts Auth Arpt Sys Rev Ref, Ser A, AMT | 5.00% | 10/01/28 | 1047359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1060000 | Met Washington DC Arpts Auth Arpt Sys Rev Ref, Ser A, AMT | 5.00% | 10/01/30 | 1097729 |
|  |  |  |  | 2145088 |
|  | **Florida — 9.0%** | **Florida — 9.0%** | **Florida — 9.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; Alachua Cnty FL Hlth Facs Auth CCRC Ref Oak Hammock at the <br> Univ of FL Inc Proj | 4.00% | 10/01/25 | 199526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1165000 | &nbsp;&nbsp;&nbsp; Babcock Ranch Cmnty Indep Spl Dist FL Spl Assmnt Rev Assmt <br> Area 3A (a) | 4.50% | 11/01/29 | 1177574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp; Babcock Ranch Cmnty Indep Spl Dist FL Spl Assmnt Rev Proj, <br>Ser 2021 | 2.38% | 05/01/26 | 254931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp; Babcock Ranch Cmnty Indep Spl Dist FL Spl Assmnt Rev Proj, <br>Ser 2022 | 4.13% | 05/01/27 | 164394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105000 | Berry Bay CDD FL Spl Assmnt Rev Assmnt Area One | 2.63% | 05/01/26 | 103317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 645000 | Berry Bay CDD FL Spl Assmnt Rev Assmnt Area One | 3.13% | 05/01/31 | 599089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155000 | Black Creek FL CDD Spl Assmnt Expansion Area Proj | 4.80% | 06/15/27 | 156391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1285000 | Broward Cnty FL Port Facs Rev Sr Bond, Ser B, AMT | 5.00% | 09/01/28 | 1338791 |

---

------

**First Trust Short Duration Managed Municipal ETF (FSMB)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Florida (Continued)** | **Florida (Continued)** | **Florida (Continued)** |  |
| $350000 | Cross Creek N CDD FL Spl Assmnt, Ser 2022 | 3.40% | 05/01/27 | $346341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 610000 | Edgewater E CDD FL Spl Assmnt Rev Assmnt Area Two | 3.00% | 05/01/27 | 595314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Epperson N CDD FL Capital Impt Rev Assmnt Area Three, Ser A | 2.45% | 11/01/26 | 97314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355000 | &nbsp;&nbsp;&nbsp; Escambia Cnty FL Envrnmntl Impt Rev Var Ref Intl Paper Co Proj <br> Remk, Ser B (Mandatory put 10/01/31) | 3.45% | 11/01/33 | 346082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | FL St Dept Gen Svcs Div Facs Mgmt Rev Ref FL Facs Pool, Ser A | 4.00% | 09/01/30 | 508738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; FL St Dev Fin Corp Eductnl Facs Rev River City Science Acdmy <br> Projs, Ser A | 4.00% | 07/01/28 | 150137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; FL St Dev Fin Corp Sr Living Rev Ref Glenridge on Palmer Ranch <br> Proj (a) | 4.00% | 06/01/25 | 99880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; FL St Hsg Fin Corp Mf Mtge Rev Var Maison at Solvita <br> Marketplace, Ser G-2 (Mandatory put 05/01/28) | 3.50% | 11/01/42 | 1248857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; FL St Hsg Fin Corp Mf Mtge Rev Var The Enclave at Canopy <br> Park, Ser I (Mandatory put 01/01/28) | 3.30% | 07/01/58 | 1984500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; FL St Hsg Fin Corp Var The Sailx On Vine, Ser E (Mandatory put <br> 06/01/27) | 3.80% | 06/01/42 | 1755442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Gir E CDD FL Capital Impt Rev Assmnt Area One | 4.30% | 05/01/32 | 490546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380000 | Harmony FL CDD Capital Impt Rev Ref | 5.00% | 05/01/25 | 380000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 845000 | Hidden Creek N Cmnty Dev Dist FL Spl Assmnt, Ser A1 | 4.00% | 11/01/30 | 836212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp; Hills Minneola Cmnty Dev Dist FL Spl Assmnt Rev S Parcel <br> Assmnt Area (a) | 3.00% | 05/01/25 | 105000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp; Hills Minneola Cmnty Dev Dist FL Spl Assmnt Rev S Parcel <br> Assmnt Area (a) | 3.50% | 05/01/31 | 2088600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295000 | Hyde Park CDD #1 FL Spl Assmnt, Ser A | 4.75% | 05/01/31 | 292549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | Lakes By The Bay S FL CDD Assmnt Ref | 5.00% | 05/01/27 | 761126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp; Lakewood Ranch FL Stewardship Dist Spl Assmnt Rev N E Sector <br> Proj Phase 1A | 4.25% | 05/01/28 | 439113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Lee Cnty FL Indl Dev Auth Hlthcare Facs Rev Shell Point, Ser <br> 2024B-3 (Temps-50) | 4.13% | 11/15/29 | 993689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp; Lee Cnty FL Indl Dev Auth Hosp Rev Exchange Ref Lee Hlth <br> Sys, Ser 2019 A-1 | 5.00% | 04/01/35 | 247105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 690000 | Liberty Cove CDD FL Spl Assmnt Rev Assmnt Area One Proj | 4.80% | 05/01/31 | 683924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp; LTC Ranch W Rsdl Cmnty Dev Dist Spl Assmnt Rev Assmnt Area <br> One Proj, Ser A | 2.50% | 05/01/26 | 368071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp; LTC Ranch W Rsdl Cmnty Dev Dist Spl Assmnt Rev Assmnt Area <br> Two Proj Pod 5, Ser AA2 | 4.85% | 05/01/31 | 145281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Miami Dade Cnty FL Eductnl Facs Auth Rev Ref Univ of <br> Miami, Ser A | 5.00% | 04/01/33 | 1651233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2035000 | Miami-Dade Cnty FL Sch Brd Ref, Ser C, COPS | 5.00% | 02/01/32 | 2053992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | Miami-Dade Cnty FL Seaport Rev Ref Sr Bonds, Ser A, AMT | 5.00% | 10/01/30 | 4211524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205000 | Mirada II Cmnty Dev Dist FL Cap Impt Rev | 2.50% | 05/01/26 | 201271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1870000 | &nbsp;&nbsp;&nbsp; Palm Beach Cnty FL Hlth Facs Auth Ref Acts Retmnt Life Cmntys <br> Inc Oblig Grp | 5.00% | 11/15/32 | 1895217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 495000 | Parrish Lakes CDD Capital Impt Rev Assmnt Area Three | 5.00% | 05/01/31 | 492430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | Pine Isle Cmnty Dev Dist FL Spl Assmnt 2021 Proj (a) | 2.38% | 12/15/26 | 82932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415000 | Rhodine Road N CDD FL Spl Assmnt 2019 Assmnt Area | 4.00% | 05/01/30 | 414699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | S Kendall FL CDD Spl Assmnt Ref | 4.00% | 11/01/31 | 981459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | Saltleaf CDD FL Capital Impt Rev | 4.75% | 05/01/31 | 447415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 960000 | San Simeon Cmnty Dev Dist FL Spl Assmnt (a) | 3.75% | 06/15/31 | 920316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240000 | Sarasota Natl FL CDD Spl Assmnt Ref | 3.00% | 05/01/25 | 240000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 740000 | Shell Point Cmnty Dev Dist FL Spl Assmnt (a) | 4.50% | 11/01/29 | 742384 |

---

------

**First Trust Short Duration Managed Municipal ETF (FSMB)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Florida (Continued)** | **Florida (Continued)** | **Florida (Continued)** |  |
| $105000 | Shingle Creek at Bronson CDD FL Spl Assmnt | 2.50% | 06/15/26 | $103121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235000 | Silver Palms W CDD FL Spl Assmnt 2022 Proj | 2.60% | 06/15/27 | 226556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145000 | Six Mile Creek FL CDD Capital Impt Rev Assmnt Area 3 Phase 1 | 2.50% | 05/01/26 | 142598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 465000 | Summer Woods CDD FL Spl Assmnt Area Two 2020 Proj | 3.30% | 05/01/31 | 433581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 665000 | The Heights CDD FL Spl Assmnt Rev CDD | 4.00% | 01/01/28 | 660966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220000 | Timber Creek SW CDD FL Spl Assmnt Area Two Proj | 2.35% | 12/15/26 | 213488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 780000 | Tolomato FL CDD Ref 2022A Assmnt Area, Ser A, AGM | 3.00% | 05/01/26 | 774621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 825000 | Tolomato FL CDD Ref 2022A Assmnt Area, Ser A, AGM | 3.00% | 05/01/28 | 811266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Two Rivers W CDD FL Spl Assmnt Proj, Ser 2024 | 4.80% | 05/01/31 | 250485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405000 | V-Dana CDD FL Spl Assmnt Assmnt Area Two 2025 Proj Area | 4.45% | 05/01/32 | 403094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190000 | V-Dana CDD FL Spl Assmnt CDD Assmnt Area One 2021 Proj | 2.60% | 05/01/26 | 187037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000 | Venice FL Temps 50 Vlg on The Isle Proj, Ser B-3 (a) | 4.25% | 01/01/30 | 842538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 660000 | &nbsp;&nbsp;&nbsp; Veranda CDD II FL Spl Assmnt Rev Ref Assmt Area 3 Preserve E <br> Proj | 4.25% | 05/01/31 | 660518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225000 | Villamar CDD FL Spl Assmnt | 4.00% | 05/01/29 | 222990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425000 | Volusia Cnty FL Eductnl Fac Auth Stetson Univ Inc Proj | 5.00% | 06/01/30 | 447995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 565000 | W Vlgs FL Impt Dist Ref Spl Assmt Unit Dev #1 | 4.50% | 05/01/32 | 561343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130000 | Westside Haines City CDD Spl Assmnt Area One Proj | 2.50% | 05/01/26 | 127946 |
|  |  |  |  | 40362849 |
|  | **Georgia — 5.5%** | **Georgia — 5.5%** | **Georgia — 5.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Appling Cnty GA Dev Auth Var GA Pwr Co Plt Hatch Proj (c) | 2.75% | 09/01/41 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Atlanta GA Arpt Rev Ref, Ser B, AMT | 5.00% | 07/01/26 | 2037348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; Atlanta GA Urban Rsdl Fin Auth Mf Hsg Rev Var N Block <br> (Mandatory put 02/01/28) | 3.40% | 02/01/29 | 2497551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2475000 | &nbsp;&nbsp;&nbsp; Bartow Cnty GA Dev Auth Var GA Pwr Comp Plant Bowen Proj <br> Remk (Mandatory put 08/19/25) | 2.88% | 08/01/43 | 2466599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Bartow Cnty GA Dev Auth Var Ref GA Pwr Co Plt Bowen Proj <br> Remk, First Ser (Mandatory put 03/08/28) | 3.95% | 12/01/32 | 253300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp; Burke Cnty GA Dev Auth Poll Control Rev Var GA Pwr Co Plant <br> Vogtle Proj Remk, 5th Ser (Mandatory put 06/13/28) | 3.70% | 10/01/32 | 881230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Burke Cnty GA Dev Auth Poll Control Rev Var GA Pwr Co <br> Vogtle, 1st Ser (c) | 2.60% | 07/01/49 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; Burke Cnty GA Dev Auth Poll Control Rev Var Ref GA Pwr Co <br> Plant Vogtle Proj (c) | 2.40% | 11/01/52 | 800000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Burke Cnty GA Dev Auth Poll Control Rev Var Ref GA Pwr Co <br> Plant Vogtle Proj Remk, 1st Ser (Mandatory put 03/12/27) | 3.38% | 11/01/53 | 1488927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Columbia Cnty GA Hosp Auth Rev Anticipation Ctfs Wellstar Hlth <br> Sys Inc Proj, Ser B | 5.00% | 04/01/27 | 258683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420000 | GA St Hsg & Fin Auth Rev Ref, Ser C | 3.50% | 06/01/31 | 412335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 | GA St Hsg & Fin Auth Rev Ref, Ser C | 3.55% | 12/01/31 | 638237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 735000 | GA St Ref Bid Grp 3, Ser C | 4.00% | 07/01/25 | 735795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Main Street Nat Gas Inc GA Gas Sply Rev, Ser A | 5.00% | 06/01/29 | 2076236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 880000 | &nbsp;&nbsp;&nbsp; Main Street Nat Gas Inc GA Gas Sply Rev, Ser A (Mandatory put <br> 09/01/27) | 4.00% | 07/01/52 | 879622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp; Main Street Nat Gas Inc GA Gas Sply Rev, Ser A (Mandatory put <br> 12/01/29) | 4.00% | 09/01/52 | 505826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | Main Street Nat Gas Inc GA Gas Sply Rev, Ser B | 5.00% | 06/01/26 | 811007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1290000 | &nbsp;&nbsp;&nbsp; Main Street Nat Gas Inc GA Gas Sply Rev, Ser C (Mandatory put <br> 09/01/26) | 4.00% | 03/01/50 | 1290442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; Main Street Nat Gas Inc GA Gas Sply Rev, Ser D (Mandatory put <br> 12/01/30) | 5.00% | 05/01/54 | 103751 |

---

------

**First Trust Short Duration Managed Municipal ETF (FSMB)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Georgia (Continued)** | **Georgia (Continued)** | **Georgia (Continued)** |  |
| $1000000 | &nbsp;&nbsp;&nbsp; Monroe Cnty GA Dev Auth Poll Control Rev GA Pwr Co Plant <br> Scherer Proj Remk, 1st Ser | 2.25% | 07/01/25 | $995885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp; Monroe Cnty GA Dev Auth Poll Control Rev Var GA Pwr Co Plt <br> Scherer Proj Remk, 2nd Ser (Mandatory put 03/06/26) | 3.88% | 10/01/48 | 1703421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Muni Elec Auth of GA Plant Vogtle Units 3&4 Proj M Bonds, <br>Ser A | 5.00% | 01/01/38 | 513783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405000 | &nbsp;&nbsp;&nbsp; Muni Elec Auth of GA Plant Vogtle Units 3&4 Proj M, Ser A, <br> AGM | 5.00% | 07/01/28 | 427426 |
|  |  |  |  | 24777404 |
|  | **Guam — 0.1%** | **Guam — 0.1%** | **Guam — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Guam Govt Busn Privilege Tax Rev Ref, Ser F | 5.00% | 01/01/28 | 256498 |
|  | **Hawaii — 0.2%** | **Hawaii — 0.2%** | **Hawaii — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Honolulu City & Cnty HI Wstwtr Sys Rev Sr, Ser A | 5.00% | 07/01/29 | 1017120 |
|  | **Illinois — 5.2%** | **Illinois — 5.2%** | **Illinois — 5.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | Chicago IL Brd of Edu Chicago Sch Reform Brd, Ser A, NATL-RE | 5.50% | 12/01/26 | 80957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 | Chicago IL Brd of Edu Ref, Ser A | 5.00% | 12/01/26 | 111139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 625000 | Chicago IL Brd of Edu Sustainable Bond, Ser E | 5.13% | 12/01/32 | 625010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Chicago IL Midway Arpt Rev Ref Sr Lien, Ser A, AMT, BAM | 5.00% | 01/01/27 | 510588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Chicago IL Midway Arpt Rev Ref Sr, Ser C, AMT | 5.00% | 01/01/33 | 2124074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 520000 | Chicago IL O'Hare Intl Arpt Rev Gen Sr Lien, Ser D, AMT | 5.00% | 01/01/29 | 528493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Chicago IL O'Hare Intl Arpt Rev Ref Sr Lien O'Hare Intl Arpt, Ser <br> C, AMT | 5.00% | 01/01/26 | 504996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2230000 | Chicago IL Wtrwks Rev Ref 2nd Lien, AGM | 5.25% | 11/01/34 | 2304355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 675000 | Cook Cnty IL Sales Tax Rev Ref, Ser A | 5.00% | 11/15/29 | 721899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | IL St Fin Auth Gas Sply Rev Peoples Gas Light & Coke Co Remk | 3.90% | 03/01/30 | 1928063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225000 | IL St Fin Auth Rev Ref Ascension Hlth Credit Grp, Ser C | 5.00% | 02/15/27 | 232268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | IL St Fin Auth Rev Ref Ascension Hlth Credit Grp, Ser C | 5.00% | 02/15/30 | 2042492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; IL St Hsg Dev Auth Mf Hsg Rev Var 6900 Crandon (Mandatory <br> put 02/01/26) | 5.00% | 02/01/27 | 2021697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp; IL St Hsg Dev Auth Mf Hsg Rev Var S Shore (Mandatory put <br> 06/01/25) | 4.00% | 06/01/26 | 625228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | IL St Muni Elec Agy Pwr Sply Ref, Ser A | 5.00% | 02/01/26 | 2005687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | IL St Sales Tax Rev Ref, Subser C, BAM | 4.00% | 06/15/27 | 501069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | IL St, Ser B | 5.00% | 05/01/28 | 259954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2365000 | IL St, Ser C | 5.00% | 11/01/29 | 2437934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 710000 | &nbsp;&nbsp;&nbsp; Railsplitter IL Tobacco Stlmt Auth (Pre-refunded maturity <br> 06/01/26) | 5.00% | 06/01/27 | 724094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1055000 | Rock Island Cnty IL Sch Dist #41 Rock Island, BAM | 5.00% | 12/01/29 | 1110134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Sales Tax Securitization Corp IL Ref, Ser C | 5.25% | 01/01/35 | 1045219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Wauconda IL Spl Svc Area #1 Spl Tax Ref, BAM | 5.00% | 03/01/33 | 1000557 |
|  |  |  |  | 23445907 |
|  | **Indiana — 3.2%** | **Indiana — 3.2%** | **Indiana — 3.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; IN St Fin Auth Envrnmntl Facs Rev Var Ref IN Pwr & Light Co <br> Proj, Ser A | 1.40% | 08/01/29 | 1744552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 545000 | &nbsp;&nbsp;&nbsp; IN St Fin Auth Envrnmntl Rev Ref Var Duke Energy IN Inc Proj <br> Remk, Ser A-1, AMT (Mandatory put 06/01/32) | 4.50% | 05/01/35 | 547279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1480000 | IN St Fin Auth Hlth Fac Rev Margaret Mary Hlth Proj, Ser A | 5.00% | 03/01/30 | 1539808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2015000 | &nbsp;&nbsp;&nbsp; IN St Fin Auth Hlth Sys Rev IN Univ Hlth Oblig Grp, Ser B <br> (Mandatory put 07/01/25) | 2.25% | 12/01/58 | 2005906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | IN St Fin Auth Rev BHI Sr Living, Ser A | 4.00% | 11/15/26 | 54860 |

---

------

**First Trust Short Duration Managed Municipal ETF (FSMB)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Indiana (Continued)** | **Indiana (Continued)** | **Indiana (Continued)** |  |
| $3840000 | &nbsp;&nbsp;&nbsp; Rockport IN Poll Control Rev Ref AEP Generating Company Proj <br> Remk, Ser A | 3.13% | 07/01/25 | $3833446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Rockport IN Poll Control Rev Ref AEP Generating Company Proj <br> Remk, Ser B | 3.13% | 07/01/25 | 998293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Rockport IN Poll Control Rev Ref IN MI Pwr Co Proj Remk, Ser A | 3.05% | 06/01/25 | 1996687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp; Whiting IN Envrnmntl Facs Rev Ref BP Products N America Inc <br> Proj, Ser A, AMT (Mandatory put 06/05/26) | 5.00% | 12/01/44 | 1564118 |
|  |  |  |  | 14284949 |
|  | **Iowa — 0.8%** | **Iowa — 0.8%** | **Iowa — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; IA St Brd Regents Hosp Rev Univ of IA Hlth Cares Hosp Sys, Ser <br> A | 5.00% | 09/01/27 | 1043869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2395000 | Pefa Inc IA Gas Proj Rev (Mandatory put 09/01/26) | 5.00% | 09/01/49 | 2427628 |
|  |  |  |  | 3471497 |
|  | **Kansas — 1.1%** | **Kansas — 1.1%** | **Kansas — 1.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Dodge City KS Temp Nts, Ser 2023-1 | 4.13% | 09/01/25 | 1000732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2660000 | Johnson Cnty KS Unif Sch Dist #512 Shawnee Mission Ref, Ser A | 3.25% | 10/01/28 | 2650986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1370000 | &nbsp;&nbsp;&nbsp; Wyandotte Cnty KS Kansas City Unif Govt Spl Oblg Rev Ref <br> Sales Tax KS Intl Speedway Corp Proj | 5.00% | 12/01/25 | 1371533 |
|  |  |  |  | 5023251 |
|  | **Kentucky — 3.1%** | **Kentucky — 3.1%** | **Kentucky — 3.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Boone Cnty KY Poll Control Rev Ref Duke Energy KY Inc Proj <br> Remk, Ser A | 3.70% | 08/01/27 | 998629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; KY St Econ Dev Fin Auth Sol Wst Disp Rev Ref Rep Svcs <br> Remk, Ser A, AMT (Mandatory put 06/02/25) | 3.85% | 04/01/31 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1065000 | KY St Interlocal Sch Transprtn Assn Equipment Lease Re, COPS | 4.00% | 03/01/29 | 1083159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1060000 | KY St Pub Energy Auth Gas Sply Rev Ref, Ser B | 5.00% | 08/01/28 | 1095193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1135000 | &nbsp;&nbsp;&nbsp; KY St Pub Energy Auth Gas Sply Rev Ref, Ser B (Mandatory put <br> 08/01/32) | 5.00% | 01/01/55 | 1189209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp; KY St Pub Energy Auth Gas Sply Rev Var, Ser C (Mandatory put <br> 02/01/28) | 4.00% | 02/01/50 | 324481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp; Louisville & Jefferson Cnty KY Met Govt Hlth Sys Rev Ref Norton <br> Hlthcare Inc, Ser A | 5.00% | 10/01/25 | 331775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Louisville & Jefferson Cnty KY Met Govt Hlth Sys Rev Var Norton <br> Hlthcare Inc, Ser C (c) | 2.60% | 10/01/53 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; Meade Cnty KY Indl Bldg Rev Var Nucor Steel Brandenburg Proj <br> Sustainable Bond, Ser B-1 (c) | 3.00% | 08/01/61 | 1100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1860000 | Owensboro KY Wtr Rev Ref & Impt | 3.50% | 09/15/31 | 1829277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1195000 | Paducah KY Elec Plant Brd Rev Ref, Ser A, AGM | 5.00% | 10/01/30 | 1220104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1580000 | &nbsp;&nbsp;&nbsp; Trimble Cnty KY Envrnmntl Facs Rev Var Louisville Gas & Elec <br> Co Proj, Ser A, AMT (Mandatory put 06/01/27) | 4.70% | 06/01/54 | 1590504 |
|  |  |  |  | 13762331 |
|  | **Louisiana — 1.6%** | **Louisiana — 1.6%** | **Louisiana — 1.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; LA St Loc Govt Envrnmntl Facs & Cmnty Dev Auth Rev Ref Hosp <br> Womans Fdtn Proj, Ser A | 5.00% | 10/01/33 | 1223924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp; LA St Pub Facs Auth Sol Wst Disp Fac Rev Var Elementus <br> Minerals LLC Proj (Mandatory put 11/01/25) (a) | 5.00% | 10/01/43 | 1153682 |

---

------

**First Trust Short Duration Managed Municipal ETF (FSMB)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Louisiana (Continued)** | **Louisiana (Continued)** | **Louisiana (Continued)** |  |
| $1000000 | &nbsp;&nbsp;&nbsp; Saint James Parish LA Rev Var Nustar Logistics LP Proj Remk, Ser <br> 2011 (Mandatory put 06/01/25) (a) | 5.85% | 08/01/41 | $1000743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; Saint John The Baptist Parish LA Rev Var Ref Marathon Oil Corp <br> Proj Remk, Ser C (Mandatory put 07/03/28) | 3.30% | 06/01/37 | 3935242 |
|  |  |  |  | 7313591 |
|  | **Maine — 0.4%** | **Maine — 0.4%** | **Maine — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; ME St Fin Auth Sol Wst Disp Rev Casella Waste Sys Proj, AMT <br> (Mandatory put 08/01/25) (a) | 5.13% | 08/01/35 | 996222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320000 | ME St Hsg Auth Mtge Pur Sustainable Bonds, Ser A | 3.45% | 11/15/31 | 312569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525000 | ME St Hsg Auth Mtge Pur Sustainable Bonds, Ser A | 3.55% | 11/15/32 | 521551 |
|  |  |  |  | 1830342 |
|  | **Maryland — 2.3%** | **Maryland — 2.3%** | **Maryland — 2.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp; Cmnty Dev Admin MD Mf Dev Rev Sustainable Bonds Vlgs at <br> Marley Station, Ser D-1 | 3.55% | 08/01/31 | 428603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345000 | &nbsp;&nbsp;&nbsp; Cmnty Dev Admin MD Mf Dev Rev Sustainable Bonds Vlgs at <br> Marley Station, Ser D-1 | 3.60% | 02/01/32 | 344684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; Cmnty Dev Admin MD Mf Dev Rev Sustainable Bonds Vlgs at <br> Marley Station, Ser D-2 | 3.30% | 01/01/29 | 2980030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp; MD St Econ Dev Corp Var Ref Constellation Energy Grp Proj <br> Remk, Ser B (Mandatory put 04/03/28) | 4.10% | 10/01/36 | 1555122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | MD St First Ser | 4.00% | 06/01/29 | 1000057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; MD St Hlth & Hgr Eductnl Facs Auth Rev Var Ref Johns Hopkins <br> Hlth Sys, Ser A (c) | 2.45% | 06/01/48 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; MD St Hlth & Hgr Eductnl Facs Auth Rev Var Univ of MD Med <br> Sys Issue, Ser C-1 (c) | 2.60% | 07/01/55 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; MD St Transprtn Auth Passenger Fac Charge Baltimore <br> Washington Intl Thurgood Marshall Arpt, AMT | 5.00% | 06/01/25 | 1001039 |
|  |  |  |  | 10309535 |
|  | **Massachusetts — 0.5%** | **Massachusetts — 0.5%** | **Massachusetts — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | MA St Dev Fin Agy Rev Lasell Vlg Inc (b) | 5.00% | 07/01/29 | 2089331 |
|  | **Michigan — 1.9%** | **Michigan — 1.9%** | **Michigan — 1.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220000 | Detroit MI | 5.00% | 04/01/26 | 222773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp; Great Lakes MI Wtr Auth Sewage Disposal Sys Rev Ref 2nd <br> Lien, Ser C | 5.00% | 07/01/36 | 438545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Great Lakes MI Wtr Auth Sewage Disposal Sys Rev Ref Sr <br> Lien, Ser B | 5.00% | 07/01/31 | 507638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp; Great Lakes MI Wtr Auth Wtr Sply Sys Rev Ref Second Lien, <br>Ser D | 5.00% | 07/01/36 | 141141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | Great Lakes MI Wtr Auth Wtr Sply Sys Rev Sr Lien Bonds, Ser B | 5.00% | 07/01/29 | 428798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1155000 | MI St Fin Auth Rev Multi Modal McLaren Hlth Care, Ser A | 5.00% | 02/15/29 | 1219350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155000 | MI St Fin Auth Rev Ref Hosp McLaren Hlth Care, Ser A | 5.00% | 05/15/27 | 155209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1790000 | &nbsp;&nbsp;&nbsp; MI St Fin Auth Rev Var Trinity Hlth Credit Grp, Ser B (Mandatory <br> put 12/01/28) | 5.00% | 12/01/43 | 1877132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | MI St Fin Auth Rev, Ser A-1 | 5.00% | 07/21/25 | 501609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; MI St Strategic Fund Ltd Oblg Rev Var Consumers Energy <br> Company Proj Remk, AMT (Mandatory put 10/01/27) | 3.35% | 10/01/49 | 1969974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; MI St Strategic Fund Ltd Oblg Rev Var DTE Elec Company <br> Exempt Fac Proj, Ser 2023DT, AMT (Mandatory put 06/03/30) | 3.88% | 06/01/53 | 993475 |
|  |  |  |  | 8455644 |

---

------

**First Trust Short Duration Managed Municipal ETF (FSMB)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Minnesota — 1.4%** | **Minnesota — 1.4%** | **Minnesota — 1.4%** |  |
| $2250000 | Buffalo MN Indep Sch Dist #877 | 3.00% | 02/01/29 | $2177912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3510000 | &nbsp;&nbsp;&nbsp; Hennepin Cnty MN Sales Tax Rev Ref 1st Lien Ballpark Proj, <br>Ser A | 5.00% | 12/15/30 | 3553019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; Minneapolis Saint Paul MN Met Arpts Commn Arpt Rev Ref <br> Sub, Ser B, AMT | 5.00% | 01/01/35 | 564248 |
|  |  |  |  | 6295179 |
|  | **Mississippi — 0.2%** | **Mississippi — 0.2%** | **Mississippi — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 675000 | Gulfport MS Hosp Fac Rev Memorial Hosp at Gulfport Proj | 5.00% | 07/01/32 | 720919 |
|  | **Missouri — 1.4%** | **Missouri — 1.4%** | **Missouri — 1.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Kansas City MO Indl Dev Auth Arpt Spl Oblig Kansas City Intl <br> Arpt, Ser A, AMT | 5.00% | 03/01/30 | 1051611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; MO St Hlth & Eductnl Facs Auth Hlth Facs Rev Ref Saint Lukes <br> Hlth Sys Inc | 4.00% | 11/15/33 | 1000132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; MO St Hlth & Eductnl Facs Auth Hlth Facs Rev Ref, Ser C <br> (Mandatory put 05/01/28) | 5.00% | 05/01/52 | 1043173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 760000 | MO St Hlth & Eductnl Facs Auth Lutheran Sr Svcs Projs | 4.00% | 02/01/28 | 756267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | MO St Hlth & Eductnl Facs Auth Ref Lutheran Sr Svcs Projs, Ser A | 5.00% | 02/01/29 | 515429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 485000 | MO St Hlth & Eductnl Facs Auth Ref Lutheran Sr Svcs Projs, Ser A | 5.00% | 02/01/30 | 502662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1485000 | &nbsp;&nbsp;&nbsp; Pettis Cnty MO Sch Dist Sedalia Lease Sedalia Sch Dist No 200 of <br> Pettis Cnty, MO Proj, COPS | 5.00% | 04/15/29 | 1567511 |
|  |  |  |  | 6436785 |
|  | **Montana — 0.5%** | **Montana — 0.5%** | **Montana — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Forsyth Mt Poll Control Rev Ref Northwestern Corp Colstrip Proj | 3.88% | 07/01/28 | 2013260 |
|  | **Nebraska — 0.4%** | **Nebraska — 0.4%** | **Nebraska — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Centrl Plains Energy Proj NE Gas Proj Rev Var Ref Proj #4, Ser A <br> (Mandatory put 11/01/29) | 5.00% | 05/01/54 | 1036696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | Muni Energy Agy of NE Ref | 5.00% | 04/01/28 | 410348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Omaha NE Pub Dist Elec Rev Ref Sys, Ser A | 5.00% | 02/01/28 | 253373 |
|  |  |  |  | 1700417 |
|  | **Nevada — 0.9%** | **Nevada — 0.9%** | **Nevada — 0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 | Clark Cnty NV Sch Dist Bldg Cr, Ser B, AGM | 5.00% | 06/15/31 | 125851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Las Vegas NV Spl Impt Dist #808 & #810 Ref | 5.00% | 06/01/28 | 250098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 950000 | Las Vegas NV Spl Impt Dist #812 Loc Impt Summerlin Vlg 24 | 5.00% | 12/01/31 | 954240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225000 | Las Vegas NV Spl Impt Dist #816 Summerlin Vlg 22 | 2.00% | 06/01/26 | 218943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Las Vegas NV Spl Impt Dist #816 Summerlin Vlg 22 | 2.50% | 06/01/28 | 93288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 470000 | NV Dept of Busn & Ind NV Doral Acdmy, Ser A | 5.00% | 07/15/27 | 470587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; NV St Hsg Div Var Carville Park Apartments (Mandatory put <br> 07/01/27) | 5.00% | 07/01/28 | 2066102 |
|  |  |  |  | 4179109 |
|  | **New Hampshire — 0.4%** | **New Hampshire — 0.4%** | **New Hampshire — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1175000 | &nbsp;&nbsp;&nbsp; Natl Fin Auth NH Pollution Control Rev Ref NY St Elec & Gas <br> Corp Proj, Ser A, AMT | 4.00% | 12/01/28 | 1169289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | Natl Fin Auth NH Spl Rev Emberly and Canterra Creek Projs (a) | 5.38% | 12/01/31 | 780223 |
|  |  |  |  | 1949512 |
|  | **New Jersey — 1.9%** | **New Jersey — 1.9%** | **New Jersey — 1.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | NJ St | 2.00% | 06/01/29 | 1845790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp; NJ St Econ Dev Auth Rev Portal N Bridge Proj NJ Transit <br> Transprtn Proj Bonds, Ser A | 5.00% | 11/01/26 | 595827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | NJ St Econ Dev Auth Rev Ref Sch Facs Constr, Ser GGG (a) | 5.25% | 09/01/26 | 2055069 |

---

------

**First Trust Short Duration Managed Municipal ETF (FSMB)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **New Jersey (Continued)** | **New Jersey (Continued)** | **New Jersey (Continued)** |  |
| $2000000 | &nbsp;&nbsp;&nbsp; NJ St Hlth Care Facs Fing Auth Rev Ref Rwj Barnabas Hlth Oblig <br> Grp Issue, Ser B-2 (Mandatory put 07/01/25) | 5.00% | 07/01/42 | $2004024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 965000 | &nbsp;&nbsp;&nbsp; NJ St Hlth Care Facs Fing Auth Rev Ref Rwj Barnabas Hlth Oblig <br> Grp Issue, Ser B-3 (Mandatory put 07/01/26) | 5.00% | 07/01/45 | 983576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; NJ St Transprtn Trust Fund Auth Cap Apprec Transprtn Sys, Ser C, <br> AMBAC | (d) | 12/15/25 | 978002 |
|  |  |  |  | 8462288 |
|  | **New Mexico — 1.2%** | **New Mexico — 1.2%** | **New Mexico — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Farmington NM Poll Control Rev Var Ref Pub Svc Co NM San <br> Juan Proj Remk, Ser D (Mandatory put 06/01/28) | 3.90% | 06/01/40 | 1993916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3180000 | &nbsp;&nbsp;&nbsp; NM St Muni Energy Acq Auth Gas Sply Ref (Mandatory put <br> 11/01/30) | 5.00% | 06/01/54 | 3332907 |
|  |  |  |  | 5326823 |
|  | **New York — 3.7%** | **New York — 3.7%** | **New York — 3.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Chautauqua Cnty NY Capital Res Corp Exempt Facs Rev Var Ref <br> NRG Energy Proj Remk (Mandatory put 04/03/28) | 4.25% | 04/01/42 | 1988529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Elmira City NY Sch Dist, BANS | 4.50% | 06/13/25 | 1501566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 285000 | Kings Park NY Centrl Sch Dist, Ser B | 3.00% | 07/15/31 | 270790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2260000 | &nbsp;&nbsp;&nbsp; New York City NY Hsg Dev Corp Mf Hsg Rev Sustainable Dev <br> Bonds, Ser F-2A (Mandatory put 12/22/26) | 3.40% | 11/01/62 | 2250010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; New York City NY Hsg Dev Corp Mf Hsg Rev Var Sustainable <br> Bond, Ser B-2 (Mandatory put 07/02/29) | 3.95% | 11/01/64 | 2012510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; New York City NY Muni Wtr Fin Auth Wtr & Swr Sys Rev <br> Adjustable 2nd Gen Resolution Fiscal 2014, Ser AA-1 (c) | 2.50% | 06/15/50 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp; New York City NY Transitional Fin Auth Bldg Aid Rev Ref Fiscal <br> 2018, Ser S-1 | 5.00% | 07/15/35 | 348735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3125000 | &nbsp;&nbsp;&nbsp; NY St Hsg Fin Agy Affordable Hsg Rev Var 320 W 38th St Hsg <br> Remk, Ser A (Mandatory put 11/01/31) | 3.57% | 05/01/42 | 3032295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; NY St Hsg Fin Agy Affordable Hsg Rev Var Hsg 160 W <br> 62nd Street Remk, Ser A-2 (Mandatory put 04/01/32) | 3.60% | 11/01/44 | 294888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; NY St Hsg Fin Agy St Personal Income Tax Rev Var Sustainable <br> Bonds, Ser A-2 (Mandatory put 12/15/30) | 3.45% | 06/15/54 | 493673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp; NY St Transprtn Dev Corp Spl Fac Rev Ref American Airls Inc <br> John F Kennedy Intl Arpt Proj, AMT | 2.25% | 08/01/26 | 201489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1180000 | Port Auth of NY & NJ NY Ref, 194th Ser | 5.00% | 10/15/34 | 1187262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | Tioga NY Centrl Sch Dist, BANS | 4.50% | 06/27/25 | 1101416 |
|  |  |  |  | 16683163 |
|  | **North Carolina — 3.7%** | **North Carolina — 3.7%** | **North Carolina — 3.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; Charlotte Mecklenburg NC Hosp Auth Hlth Care Sys Rev Var <br> Atrium Hlth Remk, Ser D (Mandatory put 06/15/27) | 3.63% | 01/15/48 | 400260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1080000 | Charlotte NC Arpt Rev Charlotte Douglas Intl Arpt, Ser B, AMT | 5.00% | 07/01/27 | 1113869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Charlotte NC Arpt Rev, Ser A | 5.00% | 07/01/30 | 258115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Columbus Cnty NC Indl Facs & Poll Control Fing Auth Rev Var <br> Ref Intl Paper Co Proj, Ser A (Mandatory put 06/16/25) | 1.38% | 05/01/34 | 996116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | NC St Capital Facs Fin Agy Eductnl Facs Rev Ref High Point Univ | 5.00% | 05/01/28 | 415419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | NC St Grant Anticipation Rev Vehcl, GARVEE | 5.00% | 03/01/26 | 1000905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2800000 | &nbsp;&nbsp;&nbsp; NC St Hsg Fin Agy Mf Hsg Rev Var Fitch Irick Portfolio <br> (Mandatory put 04/01/28) | 5.00% | 04/01/29 | 2922513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp; NC St Med Care Commn Hlth Care Facs Rev Lutheran Svcs For <br> The Aging Ref, Ser A | 4.00% | 03/01/29 | 369358 |

---

------

**First Trust Short Duration Managed Municipal ETF (FSMB)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **North Carolina (Continued)** | **North Carolina (Continued)** | **North Carolina (Continued)** |  |
| $3435000 | &nbsp;&nbsp;&nbsp; NC St Med Care Commn Hosp Rev Caromont Hlth, Ser B <br> (Mandatory put 02/01/26) | 5.00% | 02/01/51 | $3472519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1090000 | &nbsp;&nbsp;&nbsp; NC St Med Care Commn Retmnt Facs Rev Temps 50 Penick Vlg <br> Proj, Ser B-3 | 4.25% | 09/01/28 | 1078498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp; NC St Med Care Commn Retmnt Facs Rev United Methodist <br> Retmnt Homes, Ser 2024B-2 | 3.75% | 10/01/28 | 1042626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170000 | Raleigh Durham NC Arpt Auth Arpt Rev Ref, Ser A, AMT | 5.00% | 05/01/29 | 178566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Raleigh Durham NC Arpt Auth Arpt Rev Ref, Ser A, AMT | 5.00% | 05/01/34 | 1524041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1580000 | Raleigh Durham NC Arpt Auth Arpt Rev Ref, Ser A, AMT | 5.00% | 05/01/35 | 1601268 |
|  |  |  |  | 16374073 |
|  | **North Dakota — 0.8%** | **North Dakota — 0.8%** | **North Dakota — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Cass Cnty ND Jt Wtr Res Dist Ref and Impt, Ser A | 3.45% | 04/01/27 | 1989174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | ND St Hsg Fin Agy Sustainable Bonds, Ser C | 3.45% | 01/01/26 | 1398730 |
|  |  |  |  | 3387904 |
|  | **Ohio — 1.7%** | **Ohio — 1.7%** | **Ohio — 1.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Lancaster OH Port Auth Gas Rev Ref, Ser A (Mandatory put <br> 08/01/30) | 5.00% | 02/01/55 | 1046043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325000 | Montgomery Cnty OH Hlth Care Facs Rev Ref Solvita Proj | 5.00% | 09/01/30 | 345514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | Montgomery Cnty OH Hlth Care Facs Rev Ref Solvita Proj | 5.00% | 09/01/31 | 374428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; OH St Air Quality Dev Auth American Elec Pwr Co Proj Remk, Ser <br> A (Mandatory put 10/01/29) | 2.40% | 12/01/38 | 925350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; OH St Air Quality Dev Auth OH Vly Elec Corp Proj Remk, Ser C <br> (Mandatory put 11/04/25) | 1.50% | 02/01/26 | 978232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3330000 | &nbsp;&nbsp;&nbsp; OH St Air Quality Dev Auth Var Ref Duke Energy Corp Proj, Ser <br> A, AMT (Mandatory put 06/01/27) | 4.25% | 11/01/39 | 3348339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 515000 | &nbsp;&nbsp;&nbsp; OH St Air Quality Dev Auth Var Ref Duke Energy Corp Proj, Ser <br> B (Mandatory put 06/01/27) | 4.00% | 09/01/30 | 517539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235000 | OH St Hosp Fac Rev Ref Cleveland Clinic Hlth Sys, Ser A | 5.00% | 01/01/33 | 243163 |
|  |  |  |  | 7778608 |
|  | **Oklahoma — 0.9%** | **Oklahoma — 0.9%** | **Oklahoma — 0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Canadian Cnty OK Eductnl Facs Auth Educ Facs Lease Rev Yukon <br> Pub Sch Proj | 5.00% | 09/01/27 | 1557215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | McClain Cnty OK Indep Sch Dist #1 New Castle Comb Purp | 5.00% | 07/01/26 | 1019596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; Oklahoma Cnty OK Fin Auth Eductnl Facs Lease Rev Midwest <br> City De City Pub Schs Proj | 5.00% | 10/01/26 | 307107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp; Tulsa Cnty OK Indl Auth Eductnl Facs Lease Rev Broken Arrow <br> Pub Sch Proj | 5.00% | 09/01/30 | 405840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 835000 | &nbsp;&nbsp;&nbsp; Tulsa Cnty OK Indl Auth Eductnl Facs Lease Rev Broken Arrow <br> Pub Sch Proj | 5.00% | 09/01/31 | 913461 |
|  |  |  |  | 4203219 |
|  | **Oregon — 0.8%** | **Oregon — 0.8%** | **Oregon — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 660000 | Astoria OR Hosp Facs Auth Columbia Memorial Hosp Proj | 5.00% | 08/01/31 | 706843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260000 | Port of Portland OR Arpt Rev Portland Intl Arpt, Ser 25B, AMT | 5.00% | 07/01/27 | 267879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Portland OR Swr Sys Rev 2nd Lien, Ser A | 4.50% | 05/01/31 | 2020686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260000 | Salem OR Hosp Fac Auth Rev Ref Capital Manor Proj | 5.00% | 05/15/25 | 260006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260000 | Salem OR Hosp Fac Auth Rev Ref Capital Manor Proj | 4.00% | 05/15/29 | 256201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Union Cnty OR Hosp Fac Auth Grande Ronde Hosp | 5.00% | 07/01/26 | 101077 |
|  |  |  |  | 3612692 |

---

------

**First Trust Short Duration Managed Municipal ETF (FSMB)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Pennsylvania — 3.4%** | **Pennsylvania — 3.4%** | **Pennsylvania — 3.4%** |  |
| $1200000 | &nbsp;&nbsp;&nbsp; Adams Cnty PA Gen Auth Rev Ref The Brethren Home Cmnty <br> Proj, Ser B-2 | 3.60% | 06/01/29 | $1170487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; Berks Cnty PA Indl Dev Auth Hlthcare Facs Rev Ref Highlands at <br> Wyomissing, Ser A | 5.00% | 05/15/32 | 454392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Chester Cnty PA Indl Dev Auth Nts Avon Grove Chrt Sch | 5.00% | 03/01/27 | 2025171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2450000 | &nbsp;&nbsp;&nbsp; Lehigh Cnty PA Indl Dev Auth Ref Ppl Elec Util Corp Proj <br> Remk, Ser A | 3.00% | 09/01/29 | 2420061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1120000 | &nbsp;&nbsp;&nbsp; Montgomery Cnty PA Indl Dev Auth Exempt Facs Rev Var <br> Constellation Energy Generation LLC Proj Ref, Ser A <br> (Mandatory put 04/03/28) | 4.10% | 04/01/53 | 1119460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; PA St Econ Dev Fing Auth Solid Wst Disposal Rev Var Wste <br> Mgmt Inc Proj Remk, AMT (Mandatory put 08/01/25) | 3.70% | 08/01/45 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp; PA St Econ Dev Fing Auth T/E Priv Activity Rev The Penndot <br> Major Bridges Package One Proj P3 Proj, AMT | 5.00% | 12/31/29 | 2201927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405000 | PA St Ref, 1st Ser | 5.00% | 09/15/27 | 414675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1380000 | &nbsp;&nbsp;&nbsp; PA St Turnpike Commn Turnpike Rev Ref Mtr License Fund Enh <br> Trn Pke Subord | 5.00% | 12/01/30 | 1409858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | PA St Turnpike Commn Turnpike Rev Ref Sub | 5.00% | 06/01/29 | 1008483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375000 | PA St Turnpike Commn Turnpike Rev Ref Sub, Ser A | 5.00% | 12/01/36 | 381094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 865000 | &nbsp;&nbsp;&nbsp; Philadelphia PA Gas Wks Rev Ref 1998 General Ordinance, <br> 14th Ser | 5.00% | 10/01/29 | 881950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 830000 | &nbsp;&nbsp;&nbsp; Philadelphia PA Gas Wks Rev Ref 1998 General Ordinance, <br> 14th Ser | 5.00% | 10/01/33 | 844767 |
|  |  |  |  | 15332325 |
|  | **Puerto Rico — 0.1%** | **Puerto Rico — 0.1%** | **Puerto Rico — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 328000 | &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Fing Corp Sales Tax Rev Restructured, <br>Ser A-1, CABS | (d) | 07/01/27 | 300043 |
|  | **South Carolina — 1.2%** | **South Carolina — 1.2%** | **South Carolina — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Berkeley Cnty SC Assmnt Rev Nexton Impt Dist | 4.00% | 11/01/30 | 238873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Greenville Cnty SC Sch Dist Installment Pur Rev Ref SC Proj | 5.00% | 12/01/25 | 2019209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; SC St Jobs Econ Dev Auth Econ Dev Rev Ref The Woodlands at <br> Furman | 4.00% | 11/15/27 | 639227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; SC St Jobs Econ Dev Auth Hlthcare Rev Beaufort Memorial Hosp <br> & S of Broad Hlthcare Proj | 5.00% | 11/15/27 | 255542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; SC St Jobs Econ Dev Auth Hlthcare Rev Beaufort Memorial Hosp <br> & S of Broad Hlthcare Proj | 5.00% | 11/15/28 | 256840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; SC St Jobs Econ Dev Auth Hlthcare Rev Beaufort Memorial Hosp <br> & S of Broad Hlthcare Proj | 5.00% | 11/15/29 | 206152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; SC St Jobs Econ Dev Auth Hlthcare Rev Beaufort Memorial Hosp <br> & S of Broad Hlthcare Proj | 5.00% | 11/15/30 | 232576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; SC St Jobs Econ Dev Auth Hlthcare Rev Beaufort Memorial Hosp <br> & S of Broad Hlthcare Proj | 5.00% | 11/15/31 | 258687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; SC St Jobs Econ Dev Auth Hosp Facs Rev Var Ref Bon Secours <br> Mercy Hlth Inc, Ser B-1 (Mandatory put 11/01/30) (b) | 5.00% | 11/01/55 | 1319466 |
|  |  |  |  | 5426572 |
|  | **South Dakota — 0.2%** | **South Dakota — 0.2%** | **South Dakota — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 990000 | SD St Hsg Dev Auth Ref Homeownership Mtge, Ser E, AMT | 2.80% | 11/01/25 | 982992 |
|  | **Tennessee — 2.2%** | **Tennessee — 2.2%** | **Tennessee — 2.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; Met Govt Nashville & Davidson Cnty TN Hlth & Eductnl Fac Brd <br> Belmont Univ | 5.00% | 05/01/28 | 365619 |

---

------

**First Trust Short Duration Managed Municipal ETF (FSMB)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Tennessee (Continued)** | **Tennessee (Continued)** | **Tennessee (Continued)** |  |
| $1000000 | &nbsp;&nbsp;&nbsp; Met Govt Nashville & Davidson Cnty TN Hlth & Eductnl Fac Brd <br> Vanderbilt Univ Med Ctr, Ser A | 5.00% | 07/01/31 | $1071430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | Met Nashville TN Arpt Auth Arpt Rev, Ser B, AMT | 5.00% | 07/01/27 | 464112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Tennergy Corp TN Gas Rev, Ser A (Mandatory put 12/01/29) | 5.00% | 10/01/54 | 2081115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1490000 | TN Hsg Dev Agy Rsdl Fin Prog Rev Non Ace Issue 1C, AMT | 3.65% | 07/01/30 | 1467532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1595000 | TN St Energy Acq Corp Gas Rev (Mandatory put 11/01/25) | 4.00% | 11/01/49 | 1595649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; TN St Energy Acq Corp Gas Rev Var Ref Gas Proj, Ser A-1 <br> (Mandatory put 05/01/28) | 5.00% | 05/01/53 | 2564890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | TN St Energy Acq Corp Gas Rev, Ser A | 5.25% | 09/01/26 | 253737 |
|  |  |  |  | 9864084 |
|  | **Texas — 10.3%** | **Texas — 10.3%** | **Texas — 10.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Arlington TX Hgr Edu Fin Corp Edu Rev Ref Uplift Edu, Ser A | 4.00% | 12/01/30 | 251282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; Arlington TX Hgr Edu Fin Corp Edu Rev Trinity Basin Preparatory <br> Inc | 5.00% | 08/15/27 | 156462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; Arlington TX Hgr Edu Fin Corp Edu Rev Trinity Basin Preparatory <br> Inc | 5.00% | 08/15/28 | 159072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Arlington TX Hsg Fin Corp Mf Hsg Rev Var 6900 Matlok Road <br> (Mandatory put 04/01/27) | 4.50% | 04/01/41 | 504799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Austin TX Arpt Sys Rev, AMT | 5.00% | 11/15/28 | 250040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Austin TX Ref | 3.15% | 09/01/28 | 1977473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; Celina TX Spl Assmnt Rev Ref The Lakes at Mustang Ranch Pub <br> Impt Dt Major Impt Area, AGC | 5.00% | 09/01/27 | 307681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp;&nbsp; Celina TX Spl Assmnt Rev Ref The Lakes at Mustang Ranch Pub <br> Impt Dt Major Impt Area, AGC | 5.00% | 09/01/29 | 328010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1135000 | Centrl TX Regl Mobility Auth Rev, Ser C, BANS | 5.00% | 01/01/27 | 1146103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | Club Muni Mgmt Dist #1 TX Spl Assmnt Rev Impt Area #2 Proj (a) | 2.50% | 09/01/26 | 48393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207000 | &nbsp;&nbsp;&nbsp; Crandall TX Spl Assmnt Rev Cartwright Ranch Pub Impt Dt Impt <br> Area #1 Proj (a) | 3.38% | 09/15/26 | 203708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Dallas Fort Worth TX Intl Arpt Rev Ref, Ser B | 5.00% | 11/01/27 | 523171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; Denton Cnty TX Spl Assmnt Rev Green Meadows Pub Impt Dt <br> Impt Area #1 Proj (a) | 4.25% | 12/31/30 | 679055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280000 | Fort Bend Cnty TX Muni Util Dist #184, BAM | 6.00% | 04/01/27 | 293507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295000 | Fort Bend Cnty TX Muni Util Dist #184, BAM | 6.00% | 04/01/28 | 306654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 840000 | Fort Bend TX Indep Sch Dist Ref | 5.00% | 08/15/26 | 861352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 672000 | &nbsp;&nbsp;&nbsp; Fort Worth TX Spl Assmnt Rev Walsh Ranch Quail Vly Impt Area <br> #1-3 Proj, BAM | 5.00% | 09/01/29 | 706588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 465000 | Galveston Cnty TX Muni Util Dist #54 Ref | 2.00% | 12/01/25 | 454689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 560000 | Galveston Cnty TX Muni Util Dist #54 Ref | 2.00% | 12/01/27 | 520067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 610000 | &nbsp;&nbsp;&nbsp; Galveston TX Wharves & Terminal Rev Wharves & Terminal First <br> Lien, AMT | 5.25% | 08/01/28 | 633731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Grayson Cnty TX Ref | 3.00% | 01/01/26 | 1489778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 710000 | &nbsp;&nbsp;&nbsp; Harris Cnty TX Cultural Edu Facs Fin Corp Rev Ref Memorial <br> Hermann Hlth Sys, Ser A | 5.00% | 07/01/29 | 756543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; Harris Cnty TX Cultural Edu Facs Fin Corp Rev Ref Memorial <br> Hermann Hlth Sys, Ser B | 5.00% | 07/01/31 | 435522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Hays Cnty TX Ref | 3.38% | 02/15/29 | 1995060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | Houston TX Arpt Sys Rev Ref Sub, Ser C, AMT | 5.00% | 07/01/27 | 773520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1835000 | Houston TX Arpt Sys Rev Ref Subord Lien, Ser A, AGM, AMT | 5.00% | 07/01/27 | 1892545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; Houston TX Arpt Sys Rev Ref United Airls Inc Terminal Impt <br> Proj, Ser B-2, AMT | 5.00% | 07/15/27 | 904223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | Houston TX Arpt Sys Rev Sub, Ser A, AMT | 5.00% | 07/01/28 | 207888 |

---

------

**First Trust Short Duration Managed Municipal ETF (FSMB)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Texas (Continued)** | **Texas (Continued)** | **Texas (Continued)** |  |
| $300000 | Houston TX Arpt Sys Rev Sub, Ser A, AMT | 5.00% | 07/01/29 | $315013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 925000 | Kyle TX Spl Assmnt Rev 6 Creeks Pub Impt Dist Impt Area #1 (a) | 4.13% | 09/01/29 | 908501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | Love Field TX Arpt Modernization Corp Gen Arpt Rev, AMT | 5.00% | 11/01/33 | 707848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp; Lower CO River TX Auth Trans Contract Rev Ref LCRA Trans <br> Svcs Corp Proj | 5.00% | 05/15/33 | 363772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Matagorda Cnty TX Nav Dist #1 Ref Central Power & Light <br> Company Proj Remk, AMT | 4.25% | 05/01/30 | 1005095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp; Mesquite TX Hsg Fin Corp Var Palladium Carver Living <br> (Mandatory put 08/01/27) | 3.35% | 08/01/29 | 2226117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Mission TX Econ Dev Corp Sol Wst Disp Rev Var Rep Svcs Inc <br> Proj Remk, Ser A, AMT (Mandatory put 08/01/25) | 3.70% | 05/01/50 | 1500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; N Parkway Muni Mgmt Dist #1 TX Contract Rev Legacy Hills Pub <br> Impt Dt Phase #1A-1B Impts (a) | 3.00% | 09/15/26 | 195859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 | N TX Hgr Edu Auth Inc Edu Loan Rev Sr, Ser 1A, AMT | 5.00% | 06/01/27 | 561749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | N TX Hgr Edu Auth Inc Edu Loan Rev Sr, Ser 1A, AMT | 5.00% | 06/01/30 | 622074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | N TX Tollway Auth Rev Ref 2nd Tier, Ser B | 5.00% | 01/01/31 | 403145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; Oak Point TX Spl Assmnt Rev Oak Point 720 Pub Impt Dt Impt <br> Area #1 Proj (a) | 4.70% | 09/15/31 | 195716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; Princeton TX Spl Assmnt Rev Eastridge Pub Impt Dt Impt Area #3 <br> Proj (a) | 4.25% | 09/01/31 | 293239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; Princeton TX Spl Assmnt Rev Eastridge Pub Impt Dt Impt Area No <br> 4 Proj (a) | 4.25% | 09/01/30 | 295282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310000 | Rockwall Cnty TX Muni Util Dist #8, AGM | 6.75% | 10/01/35 | 341949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2075000 | &nbsp;&nbsp;&nbsp; San Antonio TX Hsg Trust Pub Fac Corp Mf Hsg Rev Var <br> Palladium San Antonio (Mandatory put 07/01/27) | 3.45% | 07/01/29 | 2076977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1340000 | &nbsp;&nbsp;&nbsp; Southmost TX Regl Wtr Auth Wtr Sply Contract Rev Ref <br> Desalination Plant Proj, BAM | 4.00% | 09/01/28 | 1352944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Tarrant Cnty TX Cultural Edu Facs Fin Corp Hosp Rev Ref Baylor <br> Scott & White Hlth Proj, Ser A | 5.00% | 11/15/28 | 1013347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp; Tarrant Cnty TX Cultural Edu Facs Fin Corp Hosp Rev Var Baylor <br> Scott & White Hlth Proj, Ser E (Mandatory put 05/15/26) | 5.00% | 11/15/52 | 688601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; Tarrant Cnty TX Cultural Edu Facs Fin Corp Rev Ref Christus <br> Hlth, Ser B | 5.00% | 07/01/30 | 322256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp; Tarrant Cnty TX Cultural Edu Facs Fin Corp Rev Ref Trinity <br> Terrace Proj | 5.00% | 10/01/30 | 1002012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 995000 | &nbsp;&nbsp;&nbsp; Tarrant Cnty TX Cultural Edu Facs Fin Corp Rev Ref Trinity <br> Terrace Proj | 5.00% | 10/01/31 | 1056008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1840000 | &nbsp;&nbsp;&nbsp; Tarrant Cnty TX Hsg Fin Corp Var Nts Wildwood Branch <br> (Mandatory put 02/01/28) | 3.60% | 02/01/43 | 1843123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp; Travis Cnty TX Hsg Fin Corp Mf Hsg Rev Var Kensington Apts <br> (Mandatory put 08/01/25) | 3.75% | 08/01/26 | 874331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Trophy Club TX Pub Impt Dist #1 Spl Assmnt Rev Ref (b) | 5.00% | 09/01/28 | 513601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2030000 | &nbsp;&nbsp;&nbsp; TX St Muni Gas Acq & Sply Corp IV, Ser A (Mandatory put <br> 01/01/30) | 5.50% | 01/01/54 | 2142739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340000 | Univ of Houston TX Univ Revs Ref Consol, Ser C | 5.00% | 02/15/30 | 344265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1650000 | Univ of TX TX Univ Revs Ref, Ser H | 5.00% | 08/15/25 | 1658135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 630000 | &nbsp;&nbsp;&nbsp; Viridian TX Muni Mgmt Dist Unlimited Tax Road Impt Bonds, <br> BAM | 4.00% | 12/01/29 | 638607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340000 | Westpointe Spl Impt Dist TX, BAM | 5.00% | 08/15/30 | 360142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355000 | Westpointe Spl Impt Dist TX, BAM | 5.00% | 08/15/31 | 378852 |

---

------

**First Trust Short Duration Managed Municipal ETF (FSMB)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Texas (Continued)** | **Texas (Continued)** | **Texas (Continued)** |  |
| $375000 | Westpointe Spl Impt Dist TX, BAM | 5.00% | 08/15/32 | $402131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 760000 | Williamson Cnty TX Muni Util Dist #10 Ref, BAM | 3.00% | 08/01/26 | 753118 |
|  |  |  |  | 46123464 |
|  | **Utah — 2.1%** | **Utah — 2.1%** | **Utah — 2.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Davis Cnty UT Sch Dist UT Sch Bond Guaranty Ref, Ser B | 4.00% | 06/01/25 | 2000932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 | Salt Lake City UT Arpt Rev, Ser A, AMT | 5.00% | 07/01/26 | 660644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | Salt Lake City UT Arpt Rev, Ser A, AMT | 5.00% | 07/01/28 | 1329159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | Salt Lake City UT Arpt Rev, Ser A, AMT | 5.00% | 07/01/28 | 727609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Salt Lake City UT Arpt Rev, Ser A, AMT | 5.00% | 07/01/29 | 1029656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | UT St Associated Muni Pwr Sys Rev Ref Horse Butte Wind, Ser A | 5.00% | 09/01/30 | 1032348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 625000 | UT St Associated Muni Pwr Sys Rev Ref Horse Butte Wind, Ser A | 5.00% | 09/01/31 | 643353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; UT St Hsg Corp Mf Rev Var Silos On 500 (Mandatory put <br> 08/01/27) | 3.70% | 08/01/43 | 2006074 |
|  |  |  |  | 9429775 |
|  | **Vermont — 0.3%** | **Vermont — 0.3%** | **Vermont — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; VT St Econ Dev Auth Solid Wst Disp Rev Var Casella Wst Sys Inc <br> Remk, AMT (Mandatory put 04/03/28) (a) | 4.63% | 04/01/36 | 100724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; VT St Econ Dev Auth Solid Wst Disp Rev Var Draw Down <br> Casella Wste Sys Inc Proj, Ser A-2, AMT (Mandatory put <br> 06/01/32) (a) | 4.38% | 06/01/52 | 987784 |
|  |  |  |  | 1088508 |
|  | **Virginia — 3.0%** | **Virginia — 3.0%** | **Virginia — 3.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Arlington Cnty VA Indl Dev Auth Mf Rev Park Shirlington <br> Apartments, Ser A | 5.00% | 01/01/26 | 2022496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; Fairfax Cnty VA Redev & Hsg Auth Mf Hsg Rev Var Dominion <br> Square N Proj (Mandatory put 01/01/28) | 5.00% | 01/01/45 | 2575652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; Henrico Cnty VA Econ Dev Auth Rsdl Care Fac Rev Ref <br> Westminster Canterbury Proj | 5.00% | 10/01/30 | 618666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Louisa VA Indl Dev Auth Poll Control Rev Var VA Elec & Pwr Co <br> Proj Remk, Ser A (Mandatory put 10/01/27) | 3.65% | 11/01/35 | 1006001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1525000 | Norfolk VA Wtr Rev Ref | 5.00% | 11/01/31 | 1588761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Richmond VA Redev & Hsg Auth Mf Rev Var Walmsley Gardens <br> (Mandatory put 09/01/28) | 3.45% | 09/01/46 | 1993906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | VA Hsg Dev Auth Var, Ser F (Mandatory put 04/01/26) | 3.63% | 07/01/55 | 1497242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; VA St Small Busn Fing Auth Rev Ref Sr Lien 95 Express <br> Lanes LLC Proj, AMT | 5.00% | 07/01/38 | 1012598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Virginia Beach VA Dev Auth Rsdl Care Fac Rev Temps 50Sm <br> Westminster Canterbury on Chesapeake Bay, Ser B-3 | 5.38% | 09/01/29 | 1006729 |
|  |  |  |  | 13322051 |
|  | **Washington — 1.5%** | **Washington — 1.5%** | **Washington — 1.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 | Energy NW WA Elec Rev Ref Proj 1, Ser A | 5.00% | 07/01/26 | 122907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Port of Seattle WA Rev Intermediate Lien, Ser D, AMT | 5.00% | 05/01/27 | 1027202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Port of Seattle WA Rev Ref 1st Lien, Ser B, AMT | 5.00% | 10/01/28 | 505976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | WA St Hlth Care Facs Auth Ref Seattle Cancer Care Alliance | 5.00% | 09/01/27 | 103359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2120000 | &nbsp;&nbsp;&nbsp; WA St Hsg Fin Commn Nonprofit Hsg Rev Heron's Key, Ser A <br> (Pre-refunded maturity 07/01/25) (a) | 7.00% | 07/01/45 | 2129938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; WA St Hsg Fin Commn Nonprofit Hsg Rev Ref Emerald Heights <br> Proj, Ser A | 5.00% | 07/01/27 | 355835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2300000 | WA St, Ser A-1 | 5.00% | 08/01/27 | 2308790 |
|  |  |  |  | 6554007 |

---

------

**First Trust Short Duration Managed Municipal ETF (FSMB)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **West Virginia — 0.2%** | **West Virginia — 0.2%** | **West Virginia — 0.2%** |  |
| $1000000 | &nbsp;&nbsp;&nbsp; WV St Econ Dev Auth Sol Wst Disp Facs Var Ref Appalachian <br> Pwr Co Remk, Ser 2015A (Mandatory put 06/15/28) | 3.38% | 03/01/40 | $987676 |
|  | **Wisconsin — 1.5%** | **Wisconsin — 1.5%** | **Wisconsin — 1.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Pub Fin Auth WI Hosp Rev Ref Carson Vly Med Ctr, Ser A (a) | 3.00% | 12/01/26 | 239966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4210000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Poll Control Rev Var Ref Duke Energy Progress <br> Proj, Ser A-1 (Mandatory put 10/01/26) | 3.30% | 10/01/46 | 4158149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Retmnt Fac Rev Ref United Methodist Retmnt <br> Homes, Ser A | 4.00% | 10/01/29 | 321635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Retmnt Fac Rev Ref United Methodist Rtmnt <br> Homes, Ser A | 4.00% | 10/01/31 | 383709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Retmnt Fac Rev Ref United Methodist Rtmnt <br> Homes, Ser A | 4.00% | 10/01/32 | 382747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Sol Wst Disp Rev Ref Wst Mgmt Inc Proj, Ser <br> A-1, AMT | 2.63% | 11/01/25 | 989013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Stdt Hsg Rev Sr KSU Bixby Real Estate <br> Fdtn LLC Proj, Ser A | 5.00% | 06/15/30 | 423677 |
|  |  |  |  | 6898896 |
|  | **Wyoming — 0.2%** | **Wyoming — 0.2%** | **Wyoming — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Consol Muni Elec Pwr Sys WY Jt Pwrs Brd Sys Jt Pwrs Brd Ref <br> Electrical Sys Proj | 5.00% | 06/01/26 | 254829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 755000 | &nbsp;&nbsp;&nbsp; Consol Muni Elec Pwr Sys WY Jt Pwrs Brd Sys Jt Pwrs Brd Ref <br> Electrical Sys Proj | 5.25% | 06/01/37 | 818788 |
|  |  |  |  | 1073617 |
|  | **Total Investments — 99.1%** | **Total Investments — 99.1%** | **Total Investments — 99.1%** | 443413364 |
|  | (Cost $444,762,654) | (Cost $444,762,654) | (Cost $444,762,654) |  |
|  | **Net Other Assets and Liabilities — 0.9%** | **Net Other Assets and Liabilities — 0.9%** | **Net Other Assets and Liabilities — 0.9%** | 3918285 |
|  | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $447331649 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) This security, sold within the terms of a private placement memorandum, is exempt
 from registration upon resale under Rule 144A of the Securities Act of 1933, as amended, and may be resold in transactions
 exempt from registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Trust's Board of Trustees, this security has been determined to be liquid by First Trust Advisors L.P., the Fund's 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 April 30, 2025, securities noted as such amounted to $23,490,381
 or 5.3% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) When-issued security. The interest rate shown reflects the rate in effect at April
 30, 2025. Interest will begin accruing on the security's first settlement date.

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Zero coupon security.

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

---

| | |
|:---|:---|
| Abbreviations throughout the Portfolio of Investments: | Abbreviations throughout the Portfolio of Investments: |
| AGC | – Assured Guaranty Corp. |
| AGM | – Assured Guaranty Municipal Corp. |
| AMBAC | – American Municipal Bond Assurance Corp. |
| AMT | – Alternative Minimum Tax |
| BAM | – Build America Mutual |
| BANS | – Bond Anticipation Notes |
| CABS | – Capital Appreciation Bonds |
| COPS | – Certificates of Participation |
| GARVEE | – Grant Anticipation Revenue Vehicle |
| NATL-RE | – National Public Finance Guarantee Corp. |

---

------

**First Trust Short Duration Managed Municipal ETF (FSMB)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of April 30, 2025 is as follows (see Valuation Inputs in the Additional Information section):

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**4/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Municipal Bonds\* | $443413364 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $443413364 | &nbsp;&nbsp; $— |

---

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

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

------

**First Trust Ultra Short Duration Municipal ETF (FUMB)**

**Portfolio of Investments**

**April 30, 2025 (Unaudited)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Stated** <br>**Coupon**<br>| **Stated** <br>**Maturity**<br>| **Value** |
| **MUNICIPAL BONDS — 102.0%** | **MUNICIPAL BONDS — 102.0%** | **MUNICIPAL BONDS — 102.0%** | **MUNICIPAL BONDS — 102.0%** | **MUNICIPAL BONDS — 102.0%** |
|  | **Alabama — 4.6%** | **Alabama — 4.6%** | **Alabama — 4.6%** |  |
| $1180000 | Jefferson Cnty AL Ref Rev Warrants | 5.00% | 09/15/25 | $1186860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1770000 | &nbsp;&nbsp;&nbsp; Lower AL Gas Dist Gas Proj Rev Bonds Proj 2 (Mandatory put <br> 12/01/25) | 4.00% | 12/01/50 | 1770863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Mobile AL Indl Dev Brd Poll Control Rev Var AL Pwr Co Barry <br> Plant Remk (Mandatory put 03/12/26) | 3.30% | 07/15/34 | 1998092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | SE Energy Auth Cooperative Dist AL Energy Sply Rev, Ser B | 5.00% | 07/01/26 | 505956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | SE Energy Auth Cooperative Dist AL Energy Sply Rev, Ser B | 5.00% | 01/01/27 | 507753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330000 | SE Energy Auth Cooperative Dist AL Energy Sply Rev, Ser C | 5.00% | 08/01/26 | 335089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 555000 | SE Energy Auth Cooperative Dist AL Energy Sply Rev, Ser C | 5.00% | 02/01/27 | 565895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Tender Option Bond Trust Recpts / Ctfs Various States JPM Putters <br> Xm1090, Ser 2022 (a) (b) | 2.55% | 02/01/46 | 1500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | Univ of S AL Univ Rev Ref, Ser C | 5.00% | 04/01/26 | 762378 |
|  |  |  |  | 9132886 |
|  | **Arizona — 1.8%** | **Arizona — 1.8%** | **Arizona — 1.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1615000 | AZ St Transprtn Brd Excise Tax Rev Ref | 5.00% | 07/01/25 | 1618931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Phoenix AZ Civic Impt Corp Arpt Rev Ref Sr Lien, AMT | 5.00% | 07/01/25 | 501082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1410000 | Phoenix AZ Civic Impt Corp Arpt Rev Sr Lien, AMT | 5.00% | 07/01/25 | 1413051 |
|  |  |  |  | 3533064 |
|  | **California — 1.3%** | **California — 1.3%** | **California — 1.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2575000 | &nbsp;&nbsp;&nbsp; CA St Hlth Facs Fing Auth Rev Var Ref Stanford Hlth Care, Ser A <br> (Mandatory put 08/15/25) | 3.00% | 08/15/54 | 2562062 |
|  | **Colorado — 2.7%** | **Colorado — 2.7%** | **Colorado — 2.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265000 | CO Springs CO Sch Dist #11, BAM, COPS | 5.00% | 12/15/25 | 267812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp; CO St Hlth Facs Auth Rev Ref Commonspirit Hlth, Ser B-1 <br> (Mandatory put 08/01/25) | 5.00% | 08/01/49 | 280405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | CO St Hlth Facs Auth Rev Ref Covenant Living Cmntys and Svcs | 5.00% | 12/01/26 | 255819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | CO St Hlth Facs Auth Rev Ref Covenant Retmnt Cmntys, Ser A | 5.00% | 12/01/35 | 2002282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | CO St Hlth Facs Auth Rev Var Intermountain Hlthcare, Ser E (b) | 2.35% | 05/15/62 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Denver City & Cnty CO Sch Dist #1, Ser A | 5.00% | 12/01/26 | 516009 |
|  |  |  |  | 5322327 |
|  | **Connecticut — 1.4%** | **Connecticut — 1.4%** | **Connecticut — 1.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Bridgeport CT Unrefunded 2021 Ref, Ser B, AGM | 5.00% | 08/15/25 | 1507788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | Hartford CT Spl Oblig Ref (c) | 5.00% | 07/15/26 | 1275285 |
|  |  |  |  | 2783073 |
|  | **District of Columbia — 1.3%** | **District of Columbia — 1.3%** | **District of Columbia — 1.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Dist of Columbia Hsg Fin Agy Mf Hsg Rev Var Parcel <br> 42 Apartments Proj Remk (Mandatory put 09/01/25) | 3.05% | 09/01/41 | 997349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Met Washington DC Arpts Auth Arpt Sys Rev Ref, Ser A, AMT | 5.00% | 10/01/26 | 1534491 |
|  |  |  |  | 2531840 |
|  | **Florida — 10.1%** | **Florida — 10.1%** | **Florida — 10.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Brevard Cnty FL Hsg Fin Auth Mf Hsg Var Emerald Place <br> Apartments (Mandatory put 02/01/27) | 3.30% | 02/01/28 | 1497519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | FL St Brd of Edu Pub Edu Ref Capital Outlay, Ser A | 5.00% | 06/01/25 | 2001552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1060000 | FL St Muni Pwr Agy All Requirements Pwr Sply, Ser B | 5.00% | 10/01/26 | 1067907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; Gtr Orlando FL Aviation Auth Arpt Facs Rev Unrefunded, Ser A, <br> AMT | 5.00% | 10/01/25 | 1257655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375000 | Harmony FL CDD Capital Impt Rev Ref | 5.00% | 05/01/25 | 375000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | Lakeland FL Energy Sys Rev Ref | 5.00% | 10/01/25 | 1258434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 685000 | Lakes By The Bay S FL CDD Assmnt Ref | 5.00% | 05/01/25 | 685000 |

---

------

**First Trust Ultra Short Duration Municipal ETF (FUMB)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Florida (Continued)** | **Florida (Continued)** | **Florida (Continued)** |  |
| $175000 | &nbsp;&nbsp;&nbsp; Lakewood Ranch FL Stewardship Dist Spl Assmnt Rev Ref <br> Country Club E Proj, AGM | 5.00% | 05/01/25 | $175000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Manatee Cnty FL Sch Dist Sales Tax Rev, AGM | 5.00% | 10/01/25 | 1510619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp; Miami Dade Cnty FL Eductnl Facs Auth Rev Ref Univ of <br> Miami, Ser A | 5.00% | 04/01/26 | 518696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; Miami-Dade Cnty FL Hsg Fin Auth Mf Hsg Rev Var Cutler Vista <br> (Mandatory put 09/01/25) | 5.00% | 03/01/27 | 752462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; Miami-Dade Cnty FL Hsg Fin Auth Mf Hsg Rev Var Emerald <br> Dunes, Ser B (Mandatory put 09/01/25) | 4.05% | 09/01/26 | 750506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Miami-Dade Cnty FL Hsg Fin Auth Mf Hsg Rev Var Running <br> Brook Apartments (Mandatory put 01/01/26) | 3.55% | 01/01/27 | 999910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; Miami-Dade Cnty FL Indl Dev Auth Sol Wst Disp Rev Var Ref <br> Wst Mgmt Inc Proj Remk, Ser A, AMT (Mandatory put <br> 07/01/25) | 4.50% | 11/01/33 | 3000206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Miami-Dade Cnty FL Sch Brd Ref, Ser A, COPS | 5.00% | 05/01/26 | 1524603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 845000 | Miami-Dade Cnty FL Wtr & Swr Rev Ref | 5.00% | 10/01/26 | 850706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1620000 | N Sumter Cnty FL Util Dependent Dist Util Rev Ref | 5.00% | 10/01/25 | 1630460 |
|  |  |  |  | 19856235 |
|  | **Georgia — 3.1%** | **Georgia — 3.1%** | **Georgia — 3.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 860000 | Atlanta GA Arpt Rev, Ser B, AMT | 5.00% | 07/01/25 | 861527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Columbus GA Med Ctr Hosp Auth Var Piedmont Hlthcare Inc <br> Proj, Ser A (Mandatory put 07/01/26) | 5.00% | 07/01/54 | 1515780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 | Main Street Nat Gas Inc GA Gas Sply Rev, Ser A | 5.00% | 06/01/25 | 550375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 775000 | Main Street Nat Gas Inc GA Gas Sply Rev, Ser E | 5.00% | 12/01/25 | 780206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1370000 | &nbsp;&nbsp;&nbsp; Monroe Cnty GA Dev Auth Poll Control Rev GA Pwr Co Plant <br> Scherer Proj Remk, 1st Ser | 2.25% | 07/01/25 | 1364362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1090000 | Muni Elec Auth of GA Ref Proj One Subord Bonds, Ser A | 5.00% | 01/01/26 | 1100963 |
|  |  |  |  | 6173213 |
|  | **Idaho — 1.7%** | **Idaho — 1.7%** | **Idaho — 1.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1315000 | Cassia Oneida & Twin Falls Cntys ID Jt Sch Dist #151 Ref | 5.00% | 09/15/25 | 1323281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | ID St Hlth Facs Auth Rev Var St Luke's Hlth Sys Proj, Ser D (b) | 2.50% | 03/01/60 | 2000000 |
|  |  |  |  | 3323281 |
|  | **Illinois — 7.9%** | **Illinois — 7.9%** | **Illinois — 7.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Chicago IL Midway Arpt Rev Ref Sr Lien, Ser A, AMT | 5.00% | 01/01/26 | 505095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Chicago IL O'Hare Intl Arpt Rev Ref, Ser C, AMT | 5.00% | 01/01/27 | 1024110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 | Cook Cnty IL Ref, Ser A | 5.00% | 11/15/25 | 554498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp; Du Page & Will Cntys IL Cmnty Sch Dist #204 Indian Prairie <br> Ref, Ser A | 5.00% | 12/30/25 | 1414839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1175000 | Du Page Cnty IL Forest Preserve Dist | 5.00% | 11/01/26 | 1206890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1185000 | IL St Fin Auth Rev Ref Ann & Robert H Lurie Childrens Hosp | 5.00% | 08/15/25 | 1189810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | IL St Fin Auth Rev Ref Ascension Hlth Credit Grp, Ser C | 5.00% | 02/15/26 | 1267157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1020000 | IL St Fin Auth Rev Ref Rush Univ Med Ctr, Ser A | 5.00% | 11/15/25 | 1020745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp; IL St Hsg Dev Auth Mf Hsg Rev Var S Shore (Mandatory put <br> 06/01/25) | 4.00% | 06/01/26 | 625228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | IL St, Ser A | 5.00% | 12/01/25 | 1009050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | IL St, Ser A | 5.00% | 12/01/26 | 1023554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Kane Cook & Du Page Cntys IL Sch Dist #46 Elgin | 5.00% | 01/01/26 | 505789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1115000 | Lemont IL Fire Prot Dist | 5.00% | 12/30/26 | 1149322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 715000 | Plainfield IL Wtr & Swr Sys Rev Ref | 5.00% | 05/01/25 | 715000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425000 | Plainfield IL Wtr & Swr Sys Rev Ref | 5.00% | 05/01/26 | 432643 |

---

------

**First Trust Ultra Short Duration Municipal ETF (FUMB)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Illinois (Continued)** | **Illinois (Continued)** | **Illinois (Continued)** |  |
| $870000 | Schaumburg IL Ref | 5.00% | 12/01/25 | $877048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1035000 | Winnebago Cnty IL Ref | 5.00% | 12/30/25 | 1045493 |
|  |  |  |  | 15566271 |
|  | **Indiana — 2.1%** | **Indiana — 2.1%** | **Indiana — 2.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | E Allen Cnty IN Schs | 5.00% | 01/15/26 | 1264510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; IN St Fin Auth Econ Dev Rev Ref Rep Svcs Inc Proj Remk, Ser A, <br> AMT (Mandatory put 06/02/25) | 3.85% | 05/01/28 | 1249233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | IN St Muni Pwr Agy Ref, Ser A, AGC | 5.00% | 01/01/26 | 505922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | IN St Muni Pwr Agy Ref, Ser A, AGC | 5.00% | 01/01/27 | 1030667 |
|  |  |  |  | 4050332 |
|  | **Iowa — 1.7%** | **Iowa — 1.7%** | **Iowa — 1.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; IA St Fin Auth Sol Wst Facs Rev Var Sustainable Gevo NW <br> Rng LLC Renewable Natrl Gas Proj, AMT (Mandatory put <br> 04/01/26) | 3.88% | 01/01/42 | 1495670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1735000 | Pefa Inc IA Gas Proj Rev (Mandatory put 09/01/26) | 5.00% | 09/01/49 | 1758637 |
|  |  |  |  | 3254307 |
|  | **Kansas — 1.0%** | **Kansas — 1.0%** | **Kansas — 1.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Dodge City KS Temp Nts, Ser 2023-1 | 4.13% | 09/01/25 | 1000733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Johnson Cnty KS Pub Bldg Commn Lease Pur Rev Courthouse & <br> Med Examiners Fac Proj, Ser A | 5.00% | 09/01/25 | 1006052 |
|  |  |  |  | 2006785 |
|  | **Kentucky — 2.1%** | **Kentucky — 2.1%** | **Kentucky — 2.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505000 | KY St Property & Bldgs Commn Rev Ref Proj #128, Ser A | 5.00% | 11/01/25 | 508783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1165000 | &nbsp;&nbsp;&nbsp; KY St Pub Energy Auth Gas Sply Rev Gas Sply, Ser C-1 <br> (Mandatory put 06/01/25) | 4.00% | 12/01/49 | 1165425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | KY St Pub Energy Auth Gas Sply Rev Ref, Ser B | 5.00% | 08/01/25 | 500955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 615000 | KY St Pub Energy Auth Gas Sply Rev Ref, Ser B | 5.00% | 08/01/26 | 623881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | Paducah KY Elec Plant Brd Rev Ref, Ser A, AGM | 5.00% | 10/01/25 | 1306938 |
|  |  |  |  | 4105982 |
|  | **Louisiana — 2.3%** | **Louisiana — 2.3%** | **Louisiana — 2.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1925000 | &nbsp;&nbsp;&nbsp; LA St Pub Facs Auth Sol Wst Disp Fac Rev Var Elementus <br> Minerals LLC Proj (Mandatory put 11/01/25) (a) | 5.00% | 10/01/43 | 1931163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 535000 | New Orleans LA Aviation Brd Ref Gen Arpt, Ser D2, AMT | 5.00% | 01/01/26 | 540982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1110000 | Regl Transit Auth LA Sales Tax Rev Ref, Ser A, AGM | 5.00% | 01/01/27 | 1145320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Saint James Parish LA Rev Var Nustar Logistics LP Proj Remk, Ser <br> 2011 (Mandatory put 06/01/25) (a) | 5.85% | 08/01/41 | 1000743 |
|  |  |  |  | 4618208 |
|  | **Maine — 0.4%** | **Maine — 0.4%** | **Maine — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; ME St Fin Auth Sol Wst Disp Rev Casella Waste Sys Proj, AMT <br> (Mandatory put 08/01/25) (a) | 5.13% | 08/01/35 | 796977 |
|  | **Maryland — 0.9%** | **Maryland — 0.9%** | **Maryland — 0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; MD St Hlth & Hgr Eductnl Facs Auth Rev Ref Univ of MD Med <br> Sys Issue, Ser A | 5.00% | 07/01/26 | 766082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; MD St Transprtn Auth Passenger Fac Charge Baltimore <br> Washington Intl Thurgood Marshall Arpt, AMT | 5.00% | 06/01/25 | 1001039 |
|  |  |  |  | 1767121 |
|  | **Massachusetts — 3.4%** | **Massachusetts — 3.4%** | **Massachusetts — 3.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Gloucester MA, BANS | 4.00% | 10/03/25 | 1503661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | MA St Clg Bldg Auth Ref, Ser D (Pre-refunded maturity 05/01/25) | 5.00% | 05/01/41 | 2000000 |

---

------

**First Trust Ultra Short Duration Municipal ETF (FUMB)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Massachusetts (Continued)** | **Massachusetts (Continued)** | **Massachusetts (Continued)** |  |
| $1000000 | MA St Dev Fin Agy Rev Lasell Vlg Inc (c) | 5.00% | 07/01/26 | $1015474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 | MA St Dev Fin Agy Rev Ref Emerson Clg Issue | 5.00% | 01/01/26 | 554770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | MA St Dev Fin Agy Rev Ref Emerson Clg Issue | 5.00% | 01/01/27 | 460776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | Winchester MA, Ser B, BANS | 4.00% | 03/26/26 | 1260337 |
|  |  |  |  | 6795018 |
|  | **Michigan — 2.8%** | **Michigan — 2.8%** | **Michigan — 2.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Great Lakes MI Wtr Auth Wtr Sply Sys Rev Ref Sr Lien, Ser C | 5.00% | 07/01/25 | 1002417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1430000 | MI St Fin Auth Rev Ref Clean Wtr Revolving Fund, Ser B | 5.00% | 10/01/25 | 1440718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1295000 | MI St Hosp Fin Auth Ref Trinity Hlth Credit Remk, Ser C | 5.00% | 12/01/25 | 1307213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 790000 | New Haven MI Cmnty Schs Ref | 3.00% | 05/01/25 | 790000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Wayne Cnty MI Arpt Auth Rev Ref Junior Lien, Ser B, AMT | 5.00% | 12/01/25 | 1008679 |
|  |  |  |  | 5549027 |
|  | **Minnesota — 1.7%** | **Minnesota — 1.7%** | **Minnesota — 1.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 725000 | Chaska MN Econ Dev Auth Lease Rev, Ser A | 5.00% | 02/01/26 | 733943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | MN Muni Gas Agy Cmdy Sply Rev, Ser A | 4.00% | 12/01/25 | 1502114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | MN St Hsg Fin Agy Phalen Vlg, Ser E | 3.88% | 08/01/25 | 700074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | MN St Hsg Fin Agy, Ser C | 4.00% | 02/01/27 | 501027 |
|  |  |  |  | 3437158 |
|  | **Missouri — 2.1%** | **Missouri — 2.1%** | **Missouri — 2.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | MO Jt Muni Elec Util Commn Pwr Proj Rev Ref Plum Point Proj | 5.00% | 01/01/26 | 1517368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; MO St Hlth & Eductnl Facs Auth Hlth Facs Rev Var Ref BJC Hlth <br> Sys, Ser B (Mandatory put 05/01/26) | 4.00% | 05/01/51 | 1202113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 480000 | MO St Hlth & Eductnl Facs Auth Ref Lutheran Sr Svcs Projs, Ser A | 5.00% | 02/01/26 | 483326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | N Kansas City MO Sch Dist #74 Ref | 5.00% | 03/01/26 | 1016011 |
|  |  |  |  | 4218818 |
|  | **Nebraska — 0.6%** | **Nebraska — 0.6%** | **Nebraska — 0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; Centrl Plains Energy Proj NE Gas Sply Rev Ref (Mandatory put <br> 08/01/25) | 4.00% | 12/01/49 | 1250104 |
|  | **Nevada — 1.2%** | **Nevada — 1.2%** | **Nevada — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | Clark Cnty NV Arpt Rev Ref Subord, Ser A | 5.00% | 07/01/26 | 1124987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1205000 | Clark Cnty NV Transprtn Impt, Ser B | 5.00% | 12/01/25 | 1217900 |
|  |  |  |  | 2342887 |
|  | **New Jersey — 4.3%** | **New Jersey — 4.3%** | **New Jersey — 4.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Jersey City NJ Redev Agy Ref Bayfront Redev Proj, Ser A | 4.50% | 12/11/25 | 1506603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | New Brunswick NJ, BANS | 5.00% | 04/28/26 | 1522882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | NJ St Covid-19 GO Emergency Bonds, Ser A | 5.00% | 06/01/26 | 1020925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | NJ St Econ Dev Auth Rev Ref Sch Facs Constr, Ser GGG (a) | 5.25% | 09/01/25 | 1507901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1935000 | &nbsp;&nbsp;&nbsp; NJ St Hlth Care Facs Fing Auth Rev RWJ Barnabas Hlth Obligated <br> Grp Issue, Ser A | 5.00% | 07/01/25 | 1939579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Washington Twp NJ Gloucester Cnty | 4.00% | 09/03/25 | 1001510 |
|  |  |  |  | 8499400 |
|  | **New Mexico — 1.2%** | **New Mexico — 1.2%** | **New Mexico — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | NM Fin Auth Rev Sr Lien, Ser B | 5.00% | 06/01/25 | 400473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1455000 | &nbsp;&nbsp;&nbsp; NM St Hosp Equipment Loan Council Hosp Rev Presbyterian <br> Hlthcare Svcs Obligated Grp Ref Ser (Pre-refunded maturity <br> 08/01/25) | 5.00% | 08/01/31 | 1459645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 475000 | NM St Muni Energy Acq Auth Gas Sply Ref | 5.00% | 05/01/26 | 481761 |
|  |  |  |  | 2341879 |

---

------

**First Trust Ultra Short Duration Municipal ETF (FUMB)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **New York — 8.2%** | **New York — 8.2%** | **New York — 8.2%** |  |
| $1000000 | Homer NY Centrl Sch Dist, BANS | 4.50% | 06/27/25 | $1001426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | Hoosick Falls NY Centrl Sch Dist, BANS | 4.50% | 06/20/25 | 1301547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1780000 | &nbsp;&nbsp;&nbsp; New York City NY Hsg Dev Corp Mf Hsg Rev Sustainable Dev <br> Bonds Var, Ser F-2 (Mandatory put 07/01/25) | 0.60% | 05/01/61 | 1767938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; New York City NY Muni Wtr Fin Auth Wtr & Swr Sys Rev Var <br> Ref Sub 2nd Gen Resolution, Ser DD (b) | 2.50% | 06/15/33 | 1500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Newark Vly NY Centrl Sch Dist, Ser A | 4.25% | 08/14/25 | 1001832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | NY NY Ref Remk, Ser J Subser J11 | 5.00% | 08/01/25 | 1506111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; NY St Dorm Auth Revs Non St Supported Debt Northwell Hlth <br> Obligated Grp, Ser B-3 (Mandatory put 05/01/26) | 5.00% | 05/01/48 | 1259301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | Port Auth of NY & NJ NY Ref, Ser 226, AMT | 5.00% | 10/15/25 | 1205695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Rochester NY, Ser III, BANS | 5.00% | 07/31/25 | 1003463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1595000 | Suffolk Cnty NY, Ser A, BAM | 5.00% | 06/15/25 | 1598253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Tioga NY Centrl Sch Dist, BANS | 4.50% | 06/27/25 | 1501932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Triborough NY Bridge & Tunnel Auth Payroll Mobility Tax, <br>Ser B-1, BANS | 5.00% | 03/15/27 | 1549813 |
|  |  |  |  | 16197311 |
|  | **North Carolina — 5.3%** | **North Carolina — 5.3%** | **North Carolina — 5.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Charlotte Mecklenburg NC Hosp Auth Hlth Care Sys Rev Var <br> Atrium Hlth Remk, Ser C (Mandatory put 10/31/25) | 3.45% | 01/15/48 | 999480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Cumberland Cnty NC Indl Facs & Poll Control Fing Auth Sol WS <br> Var Proj Aero, AMT (Mandatory put 11/01/25) | 3.75% | 12/01/27 | 1500354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; NC Hsg Fin Agy Homeownership Rev Var Home Ownership 1998 <br> Trust Agreement, Ser 55C (Mandatory put 01/15/26) | 3.20% | 07/01/56 | 1494442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; NC St Capital Facs Fin Agy Rev Ref Duke Univ, Ser B (Pre-<br> refunded maturity 10/01/25) | 5.00% | 10/01/55 | 1007662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | NC St Grant Anticipation Rev Ref, GARVEE (c) | 5.00% | 03/01/27 | 1547814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1350000 | NC St Turnpike Auth Ref Sr Lien, AGM | 5.00% | 01/01/26 | 1364202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1080000 | NC St Univ at Raleigh Ref Gen | 5.00% | 10/01/25 | 1087601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1490000 | Raleigh Durham NC Arpt Auth Arpt Rev Ref, Ser A, AMT | 5.00% | 05/01/26 | 1513115 |
|  |  |  |  | 10514670 |
|  | **Ohio — 2.8%** | **Ohio — 2.8%** | **Ohio — 2.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1810000 | Allen Cnty OH Hosp Facs Rev Ref, Ser A | 5.00% | 08/01/26 | 1844135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1650000 | Hamilton OH, BANS | 4.00% | 12/17/25 | 1655075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215000 | Montgomery Cnty OH Hlth Care Facs Rev Ref Solvita Proj | 5.00% | 09/01/25 | 215849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340000 | Montgomery Cnty OH Hlth Care Facs Rev Ref Solvita Proj | 5.00% | 09/01/26 | 346740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; OH St Air Quality Dev Authamerican Elec Pwr Co Proj Remk, <br>Ser 2014-D | 3.20% | 05/01/26 | 1486341 |
|  |  |  |  | 5548140 |
|  | **Oregon — 1.6%** | **Oregon — 1.6%** | **Oregon — 1.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 685000 | OR St Ref, Ser I | 5.00% | 08/01/25 | 687791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | Portland OR Wtr Sys Rev Ref Second Lien, Ser B | 5.00% | 05/01/25 | 2500000 |
|  |  |  |  | 3187791 |
|  | **Pennsylvania — 3.5%** | **Pennsylvania — 3.5%** | **Pennsylvania — 3.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1310000 | Cmwlth Fing Auth PA Tobacco Master Stlmt Payment Rev Bonds | 5.00% | 06/01/26 | 1327467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1530000 | PA Ref, 1st Ser, AGM | 5.00% | 09/15/25 | 1539635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; PA St Econ Dev Fing Auth UPMC Rev Ref UPMC Obligated <br> Grp, Ser B | 5.00% | 03/15/27 | 412768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | Philadelphia PA Arpt Rev Ref, Ser B, AMT | 5.00% | 07/01/25 | 1251883 |

---

------

**First Trust Ultra Short Duration Municipal ETF (FUMB)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Pennsylvania (Continued)** | **Pennsylvania (Continued)** | **Pennsylvania (Continued)** |  |
| $275000 | Riverside PA Sch Dist Ref, BAM | 4.00% | 10/15/25 | $275732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Tender Option Bond Trust Recpts / Ctfs Various States JPM Putters <br> Xm1120, AGM (a) (b) | 2.57% | 10/01/26 | 2000000 |
|  |  |  |  | 6807485 |
|  | **Rhode Island — 0.5%** | **Rhode Island — 0.5%** | **Rhode Island — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Pawtucket RI, Ser-2 | 4.50% | 10/24/25 | 1001063 |
|  | **South Carolina — 1.1%** | **South Carolina — 1.1%** | **South Carolina — 1.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 975000 | Greenville Cnty SC Sch Dist Installment Pur Rev Ref SC Proj | 5.00% | 12/01/25 | 984364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | Orangeburg Cnty Sch Dist | 5.00% | 08/13/25 | 1254867 |
|  |  |  |  | 2239231 |
|  | **Tennessee — 1.3%** | **Tennessee — 1.3%** | **Tennessee — 1.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Met Govt Nashville & Davidson Cnty TN Hlth & Eductnl Fac Brd <br> Var N River 2 Arpts (Mandatory put 08/01/25) | 3.25% | 10/01/45 | 1497567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | TN St Energy Acq Corp Gas Rev (Mandatory put 11/01/25) | 4.00% | 11/01/49 | 1000407 |
|  |  |  |  | 2497974 |
|  | **Texas — 10.7%** | **Texas — 10.7%** | **Texas — 10.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1650000 | Austin TX Wtr & Wstwtr Sys Rev Ref | 5.00% | 11/15/25 | 1664375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Austin TX Wtr & Wstwtr Sys Rev Ref | 5.00% | 11/15/25 | 1008712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 640000 | &nbsp;&nbsp;&nbsp; Celina TX Spl Assmnt Rev Ref The Lakes at Mustang Ranch Pub <br> Impt Dt Major Impt Area, AGC | 5.00% | 09/01/25 | 641952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Cypress Fairbanks TX Indep Sch Dist, Ser A | 5.00% | 02/15/26 | 1015215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Dallas Fort Worth TX Intl Arpt Rev Ref, Ser B | 5.00% | 11/01/25 | 504216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1625000 | Dallas TX Area Rapid Transit Sales Tax Rev Ref Sr Lien | 5.00% | 12/01/25 | 1641548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Galveston TX Wharves & Terminal Rev First Lien, AMT | 5.25% | 08/01/25 | 250480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Harris Cnty TX Toll Road Rev Ref, Ser A | 5.00% | 08/15/25 | 1004553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Harris Cnty-Houston TX Sports Auth Rev Ref Sr Lien, Ser A, AGC | 5.00% | 11/15/25 | 1008819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Harris Cnty-Houston TX Sports Auth Rev Ref Sr Lien, Ser A, AGC | 5.00% | 11/15/26 | 1028263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Houston TX Arpt Sys Rev Ref Sub, Ser C, BAM, AMT | 5.00% | 07/01/25 | 1001944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Mission TX Econ Dev Corp Sol Wst Disp Rev Var Ref Wst Mgmt <br> Inc Proj Remk, Ser B, AMT (Mandatory put 06/02/25) | 3.75% | 07/01/40 | 999683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Mission TX Econ Dev Corp Sol Wst Disp Rev Var Rep Svcs Inc <br> Proj Remk, Ser A, AMT (Mandatory put 08/01/25) | 3.70% | 05/01/50 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Plano TX Indep Sch Dist | 5.00% | 02/15/26 | 1015137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1170000 | Richardson TX Ctfs Oblig | 5.00% | 02/15/26 | 1187618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Spring Branch TX Indep Sch Dist | 5.00% | 02/01/26 | 1520960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 495000 | &nbsp;&nbsp;&nbsp; Tarrant Cnty TX Cultural Edu Facs Fin Corp Rev Ref Trinity <br> Terrace Proj | 5.00% | 10/01/25 | 496782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp; Travis Cnty TX Hsg Fin Corp Mf Hsg Rev Var Kensington Apts <br> (Mandatory put 08/01/25) | 3.75% | 08/01/26 | 874331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; TX St Dept of Hsg & Cmnty Affairs Mf Hsg Rev Var Gulfway <br> Manor (Mandatory put 08/01/26) | 3.25% | 08/01/28 | 997765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; TX St Dept of Hsg & Cmnty Affairs Mf Hsg Rev Var Nts Aspen <br> Park (Mandatory put 03/01/26) | 5.00% | 03/01/41 | 1003795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | TX St Muni Gas Acq & Sply Corp V Gas Sply Rev | 5.00% | 01/01/26 | 352989 |
|  |  |  |  | 21219137 |
|  | **Virginia — 1.3%** | **Virginia — 1.3%** | **Virginia — 1.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | VA Hsg Dev Auth Var, Ser F (Mandatory put 04/01/26) | 3.63% | 07/01/55 | 1497243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; VA St Small Busn Fing Auth Envrnmntl Facs Rev Var Pure Salmon <br> VA LLC Proj Remk, AMT (Mandatory put 11/20/25) | 4.00% | 11/01/52 | 999902 |
|  |  |  |  | 2497145 |

---

------

**First Trust Ultra Short Duration Municipal ETF (FUMB)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Washington — 0.7%** | **Washington — 0.7%** | **Washington — 0.7%** |  |
| $1100000 | &nbsp;&nbsp;&nbsp; Centrl Puget Sound WA Regl Transit Auth Sales Tax & Mtr Ve <br> Sustainable Bond, Ser S-1 | 5.00% | 11/01/25 | $1110314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345000 | &nbsp;&nbsp;&nbsp; WA St Hsg Fin Commn Nonprofit Hsg Rev Ref Emerald Heights <br> Proj, Ser A | 5.00% | 07/01/25 | 345107 |
|  |  |  |  | 1455421 |
|  | **Wisconsin — 1.3%** | **Wisconsin — 1.3%** | **Wisconsin — 1.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Milwaukee WI Prom Nts, Ser N5, BAM | 5.00% | 12/01/25 | 1513885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Racine WI Prom Nts | 4.50% | 03/15/27 | 1009621 |
|  |  |  |  | 2523506 |
|  | **Total Investments — 102.0%** | **Total Investments — 102.0%** | **Total Investments — 102.0%** | 201507129 |
|  | (Cost $201,772,903) | (Cost $201,772,903) | (Cost $201,772,903) |  |
|  | **Net Other Assets and Liabilities — (2.0)%** | **Net Other Assets and Liabilities — (2.0)%** | **Net Other Assets and Liabilities — (2.0)%** | (3985381)<br>|
|  | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $197521748 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) This security, sold within the terms of a private placement memorandum, is exempt
 from registration upon resale under Rule 144A of the Securities Act of 1933, as amended, and may be resold in transactions
 exempt from registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Trust's Board of Trustees, this security has been determined to be liquid by First Trust Advisors L.P., the Fund's 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 April 30, 2025, securities noted as such amounted to $8,736,784
 or 4.4% of net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) When-issued security. The interest rate shown reflects the rate in effect at April
 30, 2025. Interest will begin accruing on the security's first settlement date.

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

---

| | |
|:---|:---|
| Abbreviations throughout the Portfolio of Investments: | Abbreviations throughout the Portfolio of Investments: |
| AGC | – Assured Guaranty Corp. |
| AGM | – Assured Guaranty Municipal Corp. |
| AMT | – Alternative Minimum Tax |
| BAM | – Build America Mutual |
| BANS | – Bond Anticipation Notes |
| COPS | – Certificates of Participation |
| GARVEE | – Grant Anticipation Revenue Vehicle |

---

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of April 30, 2025 is as follows (see Valuation Inputs in the Additional Information section):

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**4/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Municipal Bonds\* | $201507129 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $201507129 | &nbsp;&nbsp; $— |

---

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

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

------

**First Trust Exchange-Traded Fund III**

**Additional Information**

**April 30, 2025 (Unaudited)**

**Valuation Inputs**

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

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

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

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

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

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Wheaton

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60187

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

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

- **a. Name of Series:** First Trust Ultra Short Duration Municipal ETF

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

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

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

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

- **b. Date as of which information is reported:** 2025-04-30

**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:** $204486818.93

**Total Liabilities:** $6965071.26

**Net Assets:** $197521747.67

**Delayed Delivery Securities:** $3830760.00

**Cash Not Reported:** $211795.21

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 3536.61428000 | **1-Year:** 7554.11983000 | **5-Year:** 504.55769000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** 29.14200000 | **1-Year:** 0.10789000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000205579 | 0.30%                | 0.10%                | 0.05%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-16226.71               | $56862.32                                  |
| Month 2  | $-1072.22                | $-168255.36                                |
| Month 3  | $0.00                    | $-371165.64                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| PLAINFIELD IL WTR & SWR SYS RE | Village of Plainfield IL Water & Sewer System Revenue                            | CUSIP: 726273CY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $432643.29    | 0.22%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLUMBUS GA MED CTR HOSP AUTH  | Columbus Medical Center Hospital Authority                                       | CUSIP: 199124BQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1515780.00   | 0.77%             | 2054-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| COOK CNTY IL                   | County of Cook IL                                                                | CUSIP: 213185LS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $554497.68    | 0.28%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RALEIGH DURHAM NC ARPT AUTH AR | Raleigh Durham Airport Authority                                                 | CUSIP: 751073KZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1490000 | PA      | $1513115.26   | 0.77%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N SUMTER CNTY FL UTILITY DEPEN | North Sumter County Utility Dependent District                                   | CUSIP: 66272RAU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1620000 | PA      | $1630459.53   | 0.83%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY       | Minnesota Housing Finance Agency                                                 | CUSIP: 60416URD9<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501027.30    | 0.25%             | 2027-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WINNEBAGO CNTY IL              | County of Winnebago IL                                                           | CUSIP: 974450V47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1035000 | PA      | $1045493.04   | 0.53%             | 2025-12-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO SPRINGS CO SCH DIST # | Colorado Springs School District No 11 Facilities Corp                           | CUSIP: 19662UAN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $267812.45    | 0.14%             | 2025-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSION TX ECON DEV CORP SOL W | Mission Economic Development Corp                                                | CUSIP: 605155BS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999683.60    | 0.51%             | 2040-07-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| NEW HAVEN MI CMNTY SCHS        | New Haven Community Schools                                                      | CUSIP: 645172JW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    790000 | PA      | $790000.00    | 0.40%             | 2025-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A | California Health Facilities Financing Authority                                 | CUSIP: 13032UYT9<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   2575000 | PA      | $2562061.91   | 1.30%             | 2054-08-15      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA ARPT REVENUE        | City of Atlanta GA Department of Aviation                                        | CUSIP: 04780MD48<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    860000 | PA      | $861527.27    | 0.44%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PROPERTY & BLDGS C | Kentucky State Property & Building Commission                                    | CUSIP: 49151FW71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $508782.80    | 0.26%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN | Virginia Small Business Financing Authority                                      | CUSIP: 92810RAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999902.40    | 0.51%             | 2052-11-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST                      | State of Oregon                                                                  | CUSIP: 68609BQ83<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |    685000 | PA      | $687790.69    | 0.35%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARTFORD CT SPL OBLIG          | City of Hartford CT                                                              | CUSIP: 416464AM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1275285.25   | 0.65%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DODGE CITY KS                  | City of Dodge City KS                                                            | CUSIP: 256309J97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000732.50   | 0.51%             | 2025-09-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R | Massachusetts Development Finance Agency                                         | CUSIP: 57585BDE5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    550000 | PA      | $554769.44    | 0.28%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HLTH CARE FACS F | New Jersey Health Care Facilities Financing Authority                            | CUSIP: 645790PK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1935000 | PA      | $1939579.18   | 0.98%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE PA SCH DIST          | Riverside School District                                                        | CUSIP: 769250KN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $275731.78    | 0.14%             | 2025-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R | Massachusetts Development Finance Agency                                         | CUSIP: 57585BDF2<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    450000 | PA      | $460775.93    | 0.23%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL EDUCTNL FAC | Miami-Dade County Educational Facilities Authority                               | CUSIP: 59333AND9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $518695.60    | 0.26%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                             | CUSIP: 19648AW27<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2002281.80   | 1.01%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP  | New York City Housing Development Corp                                           | CUSIP: 64972EYZ6<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1780000 | PA      | $1767938.01   | 0.90%             | 2061-05-01      | Variable      | 0.60%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE    | City of Houston TX Airport System Revenue                                        | CUSIP: 442349DF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001944.50   | 0.51%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PEFA INC IA GAS PROJ REVENUE   | PEFA Inc                                                                         | CUSIP: 70556CAB0<br>LEI: 549300RSE249DJNRHY07 | Long             | DBT              | MUN               | US        |   1735000 | PA      | $1758636.43   | 0.89%             | 2049-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GA           | Municipal Electric Authority of Georgia                                          | CUSIP: 62620HJD5<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1100962.57   | 0.56%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA | Chicago O'Hare International Airport                                             | CUSIP: 1675935K4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024109.70   | 0.52%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                             | CUSIP: 19648FYX6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    250000 | PA      | $255818.88    | 0.13%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BREVARD CNTY FL HSG FIN AUTH M | Brevard County Housing Finance Authority                                         | CUSIP: 106904FY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1497519.45   | 0.76%             | 2028-02-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| CENTRL PUGET SOUND WA REGL TRA | Central Puget Sound Regional Transit Authority                                   | CUSIP: 155048CX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1110313.38   | 0.56%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TIOGA NY CENTRL SCH DIST       | Tioga Central School District                                                    | CUSIP: 887739DM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1501931.70   | 0.76%             | 2025-06-27      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE | Port Authority of New York & New Jersey                                          | CUSIP: 73358XBW1<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1205695.32   | 0.61%             | 2025-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA HSG FIN AGY HOM | North Carolina Housing Finance Agency                                            | CUSIP: 65820BBB1<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1494442.20   | 0.76%             | 2056-07-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                    | City of New York NY                                                              | CUSIP: 64966QBJ8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1506111.00   | 0.76%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT JAMES PARISH LA REVENUE  | Parish of St James LA                                                            | CUSIP: 790103AY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000743.30   | 0.51%             | 2041-08-01      | Variable      | 5.85%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST                  | State of New Jersey                                                              | CUSIP: 646039YK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020925.30   | 0.52%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL HSG FIN AUT | Miami-Dade County Housing Finance Authority                                      | CUSIP: 593344BR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $752461.80    | 0.38%             | 2027-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| HARMONY FL CDD CAPITAL IMPT RE | Harmony Community Development District                                           | CUSIP: 413213AF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $375000.00    | 0.19%             | 2025-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                                | CUSIP: 452152S44<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009050.50   | 0.51%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH A | Metropolitan Washington Airports Authority Aviation Revenue                      | CUSIP: 592647HF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1534491.00   | 0.78%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST HOSP FIN AUTH      | Michigan State Hospital Finance Authority                                        | CUSIP: 59465HUL8<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |   1295000 | PA      | $1307212.76   | 0.66%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE   | Illinois Finance Authority                                                       | CUSIP: 45204ETN8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1185000 | PA      | $1189810.27   | 0.60%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY OH HLTH CARE F | County of Montgomery OH                                                          | CUSIP: 613518CN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $346740.33    | 0.18%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST CAPITAL FACS | North Carolina Capital Facilities Finance Agency                                 | CUSIP: 65819GKX5<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007661.90   | 0.51%             | 2055-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL | Maryland Health & Higher Educational Facilities Authority                        | CUSIP: 57421CHB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $766082.10    | 0.39%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WINCHESTER MA                  | Town of Winchester MA                                                            | CUSIP: 9730245V0<br>LEI: 549300YOV2B42TT06X20 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1260337.00   | 0.64%             | 2026-03-26      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH KANSAS CITY MO SCH DIST  | North Kansas City School District No 74                                          | CUSIP: 660266LN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016011.10   | 0.51%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX WTR & WSTWTR SYS REV | City of Austin TX Water & Wastewater System Revenue                              | CUSIP: 052477PG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008711.90   | 0.51%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL HSG FIN AUT | Miami-Dade County Housing Finance Authority                                      | CUSIP: 593344BS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $750506.18    | 0.38%             | 2026-09-01      | Variable      | 4.05%                 | No            |                  2 | On Loan: No      |
| CENTRL PLAINS ENERGY PROJ NE G | Central Plains Energy Project                                                    | CUSIP: 154872AT2<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1250104.50   | 0.63%             | 2049-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| PORTLAND OR WTR SYS REVENUE    | City of Portland OR Water System Revenue                                         | CUSIP: 736754RG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2500000.00   | 1.27%             | 2025-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES | New York State Dormitory Authority                                               | CUSIP: 64990GTD4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1259301.50   | 0.64%             | 2048-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE-MECKLENBURG NC HOSP  | Charlotte-Mecklenburg Hospital Authority/The                                     | CUSIP: 160853TL1<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999480.10    | 0.51%             | 2048-01-15      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST TRANSPRTN AUTH PAS | Maryland State Transportation Authority Passenger Facility Charge Revenue        | CUSIP: 57429NCN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001039.00   | 0.51%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLARK CNTY NV ARPT REVENUE     | County of Clark Department of Aviation                                           | CUSIP: 18085PTC8<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1124987.16   | 0.57%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH COOPERAT | Southeast Energy Authority A Cooperative District                                | CUSIP: 84136HBV4<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    330000 | PA      | $335088.70    | 0.17%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES MI WTR AUTH WTR SP | Great Lakes Water Authority Water Supply System Revenue                          | CUSIP: 39081JAE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002417.10   | 0.51%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOBILE AL INDL DEV BRD POLL CO | Industrial Development Board of the City of Mobile Alabama                       | CUSIP: 607167DX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1998092.20   | 1.01%             | 2034-07-15      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| NEWARK VLY NY CENTRL SCH DIST  | Newark Valley Central School District                                            | CUSIP: 650553HP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001831.60   | 0.51%             | 2025-08-14      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MINNESOTA MUNI GAS AGY COMMODI | Minnesota Municipal Gas Agency                                                   | CUSIP: 60406UAG2<br>LEI: 549300SISI6N1C6S3136 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1502114.25   | 0.76%             | 2025-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH   | Ohio Air Quality Development Authority                                           | CUSIP: 677525WY9<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1486340.40   | 0.75%             | 2026-05-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH COOPERAT | Southeast Energy Authority A Cooperative District                                | CUSIP: 84136HBW2<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    555000 | PA      | $565894.82    | 0.29%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH | Kentucky Public Energy Authority                                                 | CUSIP: 74440DBR4<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1165424.76   | 0.59%             | 2049-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| HOOSICK FALLS NY CENTRL SCH DI | Hoosick Falls Central School District                                            | CUSIP: 439182GT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1301546.61   | 0.66%             | 2025-06-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CMWLTH FING AUTH PA TOBACCO MA | Commonwealth Financing Authority                                                 | CUSIP: 20282EAG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1327467.28   | 0.67%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE   | Illinois Finance Authority                                                       | CUSIP: 45203HN57<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1020745.11   | 0.52%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KANE COOK & DU PAGE CNTYS IL S | Kane Cook & DuPage Counties School District No U-46 Elgin                        | CUSIP: 483836VZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $505789.45    | 0.26%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW ORLEANS LA AVIATION BRD    | New Orleans Aviation Board                                                       | CUSIP: 64763HHV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $540982.16    | 0.27%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MANATEE CNTY FL SCH DIST SALES | Manatee County School District                                                   | CUSIP: 56185PCC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1510619.40   | 0.76%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R | Massachusetts Development Finance Agency                                         | CUSIP: 57585BJG4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015474.40   | 0.51%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH | Kentucky Public Energy Authority                                                 | CUSIP: 74440DEP5<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    615000 | PA      | $623881.09    | 0.32%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOWER AL GAS DIST GAS PROJ REV | Lower Alabama Gas District/The                                                   | CUSIP: 547804AM6<br>LEI: 549300YTI1NTDG2OVU42 | Long             | DBT              | MUN               | US        |   1770000 | PA      | $1770862.52   | 0.90%             | 2050-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                                | CUSIP: 452152S51<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023554.20   | 0.52%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HLTH FACS AUTH REVENU | Idaho Health Facilities Authority                                                | CUSIP: 451295E47<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 1.01%             | 2060-03-01      | Variable      | 2.65%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE | New Jersey Economic Development Authority                                        | CUSIP: 64577B6J8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1507900.50   | 0.76%             | 2025-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY OH HLTH CARE F | County of Montgomery OH                                                          | CUSIP: 613518CM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $215848.93    | 0.11%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TENNESSEE ST ENERGY ACQUISITIO | Tennessee Energy Acquisition Corp                                                | CUSIP: 880443JE7<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000407.20   | 0.51%             | 2049-11-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| GLOUCESTER MA                  | City of Gloucester MA                                                            | CUSIP: 379713QM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1503660.90   | 0.76%             | 2025-10-03      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC | Health & Educational Facilities Authority of the State of Missouri               | CUSIP: 60637ATQ5<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1202112.96   | 0.61%             | 2051-05-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| BRIDGEPORT CT                  | City of Bridgeport CT                                                            | CUSIP: 108152KS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1507788.15   | 0.76%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PADUCAH KY ELEC PLANT BRD REVE | Paducah Electric Plant Board                                                     | CUSIP: 695317DM6<br>LEI: 549300XTPDPORT8VIQ62 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1306937.71   | 0.66%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL              | County of Jefferson AL                                                           | CUSIP: 472628QT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1180000 | PA      | $1186860.17   | 0.60%             | 2025-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO SCH DIST | Denver City & County School District No 1                                        | CUSIP: 249174YT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $516008.95    | 0.26%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SUFFOLK CNTY NY                | County of Suffolk NY                                                             | CUSIP: 86476PG69<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1595000 | PA      | $1598253.00   | 0.81%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REGL TRANSIT AUTH LA SALES TAX | Regional Transit Authority Sales Tax Revenue                                     | CUSIP: 75912RCD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1145320.31   | 0.58%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EAST ALLEN CNTY IN SCHS        | East Allen County Schools                                                        | CUSIP: 270443GR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1264510.38   | 0.64%             | 2026-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST MUNI ENERGY ACQU | New Mexico Municipal Energy Acquisition Authority                                | CUSIP: 647207BD0<br>LEI: 549300KZGG2YNDKKCE92 | Long             | DBT              | MUN               | US        |    475000 | PA      | $481760.44    | 0.24%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSION TX ECON DEV CORP SOL W | Mission Economic Development Corp                                                | CUSIP: 605155BQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 1.01%             | 2050-05-01      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST TRANSPRTN BRD EXCIS | Arizona Transportation Board                                                     | CUSIP: 040649MJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1615000 | PA      | $1618930.91   | 0.82%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CASSIA ONEIDA & TWIN FALLS CNT | Cassia & Twin Falls Counties Joint School District No 151                        | CUSIP: 148190ES6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1315000 | PA      | $1323281.34   | 0.67%             | 2025-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY-HOUSTON TX SPORTS  | Harris County-Houston Sports Authority                                           | CUSIP: 413890GN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008818.80   | 0.51%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST MUNI PWR AGY        | Florida Municipal Power Agency                                                   | CUSIP: 342816F91<br>LEI: 549300M3I10QJUPNU131 | Long             | DBT              | MUN               | US        |   1060000 | PA      | $1067906.96   | 0.54%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA | Main Street Natural Gas Inc                                                      | CUSIP: 56035DJA1<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    775000 | PA      | $780205.60    | 0.39%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO FIN AUTH REVENUE    | New Mexico Finance Authority                                                     | CUSIP: 64711PPV6<br>LEI: 549300L6217Y7X40SP94 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400473.36    | 0.20%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA HSG DEV AUTH          | Virginia Housing Development Authority                                           | CUSIP: 92812XFJ6<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1497242.40   | 0.76%             | 2055-07-01      | Variable      | 3.62%                 | No            |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEI | Tender Option Bond Trust Receipts/Certificates                                   | CUSIP: 88035EZC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500000.00   | 0.76%             | 2046-02-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC | Health & Educational Facilities Authority of the State of Missouri               | CUSIP: 60635H3R8<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    480000 | PA      | $483325.54    | 0.24%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX TOLL ROAD REVEN | County of Harris TX Toll Road Revenue                                            | CUSIP: 41423PCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004552.80   | 0.51%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SCHAUMBURG IL                  | Village of Schaumburg IL                                                         | CUSIP: 806347PS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    870000 | PA      | $877047.87    | 0.44%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ CIVIC IMPT CORP ARP | City of Phoenix Civic Improvement Corp                                           | CUSIP: 71883MNE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1413051.10   | 0.72%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST PUBLIC FACS AUTHS | Louisiana Public Facilities Authority                                            | CUSIP: 54640TAK5<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1925000 | PA      | $1931162.50   | 0.98%             | 2043-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH COOPERAT | Southeast Energy Authority A Cooperative District                                | CUSIP: 84136HBD4<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    500000 | PA      | $505956.15    | 0.26%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PLANO TX INDEP SCH DIST        | Plano Independent School District                                                | CUSIP: 727199D73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015136.90   | 0.51%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST UNIV AT RALE | North Carolina State University at Raleigh                                       | CUSIP: 658289F99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1080000 | PA      | $1087601.15   | 0.55%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP  | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KDC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $175000.00    | 0.09%             | 2025-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL INDL DEV AU | Miami-Dade County Industrial Development Authority                               | CUSIP: 59333GAM0<br>LEI: 549300RM19LZY32DAU30 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000206.40   | 1.52%             | 2033-11-01      | Variable      | 0.86%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST TURNPIKE AUT | North Carolina Turnpike Authority                                                | CUSIP: 65830RBD0<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1364202.00   | 0.69%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY NC INDL FACS & | Cumberland County Industrial Facilities & Pollution Control Financing Authority  | CUSIP: 230589AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500353.85   | 0.76%             | 2027-12-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL HSG FIN AUT | Miami-Dade County Housing Finance Authority                                      | CUSIP: 593344BT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999909.70    | 0.51%             | 2027-01-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY-HOUSTON TX SPORTS  | Harris County-Houston Sports Authority                                           | CUSIP: 413890GP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028262.90   | 0.52%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH COOPERAT | Southeast Energy Authority A Cooperative District                                | CUSIP: 84136HBE2<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    500000 | PA      | $507753.10    | 0.26%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHASKA MN ECON DEV AUTH LEASE  | Chaska Economic Development Authority                                            | CUSIP: 16166NFF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $733942.51    | 0.37%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New Brunswick NJ       | NEW BRUNSWICK-BANS 5.0 4/                                                        | CUSIP: 642815V92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1522882.35   | 0.77%             | 2026-04-28      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DALLAS TX AREA RAPID TRANSIT S | Dallas Area Rapid Transit                                                        | CUSIP: 235241SY3<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1641548.51   | 0.83%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DU PAGE CNTY IL FOREST PRESERV | DuPage County Forest Preserve District                                           | CUSIP: 262651VG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1206889.62   | 0.61%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PLAINFIELD IL WTR & SWR SYS RE | Village of Plainfield IL Water & Sewer System Revenue                            | CUSIP: 726273CX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    715000 | PA      | $715000.00    | 0.36%             | 2025-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA | Main Street Natural Gas Inc                                                      | CUSIP: 56035DEG3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    550000 | PA      | $550375.43    | 0.28%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WAYNE CNTY MI ARPT AUTH REVENU | Wayne County Airport Authority                                                   | CUSIP: 944514WM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008678.70   | 0.51%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                             | CUSIP: 19648FVN1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 1.01%             | 2062-05-15      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL SCH BRD COP | School Board of Miami-Dade County/The                                            | CUSIP: 59333MW68<br>LEI: 549300J3U4QVT6U3O129 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1524603.00   | 0.77%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GTR ORLANDO FL AVIATION AUTH A | Greater Orlando Aviation Authority                                               | CUSIP: 3922743T1<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1257655.50   | 0.64%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DU PAGE & WILL CNTYS IL CMNTYS | Du Page & Will Counties Community School District No 204 Indian Prairie          | CUSIP: 262608RW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1414838.60   | 0.72%             | 2025-12-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON TWP NJ GLOUCESTER C | Township of Washington NJ/Gloucester County                                      | CUSIP: 940416LP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001509.90   | 0.51%             | 2025-09-03      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH | Kentucky Public Energy Authority                                                 | CUSIP: 74440DEM2<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500955.45    | 0.25%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY       | Minnesota Housing Finance Agency                                                 | CUSIP: 60416TZ43<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    700000 | PA      | $700073.64    | 0.35%             | 2025-08-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| TRAVIS CNTY TX HSG FIN CORP MF | Travis County Housing Finance Corp                                               | CUSIP: 89438UBP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $874330.89    | 0.44%             | 2026-08-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| INDIANA ST MUNI PWR AGY        | Indiana Municipal Power Agency                                                   | CUSIP: 454898YC5<br>LEI: AX0ZCCVOQ71Z4RXBL233 | Long             | DBT              | MUN               | US        |    500000 | PA      | $505921.95    | 0.26%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKES BY THE BAY S FL CDD ASSM | Lakes by the Bay South Community Development District                            | CUSIP: 51206QAL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    685000 | PA      | $685000.00    | 0.35%             | 2025-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF SOUTH ALABAMA AL UNIV  | University of South Alabama                                                      | CUSIP: 914845VB5<br>LEI: 549300U394SOV3NGG049 | Long             | DBT              | MUN               | US        |    750000 | PA      | $762378.45    | 0.39%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX WTR & WSTWTR SYS REV | City of Austin TX Water & Wastewater System Revenue                              | CUSIP: 052477ME3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1664374.64   | 0.84%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA ARPT REVENUE   | City of Philadelphia PA Airport Revenue                                          | CUSIP: 717817TX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1251882.63   | 0.63%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE   | Michigan Finance Authority                                                       | CUSIP: 59447TNV1<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1440718.57   | 0.73%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GALVESTON TX WHARVES & TERMINA | City of Galveston TX Wharves & Terminal Revenue                                  | CUSIP: 364568HV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250480.08    | 0.13%             | 2025-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MAINE ST FIN AUTH SOL WST DISP | Finance Authority of Maine                                                       | CUSIP: 56042CAT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $796977.28    | 0.40%             | 2035-08-01      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL  | Triborough Bridge & Tunnel Authority                                             | CUSIP: 89602HJA6<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1549813.50   | 0.78%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI | Washington State Housing Finance Commission                                      | CUSIP: 939783P42<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    345000 | PA      | $345107.19    | 0.17%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST DEPT OF HSG & CMNTY A | Texas Department of Housing & Community Affairs                                  | CUSIP: 88275AET3<br>LEI: 549300J3RRLLZZN4WP77 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $997764.60    | 0.51%             | 2028-08-01      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| MILWAUKEE WI                   | City of Milwaukee WI                                                             | CUSIP: 6023662M7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1513885.50   | 0.77%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAMILTON OH                    | City of Hamilton OH                                                              | CUSIP: 407756P82<br>LEI: 549300NCXYTNZWHRP508 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1655075.07   | 0.84%             | 2025-12-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA HSG FIN AGY M | District of Columbia Housing Finance Agency                                      | CUSIP: 25477PQD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $997349.10    | 0.50%             | 2041-09-01      | Variable      | 3.05%                 | No            |                  2 | On Loan: No      |
| LEMONT IL FIRE PROT DIST       | Lemont Fire Protection District                                                  | CUSIP: 525680BH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1149322.04   | 0.58%             | 2026-12-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST HSG DEV AUTH MF HS | Illinois Housing Development Authority                                           | CUSIP: 45203LDY6<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |    625000 | PA      | $625227.88    | 0.32%             | 2026-06-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST                | Commonwealth of Pennsylvania                                                     | CUSIP: 70914PB84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1530000 | PA      | $1539635.33   | 0.78%             | 2025-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F | Tarrant County Cultural Education Facilities Finance Corp                        | CUSIP: 87638THS5<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    495000 | PA      | $496781.90    | 0.25%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CYPRESS-FAIRBANKS TX INDEP SCH | Cypress-Fairbanks Independent School District                                    | CUSIP: 232769KX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015215.40   | 0.51%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY GA DEV AUTH POLL C | Development Authority of Monroe County/The                                       | CUSIP: 610530FR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1370000 | PA      | $1364362.04   | 0.69%             | 2025-07-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| CLARK CNTY NV                  | County of Clark NV                                                               | CUSIP: 180848XR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1217900.25   | 0.62%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH ECON DEV R | Indiana Finance Authority                                                        | CUSIP: 45505RBN4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1249232.75   | 0.63%             | 2028-05-01      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING  | Pennsylvania Economic Development Financing Authority                            | CUSIP: 70870JHB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $412767.72    | 0.21%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST BRD OF EDU PUBLIC E | State of Florida                                                                 | CUSIP: 34153P6W3<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2001551.80   | 1.01%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN  | New York City Municipal Water Finance Authority                                  | CUSIP: 64972GZW7<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500000.00   | 0.76%             | 2033-06-15      | Variable      | 2.60%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL WTR & SWR R | County of Miami-Dade FL Water & Sewer System Revenue                             | CUSIP: 59334DHZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    845000 | PA      | $850705.95    | 0.43%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SPRING BRANCH TX INDEP SCH DIS | Spring Branch Independent School District                                        | CUSIP: 849476VX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1520959.95   | 0.77%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CELINA TX SPL ASSESSMENT REVEN | City of Celina TX                                                                | CUSIP: 15114CJY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    640000 | PA      | $641951.68    | 0.33%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JERSEY CITY NJ REDEV AGY       | Jersey City Redevelopment Agency                                                 | CUSIP: 476637AZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1506603.00   | 0.76%             | 2025-12-11      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| INDIANA ST MUNI PWR AGY        | Indiana Municipal Power Agency                                                   | CUSIP: 454898YD3<br>LEI: AX0ZCCVOQ71Z4RXBL233 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030666.90   | 0.52%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                             | CUSIP: 19648FJH8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    280000 | PA      | $280404.66    | 0.14%             | 2049-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST GRANT ANTICI | State of North Carolina                                                          | CUSIP: 658268EY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1547813.55   | 0.78%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSON  | Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | CUSIP: 592113CM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1497566.40   | 0.76%             | 2045-10-01      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST HOSP EQUIPMENT L | New Mexico Hospital Equipment Loan Council                                       | CUSIP: 647370GU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1455000 | PA      | $1459645.09   | 0.74%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PAWTUCKET RI                   | City of Pawtucket RI                                                             | CUSIP: 7041654L0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001062.90   | 0.51%             | 2025-10-24      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TEXAS ST DEPT OF HSG & CMNTY A | Texas Department of Housing & Community Affairs                                  | CUSIP: 88275AEP1<br>LEI: 549300J3RRLLZZN4WP77 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003794.90   | 0.51%             | 2041-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| ROCHESTER NY                   | City of Rochester NY                                                             | CUSIP: 771694RA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003463.00   | 0.51%             | 2025-07-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEI | Tender Option Bond Trust Receipts/Certificates                                   | CUSIP: 88035FW71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 1.01%             | 2026-10-01      | Variable      | 2.72%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL MIDWAY ARPT REVENUE | Chicago Midway International Airport                                             | CUSIP: 167562TP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $505094.75    | 0.26%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DALLAS-FORT WORTH TX INTERNATI | Dallas Fort Worth International Airport                                          | CUSIP: 23503CCK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504216.20    | 0.26%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKELAND FL ENERGY SYS REVENUE | City of Lakeland FL Department of Electric Utilities                             | CUSIP: 51166FDW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1258434.00   | 0.64%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOMER NY CENTRL SCH DIST       | Homer Central School District                                                    | CUSIP: 437560GJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001425.80   | 0.51%             | 2025-06-27      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ CIVIC IMPT CORP ARP | City of Phoenix Civic Improvement Corp                                           | CUSIP: 71883MQH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501081.95    | 0.25%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ORANGEBURG CNTY SCH DIST       | Orangeburg County School District                                                | CUSIP: 685363AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1254866.88   | 0.64%             | 2025-08-13      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREENVILLE CNTY SC SCH DIST IN | Greenville County School District                                                | CUSIP: 396066JD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    975000 | PA      | $984364.19    | 0.50%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH SOL WST FACS  | Iowa Finance Authority                                                           | CUSIP: 46246YAB8<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1495670.40   | 0.76%             | 2042-01-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| RACINE WI                      | City of Racine WI                                                                | CUSIP: 750022KQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009620.80   | 0.51%             | 2027-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MISSOURI JT MUNI ELEC UTILITY  | Missouri Joint Municipal Electric Utility Commission                             | CUSIP: 606092PN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1517368.35   | 0.77%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLEN CNTY OH HOSP FACS REVENU | County of Allen OH Hospital Facilities Revenue                                   | CUSIP: 01757LFR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1810000 | PA      | $1844134.79   | 0.93%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RICHARDSON TX                  | City of Richardson TX                                                            | CUSIP: 763227U60<br>LEI: 549300YMK2Z7UGNHHQ13 | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1187618.33   | 0.60%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION  | Texas Municipal Gas Acquisition & Supply Corp V                                  | CUSIP: 88256RAA4<br>LEI: 254900XZ4J30QIJO9G03 | Long             | DBT              | MUN               | US        |    350000 | PA      | $352988.97    | 0.18%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JOHNSON CNTY KS PUBLIC BLDG CO | Johnson County Public Building Commission                                        | CUSIP: 478497E22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006052.20   | 0.51%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST CLG BLDG AUTH | Massachusetts State College Building Authority                                   | CUSIP: 575831BS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 1.01%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE   | Illinois Finance Authority                                                       | CUSIP: 45204EES3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1267157.25   | 0.64%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-24

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

**Signature:** Derek Maltbie

**Name of Signer:** Derek Maltbie

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