# EDGAR Filing Document

**Accession Number:** 0001424212
**File Stem:** 0000940400-25-014236
**Filing Date:** 2025-12
**Character Count:** 108871
**Document Hash:** 16f32ad6146ffc5da52c378688fb0ea0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-014236.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0000940400-25-014236

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251223

**PERIOD START**: 20260731

**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:** 251597853

**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 New York Municipal High Income ETF (Series ID: S000070485)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000223991 | First Trust New York Municipal High Income ETF | FMNY            |

## Nport-Ex

**First Trust California Municipal High Income ETF (FCAL)**

**Portfolio of Investments**

**October 31, 2025 (Unaudited)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Stated** <br>**Coupon**<br>| **Stated** <br>**Maturity**<br>| **Value** |
| **MUNICIPAL BONDS — 98.5%** | **MUNICIPAL BONDS — 98.5%** | **MUNICIPAL BONDS — 98.5%** | **MUNICIPAL BONDS — 98.5%** | **MUNICIPAL BONDS — 98.5%** |
|  | **California — 94.4%** | **California — 94.4%** | **California — 94.4%** |  |
| $2000000 | &nbsp;&nbsp;&nbsp; Anaheim CA Hsg & Pub Impt Auth Rev Var Wtr Sys Proj Second <br> Lien, Ser A (a) | 3.10% | 10/01/54 | $2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Atascadero CA Fing Auth Lease Rev, Ser A | 5.00% | 05/01/44 | 271587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Atascadero CA Fing Auth Lease Rev, Ser A | 5.00% | 05/01/45 | 270259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | Azusa CA Spl Tax Cmnty Facs Dist No 2005-1 Impt, AG | 5.00% | 09/01/44 | 1228959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Bay Area CA Toll Auth Toll Bridge Rev Sustainable Bond, Ser F-2 | 5.00% | 04/01/44 | 1072801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | Bay Area CA Toll Auth Toll Bridge Rev Var, Ser H (a) | 3.05% | 04/01/59 | 1400000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Beaumont CA Spl Tax Cmnty Facs Dist No 93-1 Impt Area No 8F | 4.00% | 09/01/33 | 101667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | Burbank CA Wtr & Pwr Elec Rev | 5.00% | 06/01/43 | 1326856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Burbank Glendale Pasadena CA Arpt Auth Arpt Rev Sr, Ser B, <br> AMT | 5.25% | 07/01/40 | 1093304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; Burbank Glendale Pasadena CA Arpt Auth Arpt Rev Sr, Ser B, <br> AMT | 5.25% | 07/01/44 | 792529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp; Burbank Glendale Pasadena CA Arpt Auth Arpt Rev Sr, Ser B, <br> AMT | 5.25% | 07/01/49 | 654748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp; CA Cmnty Choice Fing Auth Clean Energy Proj Rev Sustainable <br> Bond, Ser A (Mandatory put 12/01/27) | 4.00% | 10/01/52 | 20306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; CA Cmnty Choice Fing Auth Clean Energy Proj Rev Sustainable <br> Bond, Ser A-1 (Mandatory put 04/01/32) | 5.00% | 05/01/54 | 1089812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 585000 | &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 | 634471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 925000 | &nbsp;&nbsp;&nbsp; CA Cmnty Choice Fing Auth Clean Energy Proj Rev Var <br> Sustainable Bond, Ser A-1 (Mandatory put 08/01/29) | 5.00% | 12/01/53 | 986185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; CA Cmnty Choice Fing Auth Clean Energy Proj Rev Var <br> Sustainable Bonds, Ser C (Mandatory put 10/01/31) | 5.25% | 01/01/54 | 1072919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405500 | CA Hsg Fin Agy Muni Ctfs, Ser A | 4.25% | 01/15/35 | 420486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; CA Pub Fin Auth Sr Living Rev Enso Vlg Proj Sustainable <br> Bond, Ser A (b) | 5.00% | 11/15/56 | 220015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp; CA Sch Fin Auth Sch Fac Rev Alliance Clg Ready Pub Schs <br> Proj, Ser C (b) | 4.50% | 07/01/26 | 311225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | CA Sch Fin Auth Sch Fac Rev Granada Hills Chrt Oblig Grp (b) | 5.00% | 07/01/43 | 1001693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 455000 | &nbsp;&nbsp;&nbsp; CA Sch Fin Auth Sch Fac Rev Granada Hills Chrt Oblig Grp, <br>Ser A (b) | 5.00% | 07/01/40 | 472082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; CA Sch Fin Auth Sch Fac Rev Granada Hills Chrt Oblig Grp, <br>Ser A (b) | 5.00% | 07/01/42 | 255486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp; CA Sch Fin Auth Sch Fac Rev Granada Hills Chrt Oblig Grp, <br>Ser A (b) | 5.00% | 07/01/43 | 177773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp; CA Sch Fin Auth Sch Fac Rev Granada Hills Chrt Oblig Grp, <br>Ser A (b) | 5.00% | 07/01/44 | 186960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105000 | CA Sch Fin Auth Sch Fac Rev Kipp SoCal Pub Schs, Ser A (b) | 5.00% | 07/01/27 | 107576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | CA Sch Fin Auth Sch Fac Rev Ref Hth Learning Proj, Ser A (b) | 5.00% | 07/01/32 | 202824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 545000 | CA Sch Fin Auth Sch Fac Rev Ref Value Schs, Ser A (b) | 5.00% | 07/01/40 | 558293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | CA Sch Fin Auth Sch Fac Rev Ref Value Schs, Ser A (b) | 5.25% | 07/01/48 | 456960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 | CA Sch Fin Auth Sch Fac Rev, Ser A (b) | 5.00% | 07/01/40 | 659595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | CA St Eductnl Facs Auth Rev Art Ctr Clg of Design, Ser A | 5.00% | 12/01/31 | 490670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp; CA St Enterprise Dev Auth Chrt Sch Rev Ref The Rocklin Acdmy <br> Proj, Ser A (b) | 4.00% | 06/01/36 | 357308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; CA St Enterprise Dev Auth Chrt Sch Rev The Rocklin Acdmy <br> Proj (b) | 5.00% | 06/01/34 | 524452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; CA St Enterprise Dev Auth Chrt Sch Rev The Rocklin Acdmy <br> Proj (b) | 5.00% | 06/01/44 | 734947 |

---

------

**First Trust California Municipal High Income ETF (FCAL)**

**Portfolio of Investments (Continued)**

**October 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **California (Continued)** | **California (Continued)** | **California (Continued)** |  |
| $2500000 | &nbsp;&nbsp;&nbsp; CA St Enterprise Dev Auth Lease Rev Riverside Cnty Mead Vly <br> Wellness Vlg Proj, Ser A | 5.25% | 11/01/49 | $2681925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | CA St Enterprise Dev Auth Rev Ref Sage Hill Sch Proj | 5.00% | 12/01/41 | 659469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; CA St Enterprise Dev Auth Stdt Hsg Rev Ref Pomona <br> Properties LLC Proj, Ser A | 5.00% | 01/15/39 | 697935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | CA St Hlth Facs Fing Auth Rev Adventist Hlth Sys W, Ser A | 5.25% | 12/01/40 | 544011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | CA St Hlth Facs Fing Auth Rev Adventist Hlth Sys W, Ser A | 5.25% | 12/01/41 | 538902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | CA St Hlth Facs Fing Auth Rev Adventist Hlth Sys W, Ser A | 5.25% | 12/01/42 | 533957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | CA St Hlth Facs Fing Auth Rev Commonspirit Hlth, Ser A | 5.00% | 12/01/44 | 2114412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | CA St Hlth Facs Fing Auth Rev Commonspirit Hlth, Ser A | 5.25% | 12/01/49 | 1066026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 520000 | CA St Hlth Facs Fing Auth Rev Episcopal Cmntys & Svcs, Ser B | 5.00% | 11/15/33 | 575131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | CA St Hlth Facs Fing Auth Rev Episcopal Cmntys & Svcs, Ser B | 5.25% | 11/15/48 | 1029544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | CA St Hlth Facs Fing Auth Rev Kaiser Permanente, Subser A-2 | 4.00% | 11/01/44 | 955942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1240000 | CA St Hlth Facs Fing Auth Rev Ref El Camino Hlth, Ser A | 5.00% | 02/01/43 | 1340252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1025000 | CA St Hlth Facs Fing Auth Rev Ref Scripps Hlth, Ser A | 5.00% | 11/15/42 | 1131810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | CA St Hlth Facs Fing Auth Rev Ref Stanford Hlth Care, Ser A | 5.00% | 08/15/43 | 547463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | CA St Hlth Facs Fing Auth Rev Ref Stanford Hlth Care, Ser A | 5.00% | 08/15/44 | 543378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1410000 | &nbsp;&nbsp;&nbsp; CA St Infra & Econ Dev Bank Rev Adventist Hlth Energy Proj, <br>Ser A | 5.00% | 07/01/40 | 1506089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Chrt Sch Lease Rev Sycamore Acdmy <br> Proj (c) | 5.38% | 07/01/34 | 250152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Chrt Sch Lease Rev Vista Chrt Middle Sch <br> Proj (d) | 5.38% | 07/01/34 | 250104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Chrt Sch Rev Palmdale Aerospace Acdmy <br> Proj, Ser A (b) | 5.00% | 07/01/38 | 448076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Mf Hsg Rev Gibson Drive Apartments <br> Proj, Ser A | 4.45% | 12/01/42 | 2027703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Mf Hsg Rev Var Oaks on Balboa, Ser A-1 <br> (Mandatory put 10/01/27) | 3.15% | 08/01/59 | 500525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 785000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Mobile Home Park Rev Ref Sr Caritas <br> Projs, Ser A | 5.00% | 08/15/27 | 814897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Mobile Home Park Rev Ref Sr Caritas <br> Projs, Ser A | 3.00% | 08/15/32 | 82613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Mobile Home Park Rev Sub Ref Caritas <br> Proj, Ser B | 3.00% | 08/15/31 | 166219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Mobile Home Park Rev Sub Ref Caritas <br> Proj, Ser B | 4.00% | 08/15/41 | 278392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Mobile Home Park Rev Sub Ref Caritas <br> Proj, Ser B | 4.00% | 08/15/51 | 372794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Mobile Home Park Rev Sustainable Bond <br> Ref Caritas Projs, Ser A | 5.00% | 08/15/49 | 1029496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | CA St Muni Fin Auth Ref Palomar Hlth, Ser A, AG, COPS | 5.25% | 11/01/34 | 550754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | CA St Muni Fin Auth Ref Palomar Hlth, Ser A, AG, COPS | 5.25% | 11/01/36 | 543086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | CA St Muni Fin Auth Rev Aldersly Proj, Ser A | 5.00% | 05/15/43 | 1068036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | CA St Muni Fin Auth Rev Bethany Home Proj | 5.00% | 11/15/42 | 1612974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Rev Cmnty Hlth Ctr of the Centrl Coast <br> Inc, Ser A | 5.50% | 12/01/45 | 1041793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | CA St Muni Fin Auth Rev Ref CA Baptist Univ, Ser A (b) | 5.13% | 11/01/40 | 1037847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | CA St Muni Fin Auth Rev Ref Eisenhower Med Ctr, Ser A | 5.00% | 07/01/32 | 204298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1345000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Rev Ref Eskaton Properties Incorporated <br> Oblig Grp | 5.00% | 11/15/40 | 1420747 |

---

------

**First Trust California Municipal High Income ETF (FCAL)**

**Portfolio of Investments (Continued)**

**October 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **California (Continued)** | **California (Continued)** | **California (Continued)** |  |
| $380000 | CA St Muni Fin Auth Rev Ref HumanGood Oblig Grp, Ser A | 4.00% | 10/01/34 | $381789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | CA St Muni Fin Auth Rev Ref HumanGood Oblig Grp, Ser A | 4.00% | 10/01/36 | 802010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | CA St Muni Fin Auth Rev Ref HumanGood Oblig Grp, Ser A | 5.00% | 10/01/44 | 501731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | CA St Muni Fin Auth Rev Ref S Central Los Angeles Regl Ctr Proj | 5.00% | 12/01/40 | 666133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 675000 | CA St Muni Fin Auth Rev St Ignatius Clg Prep, Ser A | 5.00% | 09/01/44 | 722528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Sch Fac Rev St Mary's Sch Aliso Viejo, <br>Ser A (b) | 5.75% | 05/01/54 | 438116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1040000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Sch Fac Rev Temps St Mary's Sch Aliso <br> Viejo, Ser B | 4.65% | 05/01/30 | 1063879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Sol Wst Disp Rev Var Draw Down Wst <br> Mgmt Proj Remk, Ser B, AMT (Mandatory put 06/01/26) | 3.85% | 11/01/41 | 1997849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Sol Wst Disp Rev Var Ref Rep Svcs Inc Proj <br> Remk, Ser A, AMT (Mandatory put 04/01/26) | 3.45% | 07/01/41 | 999215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Sol Wst Disp Rev Var Wst Mgmt Inc Proj <br> Remk, Ser A, AMT (Mandatory put 12/01/25) | 3.80% | 11/01/46 | 999707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1550000 | CA St Muni Fin Auth Spl Fac Rev United Airls Inc Proj, AMT | 4.00% | 07/15/29 | 1567238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | CA St Muni Fin Auth Spl Tax Rev Bold Prog, Ser B | 5.50% | 09/01/43 | 634436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 | CA St Muni Fin Auth Spl Tax Rev Bold Prog, Ser B | 5.75% | 09/01/53 | 584393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | CA St Muni Fin Auth Spl Tax Rev Wildhawk N | 5.00% | 09/01/39 | 417650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | CA St Muni Fin Auth Spl Tax Rev Wildhawk N | 5.00% | 09/01/44 | 770263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | CA St Muni Fin Auth Spl Tax Rev Wildhawk N | 5.00% | 09/01/49 | 1271585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Stdt Hsg Rev CHF Davis I LLC W Vlg Stdt <br> Hsg Proj | 5.00% | 05/15/27 | 564975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Stdt Hsg Rev CHF Davis I LLC W Vlg Stdt <br> Hsg Proj | 5.00% | 05/15/39 | 514189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Stdt Hsg Rev CHF Davis I LLC W Vlg Stdt <br> Hsg Proj | 5.00% | 05/15/40 | 358133 |
| &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 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; CA St Poll Control Fin Auth Sol Wst Disp Rev Var Ref Rep Svcs <br> Inc Proj Remk, AMT (Mandatory put 02/17/26) (b) | 3.80% | 07/01/43 | 1498349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; CA St Poll Control Fing Auth Wtr Furnishing Rev Poseidon Res LP <br> Desalination Proj, AMT (b) | 5.00% | 07/01/36 | 1621874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | CA St Prerefunded Various Purp (Pre-refunded maturity 04/01/26) | 5.00% | 10/01/35 | 5049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | CA St Pub Wks Brd Lease Rev Judicial Council CA, Ser B | 5.00% | 06/01/34 | 15016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1090000 | CA St Pub Wks Brd Lease Rev Various Capital Projs, Ser D | 5.00% | 11/01/46 | 1148695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; CA St Sch Fin Auth Chrt Sch Rev Ref Alliance for Clg Ready Pub <br> Schs Proj (b) | 5.00% | 07/01/39 | 268297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; CA St Sch Fin Auth Chrt Sch Rev Ref Alliance for Clg Ready Pub <br> Schs Proj (b) | 5.00% | 07/01/49 | 1023423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; CA St Sch Fin Auth Chrt Sch Rev Ref Classical Academies <br> Oceanside Proj, Ser A (b) | 5.00% | 10/01/32 | 742115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; CA St Sch Fin Auth Chrt Sch Rev Sustainable Bonds Ref Camino <br> Nuevo Chrt Acdmy, Ser A (b) | 5.00% | 06/01/43 | 601802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; CA St Sch Fin Auth Eductnl Facs Rev Ref New Designs Chrt <br> Sch, Ser A (b) | 5.00% | 06/01/54 | 606292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp; CA St Stwd Cmntys Dev Auth Rev Var Rady Childrens Hosp <br> Remk, Ser B (a) | 3.00% | 08/15/47 | 375000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | CA St Stwd Cmntys Dev Auth Spl Tax Rev Impt Area No 2 | 5.00% | 09/01/44 | 1029210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280000 | CA St Stwd Cmntys Dev Auth Stdt Hsg Rev Ref CHF Irvine LLC | 5.00% | 05/15/35 | 282461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | CA St Univ Rev Ref, Ser A | 5.00% | 11/01/43 | 1113365 |

---

------

**First Trust California Municipal High Income ETF (FCAL)**

**Portfolio of Investments (Continued)**

**October 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **California (Continued)** | **California (Continued)** | **California (Continued)** |  |
| $1340000 | CA St Unrefunded | 5.00% | 11/01/31 | $1504409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 770000 | CA St Unrefunded | 5.00% | 12/01/43 | 817876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; CA Stwd Cmntys Dev Auth Rev Loma Linda Univ Med Ctr, <br>Ser A (b) | 5.00% | 12/01/30 | 252254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; CA Stwd Cmntys Dev Auth Rev Loma Linda Univ Med Ctr, <br>Ser A (b) | 5.00% | 12/01/33 | 309871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | CA Stwd Cmntys Dev Auth Rev Ref CA Baptist Univ, Ser A (b) | 5.00% | 11/01/32 | 254997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | CA Stwd Cmntys Dev Auth Rev Ref CA Baptist Univ, Ser A (b) | 5.00% | 11/01/41 | 500355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; CA Stwd Cmntys Dev Auth Rev Ref Front Porch Cmntys & <br> Svcs, Ser A | 5.00% | 04/01/30 | 102259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; CA Stwd Cmntys Dev Auth Rev Ref Front Porch Cmntys & <br> Svcs, Ser A | 4.00% | 04/01/32 | 50409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; CA Stwd Cmntys Dev Auth Rev Ref Insd Enloe Med Ctr (Pre-<br> refunded maturity 02/15/26) | 5.00% | 08/15/33 | 50326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | CA Stwd Cmntys Dev Auth Rev Ref John Muir Hlth, Ser A | 5.25% | 12/01/44 | 1088902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 385000 | &nbsp;&nbsp;&nbsp; CA Stwd Cmntys Dev Auth Rev Var Adventist Hlth Sys W <br> Remk, Ser 2007-A (Mandatory put 03/01/27) | 5.00% | 03/01/37 | 390648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Centrl Vly CA Energy Auth Cmdy Sply Rev Var (Mandatory put <br> 08/01/35) | 5.00% | 12/01/55 | 2214001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | Chino CA Cmnty Facs Dist Spl Tax #2003-3 Impt Area #7 | 5.00% | 09/01/31 | 470382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 815000 | Clovis CA Unif Sch Dist, COPS | 5.00% | 06/01/41 | 892232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Clovis CA Unif Sch Dist, COPS | 5.00% | 06/01/43 | 537231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Corona CA Cmnty Facs Dist Spl Tax Bedford Impt Area No 2 | 5.00% | 09/01/39 | 537593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; CSCDA Cmnty Impt Auth CA Essential Hsg Rev Union S Bay <br> Sustainable Bonds, Ser A-2 (b) | 4.00% | 07/01/56 | 1633610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | E Bay CA Muni Util Dist Wtr Sys Rev Ref, Ser B | 5.00% | 06/01/43 | 1127490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1450000 | &nbsp;&nbsp;&nbsp; Elk Grove CA Fin Auth Spl Tax Rev Cmnty Facs Dt No 2005-1 <br> Laguna Ridge | 4.00% | 09/01/50 | 1271040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp; Estrn CA Muni Wtr Dist Cmnty Facs Dist Spl Tax Cmnty Facs Dist <br> #2018-80 Willow Springs | 5.00% | 09/01/34 | 190382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp; Estrn CA Muni Wtr Dist Cmnty Facs Dist Spl Tax Cmnty Facs Dist <br> #2018-80 Willow Springs | 5.00% | 09/01/35 | 189062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; Estrn CA Muni Wtr Dist Cmnty Facs Dist Spl Tax Cmnty Facs Dist <br> #2018-80 Willow Springs | 5.00% | 09/01/40 | 422899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; Folsom Ranch CA Fing Auth Spl Tax Rev Cmnty Facs Dist No <br> 19 Mangini | 5.00% | 09/01/32 | 360079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Fontana CA Pub Fin Auth Lease Rev Ref, Ser A | 5.00% | 11/01/50 | 1591966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155000 | Fontana CA Spl Tax Cmnty Facs Dist #80 Bella Strada | 5.00% | 09/01/29 | 159990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Fontana CA Spl Tax Cmnty Facs Dist #80 Bella Strada | 5.00% | 09/01/46 | 504909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | Fontana CA Spl Tax Cmnty Facs Dt #109 | 5.00% | 09/01/39 | 1284686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | Fontana CA Spl Tax Cmnty Facs Dt #111 | 5.00% | 09/01/39 | 642343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Fontana CA Spl Tax Cmnty Facs Dt #111 | 5.00% | 09/01/48 | 307248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Fontana CA Spl Tax The Gardens Phase One | 5.00% | 09/01/39 | 1070572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Fresno CA Jt Pwrs Fing Auth Lease Rev Pub Safety Projs, Ser A, <br> AG | 5.25% | 04/01/50 | 2156726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Garden Grove CA Pub Fing Auth Lease Rev, Ser A, BAM | 5.00% | 04/01/43 | 1082159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; Golden St Tobacco Securitization Corp CA Tobacco Stlmt Ref, <br>Ser A-1 (Pre-refunded maturity 06/01/28) | 5.00% | 06/01/34 | 802021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Imperial CA Cmnty Clg Dist Election of 2022, Ser A, AG | 5.25% | 08/01/53 | 1069985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575000 | Indio CA Elec Fing Auth Elec Rev | 5.25% | 01/01/41 | 643290 |

---

------

**First Trust California Municipal High Income ETF (FCAL)**

**Portfolio of Investments (Continued)**

**October 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **California (Continued)** | **California (Continued)** | **California (Continued)** |  |
| $775000 | &nbsp;&nbsp;&nbsp; Irvine CA Spl Tax Ref Cmnty Facs Dist #2013-3 Great Park Impt <br> Area#1, BAM | 5.00% | 09/01/44 | $837338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | Irvine CA Unif Sch Dist Spl Tax Cmnty Facs Dist #09-1, Ser C | 5.00% | 09/01/31 | 155298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Kern CA Cmnty Clg Dist, Ser D | 5.25% | 08/01/39 | 1129824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 485000 | &nbsp;&nbsp;&nbsp; King City CA Union Sch Dist CABS Election 1998-C, Ser C, <br> AMBAC | (e) | 08/01/29 | 436564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp; Lake Elsinore CA Unif Sch Dist Cmnty Facs Dist Cmnty Facs Dt <br> No 2017-2 | 5.00% | 09/01/39 | 260623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp; Lammersville CA Jt Unif Sch Dist Spl Tax Cmnty Facs Dist <br> #2014-1 Mountain House Sch Facs | 4.00% | 09/01/33 | 25595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp; Lammersville CA Jt Unif Sch Dist Spl Tax Cmnty Facs Dist <br> #2014-1 Mountain House Sch Facs | 4.00% | 09/01/34 | 25505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; Lammersville CA Jt Unif Sch Dist Spl Tax Cmnty Facs Dist <br> #2014-1 Mountain House Sch Facs | 4.00% | 09/01/40 | 195699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Long Beach CA Bond Fin Auth Nat Gas Pur Rev, Ser A | 5.00% | 11/15/35 | 1144895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Long Beach CA Cmnty Clg Dist, Ser E | 5.00% | 08/01/48 | 1082325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1010000 | Long Beach CA Marina Rev Ref Alamitos Bay Marina Proj | 5.00% | 05/15/40 | 1114162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Long Beach CA Marina Rev Ref Alamitos Bay Marina Proj | 5.00% | 05/15/41 | 545862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; Los Angeles CA Dept of Arpts Arpt Rev Prerefunded Subord <br> Ref, Ser D, AMT (Pre-refunded maturity 11/15/31) | 5.00% | 05/15/33 | 54845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 605000 | &nbsp;&nbsp;&nbsp; Los Angeles CA Dept of Arpts Arpt Rev Ref Sub Priv Activity, <br>Ser A, AMT | 5.00% | 05/15/35 | 661374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1125000 | &nbsp;&nbsp;&nbsp; Los Angeles CA Dept of Arpts Arpt Rev Ref Subord Bonds <br> Sustainable Bonds, Ser D | 5.00% | 05/15/42 | 1259360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Los Angeles CA Dept of Arpts Arpt Rev Sustainable Bond Ref <br> Subord Priv Activity, Ser A, AMT | 5.25% | 05/15/42 | 538796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; Los Angeles CA Dept of Arpts Arpt Rev Unrefunded Subord <br> Ref, Ser D, AMT | 5.00% | 05/15/31 | 1221877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 690000 | &nbsp;&nbsp;&nbsp; Los Angeles CA Dept of Arpts Arpt Rev Unrefunded Subord <br> Ref, Ser D, AMT | 5.00% | 05/15/36 | 752889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Los Angeles CA Unif Sch Dist Election 2008, Ser B-1, AG | 5.25% | 07/01/42 | 1041909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; Los Angeles Cnty CA Dev Auth Mf Hsg Rev Var W LA VA Bldg <br> 156 & 157 Apts, Ser C (Mandatory put 12/01/26) | 3.75% | 12/01/46 | 650766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | Mammoth Lakes CA, BAM, COPS | 5.00% | 06/01/41 | 498387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 940000 | Mammoth Lakes CA, BAM, COPS | 5.00% | 06/01/43 | 1021731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Mammoth Lakes CA, BAM, COPS | 5.00% | 06/01/44 | 540551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Marina CA Redev Agy Successor Agy Tax Allocation Hsg, Ser B | 5.00% | 09/01/27 | 102487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Marina CA Redev Agy Successor Agy Tax Allocation Hsg, Ser B | 5.00% | 09/01/33 | 257689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; Menifee CA Spl Tax Quartz Ranch Cmnty Facs Dist No 2022-<br> 1, Ser A | 5.00% | 09/01/43 | 624113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; Menifee CA Spl Tax Quartz Ranch Cmnty Facs Dist No 2022-<br> 1, Ser A | 5.00% | 09/01/48 | 719016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245000 | Menifee CA Union Sch Dist Spl Tax Cmnty Facs Dist #2011-1 | 5.00% | 09/01/34 | 255144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Menifee CA Union Sch Dist, Ser C, AG | 3.00% | 08/01/40 | 1328569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Met Wtr Dist of Sthrn CA Wtrwks Rev, Ser A | 5.00% | 04/01/48 | 1074697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530000 | &nbsp;&nbsp;&nbsp; Modesto CA Elem Sch Dist Stanislaus Cnty Election of 2018 <br> Measure D, Ser C | 5.00% | 08/01/41 | 581313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Modesto CA High Sch Dist Stanislaus Cnty Election Bonds of <br> 2022, Ser B | 5.00% | 08/01/40 | 572745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; Modesto CA High Sch Dist Stanislaus Cnty Election Bonds of <br> 2022, Ser B | 5.00% | 08/01/41 | 793344 |

---

------

**First Trust California Municipal High Income ETF (FCAL)**

**Portfolio of Investments (Continued)**

**October 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **California (Continued)** | **California (Continued)** | **California (Continued)** |  |
| $750000 | &nbsp;&nbsp;&nbsp; Modesto CA High Sch Dist Stanislaus Cnty Election Bonds of <br> 2022, Ser B | 5.00% | 08/01/42 | $841867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | Morongo Band of Mission Indians CA Rev Ref, Ser B (b) | 5.00% | 10/01/42 | 202458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Mountain House Cmnty Facs Dist CA Spl Tax Cmnty Facs Dt <br> #2024-1 Impt Area #1 | 5.00% | 09/01/40 | 521876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; Mountain House Cmnty Facs Dist CA Spl Tax Cmnty Facs Dt <br> #2024-1 Impt Area #1 | 5.00% | 09/01/45 | 810932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Oakdale CA Jt Unif Sch Dist Election of 2024, Ser A | 5.00% | 08/01/43 | 1092910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1375000 | Oakdale CA Jt Unif Sch Dist Election of 2024, Ser A | 5.00% | 08/01/44 | 1490421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Ontario CA Cmnty Facs Dist #40 Spl Tax Emeral Park Fac | 4.00% | 09/01/34 | 100871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | Ontario CA Cmnty Facs Dist #40 Spl Tax Emeral Park Fac | 4.00% | 09/01/35 | 65203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275000 | Ontario CA Cmnty Facs Dist #40 Spl Tax Emeral Park Fac | 4.00% | 09/01/39 | 262013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Ontario CA Spl TX Countryside Phase 2 S Facs | 5.00% | 09/01/39 | 527681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | Ontario Pub Fing Auth Lease Rev, Ser A | 5.00% | 11/01/41 | 902510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 610000 | Orange Ctr CA Sch Dist Election of 2022, Ser A, AG | 5.25% | 08/01/48 | 638996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Oxnard CA Sch Dist Election of 2022, Ser A, BAM | 5.00% | 08/01/42 | 1091767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 | Palm Desert CA Spl Tax Ref Univ Park | 4.00% | 09/01/51 | 565488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 925000 | Pittsburg CA Unif Sch Dist Ref | 3.00% | 08/01/40 | 794172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp; Rancho Cordova CA Cmnty Facs Dist Spl Tax No 2018-1 Grantline <br> 208 | 5.00% | 09/01/33 | 218713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp; Rancho Cordova CA Cmnty Facs Dist Spl Tax No 2018-1 Grantline <br> 208 | 5.00% | 09/01/34 | 228979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525000 | Ripon CA Redev Agy Successor Agy Tax Allocation Ref, BAM | 4.00% | 11/01/31 | 555178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; River Islands CA Pub Fing Auth Spl Tax Cmnty Facs Dist #2019-1 <br> Phase 2 Pub Impts | 5.00% | 09/01/40 | 508392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Riverside CA Swr Rev Ref, Ser A | 5.00% | 08/01/40 | 1723642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575000 | Riverside CA Unif Sch Dist Election of 2016, Ser B | 3.00% | 08/01/38 | 535123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375000 | Riverside CA Unif Sch Dist Impt Area No 1 | 5.00% | 09/01/39 | 394285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | Riverside CA Wtr Rev, Ser A | 5.00% | 10/01/47 | 800640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Riverside Cnty CA Transprtn Commn Toll Rev Ref Sr Lien Rctc <br> 91 Express Lanes, Ser B-1 | 4.00% | 06/01/41 | 979332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; Romoland CA Sch Dist Spl Tax Underwood Impt Area No 2 <br> Special Tax Bonds | 5.00% | 09/01/43 | 416076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 930000 | &nbsp;&nbsp;&nbsp; Roseville CA Spl Tax Amoruso Ranch Cmnty Facs Dist #1 Impt <br> Area #1 | 5.00% | 09/01/39 | 978687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185000 | Roseville CA Spl Tax Fiddyment Ranch Cmnty Facs | 5.00% | 09/01/32 | 192925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160000 | Roseville CA Spl Tax Fiddyment Ranch Cmnty Facs | 5.00% | 09/01/33 | 166693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170000 | Roseville CA Spl Tax Fiddyment Ranch Cmnty Facs | 4.00% | 09/01/34 | 173197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | Roseville CA Spl Tax Fiddyment Ranch Cmnty Facs | 4.00% | 09/01/35 | 151922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | Rowland CA Unif Sch Dist Ref, Ser B | 4.00% | 08/01/42 | 762456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | S Wstrn CA Cmnty Clg Dist Election of 2024, Ser A | 5.25% | 08/01/46 | 1105833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; Sacramento CA Spl Tax Natomas Meadows Cmnty Facs Dist <br> #2007-01 (b) | 5.00% | 09/01/32 | 204154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Sacramento Cnty CA Arpt Sys Rev Ref, Ser C, AMT | 5.00% | 07/01/37 | 1033894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1120000 | Sacramento Cnty CA Arpt Sys Rev, Ser A, AMT | 5.00% | 07/01/33 | 1262679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 775000 | Sacramento Cnty CA Arpt Sys Rev, Ser A, AMT | 5.25% | 07/01/41 | 844067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1355000 | &nbsp;&nbsp;&nbsp; San Clemente CA Spl Tax Ref Cmnty Facs Dist #2006-1 <br> Marblehead Coastal, BAM | 5.00% | 09/01/41 | 1530214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | San Diego CA Pub Facs Fing Auth Swr Rev Subord, Ser A | 5.00% | 05/15/47 | 530369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | San Diego CA Unif Sch Dist Sustainable Bond, Ser F2 | 5.00% | 07/01/42 | 1647109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130000 | San Diego Cnty CA Regl Arpt Auth Arpt Rev Subord Ref, Ser A | 5.00% | 07/01/39 | 138382 |

---

------

**First Trust California Municipal High Income ETF (FCAL)**

**Portfolio of Investments (Continued)**

**October 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **California (Continued)** | **California (Continued)** | **California (Continued)** |  |
| $1000000 | San Diego Cnty CA Regl Arpt Auth Arpt Rev Subord, Ser B, AMT | 5.00% | 07/01/34 | $1094961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp; San Diego Cnty CA Spl Tax Harmony Grove Vlg Impt Area <br> No 2, Ser A | 4.00% | 09/01/33 | 86386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp; San Francisco CA City & Cnty Arpts Commn Intl Arpt Rev Ref <br> Second Ser, Ser 2020A, AMT | 5.00% | 05/01/37 | 148778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3040000 | &nbsp;&nbsp;&nbsp; San Francisco CA City & Cnty Arpts Commn Intl Arpt Rev, Ser A, <br> AMT | 5.00% | 05/01/49 | 3077148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; San Francisco CA City & Cnty Dev Spl Tax Dist No 2020-1 <br> Mission Rock Facs and Svcs, Ser A (b) | 4.00% | 09/01/46 | 439778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; San Francisco CA City & Cnty Pub Utils Commn Wtr Rev Reg and <br> Loc Wtr Subord, Ser A | 5.25% | 11/01/48 | 1086083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; San Francisco City & Cnty CA Redev Agy Successor Agy Cmnty <br> Ref Cmnty Facs Dist #6 Mission Bay S Pub Impts, AG | 5.25% | 08/01/40 | 1416718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp; San Francisco City & Cnty CA Redev Agy Successor Agy Tax <br> Transbay Infra Projs Third Lien, Ser B, AG | 5.00% | 08/01/48 | 1426560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 935000 | San Francisco City & Cnty CA, Ser B | 2.00% | 06/15/29 | 891935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp; San Joaquin Hills CA Transprtn Corridor Agy Toll Road Rev <br> CABS Ref, Ser A, NATL-RE | (e) | 01/15/29 | 158458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; San Joaquin Vly Clean Energy Auth CA Clean Energy Rev Var <br> Sustainable Bonds Clean Energy Proj, Ser A (Mandatory put <br> 07/01/35) | 5.50% | 01/01/56 | 1157006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; San Luis Obispo Cnty CA Fing Auth Lease Rev Multiple Capital <br> Projs Ref, Ser A | 5.25% | 11/15/40 | 1122441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; San Luis Obispo Pub Fing Auth Lease Rev Ref Cultural Arts Dist <br> Parking Proj | 5.00% | 12/01/48 | 1078286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Santa Ana CA Pub Fing Auth Wtr Rev Ref | 5.00% | 09/01/42 | 1118291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Santa Barbara CA Fin Auth Lease Rev Pub Safety and Park Projs | 4.00% | 05/15/42 | 2029683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1590000 | Santa Clara CA Wstwtr Rev Sustainable Bonds, COPS | 4.25% | 02/01/41 | 1683652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Santa Clara Vly CA Wtr Dist Safe Clean Wtr Rev Sustainable <br> Bond, Ser A | 5.00% | 08/01/40 | 555279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Santa Clara Vly CA Wtr Dist Safe Clean Wtr Rev Sustainable <br> Bond, Ser A | 5.00% | 08/01/41 | 550944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1075000 | &nbsp;&nbsp;&nbsp; Santa Fe Springs CA Public Fin Auth Spl Parcel Tax Rev Santa Fe <br> Springs Road Impts, AG | 5.00% | 06/01/40 | 1202550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | Santa Margarita CA Wtr Dist Spl Tax Ref, Ser A, BAM | 5.00% | 09/01/43 | 1187420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Santa Rosa CA High Sch Dist, Ser B | 5.00% | 08/01/45 | 1081763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | Temecula Vly CA Unif Sch Dist Cmnty Facs Dist #2014-1 | 5.00% | 09/01/32 | 155189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Temescal Vly CA Wtr Dist Spl Tax Terramor Cmnty Facs Dist #4 <br> Impt Area #1 | 5.00% | 09/01/31 | 515648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Tracy CA Cmnty Facs Dist | 5.00% | 09/01/33 | 257771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 435000 | Univ of CA CA Rgts Med Ctr Pooled Rev Ref, Ser 0-1 (a) | 3.05% | 05/15/45 | 435000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Univ of CA Rev Var Ref Gen Remk, Ser AL-3 (a) | 3.25% | 05/15/48 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 365000 | Vacaville CA Spl Tax Lower Lagoon Vly Impt Area No 1, Ser A | 5.00% | 09/01/40 | 377122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp; Val Verde CA Unif Sch Dist Spl Tax Cmty Facs Dist No 2018-2 <br> (Stratford Ranch) | 5.00% | 09/01/38 | 350211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Val Verde CA Unif Sch Dist Spl Tax Cmty Facs Dist No 2018-2 <br> (Stratford Ranch) | 5.00% | 09/01/43 | 517291 |
|  |  |  |  | 179092219 |
|  | **Connecticut — 0.3%** | **Connecticut — 0.3%** | **Connecticut — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 490000 | Stamford CT Hsg Auth Ref Mozaic Concierge Living Proj, Ser A | 6.38% | 10/01/45 | 504139 |

---

------

**First Trust California Municipal High Income ETF (FCAL)**

**Portfolio of Investments (Continued)**

**October 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Florida — 0.1%** | **Florida — 0.1%** | **Florida — 0.1%** |  |
| $210000 | Rhodine Road N CDD FL Spl Assmnt 2019 Assmnt Area | 4.00% | 05/01/30 | $213045 |
|  | **Guam — 1.6%** | **Guam — 1.6%** | **Guam — 1.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Guam Govt Busn Privilege Tax Rev Ref, Ser D | 5.00% | 11/15/32 | 100069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Guam Govt Busn Privilege Tax Rev Ref, Ser G | 5.00% | 01/01/31 | 541066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Guam Govt Busn Privilege Tax Rev Ref, Ser G | 5.25% | 01/01/38 | 550512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Guam Govt Wtrwks Auth Wtr & Wstwtr Sys Rev, Ser A | 5.25% | 07/01/42 | 1067278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280000 | Guam Govt Wtrwks Auth Wtr & Wstwtr Sys Rev, Ser A | 5.00% | 01/01/50 | 282145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210000 | Guam Pwr Auth Rev Ref, Ser A | 5.00% | 10/01/41 | 220952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325000 | Guam Pwr Auth Rev Ref, Ser A | 5.00% | 10/01/42 | 339647 |
|  |  |  |  | 3101669 |
|  | **Louisiana — 0.4%** | **Louisiana — 0.4%** | **Louisiana — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; Saint James Parish LA Rev Var Nustar Logistics LP Proj Remk, Ser <br> 2008 (Mandatory put 06/01/30) (b) | 6.10% | 06/01/38 | 824947 |
|  | **Puerto Rico — 1.3%** | **Puerto Rico — 1.3%** | **Puerto Rico — 1.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | Puerto Rico Cmwlth Restructured, Ser A1 | 4.00% | 07/01/33 | 1088227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Puerto Rico Indl Tourist Eductnl Med & Envrnmntl Control Fac <br> San Juan Cruise Terminal Proj, Ser 2023-A-2-P3, AMT | 6.75% | 01/01/45 | 1130435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263000 | &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Fing Corp Sales Tax Rev Restructured, <br>Ser A-2 | 4.33% | 07/01/40 | 255332 |
|  |  |  |  | 2473994 |
|  | **Utah — 0.2%** | **Utah — 0.2%** | **Utah — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Military Installation Dev Auth UT Tax Allocation Rev, Ser A-2 | 4.00% | 06/01/52 | 412362 |
|  | **Wisconsin — 0.2%** | **Wisconsin — 0.2%** | **Wisconsin — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Student Hsg Rev Sr KSU Bixby Real Estate <br> Fdtn LLC Proj, Ser A | 5.25% | 06/15/45 | 260777 |
|  | **Total Investments — 98.5%** | **Total Investments — 98.5%** | **Total Investments — 98.5%** | 186883152 |
|  | (Cost $184,066,022) | (Cost $184,066,022) | (Cost $184,066,022) |  |
|  | **Net Other Assets and Liabilities — 1.5%** | **Net Other Assets and Liabilities — 1.5%** | **Net Other Assets and Liabilities — 1.5%** | 2920738 |
|  | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $189803890 |

---

**Futures Contracts at October 31, 2025:**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts Short** | **Number of** <br>**Contracts**<br>| **Expiration** <br>**Date**<br>| **Notional** <br>**Value**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)/** <br>**Value**<br>|
| Ultra U.S. 10-Year Treasury Notes | 16 | Dec-2025 | &nbsp;&nbsp; $(1847750)<br>| &nbsp;&nbsp; $(25250)<br>|

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) This security, sold within the terms of a private placement memorandum, is exempt
 from registration upon resale under Rule 144A of the Securities Act of 1933, as amended (the "1933 Act"), and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Trust's Board of Trustees, this security has been determined to be liquid by First Trust Advisors L.P. (the "Advisor"). Although market instability can result in periods of increased overall market illiquidity, liquidity for each security is determined
 based on security specific factors and assumptions, which require subjective judgment. At October 31, 2025, securities noted
 as such amounted to $19,135,804 or 10.1% of net assets.

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

------

**First Trust California Municipal High Income ETF (FCAL)**

**Portfolio of Investments (Continued)**

**October 31, 2025 (Unaudited)**

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

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

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

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

---

| | |
|:---|:---|
| Abbreviations throughout the Portfolio of Investments: | Abbreviations throughout the Portfolio of Investments: |
| AG | – Assured Guaranty, Inc. |
| AMBAC | – American Municipal Bond Assurance Corp. |
| AMT | – Alternative Minimum Tax |
| BAM | – Build America Mutual |
| CABS | – Capital Appreciation Bonds |
| COPS | – Certificates of Participation |
| NATL-RE | – National Public Finance Guarantee Corp. |

---

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of October 31, 2025 is as follows (see Valuation Inputs in the Additional Information section):

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
|  | **Total** <br>**Value at** <br>**10/31/2025**<br>| &nbsp;&nbsp;&nbsp; **Level 1** <br>**Quoted** <br>**Prices**<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Municipal Bonds\* | &nbsp;&nbsp; $186883152 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $186883152 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** |
|  | **Total** <br>**Value at** <br>**10/31/2025**<br>| &nbsp;&nbsp;&nbsp; **Level 1** <br>**Quoted** <br>**Prices**<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Futures Contracts | &nbsp;&nbsp; $(25250)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(25250)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

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

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

------

**Restricted Securities**

As of October 31, 2025, the Fund held a restricted security as shown in the following table that the Advisor deemed illiquid pursuant to procedures adopted by the Trust's Board of Trustees:

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Security | Acquisition <br>Date<br>| Principal <br>Value<br>| Current <br>Price<br>| Carrying <br>Cost<br>| Value | % of <br>Net Assets<br>|
| &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Chrt Sch <br> Lease Rev Sycamore Acdmy Proj, <br> 5.38%, 07/01/34<br>| 06/14/18 | &nbsp;&nbsp; $250000 | &nbsp;&nbsp; $100.06 | &nbsp;&nbsp; $250000 | &nbsp;&nbsp; $250152 | 0.13<br> %<br>|

---

------

**First Trust New York Municipal High Income ETF (FMNY)**

**Portfolio of Investments**

**October 31, 2025 (Unaudited)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Stated** <br>**Coupon**<br>| **Stated** <br>**Maturity**<br>| **Value** |
| **MUNICIPAL BONDS — 95.5%** | **MUNICIPAL BONDS — 95.5%** | **MUNICIPAL BONDS — 95.5%** | **MUNICIPAL BONDS — 95.5%** | **MUNICIPAL BONDS — 95.5%** |
|  | **Florida — 1.3%** | **Florida — 1.3%** | **Florida — 1.3%** |  |
| $250000 | Ridge at Apopka CDD FL Spl Assmnt, Ser 22 | 5.38% | 05/01/42 | $256069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105000 | Shingle Creek at Bronson CDD FL Spl Assmnt | 3.50% | 06/15/41 | 96034 |
|  |  |  |  | 352103 |
|  | **Guam — 1.0%** | **Guam — 1.0%** | **Guam — 1.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Guam Govt Wtrwks Auth Wtr & Wstwtr Sys Rev, Ser A | 5.25% | 07/01/39 | 275918 |
|  | **New Jersey — 1.2%** | **New Jersey — 1.2%** | **New Jersey — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | NJ St Transprtn Trust Fund Auth Transprtn Prog, Ser AA | 5.00% | 06/15/45 | 320693 |
|  | **New York — 86.1%** | **New York — 86.1%** | **New York — 86.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Albany NY Capital Res Corp Ref Albany Med Ctr Hosp Proj, Ser A | 5.25% | 05/01/50 | 526969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275000 | Battery Park City NY Auth Sr Sustainable Bond, Ser A | 5.00% | 11/01/44 | 295350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Battery Park City NY Auth Sr Sustainable Bond, Ser A | 5.00% | 11/01/53 | 527558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Brewster NY Centrl Sch Dist | 3.00% | 10/01/26 | 299782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; Brookhaven NY Local Dev Corp Rev Ref Long Island Cmnty Hosp <br> Proj, Ser A | 5.00% | 10/01/50 | 407681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 365000 | Buffalo NY Swr Auth, Ser A | 5.00% | 06/15/43 | 396141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Build NYC Res Corp NY Rev Success Acdmy Chrt Schs Proj | 4.00% | 09/01/43 | 285020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; Build NYC Res Corp NY Rev Sustainable Bond Kipp NYC Pub <br> Sch Facs Canal W Proj | 5.00% | 07/01/42 | 307065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275000 | Carmel NY | 4.00% | 09/15/45 | 276108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &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 | 302452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Dutchess Cnty NY Loc Dev Corp Mf Mtebs Sustainable Bonds <br> Tomopkins Terrace Hsg LP Proj | 5.00% | 10/01/40 | 270015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Dutchess Cnty NY Loc Dev Corp Rev Marist Clg Proj | 5.00% | 07/01/52 | 255114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp; Dutchess Cnty NY Loc Dev Corp Rev Ref The Culinary Institute of <br> America Proj | 5.25% | 07/01/43 | 286645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 440000 | Erie Cnty NY Buffalo Bills Stadium Proj, Ser B | 5.25% | 09/15/42 | 491587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp; Hempstead Town NY Loc Dev Corp Rev Ref Hofstra Univ <br> Proj, Ser A | 4.00% | 07/01/36 | 341250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Hudson Yards Infra Corp NY 2nd Indenture Rev Ref, Ser A | 5.00% | 02/15/37 | 256055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Hudson Yards Infra Corp NY 2nd Indenture Rev Ref, Ser A | 5.00% | 02/15/42 | 253977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Long Beach NY, Ser B, BAM | 5.25% | 07/15/32 | 333210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Long Island NY Pwr Auth Elec Sys Rev Ref, Ser A | 5.00% | 09/01/49 | 262264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | Long Island NY Pwr Auth Elec Sys Rev Sustainable Bond, Ser E | 5.00% | 09/01/48 | 365931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Met Transprtn Auth NY Rev Ref Sustainable Bonds, Ser B | 5.00% | 11/15/43 | 265155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Met Transprtn Auth NY Rev Sustainable Bond Ref, Ser A | 5.50% | 11/15/47 | 324451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; Monroe Cnty NY Indl Dev Agy Mf Hsg Rev Var Andrews Terrace <br> Cmnty Partners LP Proj B-1 (Mandatory put 07/01/27) | 5.00% | 07/01/28 | 309420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Monroe Cnty NY Indl Dev Corp Rev Ref St John Fisher Univ Proj | 5.00% | 06/01/44 | 263738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Monroe Cnty NY Indl Dev Corp Rev Univ of Rochester Proj, Ser A | 5.00% | 07/01/53 | 259348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | N Babylon NY Union Free Sch Dist | 3.00% | 07/01/35 | 294543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; Nassau Cnty NY Indl Dev Agy Var Ref & Impt Cold Spring <br> Rmkt (a) | 3.85% | 01/01/34 | 200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Nassau Cnty NY Loc Econ Asst Corp Edl Rev Roosevelt Children <br> Acdmy Chrt Sch Proj, Ser A | 5.00% | 07/01/43 | 253367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; New York City NY Hsg Dev Corp Mf Hsg Rev Sustainable <br> Bond, Ser A-1 | 3.95% | 05/01/35 | 255440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; New York City NY Hsg Dev Corp Mf Hsg Rev Sustainable <br> Bond, Ser B-1 | 4.75% | 11/01/40 | 313927 |

---

------

**First Trust New York Municipal High Income ETF (FMNY)**

**Portfolio of Investments (Continued)**

**October 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **New York (Continued)** | **New York (Continued)** | **New York (Continued)** |  |
| $250000 | &nbsp;&nbsp;&nbsp; New York City NY Indl Dev Agy Rev Ref Queens Baseball <br> Stadium Proj, Ser A, AG | 3.00% | 01/01/37 | $233963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp; New York City NY Muni Wtr Fin Auth Wtr & Swr Sys Rev Ref <br> 2nd Gen Resolution, Ser AA | 4.00% | 06/15/40 | 265226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp; New York City NY Muni Wtr Fin Auth Wtr & Swr Sys Rev <br> Ref, Ser AA-3 | 5.00% | 06/15/47 | 319679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | New York City NY Transitional Fin Auth Rev Subord, Ser B-1 | 4.00% | 08/01/39 | 252790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | New York City NY Transitional Fin Auth Rev Subord, Subser F-3 | 3.00% | 02/01/39 | 224353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; New York City NY Trust For Cultural Res Ref American Museum <br> of Nat History, Ser A | 5.00% | 07/15/54 | 263713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | NY Energy Fin Dev Corp Var (Mandatory put 12/01/33) | 5.00% | 07/01/56 | 538196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | NY NY Fiscal 2021, Ser C | 4.00% | 08/01/41 | 248496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275000 | NY NY Fiscal 2025 Multi Modal, Ser E | 5.00% | 08/01/41 | 301819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; NY St Dorm Auth Revs Non St Supported Debt Memorial Sloan <br> Kettering Cancer Ctr, Ser 1 | 5.25% | 07/01/54 | 269389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; NY St Dorm Auth Revs Non St Supported Debt New York Institute <br> of Technology | 5.00% | 07/01/44 | 309061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; NY St Dorm Auth Revs Non St Supported Debt Orchard Park <br> CCRC Inc Obligated Grp (b) | 5.13% | 11/15/50 | 504015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | NY St Dorm Auth Revs Non St Supported Debt Pace Univ, Ser A | 5.25% | 05/01/43 | 260660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | NY St Dorm Auth Revs Non St Supported Debt Pratt Institute Ref | 5.00% | 07/01/39 | 251914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355000 | &nbsp;&nbsp;&nbsp; NY St Dorm Auth Revs Non St Supported Debt Ref Northwell Hlth <br> Oblig Grp, Ser A | 5.00% | 05/01/38 | 384601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; NY St Dorm Auth Revs Non St Supported Debt Roswell Park <br> Cancer Institute Obligated Grp, Ser A-1, AG | 5.00% | 07/01/39 | 275941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; NY St Dorm Auth Revs Non St Supported Debt White Plains Hosp <br> Obligated Grp, AG | 5.25% | 10/01/43 | 265953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290000 | NY St Dorm Auth St Personal Income Tax Rev Ref, Ser A-Grp 3 | 3.00% | 03/15/38 | 267600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | NY St Dorm Auth St Personal Income Tax Rev Ref, Ser C | 5.25% | 03/15/47 | 270250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; NY St Energy Rsrch & Dev Auth Poll Cntrl Rev Ref NY Elec & <br> Gas Remk, Ser C | 4.00% | 04/01/34 | 258070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; NY St Envrnmntl Facs Corp Sol Wst Disp Rev Var Draw Down <br> Casella Wst Sys Inc Proj, Ser R-2, AMT (Mandatory put <br> 09/03/30) (c) | 5.13% | 09/01/50 | 262246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; NY St Envrnmntl Facs Corp Sol Wst Disp Rev Var Ref Wst Mgmt <br> Inc Remk, AMT (Mandatory put 02/02/26) | 3.85% | 05/01/30 | 249993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; NY St Envrnmntl Facs Corp St Clean Wtr & Drinking Wtr Ref <br> NYC Muni Wtr Fin Auth Projs Subord Srf Bond, Ser C | 5.00% | 06/15/44 | 327677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &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 | 253948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255000 | NY St Hsg Fin Agy Affordable Hsg, Ser B | 3.20% | 11/01/36 | 241407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; NY St Mtge Agy Homeowner Mtge Rev Sustainable Bonds, <br>Ser 266 | 4.55% | 10/01/45 | 303496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305000 | NY St Thruway Auth Gen Rev Jr Indebtedness Obl Subord, Ser B | 4.00% | 01/01/45 | 291571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp; NY St Transprtn Dev Corp Spl Fac Rev Delta Airls Inc LaGuardia <br> Arpt Terminals C&D Redev, AMT | 4.00% | 10/01/30 | 367070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; NY St Transprtn Dev Corp Spl Fac Rev Ref American Airls Inc <br> John F Kennedy Intl Arpt Proj, AMT | 5.00% | 08/01/31 | 250057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; NY St Transprtn Dev Corp Spl Fac Rev Sustainable Bond JFK Intl <br> Arpt New Terminal One Proj, AMT | 6.00% | 06/30/42 | 277487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp; NY St Transprtn Dev Corp Spl Fac Rev Terminal 4 JFK Intl Arpt <br> Proj, AMT | 5.00% | 12/01/30 | 470231 |

---

------

**First Trust New York Municipal High Income ETF (FMNY)**

**Portfolio of Investments (Continued)**

**October 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **New York (Continued)** | **New York (Continued)** | **New York (Continued)** |  |
| $280000 | NY St Urban Dev Corp Sales Tax Rev, Ser A | 5.00% | 03/15/45 | $298757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | Onondaga Cnty NY | 3.00% | 04/15/36 | 73124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Oyster Bay NY, Ser A, AG | 2.00% | 03/01/35 | 214409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305000 | Port Auth of NY & NJ NY Ref, Ser 246, AMT | 5.00% | 09/01/40 | 327344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Port Auth of NY & NJ NY Ref, Ser 246, AMT | 5.00% | 09/01/44 | 311855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Rockland Cnty NY Sol Wst Mgmt Auth Animal Shelter Proj, Ser A | 6.25% | 12/15/49 | 286693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290000 | Southampton Vlg NY Ambulance Bldg | 2.13% | 03/01/29 | 274299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Suffolk Regl Off Track Betting Corp NY Rev | 6.00% | 12/01/53 | 507466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Syracuse Regl Arpt Auth NY Sr Arpt Rev Ref, AMT | 4.00% | 07/01/36 | 249238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp; Triborough NY Bridge & Tunnel Auth Payroll Mobility Tax Ref <br> MTA Bridges & Tunnels, Ser A | 5.00% | 05/15/47 | 296159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Triborough NY Bridge & Tunnel Auth Revs, Ser A | 5.00% | 11/15/42 | 267556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Triborough NY Bridge & Tunnel Auth Revs, Ser A | 5.50% | 11/15/57 | 267702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315000 | Util Debt Securitization Auth NY Ref TE, Ser 1 | 5.00% | 12/15/41 | 352899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Westchester Cnty NY Loc Dev Corp Rev Westchester Med Ctr <br> Oblig Grp Proj, AG | 5.75% | 11/01/49 | 272412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Yonkers NY, Ser F, BAM | 5.00% | 11/15/41 | 271930 |
|  |  |  |  | 23012278 |
|  | **Puerto Rico — 4.0%** | **Puerto Rico — 4.0%** | **Puerto Rico — 4.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | Puerto Rico Cmwlth Restructured, Ser A1 | 4.00% | 07/01/33 | 395719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Puerto Rico Indl Tourist Eductnl Med & Envrnmntl Control Fac <br> San Juan Cruise Terminal Proj, Ser 2023-A-2-P3, AMT | 6.50% | 01/01/42 | 283487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Fing Corp Sales Tax Rev Restructured, <br>Ser A-2 | 4.33% | 07/01/40 | 388337 |
|  |  |  |  | 1067543 |
|  | **South Dakota — 1.9%** | **South Dakota — 1.9%** | **South Dakota — 1.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; SD St Hlth & Eductnl Facs Auth Ref Westhills Vlg Retmnt Comnty <br> Issue, Ser A | 5.00% | 09/01/50 | 501189 |
|  | **Total Investments — 95.5%** | **Total Investments — 95.5%** | **Total Investments — 95.5%** | 25529724 |
|  | (Cost $25,058,683) | (Cost $25,058,683) | (Cost $25,058,683) |  |
|  | **Net Other Assets and Liabilities — 4.5%** | **Net Other Assets and Liabilities — 4.5%** | **Net Other Assets and Liabilities — 4.5%** | 1202043 |
|  | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $26731767 |

---

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) 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 October 31, 2025, securities noted as such amounted to $262,246
 or 1.0% of net assets.

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

---

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

---

------

**First Trust New York Municipal High Income ETF (FMNY)**

**Portfolio of Investments (Continued)**

**October 31, 2025 (Unaudited)**

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of October 31, 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>**10/31/2025**<br>| &nbsp;&nbsp;&nbsp; **Level 1** <br>**Quoted** <br>**Prices**<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Municipal Bonds\* | &nbsp;&nbsp; $25529724 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $25529724 | &nbsp;&nbsp;&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**

**October 31, 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 New York Municipal High Income ETF

- **b. EDGAR series identifier (if any):** S000070485

- **c. LEI of Series:** 549300NJG12AJVBCY722

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

- **a. Date of fiscal year-end:** 2026-07-31

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $27254976.91

**Total Liabilities:** $518180.52

**Net Assets:** $26736796.39

**Delayed Delivery Securities:** $503305.00

**Cash Not Reported:** $128090.46

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 16.21695000 | **1-Year:** 353.89978000 | **5-Year:** 4138.98721000 | **10-Year:** 15455.60668000 | **30-Year:** 227.74993000

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

- **3-Month:** 6.15140000 | **1-Year:** 18.94797000 | **5-Year:** 94.68303000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000223991 | 0.74%                | 2.52%                | 1.44%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-34719.03               | $123934.77                                 |
| Month 2  | $1937.26                 | $459512.15                                 |
| Month 3  | $11712.73                | $260150.44                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ONONDAGA CNTY NY               | County of Onondaga NY                                                           | CUSIP: 68277DAT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $73124.12     | 0.27%             | 2036-04-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE | Port Authority of New York & New Jersey                                         | CUSIP: 73358XNT5<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    305000 | PA      | $327343.90    | 1.22%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO INDL TOURIST EDUCT | Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth | CUSIP: 74528LAB7<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | US        |    250000 | PA      | $283487.15    | 1.06%             | 2042-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST ENERGY RESEARCH &  | New York State Energy Research & Development Authority                          | CUSIP: 649845HY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $258069.60    | 0.97%             | 2034-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DUTCHESS CNTY NY LOCAL DEV COR | Dutchess County Local Development Corp                                          | CUSIP: 267045TH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $286644.77    | 1.07%             | 2043-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE | Port Authority of New York & New Jersey                                         | CUSIP: 73358XNX6<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    300000 | PA      | $311854.59    | 1.17%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTILITY DEBT SECURITIZATION AU | Utility Debt Securitization Authority                                           | CUSIP: 91802RGY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $352898.56    | 1.32%             | 2041-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST MTGE AGY HOMEOWNER | State of New York Mortgage Agency Homeowner Mortgage Revenue                    | CUSIP: 64988YF36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $303495.96    | 1.14%             | 2045-10-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN  | New York City Municipal Water Finance Authority                                 | CUSIP: 64972GUD4<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    265000 | PA      | $265226.31    | 0.99%             | 2040-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ENERGY FIN DEV CORP   | New York Energy Finance Development Corp                                        | CUSIP: 64947PAA4<br>LEI: 254900PRGXZMJ912RI65 | Long             | DBT              | MUN               | US        |    500000 | PA      | $538196.30    | 2.01%             | 2056-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| BATTERY PARK CITY NY AUTH      | Battery Park City Authority                                                     | CUSIP: 07133AJK9<br>LEI: 549300RF3SFDOWRHVM56 | Long             | DBT              | MUN               | US        |    275000 | PA      | $295350.14    | 1.10%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| YONKERS NY                     | City of Yonkers NY                                                              | CUSIP: 986082W68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $271930.10    | 1.02%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OYSTER BAY NY                  | Town of Oyster Bay NY                                                           | CUSIP: 692160TG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $214409.00    | 0.80%             | 2035-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT WTRWKS AUTH WTR & WS | Guam Government Waterworks Authority                                            | CUSIP: 40065FFB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $275918.10    | 1.03%             | 2039-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                    | City of New York NY                                                             | CUSIP: 64966SJS6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    275000 | PA      | $301818.61    | 1.13%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HEMPSTEAD TOWN NY LOCAL DEV CO | Hempstead Town Local Development Corp                                           | CUSIP: 424682LS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $341250.03    | 1.28%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BREWSTER NY CENTRL SCH DIST    | Brewster Central School District                                                | CUSIP: 107745JD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $299782.29    | 1.12%             | 2026-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH ST PERSO | New York State Dormitory Authority                                              | CUSIP: 64990KJB0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    250000 | PA      | $270250.00    | 1.01%             | 2047-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP  | New York City Housing Development Corp                                          | CUSIP: 64972KKC8<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    300000 | PA      | $313927.26    | 1.17%             | 2040-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY NY INDL DEV AGY MF | Monroe County Industrial Development Corp                                       | CUSIP: 61075NAC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $309419.88    | 1.16%             | 2028-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL  | New York City Transitional Finance Authority Future Tax Secured Revenue         | CUSIP: 64971WH52<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $224353.33    | 0.84%             | 2039-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST ENVRNMNTL FACS COR | New York State Environmental Facilities Corp                                    | CUSIP: 649852AN0<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |    250000 | PA      | $249992.63    | 0.94%             | 2030-05-01      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| BUFFALO NY SWR AUTH            | Buffalo Sewer Authority                                                         | CUSIP: 119730HP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $396141.07    | 1.48%             | 2043-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH ST PERSO | New York State Dormitory Authority                                              | CUSIP: 64990FYF5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    290000 | PA      | $267599.91    | 1.00%             | 2038-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST  | New Jersey Transportation Trust Fund Authority                                  | CUSIP: 64613CHP6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    300000 | PA      | $320692.74    | 1.20%             | 2045-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                        | CUSIP: 650116FE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    435000 | PA      | $470230.56    | 1.76%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP  | New York City Housing Development Corp                                          | CUSIP: 64972KCC7<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    250000 | PA      | $255439.78    | 0.96%             | 2035-05-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    400000 | PA      | $395718.88    | 1.48%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRUST FOR CUL | Trust for Cultural Resources of The City of New York/The                        | CUSIP: 649717WC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $263713.05    | 0.99%             | 2054-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY NY INDL DEV CORP R | Monroe County Industrial Development Corp/NY                                    | CUSIP: 61075TWT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $259348.15    | 0.97%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HUDSON YARDS INFRASTRUCTURE CO | Hudson Yards Infrastructure Corp                                                | CUSIP: 44420RBE9<br>LEI: 549300EE2HJ67TPURL87 | Long             | DBT              | MUN               | US        |    250000 | PA      | $253977.03    | 0.95%             | 2042-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROCKLAND CNTY NY SOL WST MGMT  | Rockland County Solid Waste Management Authority                                | CUSIP: 77356FAV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $286692.88    | 1.07%             | 2049-12-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                        | CUSIP: 650116JE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $277487.50    | 1.04%             | 2042-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NASSAU CNTY NY INDL DEV AGY    | Nassau County Industrial Development Agency                                     | CUSIP: 631657KW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.75%             | 2034-01-01      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                        | CUSIP: 650116CX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $367070.36    | 1.37%             | 2030-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTHAMPTON VLG NY             | Village of Southampton NY                                                       | CUSIP: 841212EZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $274299.37    | 1.03%             | 2029-03-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| HUDSON YARDS INFRASTRUCTURE CO | Hudson Yards Infrastructure Corp                                                | CUSIP: 44420RBA7<br>LEI: 549300EE2HJ67TPURL87 | Long             | DBT              | MUN               | US        |    250000 | PA      | $256054.88    | 0.96%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES | New York State Dormitory Authority                                              | CUSIP: 65000B7V4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    250000 | PA      | $265953.30    | 0.99%             | 2043-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY        | New York State Housing Finance Agency                                           | CUSIP: 64987BKX5<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |    255000 | PA      | $241406.74    | 0.90%             | 2036-11-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES | New York State Dormitory Authority                                              | CUSIP: 65000BT65<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    300000 | PA      | $309060.81    | 1.16%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LONG ISLAND NY PWR AUTH ELEC S | Long Island Power Authority                                                     | CUSIP: 542691HM5<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |    350000 | PA      | $365930.88    | 1.37%             | 2048-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL  | Triborough Bridge & Tunnel Authority                                            | CUSIP: 89602RHP3<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    250000 | PA      | $267556.15    | 1.00%             | 2042-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH BABYLON NY UNION FREE SC | North Babylon Union Free School District                                        | CUSIP: 657430MB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $294542.85    | 1.10%             | 2035-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES | New York State Dormitory Authority                                              | CUSIP: 64985SBX0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    250000 | PA      | $269388.63    | 1.01%             | 2054-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE  | Metropolitan Transportation Authority                                           | CUSIP: 59261A3P0<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    250000 | PA      | $265155.05    | 0.99%             | 2043-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WESTCHESTER CNTY NY LOCAL DEV  | Westchester County Local Development Corp                                       | CUSIP: 95737TFN1<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |    250000 | PA      | $272412.38    | 1.02%             | 2049-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SOUTH DAKOTA ST HLTH & EDUCTNL | South Dakota Health & Educational Facilities Authority                          | CUSIP: 83755VY73<br>LEI: 549300ZW6LKR8UI2C378 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501188.45    | 1.87%             | 2050-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN  | New York City Municipal Water Finance Authority                                 | CUSIP: 64972GC28<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    305000 | PA      | $319678.70    | 1.20%             | 2047-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL  | Triborough Bridge & Tunnel Authority                                            | CUSIP: 89602RHT5<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    250000 | PA      | $267702.40    | 1.00%             | 2057-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE  | Metropolitan Transportation Authority                                           | CUSIP: 59261A2G1<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    300000 | PA      | $324451.02    | 1.21%             | 2047-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DUTCHESS CNTY NY LOCAL DEV COR | Dutchess County Local Development Corp                                          | CUSIP: 26704AAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $270015.40    | 1.01%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY INDL DEV AGY  | New York City Industrial Development Agency                                     | CUSIP: 64971PLF0<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |    250000 | PA      | $233962.68    | 0.88%             | 2037-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV | Build NYC Resource Corp                                                         | CUSIP: 12008EVV5<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    300000 | PA      | $285019.59    | 1.07%             | 2043-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $388337.40    | 1.45%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                    | City of New York NY                                                             | CUSIP: 64966QQE3<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    250000 | PA      | $248495.50    | 0.93%             | 2041-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL  | Triborough Bridge & Tunnel Authority                                            | CUSIP: 89602HCF2<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    285000 | PA      | $296158.98    | 1.11%             | 2047-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY NY INDL DEV CORP R | Monroe County Industrial Development Corp/NY                                    | CUSIP: 61075TXQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $263737.60    | 0.99%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CARMEL NY                      | Town of Carmel NY                                                               | CUSIP: 143357E31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $276107.78    | 1.03%             | 2045-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BATTERY PARK CITY NY AUTH      | Battery Park City Authority                                                     | CUSIP: 07133AJM5<br>LEI: 549300RF3SFDOWRHVM56 | Long             | DBT              | MUN               | US        |    500000 | PA      | $527558.00    | 1.97%             | 2053-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL  | New York City Transitional Finance Authority Future Tax Secured Revenue         | CUSIP: 64971XF86<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $252790.05    | 0.95%             | 2039-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES | New York State Dormitory Authority                                              | CUSIP: 65000B4W5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    250000 | PA      | $260660.28    | 0.97%             | 2043-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ERIE CNTY NY                   | County of Erie NY                                                               | CUSIP: 295084YL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $491587.23    | 1.84%             | 2042-09-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SUFFOLK REGL OFF-TRACK BETTING | Suffolk Regional Off-Track Betting Corp                                         | CUSIP: 86480TAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507465.85    | 1.90%             | 2053-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES | New York State Dormitory Authority                                              | CUSIP: 64985SNP4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $504014.65    | 1.89%             | 2050-11-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES | New York State Dormitory Authority                                              | CUSIP: 64990BR62<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    250000 | PA      | $251914.35    | 0.94%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST ENVRNMNTL FACS COR | New York State Environmental Facilities Corp                                    | CUSIP: 649852AT7<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |    250000 | PA      | $262245.58    | 0.98%             | 2050-09-01      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| SHINGLE CREEK AT BRONSON CDD F | Shingle Creek at Bronson Community Development District                         | CUSIP: 82459NAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $96034.21     | 0.36%             | 2041-06-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NASSAU CNTY NY LOCAL ECON ASSI | Nassau County Local Economic Assistance Corp                                    | CUSIP: 63165CAB8<br>LEI: 549300FCI13UFG0Y6Y37 | Long             | DBT              | MUN               | US        |    250000 | PA      | $253367.08    | 0.95%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY AFFORD | New York State Housing Finance Agency                                           | CUSIP: 64987JY62<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |    250000 | PA      | $253948.28    | 0.95%             | 2042-05-01      | Variable      | 3.57%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST ENVRNMNTL FACS COR | New York State Environmental Facilities Corp                                    | CUSIP: 64986DQF5<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |    300000 | PA      | $327676.80    | 1.23%             | 2044-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES | New York State Dormitory Authority                                              | CUSIP: 65000BNB0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    355000 | PA      | $384600.61    | 1.44%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LONG ISLAND NY PWR AUTH ELEC S | Long Island Power Authority                                                     | CUSIP: 542691JX9<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |    250000 | PA      | $262263.78    | 0.98%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SYRACUSE REGL ARPT AUTH NY SEN | Syracuse Regional Airport Authority                                             | CUSIP: 871740AQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $249237.88    | 0.93%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST URBAN DEV CORP SAL | Empire State Development Corp                                                   | CUSIP: 64985TFY2<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |    280000 | PA      | $298757.31    | 1.12%             | 2045-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIDGE AT APOPKA CDD FL SPL ASS | Ridge at Apopka Community Development District                                  | CUSIP: 76571AAC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $256068.88    | 0.96%             | 2042-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CHAUTAUQUA CNTY NY CAPITAL RES | Chautauqua County Capital Resource Corp                                         | CUSIP: 16254PAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $302452.14    | 1.13%             | 2042-04-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV | Build NYC Resource Corp                                                         | CUSIP: 12008ETW6<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    300000 | PA      | $307065.48    | 1.15%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALBANY NY CAPITAL RESOURCE COR | Albany Capital Resource Corp                                                    | CUSIP: 012432ET3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $526968.70    | 1.97%             | 2050-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST THRUWAY AUTH GEN R | New York State Thruway Authority                                                | CUSIP: 650010CJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $291571.34    | 1.09%             | 2045-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES | New York State Dormitory Authority                                              | CUSIP: 64985SMZ3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    250000 | PA      | $275941.48    | 1.03%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DUTCHESS CNTY NY LOCAL DEV COR | Dutchess County Local Development Corp                                          | CUSIP: 267045QX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $255114.50    | 0.95%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                        | CUSIP: 650116BP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250057.20    | 0.94%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LONG BEACH NY                  | City of Long Beach NY                                                           | CUSIP: 542519EL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $333210.33    | 1.25%             | 2032-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BROOKHAVEN NY LOCAL DEV CORP R | Brookhaven Local Development Corp                                               | CUSIP: 113168BG2<br>LEI: 549300384JET720NAQ98 | Long             | DBT              | MUN               | US        |    400000 | PA      | $407680.80    | 1.52%             | 2050-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-22

**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