# EDGAR Filing Document

**Accession Number:** 0001424212
**File Stem:** 0000940400-25-014245
**Filing Date:** 2025-12
**Character Count:** 221949
**Document Hash:** e9821217c9a6ce41fe5f6761bcd9a7c5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-014245.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0000940400-25-014245

**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:** 251597862

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

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

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

**Portfolio of Investments**

**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 — 100.5%** | **MUNICIPAL BONDS — 100.5%** | **MUNICIPAL BONDS — 100.5%** | **MUNICIPAL BONDS — 100.5%** | **MUNICIPAL BONDS — 100.5%** |
|  | **Alabama — 6.1%** | **Alabama — 6.1%** | **Alabama — 6.1%** |  |
| $1250000 | &nbsp;&nbsp;&nbsp; Baldwin Cnty AL Indl Dev Auth Sol Wst Disp Rev Var Novelis <br> Corp Proj, Ser B, AMT (Mandatory put 06/01/32) (a) | 4.63% | 06/01/55 | $1264124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp; Black Belt Energy Gas Dist AL Gas Prepay Rev Proj No 4, Ser A-1 <br> (Mandatory put 12/01/25) | 4.00% | 12/01/49 | 130273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1035000 | &nbsp;&nbsp;&nbsp; Black Belt Energy Gas Dist AL Gas Proj Rev Bonds Proj No 7, <br>Ser C-1 (Mandatory put 12/01/26) | 4.00% | 10/01/52 | 1042241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp; Black Belt Energy Gas Dist AL Gas Proj Rev Proj No 6, Ser B <br> (Mandatory put 12/01/26) | 4.00% | 10/01/52 | 493428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1165000 | Black Belt Energy Gas Dist AL Gas Proj Rev, Ser C-1 | 5.25% | 12/01/27 | 1208042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Black Belt Energy Gas Dist AL Gas Proj Rev, Ser C-1 (Mandatory <br> put 06/01/29) | 5.25% | 02/01/53 | 1066433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 745000 | Black Belt Energy Gas Dist AL Gas Proj Rev, Ser D | 5.00% | 11/01/31 | 806634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3385000 | &nbsp;&nbsp;&nbsp; Black Belt Energy Gas Dist AL Gas Sply Rev Ref, Ser D1 <br> (Mandatory put 06/01/27) | 4.00% | 07/01/52 | 3426037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Black Belt Energy Gas Dist AL Gas Sply Rev, Ser B (Mandatory <br> put 12/01/30) | 5.25% | 12/01/53 | 1086213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Energy SE AL A Cooperative Dist Energy Sply Rev, Ser B <br> (Mandatory put 06/01/32) | 5.25% | 07/01/54 | 1098746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2470000 | &nbsp;&nbsp;&nbsp; Lower AL Gas Dist Gas Proj Rev Bonds Proj 2 (Mandatory put <br> 12/01/25) | 4.00% | 12/01/50 | 2472084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | Midcity Impt Dist AL Spl Assmnt Rev | 3.88% | 11/01/27 | 195946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Mobile AL Indl Dev Brd Poll Control Rev Var AL Pwr Co Barry <br> Plant Remk (Mandatory put 03/12/26) | 3.30% | 07/15/34 | 2001018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2315000 | &nbsp;&nbsp;&nbsp; SE Energy Auth AL Cmdy Sply Rev Proj #1, Ser A (Mandatory put <br> 10/01/28) | 4.00% | 11/01/51 | 2368519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2095000 | SE Energy Auth AL Cmdy Sply Rev Proj #2, Ser B | 4.00% | 06/01/30 | 2133990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | SE Energy Auth AL Cmdy Sply Rev Proj No 3, Ser A-1 | 5.00% | 12/01/26 | 507971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | SE Energy Auth AL Cooperative, Ser C (Mandatory put 11/01/32) | 5.00% | 10/01/55 | 6520529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Selma AL Indl Dev Brd Rev Var Intl Paper Co Proj Ref Remk, Ser <br> A (Mandatory put 10/01/31) | 3.45% | 11/01/33 | 2023250 |
|  |  |  |  | 29845478 |
|  | **Arizona — 1.7%** | **Arizona — 1.7%** | **Arizona — 1.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1340000 | AZ Indl Dev Auth Hosp Rev Phoenix Children's Hosp, Ser A | 5.00% | 02/01/35 | 1438472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1025000 | &nbsp;&nbsp;&nbsp; AZ St Indl Dev Auth Edu Rev Acads of Math & Science Proj, <br>Ser B (a) | 5.00% | 07/01/29 | 1033270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 695000 | &nbsp;&nbsp;&nbsp; AZ St Indl Dev Auth Edu Rev Doral Acdmy NV Fire Mesa & Red <br> Rock Cmps Proj, Ser A | 3.55% | 07/15/29 | 680245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 740000 | &nbsp;&nbsp;&nbsp; AZ St Indl Dev Auth Edu Rev Pinecrest Acdmy Horizon Inspirada <br> & St Rose Cmps, Ser A (a) | 5.00% | 07/15/28 | 744925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | AZ St Indl Dev Auth Edu Rev Ref Basis Schs Projs, Ser A (a) | 5.00% | 07/01/26 | 50276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp; AZ St Indl Dev Auth Edu Rev Ref Doral Acdmy of Northern NV <br> Proj, Ser A (a) | 4.00% | 07/15/26 | 229259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp; AZ St Indl Dev Auth Edu Rev Ref Doral Acdmy of Northern NV <br> Proj, Ser A (a) | 4.00% | 07/15/31 | 419765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; AZ St Indl Dev Auth Natl Chrt Sch Revolving Loan Fd Equitable <br> Sch Revolving Fund Sustainable Bonds, Ser A | 4.00% | 11/01/27 | 499481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; Chandler AZ Indl Dev Auth Indl Dev Rev Var Intel Corp Proj, Ser <br> 2022-2, AMT (Mandatory put 09/01/27) | 5.00% | 09/01/52 | 1271081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Coconino Cnty AZ Poll Controlcorp Var Ref NV Pwr Co Proj <br> Remk, Ser B (Mandatory put 03/31/26) | 3.75% | 03/01/39 | 1001268 |

---

------

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

**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)** |
|  | **Arizona (Continued)** | **Arizona (Continued)** | **Arizona (Continued)** |  |
| $100000 | &nbsp;&nbsp;&nbsp; Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Paradise Schs Projs <br> Paragon Mgmt Inc (a) | 4.00% | 07/01/26 | $99691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Tempe AZ Indl Dev Auth Rev Temps 50 Friendship Vlg of Tempe <br> Proj, Ser B-2 | 3.50% | 12/01/30 | 995439 |
|  |  |  |  | 8463172 |
|  | **California — 5.1%** | **California — 5.1%** | **California — 5.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; CA Cmnty Choice Fing Auth Clean Energy Proj Rev Sustainable <br> Bond, Ser A-1 (Mandatory put 08/01/28) | 4.00% | 05/01/53 | 357932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp; CA Cmnty Choice Fing Auth Clean Energy Proj Rev Sustainable <br> Bond, Ser B-1 (Mandatory put 08/01/31) | 4.00% | 02/01/52 | 4599108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; CA Cmnty Choice Fing Auth Clean Energy Proj Rev Sustainable <br> Bond, Ser B-1 (Mandatory put 08/01/29) | 5.00% | 07/01/53 | 1057952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 910000 | &nbsp;&nbsp;&nbsp; CA Cmnty Choice Fing Auth Clean Energy Proj Rev Sustainable <br> Bond, Ser E (Mandatory put 09/01/32) | 5.00% | 02/01/55 | 986955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | CA St Hlth Facs Fing Auth Rev Initial Entrance Fees, Ser A | 3.85% | 11/15/27 | 1251467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Sol Wst Disp Rev Var Wst Mgmt Inc <br> Remk, Ser A, AMT (Mandatory put 10/02/28) | 3.45% | 10/01/41 | 2506317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | CA St Muni Fin Auth Spl Fac Rev United Airls Inc Proj, AMT | 4.00% | 07/15/29 | 2022243 |
| &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; 1310000 | &nbsp;&nbsp;&nbsp; CA St Poll Control Fin Auth Sol Wst Disp Rev Ref Wst Mgmt <br> Inc, Ser B-2, AMT (Mandatory put 11/02/26) | 3.45% | 11/01/40 | 1309999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; CA St Poll Control Fin Auth Sol Wst Disp Rev Var Wst Mgmt Proj <br> Remk, Ser A, AMT (Mandatory put 07/02/29) | 4.25% | 07/01/31 | 2029843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp; CA St Sch Fin Auth Chrt Sch Rev Ref Classical Academies <br> Oceanside Proj, Ser A (a) | 4.00% | 10/01/27 | 236021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; Folsom Ranch CA Fing Auth Spl Tax Rev White Rock Springs <br> Ranch | 4.00% | 09/01/26 | 100608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 475000 | Fontana CA Spl Tax Cmnty Facs Dt #109 | 5.00% | 09/01/30 | 510635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260000 | Fontana CA Spl Tax Cmnty Facs Dt #109 | 5.00% | 09/01/32 | 283825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 730000 | Los Angeles CA Dept of Arpts Arpt Rev Subord Ref, Ser A, AMT | 5.00% | 05/15/29 | 783197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 730000 | Los Angeles CA Dept of Arpts Arpt Rev Subord Ref, Ser A, AMT | 5.00% | 05/15/31 | 780797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Los Angeles CA Trans | 5.00% | 06/25/26 | 1016830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Ontario CA Cmnty Facs Dist #64 Spl Tax Sunset Ranch | 5.00% | 09/01/30 | 532683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525000 | Ontario CA Cmnty Facs Dist #64 Spl Tax Sunset Ranch | 5.00% | 09/01/31 | 565383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | Roseville CA Spl Tax Svsp Westpark Federico Cmnty Facs Dt No 1 | 4.00% | 09/01/26 | 85441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; San Diego Cnty CA Regl Arpt Auth Arpt Rev Sr Priv Activity, Ser <br> B, AMT | 5.00% | 07/01/31 | 2226051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 445000 | San Diego Cnty Ca Regl Arpt Auth Arpt Rev Sub Rev, Ser B, AMT | 5.00% | 07/01/35 | 455176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp; San Francisco CA City & Cnty Dev Spl Tax Dist No Mission Rock <br> Fac and Svcs, Ser A (a) | 4.00% | 09/01/26 | 80395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | San Luis Obispo CA Cmnty Facs Dist #2019-1 Spl Tax | 4.00% | 09/01/26 | 100592 |
|  |  |  |  | 24879450 |
|  | **Colorado — 2.9%** | **Colorado — 2.9%** | **Colorado — 2.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; CO St Eductnl & Cultural Facs Auth Rev Ref & Impt Chrt Sch <br> Univ Lab Bldg Corp (a) | 5.00% | 12/15/28 | 500596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | CO St Hlth Facs Auth Rev Commonspirit Hlth Oblig Grp, Ser A | 5.00% | 11/01/26 | 407169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1035000 | CO St Hlth Facs Auth Rev Ref Commonspirit Hlth, Ser A-2 | 5.00% | 08/01/31 | 1105999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505000 | CO St Hlth Facs Auth Rev Ref Covenant Living Cmntys and Svcs | 5.00% | 12/01/29 | 533815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; CO St Hlth Facs Auth Rev Ref Frasier Meadows Retmnt Cmnty <br> Proj, Ser A | 5.25% | 05/15/30 | 1025935 |

---

------

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

**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)** |
|  | **Colorado (Continued)** | **Colorado (Continued)** | **Colorado (Continued)** |  |
| $395000 | CO St Hlth Facs Auth Rev Ref, Ser A | 5.00% | 05/15/30 | $419683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; CO St Hlth Facs Auth Rev Var Advent Hlth Obligated Grp, Ser A <br> (Mandatory put 11/15/30) | 5.00% | 11/15/60 | 1094107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; CO St Hlth Facs Auth Rev Var Ref Intermountain Hlthcare, Ser C <br> (Mandatory put 08/15/28) | 5.00% | 05/15/62 | 2107084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | Denver City & Cnty CO Arpt Rev Ref Sub Sys, Ser A, AMT | 5.00% | 12/01/29 | 1323854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1290000 | Denver City & Cnty CO Arpt Rev Ref Sub Sys, Ser A, AMT | 5.00% | 12/01/31 | 1363572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Denver City & Cnty CO Arpt Rev Ref Sub Sys, Ser A, AMT | 5.00% | 12/01/34 | 1046480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Denver City & Cnty CO Arpt Rev Var Ref, Ser B2, AMT <br> (Mandatory put 11/15/25) | 5.00% | 11/15/31 | 1000437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 520000 | Denver City & Cnty CO Arpt Rev, Ser A, AMT | 5.00% | 11/15/25 | 520332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp; Park Creek CO Met Dist Rev Ref Sr Ltd Property Tax <br> Supported, Ser A | 5.00% | 12/01/31 | 20032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Sand Creek CO Met Dist Ref Ltd Tax, Ser A | 4.00% | 12/01/31 | 500081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1055000 | Traditions CO Met Dist #2 Ref, BAM | 5.00% | 12/01/32 | 1073390 |
|  |  |  |  | 14042566 |
|  | **Connecticut — 1.3%** | **Connecticut — 1.3%** | **Connecticut — 1.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215000 | CT St Hlth & Eductnl Facs Auth Rev Hartford Hlthcare, Ser A | 5.00% | 07/01/30 | 230923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp; CT St Hlth & Eductnl Facs Auth Rev Ref Yale Univ, Ser A-2 <br> (Mandatory put 07/01/26) | 2.00% | 07/01/42 | 134050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1365000 | CT St Hsg Fin Auth Ref St Supported Spl Oblig, Ser 21, AMT | 4.00% | 06/15/30 | 1370524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525000 | CT St Ref, Ser B | 5.00% | 12/01/28 | 563145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | CT St Spl Tax Oblig Rev Transprtn Infra, Ser A | 5.00% | 09/01/30 | 2038295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140000 | CT St Spl Tax Oblig Rev, Ser B | 5.00% | 10/01/27 | 146323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Stamford CT Hsg Auth Mozaic Concierge Living Proj, Ser D | 4.25% | 10/01/30 | 2020800 |
|  |  |  |  | 6504060 |
|  | **Delaware — 0.5%** | **Delaware — 0.5%** | **Delaware — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2350000 | &nbsp;&nbsp;&nbsp; DE St Econ Dev Auth Rev Ref Delmarva Pwr & Light Co Proj <br> Remk, Ser A | 3.60% | 01/01/31 | 2425150 |
|  | **District of Columbia — 1.0%** | **District of Columbia — 1.0%** | **District of Columbia — 1.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Met WA DC Arpts Auth Arpt Sys Rev Ref, Ser A, AMT | 5.00% | 10/01/28 | 1059474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1060000 | Met WA DC Arpts Auth Arpt Sys Rev Ref, Ser A, AMT | 5.00% | 10/01/30 | 1118501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1305000 | Met WA DC Arpts Auth Arpt Sys Rev Ref, Ser A, AMT | 5.00% | 10/01/31 | 1443996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | Met WA DC Arpts Auth Arpt Sys Rev Ref, Ser A, AMT | 5.00% | 10/01/31 | 1383138 |
|  |  |  |  | 5005109 |
|  | **Florida — 10.1%** | **Florida — 10.1%** | **Florida — 10.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1165000 | &nbsp;&nbsp;&nbsp; Babcock Ranch Cmnty Indep Spl Dist FL Spl Assmnt Rev Assmt <br> Area 3A (a) | 4.50% | 11/01/29 | 1188063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp; Babcock Ranch Cmnty Indep Spl Dist FL Spl Assmnt Rev Proj, <br>Ser 2021 | 2.38% | 05/01/26 | 128882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp; Babcock Ranch Cmnty Indep Spl Dist FL Spl Assmnt Rev Proj, <br>Ser 2022 | 4.13% | 05/01/27 | 110032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | Berry Bay CDD FL Spl Assmnt Rev Assmnt Area One | 2.63% | 05/01/26 | 54570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 645000 | Berry Bay CDD FL Spl Assmnt Rev Assmnt Area One | 3.13% | 05/01/31 | 613809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105000 | Black Creek FL CDD Spl Assmnt Expansion Area Proj | 4.80% | 06/15/27 | 106381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1285000 | Broward Cnty FL Port Facs Rev Sr Bond, Ser B, AMT | 5.00% | 09/01/28 | 1348137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Capital Trust Auth FL Hlth Care Facs Rev Ref Uf Hlth Projs, Ser A | 5.00% | 12/01/32 | 2233860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235000 | Cross Creek N CDD FL Spl Assmnt, Ser 2022 | 3.40% | 05/01/27 | 234475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360000 | Cypress Reserve CDD FL Capital Impt Rev (a) | 4.00% | 05/01/30 | 355114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415000 | Edgewater E CDD FL Spl Assmnt Rev Assmnt Area Two | 3.00% | 05/01/27 | 409481 |

---

------

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

**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 (Continued)** | **Florida (Continued)** | **Florida (Continued)** |  |
| $100000 | Epperson N CDD FL Capital Impt Rev Assmnt Area Three, Ser A | 2.45% | 11/01/26 | $98527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355000 | &nbsp;&nbsp;&nbsp; Escambia Cnty FL Envrnmntl Impt Rev Var Ref Intl Paper Co Proj <br> Remk, Ser B (Mandatory put 10/01/31) | 3.45% | 11/01/33 | 359127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | FL St Dept Gen Svcs Div Facs Mgmt Rev Ref FL Facs Pool, Ser A | 4.00% | 09/01/30 | 513847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; FL St Dev Fin Corp Eductnl Facs Rev River City Science Acdmy <br> Projs, Ser A | 4.00% | 07/01/28 | 151719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; FL St Dev Fin Corp Sol Wst Disp Rev Var Wst Mgmt Inc Proj, Ser <br> A, AMT (Mandatory put 09/01/28) | 3.40% | 09/01/50 | 753546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; FL St Hsg Fin Corp Mf Mtge Rev Var Maison at Solvita <br> Marketplace, Ser G-2 (Mandatory put 05/01/28) | 3.50% | 11/01/42 | 1261313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; FL St Hsg Fin Corp Mf Mtge Rev Var The Enclave at Canopy <br> Park, Ser I (Mandatory put 01/01/28) | 3.30% | 07/01/58 | 2006674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; FL St Hsg Fin Corp Var The Sailx On Vine, Ser E (Mandatory put <br> 06/01/27) | 3.80% | 06/01/42 | 1755090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | GIR E CDD FL Capital Impt Rev Assmnt Area One | 4.30% | 05/01/32 | 505408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 845000 | Hidden Creek N Cmnty Dev Dist FL Spl Assmnt, Ser A1 | 4.00% | 11/01/30 | 851149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp; Hills Minneola Cmnty Dev Dist FL Spl Assmnt Rev S Parcel <br> Assmnt Area (a) | 3.50% | 05/01/31 | 2156063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; Hillsborough Cnty FL Hsg Fin Auth Mf Rev Var The Loop <br> (Mandatory put 07/01/28) | 3.45% | 01/01/43 | 1253389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295000 | Hyde Park CDD #1 FL Spl Assmnt, Ser A | 4.75% | 05/01/31 | 298960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Kingston One CDD FL Spl Assmnt Assmnt Area One 2025 Proj <br> Area | 4.25% | 05/01/30 | 1010246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | Lakes By The Bay S FL CDD Assmnt Ref | 5.00% | 05/01/27 | 762574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1710000 | &nbsp;&nbsp;&nbsp; Lakewood Ranch FL Stewardship Dist Spl Assmnt Rev Lakewood <br> Ranch SE Proj | 5.00% | 05/01/30 | 1786460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp; Lakewood Ranch FL Stewardship Dist Spl Assmnt Rev N E Sector <br> Proj Phase 1A | 4.25% | 05/01/28 | 342174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Lee Cnty FL Indl Dev Auth Hlthcare Facs Rev Shell Point, Ser <br> 2024B-3 (Temps-50) | 4.13% | 11/15/29 | 1005289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp; Lee Cnty FL Indl Dev Auth Hosp Rev Exchange Ref Lee Hlth <br> Sys, Ser 2019 A-1 | 5.00% | 04/01/35 | 251975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 605000 | Liberty Cove CDD FL Spl Assmnt Rev Assmnt Area One Proj | 4.80% | 05/01/31 | 612929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp; LTC Ranch W Rsdl Cmnty Dev Dist Spl Assmnt Rev Assmnt Area <br> One Proj, Ser A | 2.50% | 05/01/26 | 188455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp; LTC Ranch W Rsdl Cmnty Dev Dist Spl Assmnt Rev Assmnt Area <br> Two Proj Pod 5, Ser AA2 | 4.85% | 05/01/31 | 132609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Miami-Dade Cnty FL Eductnl Facs Auth Rev Ref Univ of <br> Miami, Ser A | 5.00% | 04/01/33 | 1708815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2035000 | Miami-Dade Cnty FL Sch Brd Ref, Ser C, COPS | 5.00% | 02/01/32 | 2043808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Miami-Dade Cnty FL Seaport Rev Ref Sr Bonds, Ser A, AMT | 5.00% | 10/01/30 | 2164730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105000 | Mirada II Cmnty Dev Dist FL Cap Impt Rev | 2.50% | 05/01/26 | 103091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3675000 | &nbsp;&nbsp;&nbsp; Palm Beach Cnty FL Hlth Facs Auth Ref Acts Retmnt Life Cmntys <br> Inc Oblig Grp | 5.00% | 11/15/32 | 3722153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 410000 | Parrish Lakes CDD Capital Impt Rev Assmnt Area Three | 5.00% | 05/01/31 | 417515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | Pine Isle Cmnty Dev Dist FL Spl Assmnt 2021 Proj (a) | 2.38% | 12/15/26 | 83887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355000 | Rhodine Road N CDD FL Spl Assmnt 2019 Assmnt Area | 4.00% | 05/01/30 | 360148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | S Kendall FL CDD Spl Assmnt Ref | 4.00% | 11/01/31 | 1002708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | Saltleaf CDD FL Capital Impt Rev | 4.75% | 05/01/31 | 459091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 840000 | San Simeon Cmnty Dev Dist FL Spl Assmnt (a) | 3.75% | 06/15/31 | 833964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 740000 | Shell Point Cmnty Dev Dist FL Spl Assmnt (a) | 4.50% | 11/01/29 | 750477 |

---

------

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

**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 (Continued)** | **Florida (Continued)** | **Florida (Continued)** |  |
| $50000 | Shingle Creek at Bronson CDD FL Spl Assmnt | 2.50% | 06/15/26 | $49586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160000 | Silver Palms W CDD FL Spl Assmnt 2022 Proj | 2.60% | 06/15/27 | 156475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 765000 | Silver Palms W CDD FL Spl Assmnt 2022 Proj | 3.00% | 06/15/32 | 728346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | Six Mile Creek FL CDD Capital Impt Rev Assmnt Area 3 Phase 1 | 2.50% | 05/01/26 | 69505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 465000 | Summer Woods CDD FL Spl Assmnt Area Two 2020 Proj | 3.30% | 05/01/31 | 449813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 670000 | Sunrise CDD FL Capital Impt Rev (a) | 4.25% | 05/01/30 | 669305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1650000 | Tern Bay CDD FL Spl Assmnt | 3.40% | 06/15/32 | 1594191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 665000 | The Heights CDD FL Spl Assmnt Rev CDD | 4.00% | 01/01/28 | 666336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220000 | Timber Creek SW CDD FL Spl Assmnt Area Two Proj | 2.35% | 12/15/26 | 216328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 780000 | Tolomato FL CDD Ref 2022A Assmnt Area, Ser A, AG | 3.00% | 05/01/26 | 778614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 825000 | Tolomato FL CDD Ref 2022A Assmnt Area, Ser A, AG | 3.00% | 05/01/28 | 826009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220000 | Two Rivers W CDD FL Spl Assmnt Proj, Ser 2024 | 4.80% | 05/01/31 | 224430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405000 | V-Dana CDD FL Spl Assmnt Assmnt Area Two 2025 Proj Area | 4.45% | 05/01/32 | 412688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95000 | V-Dana CDD FL Spl Assmnt CDD Assmnt Area One 2021 Proj | 2.60% | 05/01/26 | 94370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000 | Venice FL Temps 50 Vlg on The Isle Proj, Ser B-3 (a) | 4.25% | 01/01/30 | 851705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp; Veranda CDD II FL Spl Assmnt Rev Ref Assmt Area 3 Preserve E <br> Proj | 4.25% | 05/01/31 | 585424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185000 | Villamar CDD FL Spl Assmnt | 4.00% | 05/01/29 | 186078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425000 | Volusia Cnty FL Eductnl Fac Auth Stetson Univ Inc Proj | 5.00% | 06/01/30 | 456476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1185000 | W Vlgs FL Impt Dist Ref Spl Assmt Unit Dev #1 | 4.50% | 05/01/32 | 1194385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 720000 | W Vlgs FL Impt Dist Unit of Dev #10 Assmnt Area Two (b) | 4.00% | 05/01/30 | 720381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | Westside Haines City CDD Spl Assmnt Area One Proj | 2.50% | 05/01/26 | 64519 |
|  |  |  |  | 49485678 |
|  | **Georgia — 4.4%** | **Georgia — 4.4%** | **Georgia — 4.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Appling Cnty GA Dev Auth Var GA Pwr Co Plt Hatch Proj (c) | 4.00% | 09/01/41 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Atlanta GA Arpt Rev Ref, Ser B, AMT | 5.00% | 07/01/26 | 2025231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; Atlanta GA Urban Rsdl Fin Auth Mf Hsg Rev Var N Block <br> (Mandatory put 02/01/28) | 3.40% | 02/01/29 | 2521651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Bartow Cnty GA Dev Auth Var Ref GA Pwr Co Plt Bowen Proj <br> Remk, First Ser (Mandatory put 03/08/28) | 3.95% | 12/01/32 | 254180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp; Burke Cnty GA Dev Auth Poll Control Rev Var GA Pwr Co Plant <br> Vogtle Proj Remk, 5th Ser (Mandatory put 06/13/28) | 3.70% | 10/01/32 | 887063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; Burke Cnty GA Dev Auth Poll Control Rev Var Ref GA Pwr Co <br> Plant Vogtle Proj (c) | 3.95% | 11/01/52 | 800000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Burke Cnty GA Dev Auth Poll Control Rev Var Ref GA Pwr Co <br> Plant Vogtle Proj Remk, 1st Ser (Mandatory put 03/12/27) | 3.38% | 11/01/53 | 1504178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Columbia Cnty GA Hosp Auth Rev Anticipation Ctfs Wellstar Hlth <br> Sys Inc Proj, Ser B | 5.00% | 04/01/27 | 257702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420000 | GA St Hsg & Fin Auth Rev Ref, Ser C | 3.50% | 06/01/31 | 427166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 | GA St Hsg & Fin Auth Rev Ref, Ser C | 3.55% | 12/01/31 | 663405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Main Street Nat Gas Inc GA Gas Sply Rev, Ser A | 5.00% | 06/01/29 | 2100887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 880000 | &nbsp;&nbsp;&nbsp; Main Street Nat Gas Inc GA Gas Sply Rev, Ser A (Mandatory put <br> 09/01/27) | 4.00% | 07/01/52 | 892639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp; Main Street Nat Gas Inc GA Gas Sply Rev, Ser A (Mandatory put <br> 12/01/29) | 4.00% | 09/01/52 | 524455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | Main Street Nat Gas Inc GA Gas Sply Rev, Ser B | 5.00% | 06/01/26 | 807031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1290000 | &nbsp;&nbsp;&nbsp; Main Street Nat Gas Inc GA Gas Sply Rev, Ser C (Mandatory put <br> 09/01/26) | 4.00% | 03/01/50 | 1301223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1830000 | &nbsp;&nbsp;&nbsp; Main Street Nat Gas Inc GA Gas Sply Rev, Ser D (Mandatory put <br> 04/01/31) | 5.00% | 04/01/54 | 1986878 |

---

------

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

**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)** |
|  | **Georgia (Continued)** | **Georgia (Continued)** | **Georgia (Continued)** |  |
| $100000 | &nbsp;&nbsp;&nbsp; Main Street Nat Gas Inc GA Gas Sply Rev, Ser D (Mandatory put <br> 12/01/30) | 5.00% | 05/01/54 | $106568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp; Monroe Cnty GA Dev Auth Poll Control Rev Var GA Pwr Co Plt <br> Scherer Proj Remk, 2nd Ser (Mandatory put 03/06/26) | 3.88% | 10/01/48 | 1704055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Muni Elec Auth of GA Plant Vogtle Units 3&4 Proj M Bonds, <br>Ser A | 5.00% | 01/01/38 | 517515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405000 | Muni Elec Auth of GA Plant Vogtle Units 3&4 Proj M, Ser A, AG | 5.00% | 07/01/28 | 428927 |
|  |  |  |  | 21710754 |
|  | **Guam — 0.1%** | **Guam — 0.1%** | **Guam — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Guam Govt Busn Privilege Tax Rev Ref, Ser F | 5.00% | 01/01/28 | 258901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360000 | Guam Pwr Auth Rev, Ser A | 5.00% | 10/01/33 | 371404 |
|  |  |  |  | 630305 |
|  | **Hawaii — 0.2%** | **Hawaii — 0.2%** | **Hawaii — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Honolulu City & Cnty HI Wstwtr Sys Rev Sr, Ser A | 5.00% | 07/01/29 | 1013580 |
|  | **Illinois — 4.2%** | **Illinois — 4.2%** | **Illinois — 4.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | Chicago IL Brd of Edu Chicago Sch Reform Brd, Ser A, NATL-RE | 5.50% | 12/01/26 | 80949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 | Chicago IL Brd of Edu Ref, Ser A | 5.00% | 12/01/26 | 110924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Chicago IL Midway Arpt Rev Ref Sr Lien, Ser A, AMT, BAM | 5.00% | 01/01/27 | 510503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Chicago IL Midway Arpt Rev Ref Sr, Ser C, AMT | 5.00% | 01/01/33 | 2205775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 520000 | Chicago IL O'Hare Intl Arpt Rev Gen Sr Lien, Ser D, AMT | 5.00% | 01/01/29 | 530036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Chicago IL O'Hare Intl Arpt Rev Ref Sr Lien O'Hare Intl Arpt, Ser <br> C, AMT | 5.00% | 01/01/26 | 501605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; IL St Dev Fun Auth Sol Wst Disp Rev Var Wst Mgmt Inc Proj <br> Remk, AMT (Mandatory put 11/02/26) | 4.25% | 11/01/44 | 2999869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | IL St Fin Auth Gas Sply Rev Peoples Gas Light & Coke Co Remk | 3.90% | 03/01/30 | 2000916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225000 | IL St Fin Auth Rev Ref Ascension Hlth Credit Grp, Ser C | 5.00% | 02/15/27 | 231394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | IL St Fin Auth Rev Ref Ascension Hlth Credit Grp, Ser C | 5.00% | 02/15/30 | 2052661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; IL St Hsg Dev Auth Mf Hsg Rev Var 6900 Crandon (Mandatory <br> put 02/01/26) | 5.00% | 02/01/27 | 2008322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | IL St Sales Tax Rev Ref, Subser C, BAM | 4.00% | 06/15/27 | 502136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | IL St, Ser B | 5.00% | 05/01/28 | 262803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2365000 | IL St, Ser C | 5.00% | 11/01/29 | 2455086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 710000 | &nbsp;&nbsp;&nbsp; Railsplitter IL Tobacco Stlmt Auth (Pre-refunded maturity <br> 06/01/26) | 5.00% | 06/01/27 | 718974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1055000 | Rock Island Cnty IL Sch Dist #41 Rock Island, BAM | 5.00% | 12/01/29 | 1123735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Sales Tax Securitization Corp IL Ref, Ser C | 5.25% | 01/01/35 | 1062488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Wauconda IL Spl Svc Area #1 Spl Tax Ref, BAM | 5.00% | 03/01/33 | 1000671 |
|  |  |  |  | 20358847 |
|  | **Indiana — 2.3%** | **Indiana — 2.3%** | **Indiana — 2.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 815000 | &nbsp;&nbsp;&nbsp; IN St Fin Auth Econ Dev Rev Ref Rep Svcs Inc Proj Remk, Ser A, <br> AMT (Mandatory put 12/01/25) | 3.80% | 05/01/28 | 814717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; IN St Fin Auth Envrnmntl Facs Rev Var Ref IN Pwr & Light Co <br> Proj, Ser A | 1.40% | 08/01/29 | 1820697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 545000 | &nbsp;&nbsp;&nbsp; IN St Fin Auth Envrnmntl Rev Ref Var Duke Energy IN Inc Proj <br> Remk, Ser A-1, AMT (Mandatory put 06/01/32) | 4.50% | 05/01/35 | 549498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1480000 | IN St Fin Auth Hlth Fac Rev Margaret Mary Hlth Proj, Ser A | 5.00% | 03/01/30 | 1568021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; IN St Fin Auth Hlth Sys Rev Var Ref IN Univ Hlth, Ser D-1 <br> (Mandatory put 10/01/29) | 5.00% | 10/01/64 | 1347578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | IN St Fin Auth Rev BHI Sr Living, Ser A | 4.00% | 11/15/26 | 55021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | IN St Fin Auth Rev Greenwood Vlg S Proj Temps 50SM, Ser C-2 | 3.75% | 05/15/32 | 1002191 |

---

------

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

**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)** |
|  | **Indiana (Continued)** | **Indiana (Continued)** | **Indiana (Continued)** |  |
| $570000 | IN St Fin Auth Rev Ref Marquette Proj, Ser A | 5.00% | 03/01/27 | $580291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | IN St Fin Auth Rev Ref Marquette Proj, Ser A | 5.00% | 03/01/28 | 619776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3050000 | &nbsp;&nbsp;&nbsp; Whiting IN Envrnmntl Facs Rev Ref BP Products N America Inc <br> Proj, Ser A, AMT (Mandatory put 06/05/26) | 5.00% | 12/01/44 | 3085977 |
|  |  |  |  | 11443767 |
|  | **Iowa — 0.7%** | **Iowa — 0.7%** | **Iowa — 0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; IA St Brd Regents Hosp Rev Univ of IA Hlth Cares Hosp Sys, Ser <br> A | 5.00% | 09/01/27 | 1041085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2395000 | Pefa Inc IA Gas Proj Rev (Mandatory put 09/01/26) | 5.00% | 09/01/49 | 2428316 |
|  |  |  |  | 3469401 |
|  | **Kansas — 0.3%** | **Kansas — 0.3%** | **Kansas — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1370000 | &nbsp;&nbsp;&nbsp; Wyandotte Cnty KS Kansas City Unif Govt Spl Oblg Rev Ref <br> Sales Tax KS Intl Speedway Corp Proj | 5.00% | 12/01/25 | 1371826 |
|  | **Kentucky — 3.5%** | **Kentucky — 3.5%** | **Kentucky — 3.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Boone Cnty KY Poll Control Rev Ref Duke Energy KY Inc Proj <br> Remk, Ser A | 3.70% | 08/01/27 | 1005785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1065000 | KY St Interlocal Sch Transprtn Assn Equipment Lease Re, COPS | 4.00% | 03/01/29 | 1101056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; KY St Pub Energy Auth Gas Sply Rev Ref, Ser A (Mandatory put <br> 12/01/29) | 5.25% | 06/01/55 | 1069259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1060000 | KY St Pub Energy Auth Gas Sply Rev Ref, Ser B | 5.00% | 08/01/28 | 1103159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2135000 | &nbsp;&nbsp;&nbsp; KY St Pub Energy Auth Gas Sply Rev Ref, Ser B (Mandatory put <br> 08/01/32) | 5.00% | 01/01/55 | 2320459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp; KY St Pub Energy Auth Gas Sply Rev Var, Ser C (Mandatory put <br> 02/01/28) | 4.00% | 02/01/50 | 330568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Louisville & Jefferson Cnty KY Met Govt Hlth Sys Rev Var Norton <br> Hlthcare Inc, Ser C (c) | 3.97% | 10/01/53 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; Meade Cnty KY Indl Bldg Rev Var Nucor Steel Brandenburg Proj <br> Sustainable Bond, Ser B-1 (c) | 4.40% | 08/01/61 | 1100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1860000 | Owensboro KY Wtr Rev Ref & Impt | 3.50% | 09/15/31 | 1873365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1195000 | Paducah KY Elec Plant Brd Rev Ref, Ser A, AG | 5.00% | 10/01/30 | 1213966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; Trimble Cnty KY Envrnmntl Facs Rev Ref Louisville Gas Elec Co <br> Proj, Ser A | 3.75% | 06/01/33 | 2511197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1580000 | &nbsp;&nbsp;&nbsp; Trimble Cnty KY Envrnmntl Facs Rev Var Louisville Gas & Elec <br> Co Proj, Ser A, AMT (Mandatory put 06/01/27) | 4.70% | 06/01/54 | 1591810 |
|  |  |  |  | 17220624 |
|  | **Louisiana — 1.7%** | **Louisiana — 1.7%** | **Louisiana — 1.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; LA St Loc Govt Envrnmntl Facs & Cmnty Dev Auth Rev Ref Hosp <br> Womans Fdtn Proj, Ser A | 5.00% | 10/01/33 | 1235108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp; LA St Pub Facs Auth Sol Wst Disp Fac Rev Var Elementus <br> Minerals LLC Proj (Mandatory put 11/01/25) (a) | 5.00% | 10/01/43 | 1150000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Saint James Parish LA Rev Var Nustar Logistics LP Proj Remk <br> (Mandatory put 06/01/30) | 3.70% | 08/01/41 | 2020701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; Saint John The Baptist Parish LA Rev Var Ref Marathon Oil Corp <br> Proj Remk, Ser C (Mandatory put 07/03/28) | 3.30% | 06/01/37 | 4050301 |
|  |  |  |  | 8456110 |
|  | **Maine — 0.6%** | **Maine — 0.6%** | **Maine — 0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320000 | ME St Hsg Auth Mtge Pur Sustainable Bonds, Ser A | 3.45% | 11/15/31 | 325554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525000 | ME St Hsg Auth Mtge Pur Sustainable Bonds, Ser A | 3.55% | 11/15/32 | 537454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | ME St Hsg Auth Mtge Pur Sustainable Bonds, Ser C | 3.25% | 11/15/30 | 2002252 |
|  |  |  |  | 2865260 |

---

------

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

**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)** |
|  | **Maryland — 1.5%** | **Maryland — 1.5%** | **Maryland — 1.5%** |  |
| $435000 | &nbsp;&nbsp;&nbsp; Cmnty Dev Admin MD Mf Dev Rev Sustainable Bonds Vlgs at <br> Marley Station, Ser D-1 | 3.55% | 08/01/31 | $442549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345000 | &nbsp;&nbsp;&nbsp; Cmnty Dev Admin MD Mf Dev Rev Sustainable Bonds Vlgs at <br> Marley Station, Ser D-1 | 3.60% | 02/01/32 | 356659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; Cmnty Dev Admin MD Mf Dev Rev Sustainable Bonds Vlgs at <br> Marley Station, Ser D-2 | 3.30% | 01/01/29 | 3027018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp; MD St Econ Dev Corp Var Ref Constellation Energy Grp Proj <br> Remk, Ser B (Mandatory put 04/03/28) | 4.10% | 10/01/36 | 1597017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; MD St Hlth & Hgr Eductnl Facs Auth Rev Var Univ of MD Med <br> Sys Issue, Ser C-1 (c) | 3.97% | 07/01/55 | 2000000 |
|  |  |  |  | 7423243 |
|  | **Massachusetts — 0.9%** | **Massachusetts — 0.9%** | **Massachusetts — 0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | MA St Dev Fin Agy Rev Lasell Vlg Inc | 5.00% | 07/01/29 | 2105310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | MA St Dev Fin Agy Rev Linden Ponds Inc Fac (a) | 5.00% | 11/15/33 | 1546408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 580000 | MA St Dev Fin Agy Rev Ref Partners Hlthcare Sys, Ser Q | 5.00% | 07/01/31 | 588209 |
|  |  |  |  | 4239927 |
|  | **Michigan — 1.6%** | **Michigan — 1.6%** | **Michigan — 1.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220000 | Detroit MI | 5.00% | 04/01/26 | 221275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp; Great Lakes MI Wtr Auth Sewage Disposal Sys Rev Ref 2nd <br> Lien, Ser C | 5.00% | 07/01/36 | 440135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Great Lakes MI Wtr Auth Sewage Disposal Sys Rev Ref Sr <br> Lien, Ser B | 5.00% | 07/01/31 | 507275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | Great Lakes MI Wtr Auth Wtr Sply Sys Rev Sr Lien Bonds, Ser B | 5.00% | 07/01/29 | 433962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1155000 | MI St Fin Auth Rev Multi Modal McLaren Hlth Care, Ser A | 5.00% | 02/15/29 | 1230208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155000 | MI St Fin Auth Rev Ref Hosp McLaren Hlth Care, Ser A | 5.00% | 05/15/27 | 155241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1790000 | &nbsp;&nbsp;&nbsp; MI St Fin Auth Rev Var Trinity Hlth Credit Grp, Ser B (Mandatory <br> put 12/01/28) | 5.00% | 12/01/43 | 1884224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; MI St Strategic Fund Ltd Oblg Rev Var Consumers Energy Co Proj <br> Remk, AMT (Mandatory put 10/01/27) | 3.35% | 10/01/49 | 1995292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; MI St Strategic Fund Ltd Oblg Rev Var DTE Elec Co Exempt Fac <br> Proj, Ser 2023DT, AMT (Mandatory put 06/03/30) | 3.88% | 06/01/53 | 984193 |
|  |  |  |  | 7851805 |
|  | **Minnesota — 0.3%** | **Minnesota — 0.3%** | **Minnesota — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1380000 | &nbsp;&nbsp;&nbsp; Minneapolis Saint Paul MN Met Arpts Commn Arpt Rev Ref <br> Sub, Ser B, AMT | 5.00% | 01/01/35 | 1447296 |
|  | **Mississippi — 0.8%** | **Mississippi — 0.8%** | **Mississippi — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 675000 | Gulfport MS Hosp Fac Rev Memorial Hosp at Gulfport Proj | 5.00% | 07/01/32 | 743859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1330000 | &nbsp;&nbsp;&nbsp; MS St Busn Fin Commn Gulf Opportunity Zone Var Chevron USA <br> Inc PJ, Ser A (c) | 3.95% | 12/01/30 | 1330000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; MS St Busn Fin Commn Gulf Opportunity Zone Var Chevron USA <br> Inc PJ, Ser E (c) | 3.95% | 12/01/30 | 850000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp; Warren Cnty MS Gulf Opportunity Zone Ref Intl Paper Co Proj <br> Remk | 4.00% | 09/01/32 | 1184035 |
|  |  |  |  | 4107894 |
|  | **Missouri — 1.8%** | **Missouri — 1.8%** | **Missouri — 1.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Kansas City MO Indl Dev Auth Arpt Spl Oblig Kansas City Intl <br> Arpt, Ser A, AMT | 5.00% | 03/01/30 | 1074020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; MO St Hlth & Eductnl Facs Auth Hlth Facs Rev Ref Saint Lukes <br> Hlth Sys Inc | 4.00% | 11/15/33 | 1003149 |

---

------

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

**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)** |
|  | **Missouri (Continued)** | **Missouri (Continued)** | **Missouri (Continued)** |  |
| $1000000 | &nbsp;&nbsp;&nbsp; MO St Hlth & Eductnl Facs Auth Hlth Facs Rev Ref, Ser C <br> (Mandatory put 05/01/28) | 5.00% | 05/01/52 | $1052186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 760000 | MO St Hlth & Eductnl Facs Auth Lutheran Sr Svcs Projs | 4.00% | 02/01/28 | 764029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 | MO St Hlth & Eductnl Facs Auth Ref Lutheran Sr Svcs Proj, Ser B | 5.00% | 02/01/28 | 651894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | MO St Hlth & Eductnl Facs Auth Ref Lutheran Sr Svcs Projs, Ser A | 5.00% | 02/01/29 | 519187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 485000 | MO St Hlth & Eductnl Facs Auth Ref Lutheran Sr Svcs Projs, Ser A | 5.00% | 02/01/30 | 509220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1485000 | &nbsp;&nbsp;&nbsp; Pettis Cnty MO Sch Dist Sedalia Lease Sedalia Sch Dist No 200 of <br> Pettis Cnty, MO Proj, COPS | 5.00% | 04/15/29 | 1582104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | Phelps Cnty MO Hosp Rev Phelps Hlth | 5.00% | 12/01/32 | 500205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 910000 | &nbsp;&nbsp;&nbsp; St Louis Cnty MO Indl Dev Auth Sr Living Facs Friendship Vlg <br> Sunset Hills, Ser A | 5.50% | 09/01/33 | 910294 |
|  |  |  |  | 8566288 |
|  | **Montana — 0.4%** | **Montana — 0.4%** | **Montana — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Forsyth MT Poll Control Rev Ref Northwestern Corp Colstrip Proj | 3.88% | 07/01/28 | 2032001 |
|  | **Nebraska — 0.7%** | **Nebraska — 0.7%** | **Nebraska — 0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Centrl Plains Energy Proj NE Gas Proj Rev Var Ref Proj #4, Ser A <br> (Mandatory put 11/01/29) | 5.00% | 05/01/54 | 1072473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Centrl Plains Energy Proj NE Gas Sply Rev, Subser A-1 <br> (Mandatory put 08/01/31) | 5.00% | 08/01/55 | 1620946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | Muni Energy Agy of NE Ref | 5.00% | 04/01/28 | 408488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Omaha NE Pub Dist Elec Rev Ref Sys, Ser A | 5.00% | 02/01/28 | 251298 |
|  |  |  |  | 3353205 |
|  | **Nevada — 1.1%** | **Nevada — 1.1%** | **Nevada — 1.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 | Clark Cnty NV Sch Dist Bldg Cr, Ser B, AG | 5.00% | 06/15/31 | 128359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240000 | Las Vegas NV Spl Impt Dist #808 & #810 Ref | 5.00% | 06/01/28 | 240165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 930000 | Las Vegas NV Spl Impt Dist #812 Loc Impt Summerlin Vlg 24 | 5.00% | 12/01/31 | 930996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225000 | Las Vegas NV Spl Impt Dist #816 Summerlin Vlg 22 | 2.00% | 06/01/26 | 222634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Las Vegas NV Spl Impt Dist #816 Summerlin Vlg 22 | 2.50% | 06/01/28 | 96394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp; Las Vegas NV Spl Impt Dist #819 Spl Impt Dt #819 Summerlin <br> Vlg 30A | 4.50% | 06/01/29 | 281631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; Las Vegas NV Spl Impt Dist #819 Spl Impt Dt #819 Summerlin <br> Vlg 30A | 4.00% | 06/01/31 | 99942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355000 | NV Dept of Busn & Ind NV Doral Acdmy, Ser A | 5.00% | 07/15/27 | 355154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; NV St Hsg Div Var Carville Park Apartments (Mandatory put <br> 07/01/27) | 5.00% | 07/01/28 | 2062799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Sparks NV Tourism Impt Dist #1 Rev Sr Bond Legends at Sparks <br> Marina (b) | 3.88% | 06/15/28 | 999701 |
|  |  |  |  | 5417775 |
|  | **New Hampshire — 1.2%** | **New Hampshire — 1.2%** | **New Hampshire — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1175000 | &nbsp;&nbsp;&nbsp; Natl Fin Auth NH Pollution Control Rev Ref NY St Elec & Gas <br> Corp Proj, Ser A, AMT | 4.00% | 12/01/28 | 1188695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; Natl Fin Auth NH Rev Winston Salem Sustainable Energy <br> Partners, Ser A | 5.00% | 06/01/31 | 1205473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Natl Fin Auth NH Sol Wst Disp Rev Var Ref Wst Mgmt Inc Proj <br> Remk, Ser A- 3, AMT (Mandatory put 07/01/26) | 4.00% | 07/01/33 | 2001397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | Natl Fin Auth NH Spl Rev Emberly and Canterra Creek Projs (a) | 5.38% | 12/01/31 | 702012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Natl Fin Auth NH Spl Rev Provence Proj, CABS (a) | (d) | 12/01/31 | 679612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; NH St Hlth & Edu Facs Auth Rev Ref Dartmouth Hlth Oblig Grp <br> Issue | 5.00% | 08/01/31 | 332834 |
|  |  |  |  | 6110023 |

---

------

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

**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 Jersey — 1.6%** | **New Jersey — 1.6%** | **New Jersey — 1.6%** |  |
| $2000000 | NJ St | 2.00% | 06/01/29 | $1914403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp; NJ St Econ Dev Auth Rev Portal N Bridge Proj NJ Transit <br> Transprtn Proj Bonds, Ser A | 5.00% | 11/01/26 | 592572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | NJ St Econ Dev Auth Rev Ref Sch Facs Constr, Ser GGG (a) | 5.25% | 09/01/26 | 2039660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; NJ St Econ Dev Auth Wtr Facs Rev Var Ref NJ American Wtr Co <br> Inc Proj Remk, Ser B, AMT (Mandatory put 06/01/28) | 3.75% | 11/01/34 | 1518906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 965000 | &nbsp;&nbsp;&nbsp; NJ St Hlth Care Facs Fing Auth Rev Ref Rwj Barnabas Hlth Oblig <br> Grp Issue, Ser B-3 (Mandatory put 07/01/26) | 5.00% | 07/01/45 | 978064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; NJ St Transprtn Trust Fund Auth Transprtn Sys, Ser C, AMBAC, <br> CABS | (d) | 12/15/25 | 996516 |
|  |  |  |  | 8040121 |
|  | **New Mexico — 1.1%** | **New Mexico — 1.1%** | **New Mexico — 1.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Farmington NM Poll Control Rev Var Ref Pub Svc Co NM San <br> Juan Proj Remk, Ser D (Mandatory put 06/01/28) | 3.90% | 06/01/40 | 2023153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3180000 | &nbsp;&nbsp;&nbsp; NM St Muni Energy Acq Auth Gas Sply Ref (Mandatory put <br> 11/01/30) | 5.00% | 06/01/54 | 3414724 |
|  |  |  |  | 5437877 |
|  | **New York — 4.2%** | **New York — 4.2%** | **New York — 4.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Chautauqua Cnty NY Capital Res Corp Exempt Facs Rev Var Ref <br> NRG Energy Proj Remk (Mandatory put 04/03/28) | 4.25% | 04/01/42 | 2016348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 285000 | Kings Park NY Centrl Sch Dist, Ser B | 3.00% | 07/15/31 | 284726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2260000 | &nbsp;&nbsp;&nbsp; New York City NY Hsg Dev Corp Mf Hsg Rev Sustainable Dev <br> Bonds, Ser F-2A (Mandatory put 12/22/26) | 3.40% | 11/01/62 | 2260030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; New York City NY Hsg Dev Corp Mf Hsg Rev Var Sustainable <br> Bond, Ser B-2 (Mandatory put 07/02/29) | 3.95% | 11/01/64 | 2042417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; New York City NY Muni Wtr Fin Auth Wtr & Swr Sys Rev <br> Adjustable 2nd Gen Resolution Fiscal 2014, Ser AA-1 (c) | 3.90% | 06/15/50 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; New York City NY Muni Wtr Fin Auth Wtr & Swr Sys Rev Ref <br> Var 2nd Gen Resolution, Subser BB-1 (c) | 3.90% | 06/15/44 | 3500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp; New York City NY Transitional Fin Auth Bldg Aid Rev Ref Fiscal <br> 2018, Ser S-1 | 5.00% | 07/15/35 | 351318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1925000 | NY Energy Fin Dev Corp Var (Mandatory put 12/01/33) | 5.00% | 07/01/56 | 2072056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; NY St Envrnmntl Facs Corp Sol Wst Disp Rev Var Draw Down <br> Casella Wst Sys Inc Proj R-1 Remk, AMT (Mandatory put <br> 09/03/30) (a) | 4.25% | 09/01/50 | 1012627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3125000 | &nbsp;&nbsp;&nbsp; NY St Hsg Fin Agy Affordable Hsg Rev Var 320 W 38th St Hsg <br> Remk, Ser A (Mandatory put 11/01/31) | 3.57% | 05/01/42 | 3174353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; NY St Hsg Fin Agy Affordable Hsg Rev Var Hsg 160 W <br> 62nd Street Remk, Ser A-2 (Mandatory put 04/01/32) | 3.60% | 11/01/44 | 304525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; NY St Hsg Fin Agy St Personal Income Tax Rev Var Sustainable <br> Bonds, Ser A-2 (Mandatory put 12/15/30) | 3.45% | 06/15/54 | 504044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp; NY St Transprtn Dev Corp Spl Fac Rev Ref American Airls Inc <br> John F Kennedy Intl Arpt Proj, AMT | 2.25% | 08/01/26 | 104234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Port Auth of NY & NJ NY Ref, Ser 249, AMT | 5.00% | 10/15/31 | 2214248 |
|  |  |  |  | 20840926 |
|  | **North Carolina — 3.6%** | **North Carolina — 3.6%** | **North Carolina — 3.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; Charlotte Mecklenburg NC Hosp Auth Hlth Care Sys Rev Var <br> Atrium Hlth Remk, Ser D (Mandatory put 06/15/27) | 3.63% | 01/15/48 | 403539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Charlotte Mecklenburg NC Hosp Auth Hlth Care Sys Rev Var Ref <br> Carolina Remk, Ser C (c) | 3.90% | 01/15/37 | 1500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1080000 | Charlotte NC Arpt Rev Charlotte Douglas Intl Arpt, Ser B, AMT | 5.00% | 07/01/27 | 1113912 |

---

------

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

**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)** |
|  | **North Carolina (Continued)** | **North Carolina (Continued)** | **North Carolina (Continued)** |  |
| $250000 | Charlotte NC Arpt Rev, Ser A | 5.00% | 07/01/30 | $259455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | NC St Capital Facs Fin Agy Eductnl Facs Rev Ref High Point Univ | 5.00% | 05/01/28 | 417631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2800000 | &nbsp;&nbsp;&nbsp; NC St Hsg Fin Agy Mf Hsg Rev Var Fitch Irick Portfolio <br> (Mandatory put 04/01/28) | 5.00% | 04/01/29 | 2931151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp; NC St Med Care Commn Hlth Care Facs Rev Lutheran Svcs For <br> The Aging Ref, Ser A | 4.00% | 03/01/29 | 375864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; NC St Med Care Commn Hlth Care Facs Rev Var Duke Univ Hlth <br> Sys, Ser B (Mandatory put 06/04/30) | 5.00% | 06/01/55 | 1097805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3435000 | &nbsp;&nbsp;&nbsp; NC St Med Care Commn Hosp Rev Caromont Hlth, Ser B <br> (Mandatory put 02/01/26) | 5.00% | 02/01/51 | 3450819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp; NC St Med Care Commn Retmnt Facs Rev First Mtge Twin Lakes <br> Cmnty Temps 50, Ser B-2 | 3.90% | 01/01/29 | 680387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1090000 | &nbsp;&nbsp;&nbsp; NC St Med Care Commn Retmnt Facs Rev Temps 50 Penick Vlg <br> Proj, Ser B-3 | 4.25% | 09/01/28 | 1090142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp; NC St Med Care Commn Retmnt Facs Rev United Methodist <br> Retmnt Homes, Ser 2024B-2 | 3.75% | 10/01/28 | 1050348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170000 | Raleigh Durham NC Arpt Auth Arpt Rev Ref, Ser A, AMT | 5.00% | 05/01/29 | 181378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Raleigh Durham NC Arpt Auth Arpt Rev Ref, Ser A, AMT | 5.00% | 05/01/34 | 1535148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1580000 | Raleigh Durham NC Arpt Auth Arpt Rev Ref, Ser A, AMT | 5.00% | 05/01/35 | 1614524 |
|  |  |  |  | 17702103 |
|  | **North Dakota — 0.7%** | **North Dakota — 0.7%** | **North Dakota — 0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Cass Cnty ND Jt Wtr Res Dist Ref and Impt, Ser A | 3.45% | 04/01/27 | 2000172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | ND St Hsg Fin Agy Sustainable Bonds, Ser C | 3.45% | 01/01/26 | 1400367 |
|  |  |  |  | 3400539 |
|  | **Ohio — 2.6%** | **Ohio — 2.6%** | **Ohio — 2.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | Hamilton Cnty OH Hlth Care Rev Ref Life Enriching Cmntys Proj | 5.00% | 01/01/31 | 848710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Lancaster OH Port Auth Gas Rev Ref, Ser A (Mandatory put <br> 08/01/30) | 5.00% | 02/01/55 | 1071163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325000 | Montgomery Cnty OH Hlth Care Facs Rev Ref Solvita Proj | 5.00% | 09/01/30 | 352401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | Montgomery Cnty OH Hlth Care Facs Rev Ref Solvita Proj | 5.00% | 09/01/31 | 384266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; OH St Air Quality Dev Auth American Elec Pwr Co Proj Remk, Ser <br> A (Mandatory put 10/01/29) | 2.40% | 12/01/38 | 949606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; OH St Air Quality Dev Auth OH Vly Elec Corp Proj Remk, Ser C <br> (Mandatory put 11/04/25) | 1.50% | 02/01/26 | 999925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3330000 | &nbsp;&nbsp;&nbsp; OH St Air Quality Dev Auth Var Ref Duke Energy Corp Proj, <br>Ser A, AMT (Mandatory put 06/01/27) | 4.25% | 11/01/39 | 3384226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 765000 | &nbsp;&nbsp;&nbsp; OH St Air Quality Dev Auth Var Ref Duke Energy Corp Proj, Ser <br> B (Mandatory put 06/01/27) | 4.00% | 09/01/30 | 776900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1770000 | OH St Hosp Fac Rev Ref Cleveland Clinic Hlth Sys, Ser A | 5.00% | 01/01/33 | 1847624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | OH St Hosp Rev Ref Var Univ Hosps Hlth Sys Inc, Ser C (c) | 3.50% | 01/15/51 | 2000000 |
|  |  |  |  | 12614821 |
|  | **Oklahoma — 0.9%** | **Oklahoma — 0.9%** | **Oklahoma — 0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Canadian Cnty OK Eductnl Facs Auth Educ Facs Lease Rev Yukon <br> Pub Sch Proj | 5.00% | 09/01/27 | 1556179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | McClain Cnty OK Indep Sch Dist #1 New Castle Comb Purp | 5.00% | 07/01/26 | 1012879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; Oklahoma Cnty OK Fin Auth Eductnl Facs Lease Rev Midwest <br> City De City Pub Schs Proj | 5.00% | 10/01/26 | 305071 |

---

------

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

**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)** |
|  | **Oklahoma (Continued)** | **Oklahoma (Continued)** | **Oklahoma (Continued)** |  |
| $375000 | &nbsp;&nbsp;&nbsp; Tulsa Cnty OK Indl Auth Eductnl Facs Lease Rev Broken Arrow <br> Pub Sch Proj | 5.00% | 09/01/30 | $413157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 835000 | &nbsp;&nbsp;&nbsp; Tulsa Cnty OK Indl Auth Eductnl Facs Lease Rev Broken Arrow <br> Pub Sch Proj | 5.00% | 09/01/31 | 935149 |
|  |  |  |  | 4222435 |
|  | **Oregon — 0.7%** | **Oregon — 0.7%** | **Oregon — 0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 660000 | Astoria OR Hosp Facs Auth Columbia Memorial Hosp Proj | 5.00% | 08/01/31 | 723451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260000 | Port of Portland OR Arpt Rev Portland Intl Arpt, Ser 25B, AMT | 5.00% | 07/01/27 | 268164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Portland OR Swr Sys Rev 2nd Lien, Ser A | 4.50% | 05/01/31 | 2013577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260000 | Salem OR Hosp Fac Auth Rev Ref Capital Manor Proj | 4.00% | 05/15/29 | 262036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Union Cnty OR Hosp Fac Auth Grande Ronde Hosp | 5.00% | 07/01/26 | 100783 |
|  |  |  |  | 3368011 |
|  | **Pennsylvania — 3.9%** | **Pennsylvania — 3.9%** | **Pennsylvania — 3.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; Adams Cnty PA Gen Auth Rev Ref The Brethren Home Cmnty <br> Proj, Ser B-2 | 3.60% | 06/01/29 | 1191129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; Berks Cnty PA Indl Dev Auth Hlthcare Facs Rev Ref Highlands at <br> Wyomissing, Ser A | 5.00% | 05/15/32 | 458628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Chester Cnty PA Indl Dev Auth Nts Avon Grove Chrt Sch | 5.00% | 03/01/27 | 2018053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2450000 | &nbsp;&nbsp;&nbsp; Lehigh Cnty PA Indl Dev Auth Ref Ppl Elec Util Corp Proj <br> Remk, Ser A | 3.00% | 09/01/29 | 2451654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; PA St Econ Dev Fing Auth Solid Wst Disposal Rev Var Draw <br> Down Rep Svcs Inc Remk, Ser B-2, AMT (Mandatory put <br> 01/15/26) | 3.85% | 04/01/49 | 999313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2060000 | &nbsp;&nbsp;&nbsp; PA St Econ Dev Fing Auth Solid Wst Disposal Rev Var Wst Mgmt <br> Inc Proj Remk, AMT (Mandatory put 07/01/27) | 4.25% | 07/01/41 | 2082310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp; PA St Econ Dev Fing Auth T/E Priv Activity Rev The Penndot <br> Major Bridges Package One Proj P3 Proj, AMT | 5.00% | 12/31/29 | 2242966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405000 | PA St Ref, 1st Ser | 5.00% | 09/15/27 | 412893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1380000 | &nbsp;&nbsp;&nbsp; PA St Turnpike Commn Turnpike Rev Ref Mtr License Fund Enh <br> Trn Pke Subord | 5.00% | 12/01/30 | 1415873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | PA St Turnpike Commn Turnpike Rev Ref Sub | 5.00% | 06/01/29 | 1001650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375000 | PA St Turnpike Commn Turnpike Rev Ref Sub, Ser A | 5.00% | 12/01/36 | 382677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2370000 | Philadelphia PA Arpt Rev Ref Priv Activity, AMT | 5.00% | 07/01/32 | 2606999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 865000 | &nbsp;&nbsp;&nbsp; Philadelphia PA Gas Wks Rev Ref 1998 General Ordinance, <br> 14th Ser | 5.00% | 10/01/29 | 879823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 830000 | &nbsp;&nbsp;&nbsp; Philadelphia PA Gas Wks Rev Ref 1998 General Ordinance, <br> 14th Ser | 5.00% | 10/01/33 | 843248 |
|  |  |  |  | 18987216 |
|  | **Puerto Rico — 0.1%** | **Puerto Rico — 0.1%** | **Puerto Rico — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 234000 | &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Fing Corp Sales Tax Rev Restructured, <br>Ser A-1, CABS | (d) | 07/01/27 | 221443 |
|  | **South Carolina — 2.1%** | **South Carolina — 2.1%** | **South Carolina — 2.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Berkeley Cnty SC Assmnt Rev Nexton Impt Dist | 4.00% | 11/01/30 | 248158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Greenville Cnty SC Sch Dist Installment Pur Rev Ref SC Proj | 5.00% | 12/01/25 | 2003443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; SC Jobs Econ Dev Auth Envrnmntl Impt Rev Var Intl Paper Co <br> Proj, Ser A, AMT (Mandatory put 04/01/26) | 4.00% | 04/01/33 | 1004252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; SC St Jobs Econ Dev Auth Econ Dev Rev Ref The Woodlands at <br> Furman | 4.00% | 11/15/27 | 647414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp; SC St Jobs Econ Dev Auth Hlth Facs Rev Rolling Green Vlg <br> Proj, Ser B-3 (b) | 4.00% | 12/01/30 | 2250891 |

---

------

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

**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)** |
|  | **South Carolina (Continued)** | **South Carolina (Continued)** | **South Carolina (Continued)** |  |
| $250000 | &nbsp;&nbsp;&nbsp; SC St Jobs Econ Dev Auth Hlthcare Rev Beaufort Memorial Hosp <br> & S of Broad Hlthcare Proj | 5.00% | 11/15/27 | $256586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; SC St Jobs Econ Dev Auth Hlthcare Rev Beaufort Memorial Hosp <br> & S of Broad Hlthcare Proj | 5.00% | 11/15/28 | 259447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; SC St Jobs Econ Dev Auth Hlthcare Rev Beaufort Memorial Hosp <br> & S of Broad Hlthcare Proj | 5.00% | 11/15/29 | 209686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; SC St Jobs Econ Dev Auth Hlthcare Rev Beaufort Memorial Hosp <br> & S of Broad Hlthcare Proj | 5.00% | 11/15/30 | 238049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; SC St Jobs Econ Dev Auth Hlthcare Rev Beaufort Memorial Hosp <br> & S of Broad Hlthcare Proj | 5.00% | 11/15/31 | 266426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; SC St Jobs Econ Dev Auth Hosp Facs Rev Var Ref Bon Secours <br> Mercy Hlth Inc, Ser B-1 (Mandatory put 11/01/30) | 5.00% | 11/01/55 | 1367175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1565000 | &nbsp;&nbsp;&nbsp; SC St Jobs Econ Dev Auth Hosp Facs Rev Var Ref Bon Secours <br> Mercy Hlth Inc, Ser B-2 (Mandatory put 11/01/32) | 5.00% | 11/01/49 | 1755032 |
|  |  |  |  | 10506559 |
|  | **South Dakota — 0.5%** | **South Dakota — 0.5%** | **South Dakota — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1005000 | &nbsp;&nbsp;&nbsp; SD St Hlth & Eductnl Facs Auth Ref Westhills Vlg Retmnt Cmnty <br> Issue, Ser A | 5.00% | 09/01/31 | 1098538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp; SD St Hlth & Eductnl Facs Auth Ref Westhills Vlg Retmnt Cmnty <br> Issue, Ser A | 5.00% | 09/01/32 | 485426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 990000 | SD St Hsg Dev Auth Ref Homeownership Mtge, Ser E, AMT | 2.80% | 11/01/25 | 990000 |
|  |  |  |  | 2573964 |
|  | **Tennessee — 2.7%** | **Tennessee — 2.7%** | **Tennessee — 2.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; Met Govt Nashville & Davidson Cnty TN Hlth & Eductnl Fac Brd <br> Belmont Univ | 5.00% | 05/01/28 | 367402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Met Govt Nashville & Davidson Cnty TN Hlth & Eductnl Fac Brd <br> Vanderbilt Univ Med Ctr, Ser A | 5.00% | 07/01/31 | 1096525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Met Govt Nashville & Davidson Cnty TN Hlth & Eductnl Fac Brd <br> Var Trinity Flats Apartments Remk, Ser B (Mandatory put <br> 07/01/28) | 3.65% | 10/01/46 | 1009745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | Met Nashville TN Arpt Auth Arpt Rev, Ser B, AMT | 5.00% | 07/01/27 | 463760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2260000 | Tennergy Corp TN Gas Rev, Ser A (Mandatory put 12/01/29) | 5.00% | 10/01/54 | 2412201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1490000 | TN Hsg Dev Agy Rsdl Fin Prog Rev Non Ace Issue 1C, AMT | 3.65% | 07/01/30 | 1490284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp; TN Hsg Dev Agy Rsdl Fin Prog Rev Ref Sustainable Bonds, Ser <br> 2-A | 3.40% | 01/01/31 | 230672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp; TN Hsg Dev Agy Rsdl Fin Prog Rev Ref Sustainable Bonds, Ser <br> 2-A | 3.45% | 07/01/31 | 211556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1895000 | TN St Energy Acq Corp Gas Rev (Mandatory put 11/01/25) | 4.00% | 11/01/49 | 1895000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | TN St Energy Acq Corp Gas Rev Ref, Ser A | 5.00% | 12/01/32 | 1094999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; TN St Energy Acq Corp Gas Rev Var Ref Gas Proj, Ser A-1 <br> (Mandatory put 05/01/28) | 5.00% | 05/01/53 | 2591206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140000 | TN St Energy Acq Corp Gas Rev, Ser A | 5.25% | 09/01/26 | 141775 |
|  |  |  |  | 13005125 |
|  | **Texas — 11.3%** | **Texas — 11.3%** | **Texas — 11.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; Arlington TX Hgr Edu Fin Corp Edu Rev Ref Basis TX Chrt <br> Schs (a) | 5.00% | 06/15/30 | 777189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Arlington TX Hgr Edu Fin Corp Edu Rev Ref Uplift Edu, Ser A | 4.00% | 12/01/30 | 253702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; Arlington TX Hgr Edu Fin Corp Edu Rev Trinity Basin Preparatory <br> Inc | 5.00% | 08/15/27 | 156139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; Arlington TX Hgr Edu Fin Corp Edu Rev Trinity Basin Preparatory <br> Inc | 5.00% | 08/15/28 | 158443 |

---

------

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

**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)** |
|  | **Texas (Continued)** | **Texas (Continued)** | **Texas (Continued)** |  |
| $500000 | &nbsp;&nbsp;&nbsp; Arlington TX Hsg Fin Corp Mf Hsg Rev Var 6900 Matlok Road <br> (Mandatory put 04/01/27) | 4.50% | 04/01/41 | $502784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Austin TX Ref | 3.15% | 09/01/28 | 2000015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; Celina TX Spl Assmnt Rev Ref The Lakes at Mustang Ranch Pub <br> Impt Dt Major Impt Area, AG | 5.00% | 09/01/27 | 308748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp;&nbsp; Celina TX Spl Assmnt Rev Ref The Lakes at Mustang Ranch Pub <br> Impt Dt Major Impt Area, AG | 5.00% | 09/01/29 | 333970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1135000 | Centrl TX Regl Mobility Auth Rev, Ser C, BANS | 5.00% | 01/01/27 | 1138102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | Club Muni Mgmt Dist #1 TX Spl Assmnt Rev Impt Area #2 Proj (a) | 2.50% | 09/01/26 | 24696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104000 | &nbsp;&nbsp;&nbsp; Crandall TX Spl Assmnt Rev Cartwright Ranch Pub Impt Dt Impt <br> Area #1 Proj (a) | 3.38% | 09/15/26 | 103446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Dallas Fort Worth TX Intl Arpt Rev Ref, Ser B | 5.00% | 11/01/27 | 523031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | Dallas Fort Worth TX Intl Arpt Rev, Ser A-1, AMT | 5.00% | 11/01/31 | 2760917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; Denton Cnty TX Spl Assmnt Rev Green Meadows Pub Impt Dt <br> Impt Area #1 Proj (a) | 4.25% | 12/31/30 | 705169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280000 | Fort Bend Cnty TX Muni Util Dist #184, BAM | 6.00% | 04/01/27 | 291642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295000 | Fort Bend Cnty TX Muni Util Dist #184, BAM | 6.00% | 04/01/28 | 306883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 840000 | Fort Bend TX Indep Sch Dist Ref | 5.00% | 08/15/26 | 854963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 670000 | &nbsp;&nbsp;&nbsp; Fort Worth TX Spl Assmnt Rev Walsh Ranch/Quail Vly Impt Area <br> #1-3 Proj, BAM | 5.00% | 09/01/29 | 715320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 465000 | Galveston Cnty TX Muni Util Dist #54 Ref | 2.00% | 12/01/25 | 463762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 560000 | Galveston Cnty TX Muni Util Dist #54 Ref | 2.00% | 12/01/27 | 534323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 610000 | &nbsp;&nbsp;&nbsp; Galveston TX Wharves & Terminal Rev Wharves & Terminal First <br> Lien, AMT | 5.25% | 08/01/28 | 638145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Grayson Cnty TX Ref | 3.00% | 01/01/26 | 1499150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Harris Cnty TX Cultural Edu Facs Fin Corp Med Facs Rev Var <br> Baylor Clg of Medicine, Ser A (Mandatory put 05/15/32) | 5.00% | 11/15/54 | 1636103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 710000 | &nbsp;&nbsp;&nbsp; Harris Cnty TX Cultural Edu Facs Fin Corp Rev Ref Memorial <br> Hermann Hlth Sys, Ser A | 5.00% | 07/01/29 | 765124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; Harris Cnty TX Cultural Edu Facs Fin Corp Rev Ref Memorial <br> Hermann Hlth Sys, Ser B | 5.00% | 07/01/31 | 446763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Hays Cnty TX Ref | 3.38% | 02/15/29 | 2000853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | Houston TX Arpt Sys Rev Ref Sub, Ser C, AMT | 5.00% | 07/01/27 | 772934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1835000 | Houston TX Arpt Sys Rev Ref Subord Lien, Ser A, AG, AMT | 5.00% | 07/01/27 | 1894126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; Houston TX Arpt Sys Rev Ref United Airls Inc Terminal Impt <br> Proj, Ser B-2, AMT | 5.00% | 07/15/27 | 918162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | Houston TX Arpt Sys Rev Sub, Ser A, AMT | 5.00% | 07/01/28 | 210184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Houston TX Arpt Sys Rev Sub, Ser A, AMT | 5.00% | 07/01/29 | 321022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2215000 | Houston TX Util Sys Rev Ref Subord First Lien, Ser B | 4.00% | 11/15/31 | 2241097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 715000 | Kyle TX Spl Assmnt Rev 6 Creeks Pub Impt Dist Impt Area #1 (a) | 4.13% | 09/01/29 | 716651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | Love Field TX Arpt Modernization Corp Gen Arpt Rev, AMT | 5.00% | 11/01/33 | 709543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp; Lower CO River TX Auth Trans Contract Rev Ref LCRA Trans <br> Svcs Corp Proj | 5.00% | 05/15/33 | 363847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 443000 | &nbsp;&nbsp;&nbsp; Lowry Crossing TX Spl Assmnt Rev Simpson Road Pub Impt Dist <br> Proj (a) | 4.25% | 09/15/30 | 448130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Matagorda Cnty TX Nav Dist #1 Ref Central Pwr & Light Co Proj <br> Remk, AMT | 4.25% | 05/01/30 | 1042116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp; Mesquite TX Hsg Fin Corp Var Palladium Carver Living <br> (Mandatory put 08/01/27) | 3.35% | 08/01/29 | 2252305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 955000 | &nbsp;&nbsp;&nbsp; Mission TX Econ Dev Corp Sol Wst Disp Rev Var Ref Wst Mgmt <br> Inc Proj Remk, Ser B, AMT (Mandatory put 12/01/25) | 3.80% | 07/01/40 | 954728 |

---

------

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

**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)** |
|  | **Texas (Continued)** | **Texas (Continued)** | **Texas (Continued)** |  |
| $2100000 | &nbsp;&nbsp;&nbsp; Mission TX Econ Dev Corp Sol Wst Disp Rev Var Rep Svcs Inc <br> Proj Remk, Ser A, AMT (Mandatory put 02/02/26) | 3.85% | 05/01/50 | $2100041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1125000 | &nbsp;&nbsp;&nbsp; Mission TX Econ Dev Corp Sol Wst Disp Rev Var Sustainable <br> Bonds Graphic Packaging Inter LLC Proj, AMT (Mandatory put <br> 06/01/30) | 5.00% | 12/01/64 | 1171054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; N Parkway Muni Mgmt Dist #1 TX Contract Rev Legacy Hills Pub <br> Impt Dt Phase #1A-1B Impts (a) | 3.00% | 09/15/26 | 98983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 | N TX Hgr Edu Auth Inc Edu Loan Rev Sr, Ser 1A, AMT | 5.00% | 06/01/27 | 562949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | N TX Hgr Edu Auth Inc Edu Loan Rev Sr, Ser 1A, AMT | 5.00% | 06/01/30 | 633191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | N TX Tollway Auth Rev Ref 2nd Tier, Ser B | 5.00% | 01/01/31 | 401269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 640000 | &nbsp;&nbsp;&nbsp; New Hope Cultural Ed Facs Fin Corp TX Retmnt Fac Rev Ref <br> Brazos Presbyterian Homes Inc Proj (b) | 5.00% | 01/01/29 | 664043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1115000 | &nbsp;&nbsp;&nbsp; New Hope Cultural Ed Facs Fin Corp TX Retmnt Fac Rev Ref <br> Brazos Presbyterian Homes Inc Proj (b) | 5.00% | 01/01/32 | 1189247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; Oak Point TX Spl Assmnt Rev Oak Point 720 Pub Impt Dt Impt <br> Area #1 Proj (a) | 4.70% | 09/15/31 | 201641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Princeton TX Spl Assmnt Rev Eastridge Pub Impt Dt Impt Area #3 <br> Proj (a) | 4.25% | 09/01/31 | 251973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; Princeton TX Spl Assmnt Rev Eastridge Pub Impt Dt Impt Area No <br> 4 Proj (a) | 4.25% | 09/01/30 | 302538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310000 | Rockwall Cnty TX Muni Util Dist #8, AG | 6.75% | 10/01/35 | 345878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2075000 | &nbsp;&nbsp;&nbsp; San Antonio TX Hsg Trust Pub Fac Corp Mf Hsg Rev Var <br> Palladium San Antonio (Mandatory put 07/01/27) | 3.45% | 07/01/29 | 2080440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1340000 | &nbsp;&nbsp;&nbsp; Southmost TX Regl Wtr Auth Wtr Sply Contract Rev Ref <br> Desalination Plant Proj, BAM | 4.00% | 09/01/28 | 1361508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Tarrant Cnty TX Cultural Edu Facs Fin Corp Hosp Rev Ref Baylor <br> Scott & White Hlth Proj, Ser A | 5.00% | 11/15/28 | 1011537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp; Tarrant Cnty TX Cultural Edu Facs Fin Corp Hosp Rev Var Baylor <br> Scott & White Hlth Proj, Ser E (Mandatory put 05/15/26) | 5.00% | 11/15/52 | 684631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; Tarrant Cnty TX Cultural Edu Facs Fin Corp Rev Ref Christus <br> Hlth, Ser B | 5.00% | 07/01/30 | 325836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp; Tarrant Cnty TX Cultural Edu Facs Fin Corp Rev Ref Trinity <br> Terrace Proj | 5.00% | 10/01/30 | 1015013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 995000 | &nbsp;&nbsp;&nbsp; Tarrant Cnty TX Cultural Edu Facs Fin Corp Rev Ref Trinity <br> Terrace Proj | 5.00% | 10/01/31 | 1074807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1840000 | &nbsp;&nbsp;&nbsp; Tarrant Cnty TX Hsg Fin Corp Var Nts Wildwood Branch <br> (Mandatory put 02/01/28) | 3.60% | 02/01/43 | 1857258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Trophy Club TX Pub Impt Dist #1 Spl Assmnt Rev Ref | 5.00% | 09/01/28 | 512599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2030000 | &nbsp;&nbsp;&nbsp; TX St Muni Gas Acq & Sply Corp IV, Ser A (Mandatory put <br> 01/01/30) | 5.50% | 01/01/54 | 2176935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 630000 | &nbsp;&nbsp;&nbsp; Viridian TX Muni Mgmt Dist Unlimited Tax Road Impt Bonds, <br> BAM | 4.00% | 12/01/29 | 640056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340000 | Westpointe Spl Impt Dist TX, BAM | 5.00% | 08/15/30 | 367569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355000 | Westpointe Spl Impt Dist TX, BAM | 5.00% | 08/15/31 | 388144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375000 | Westpointe Spl Impt Dist TX, BAM | 5.00% | 08/15/32 | 413233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 760000 | Williamson Cnty TX Muni Util Dist #10 Ref, BAM | 3.00% | 08/01/26 | 758109 |
|  |  |  |  | 55334709 |
|  | **Utah — 1.9%** | **Utah — 1.9%** | **Utah — 1.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 | Salt Lake City UT Arpt Rev, Ser A, AMT | 5.00% | 07/01/26 | 657944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | Salt Lake City UT Arpt Rev, Ser A, AMT | 5.00% | 07/01/28 | 1341913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | Salt Lake City UT Arpt Rev, Ser A, AMT | 5.00% | 07/01/28 | 736378 |

---

------

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

**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)** |
|  | **Utah (Continued)** | **Utah (Continued)** | **Utah (Continued)** |  |
| $1000000 | Salt Lake City UT Arpt Rev, Ser A, AMT | 5.00% | 07/01/29 | $1051665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | UT Cnty UT Hosp Rev IHC Hlth Svcs Inc, Ser C (c) | 3.90% | 05/15/58 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | UT St Associated Muni Pwr Sys Rev Ref Horse Butte Wind, Ser A | 5.00% | 09/01/30 | 1040234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 625000 | UT St Associated Muni Pwr Sys Rev Ref Horse Butte Wind, Ser A | 5.00% | 09/01/31 | 648579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; UT St Hsg Corp Mf Rev Var Silos On 500 (Mandatory put <br> 08/01/27) | 3.70% | 08/01/43 | 2010325 |
|  |  |  |  | 9487038 |
|  | **Vermont — 0.2%** | **Vermont — 0.2%** | **Vermont — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; VT St Econ Dev Auth Solid Wst Disp Rev Var Casella Wst Sys Inc <br> Remk, AMT (Mandatory put 04/03/28) (a) | 4.63% | 04/01/36 | 101528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; VT St Econ Dev Auth Solid Wst Disp Rev Var Draw Down <br> Casella Wste Sys Inc Proj, Ser A-2, AMT (Mandatory put <br> 06/01/32) (a) | 4.38% | 06/01/52 | 1013608 |
|  |  |  |  | 1115136 |
|  | **Virginia — 2.2%** | **Virginia — 2.2%** | **Virginia — 2.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Arlington Cnty VA Indl Dev Auth Mf Rev Park Shirlington <br> Apartments, Ser A | 5.00% | 01/01/26 | 2006485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; Fairfax Cnty VA Redev & Hsg Auth Mf Hsg Rev Var Dominion <br> Square N Proj (Mandatory put 01/01/28) | 5.00% | 01/01/45 | 2575357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; Henrico Cnty VA Econ Dev Auth Rsdl Care Fac Rev Ref <br> Westminster Canterbury Proj | 5.00% | 10/01/30 | 612779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Louisa VA Indl Dev Auth Poll Control Rev Var VA Elec & Pwr Co <br> Proj Remk, Ser A (Mandatory put 10/01/27) | 3.65% | 11/01/35 | 1011371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Richmond VA Redev & Hsg Auth Mf Rev Var Walmsley Gardens <br> (Mandatory put 09/01/28) | 3.45% | 09/01/46 | 2015895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; VA St Small Busn Fing Auth Rev Ref Sr Lien 95 Express <br> Lanes LLC Proj, AMT | 5.00% | 07/01/38 | 1048028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp; Virginia Beach VA Dev Auth Rsdl Care Fac Rev Temps 50Sm <br> Westminster Canterbury on Chesapeake Bay, Ser B-3 | 5.38% | 09/01/29 | 1562043 |
|  |  |  |  | 10831958 |
|  | **Washington — 0.8%** | **Washington — 0.8%** | **Washington — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 | Energy NW WA Elec Rev Ref Proj 1, Ser A | 5.00% | 07/01/26 | 121862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Port of Seattle WA Rev Intermediate Lien, Ser B, AMT | 5.00% | 10/01/31 | 1669211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Port of Seattle WA Rev Intermediate Lien, Ser D, AMT | 5.00% | 05/01/27 | 1027394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Port of Seattle WA Rev Ref 1st Lien, Ser B, AMT | 5.00% | 10/01/28 | 503366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | WA St Hlth Care Facs Auth Ref Seattle Cancer Care Alliance | 5.00% | 09/01/27 | 103745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; WA St Hsg Fin Commn Nonprofit Hsg Rev Ref Emerald Heights <br> Proj, Ser A | 5.00% | 07/01/27 | 358282 |
|  |  |  |  | 3783860 |
|  | **West Virginia — 0.8%** | **West Virginia — 0.8%** | **West Virginia — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; WV St Econ Dev Auth Sol Wst Disp Facs Var Amos Proj <br> Remk, Ser A, AMT (Mandatory put 09/01/28) | 3.30% | 01/01/41 | 1006636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; WV St Econ Dev Auth Sol Wst Disp Facs Var Appalachian Pwr <br> Comp Amos Proj Remk, Ser B (Mandatory put 06/01/28) | 3.70% | 12/01/42 | 2038133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; WV St Econ Dev Auth Sol Wst Disp Facs Var Ref Appalachian <br> Pwr Co Remk, Ser 2015A (Mandatory put 06/15/28) | 3.38% | 03/01/40 | 1010550 |
|  |  |  |  | 4055319 |
|  | **Wisconsin — 1.4%** | **Wisconsin — 1.4%** | **Wisconsin — 1.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Pub Fin Auth WI Hosp Rev Ref Carson Vly Med Ctr, Ser A (a) | 3.00% | 12/01/26 | 243900 |

---

------

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

**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)** |
|  | **Wisconsin (Continued)** | **Wisconsin (Continued)** | **Wisconsin (Continued)** |  |
| $4210000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Poll Control Rev Var Ref Duke Energy Progress <br> Proj, Ser A-1 (Mandatory put 10/01/26) | 3.30% | 10/01/46 | $4212887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Retmnt Fac Rev Ref United Methodist Retmnt <br> Homes, Ser A | 4.00% | 10/01/29 | 330248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Retmnt Fac Rev Ref United Methodist Rtmnt <br> Homes, Ser A | 4.00% | 10/01/31 | 398936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Retmnt Fac Rev Ref United Methodist Rtmnt <br> Homes, Ser A | 4.00% | 10/01/32 | 397960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Sol Wst Disp Rev Ref Wst Mgmt Inc Proj, Ser <br> A-1, AMT | 2.63% | 11/01/25 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Stdt Hsg Rev Sr KSU Bixby Real Estate <br> Fdtn LLC Proj, Ser A | 5.00% | 06/15/30 | 431636 |
|  |  |  |  | 7015567 |
|  | **Wyoming — 0.2%** | **Wyoming — 0.2%** | **Wyoming — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Consol Muni Elec Pwr Sys WY Jt Pwrs Brd Sys Jt Pwrs Brd Ref <br> Electrical Sys Proj | 5.00% | 06/01/26 | 252944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 755000 | &nbsp;&nbsp;&nbsp; Consol Muni Elec Pwr Sys WY Jt Pwrs Brd Sys Jt Pwrs Brd Ref <br> Electrical Sys Proj | 5.25% | 06/01/37 | 845163 |
|  |  |  |  | 1098107 |
|  | **Total Investments — 100.5%** | **Total Investments — 100.5%** | **Total Investments — 100.5%** | 493383428 |
|  | (Cost $487,820,406) | (Cost $487,820,406) | (Cost $487,820,406) |  |
|  | **Net Other Assets and Liabilities — (0.5)%** | **Net Other Assets and Liabilities — (0.5)%** | **Net Other Assets and Liabilities — (0.5)%** | (2387135)<br>|
|  | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $490996293 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) This security, sold within the terms of a private placement memorandum, is exempt
 from registration upon resale under Rule 144A of the Securities Act of 1933, as amended, and may be resold in transactions
 exempt from registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Trust's Board of Trustees, this security has been determined to be liquid by First Trust Advisors L.P., the Fund's advisor. Although market instability can result in periods of increased overall market illiquidity, liquidity for each security is determined based on security specific
 factors and assumptions, which require subjective judgment. At October 31, 2025, securities noted as such amounted to $23,666,671
 or 4.8% of net assets.

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

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

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

---

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

---

------

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

**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; $493383428 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $493383428 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

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

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

------

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

**Portfolio of Investments**

**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 — 103.3%** | **MUNICIPAL BONDS — 103.3%** | **MUNICIPAL BONDS — 103.3%** | **MUNICIPAL BONDS — 103.3%** | **MUNICIPAL BONDS — 103.3%** |
|  | **Alabama — 4.5%** | **Alabama — 4.5%** | **Alabama — 4.5%** |  |
| $550000 | &nbsp;&nbsp;&nbsp; Black Belt Energy Gas Dist AL Gas Prepay Rev Proj #5, Ser A-1 <br> (Mandatory put 10/01/26) | 4.00% | 10/01/49 | $554859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1725000 | &nbsp;&nbsp;&nbsp; Black Belt Energy Gas Dist AL Gas Proj Rev Bonds Proj No 7, <br>Ser C-1 (Mandatory put 12/01/26) | 4.00% | 10/01/52 | 1737069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Black Belt Energy Gas Dist AL Gas Proj Rev Proj No 6, Ser B <br> (Mandatory put 12/01/26) | 4.00% | 10/01/52 | 1006996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000 | Black Belt Energy Gas Dist AL Gas Proj Rev Ref Gas Proj, Ser D | 5.00% | 08/01/26 | 860824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Black Belt Energy Gas Dist AL Gas Proj Rev Ref Gas Proj, Ser D | 5.00% | 08/01/27 | 1031854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Mobile AL Indl Dev Brd Poll Control Rev Var AL Pwr Co Barry <br> Plant Remk (Mandatory put 03/12/26) | 3.30% | 07/15/34 | 2001018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | SE Energy Auth Cooperative Dist AL Energy Sply Rev, Ser B | 5.00% | 07/01/26 | 504242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | SE Energy Auth Cooperative Dist AL Energy Sply Rev, Ser B | 5.00% | 01/01/27 | 507354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330000 | SE Energy Auth Cooperative Dist AL Energy Sply Rev, Ser C | 5.00% | 08/01/26 | 333861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 555000 | SE Energy Auth Cooperative Dist AL Energy Sply Rev, Ser C | 5.00% | 02/01/27 | 566231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | Univ of S AL Univ Rev Ref, Ser C | 5.00% | 04/01/26 | 756442 |
|  |  |  |  | 9860750 |
|  | **California — 1.4%** | **California — 1.4%** | **California — 1.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Los Angeles CA Dept of Arpts Arpt Rev Ref Sub Los Angeles Intl <br> Arpt P3 Proj, Ser C, AMT | 5.00% | 05/15/27 | 1543794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Los Angeles CA Trans | 5.00% | 06/25/26 | 1525245 |
|  |  |  |  | 3069039 |
|  | **Colorado — 2.5%** | **Colorado — 2.5%** | **Colorado — 2.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Adams & Arapahoe Cntys Co Jt Sch Dist #28J Aurora | 5.50% | 12/01/26 | 1031496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265000 | CO Springs CO Sch Dist #11, BAM, COPS | 5.00% | 12/15/25 | 265593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | CO St Hlth Facs Auth Rev Ref Covenant Living Cmntys and Svcs | 5.00% | 12/01/26 | 253562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255000 | CO St Hlth Facs Auth Rev Ref, Ser A | 5.00% | 05/15/27 | 260417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1460000 | Denver City & Cnty CO Arpt Rev Ref Sub Sys, Ser A, AMT | 5.00% | 12/01/26 | 1491529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Denver City & Cnty CO Sch Dist #1, Ser A | 5.00% | 12/01/26 | 512676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 660000 | &nbsp;&nbsp;&nbsp; Park Creek Met Dist CO Ltd Property Tax Supported Rev Sr Ref, <br> AG | 5.00% | 12/01/26 | 674535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Park Creek Met Dist CO Ltd Property Tax Supported Rev Sr Ref, <br> AG | 5.00% | 12/01/27 | 1045695 |
|  |  |  |  | 5535503 |
|  | **Connecticut — 0.6%** | **Connecticut — 0.6%** | **Connecticut — 0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | Hartford CT Spl Oblig Ref | 5.00% | 07/15/26 | 1270585 |
|  | **District of Columbia — 1.8%** | **District of Columbia — 1.8%** | **District of Columbia — 1.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1145000 | &nbsp;&nbsp;&nbsp; Dist of Columbia Hsg Fin Agy Mf Hsg Rev Var Parcel <br> 42 Apartments Proj Remk (Mandatory put 09/01/26) | 2.88% | 09/01/41 | 1140867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Met WA DC Arpts Auth Arpt Sys Rev Ref, Ser A, AMT | 5.00% | 10/01/26 | 1526442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | Met WA DC Arpts Auth Arpt Sys Rev Ref, Ser A, AMT | 5.00% | 10/01/26 | 1221153 |
|  |  |  |  | 3888462 |
|  | **Florida — 6.7%** | **Florida — 6.7%** | **Florida — 6.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Brevard Cnty FL Hsg Fin Auth Mf Hsg Var Emerald Place <br> Apartments (Mandatory put 02/01/27) | 3.30% | 02/01/28 | 1504457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525000 | Broward Cnty FL Port Facs Rev, AMT (a) | 5.00% | 09/01/27 | 541510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | FL St Mid Bay Bridge Auth Ref First Sr Lien, AG | 5.00% | 10/01/26 | 1017718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 645000 | FL St Muni Pwr Agy Ref All Requirements Pwr Sply Proj, Ser A | 5.00% | 10/01/26 | 658125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Gtr Orlando FL Aviation Auth Arpt Facs Rev, Ser A, AMT (Pre-<br> refunded maturity 10/01/26) | 5.00% | 10/01/41 | 1016723 |

---

------

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

**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 (Continued)** | **Florida (Continued)** | **Florida (Continued)** |  |
| $1605000 | &nbsp;&nbsp;&nbsp; Hillsborough Cnty FL Indl Dev Auth Hlth Sys Rev Ref Baycare <br> Hlth Sys, Ser D (b) | 3.96% | 11/15/42 | $1605000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Lakeland FL Capital Impt Rev Ref, Ser A | 5.00% | 10/01/26 | 509993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp; Miami-Dade Cnty FL Eductnl Facs Auth Rev Ref Univ of <br> Miami, Ser A | 5.00% | 04/01/26 | 514108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1170000 | &nbsp;&nbsp;&nbsp; Miami-Dade Cnty FL Hsg Fin Auth Mf Hsg Rev Var Running <br> Brook Apartments (Mandatory put 01/01/26) | 3.55% | 01/01/27 | 1170302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Miami-Dade Cnty FL Sch Brd Ref, Ser A, COPS | 5.00% | 05/01/26 | 1515502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Miami-Dade Cnty FL Sch Dist, TANS | 4.00% | 01/07/26 | 1502814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 845000 | Miami-Dade Cnty FL Wtr & Swr Rev Ref | 5.00% | 10/01/26 | 848596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | Palm Beach Cnty FL Sch Brd Ref, Ser A, COPS | 5.00% | 08/01/26 | 761940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 865000 | &nbsp;&nbsp;&nbsp; Pasco Cnty FL Capital Impt Cigarette Tax Allocation H Lee Moffitt <br> Cancer Ctr Proj, Ser A, AG | 5.25% | 09/01/26 | 881224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Seminole Cnty FL Sch Dist Sales Tax Rev, AG | 5.00% | 10/01/26 | 510493 |
|  |  |  |  | 14558505 |
|  | **Georgia — 2.2%** | **Georgia — 2.2%** | **Georgia — 2.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Columbus GA Med Ctr Hosp Auth Var Piedmont Hlthcare Inc <br> Proj, Ser A (Mandatory put 07/01/26) | 5.00% | 07/01/54 | 1504839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Main Street Nat Gas Inc GA Gas Sply Rev, Ser C (Mandatory put <br> 09/01/26) | 4.00% | 03/01/50 | 1513050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 775000 | Main Street Nat Gas Inc GA Gas Sply Rev, Ser E | 5.00% | 12/01/25 | 775892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1090000 | Muni Elec Auth of GA Ref Proj One Subord Bonds, Ser A | 5.00% | 01/01/26 | 1093748 |
|  |  |  |  | 4887529 |
|  | **Illinois — 8.4%** | **Illinois — 8.4%** | **Illinois — 8.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Chicago IL Midway Arpt Rev Ref Sr Lien, Ser A, AMT | 5.00% | 01/01/26 | 501482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Chicago IL O'Hare Intl Arpt Rev Ref, Ser C, AMT | 5.00% | 01/01/27 | 1022156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | Cook Cnty IL High Sch Dist #207 ME Twp, Ser A | 5.00% | 12/01/26 | 1431883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 | Cook Cnty IL Ref, Ser A | 5.00% | 11/15/25 | 550369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | Cook Cnty IL Sales Tax Rev Ref | 5.00% | 11/15/27 | 836268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp; DuPage & Will Cntys IL Cmnty Sch Dist #204 Indian Prairie <br> Ref, Ser A | 5.00% | 12/30/25 | 1404234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1175000 | DuPage Cnty IL Forest Preserve Dist | 5.00% | 11/01/26 | 1200817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; IL St Fin Auth Rev Prerefunded Ref Ascension Hlth Credit Grp, <br>Ser C (Pre-refunded maturity 02/15/27) | 4.00% | 02/15/36 | 1526628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | IL St Fin Auth Rev Ref Ascension Hlth Credit Grp, Ser C | 5.00% | 02/15/26 | 1257358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1020000 | IL St Fin Auth Rev Ref Rush Univ Med Ctr, Ser A | 5.00% | 11/15/25 | 1020581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | IL St, Ser A | 5.00% | 12/01/25 | 1001483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | IL St, Ser A | 5.00% | 12/01/26 | 1022074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | IL St, Ser B | 5.00% | 12/01/26 | 1533271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | Kane Cook & DuPage Cntys IL Sch Dist #46 Elgin | 5.00% | 01/01/26 | 602044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1115000 | Lemont IL Fire Prot Dist | 5.00% | 12/30/26 | 1143368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425000 | Plainfield IL Wtr & Swr Sys Rev Ref | 5.00% | 05/01/26 | 429288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 870000 | Schaumburg IL Ref | 5.00% | 12/01/25 | 871443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1035000 | Winnebago Cnty IL Ref | 5.00% | 12/30/25 | 1038014 |
|  |  |  |  | 18392761 |
|  | **Indiana — 5.0%** | **Indiana — 5.0%** | **Indiana — 5.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | E Allen Cnty IN Schs | 5.00% | 01/15/26 | 1254881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Fort Wayne IN Cmnty Schs (a) | 5.00% | 01/15/27 | 1536673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1025000 | &nbsp;&nbsp;&nbsp; IN St Fin Auth Econ Dev Rev Ref Rep Svcs Inc Proj Remk, Ser A, <br> AMT (Mandatory put 12/01/25) | 3.80% | 05/01/28 | 1024645 |

---

------

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

**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)** |
|  | **Indiana (Continued)** | **Indiana (Continued)** | **Indiana (Continued)** |  |
| $365000 | IN St Fin Auth Rev Ref Marquette Proj, Ser A | 5.00% | 03/01/26 | $366562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | IN St Muni Pwr Agy Ref, Ser A, AG | 5.00% | 01/01/26 | 501777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | IN St Muni Pwr Agy Ref, Ser A, AG | 5.00% | 01/01/27 | 1027475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1005000 | &nbsp;&nbsp;&nbsp; Indianapolis IN Loc Pub Impt Bond Bank Ref Indianapolis Arpt <br> Auth Proj, Ser I2, AMT | 5.00% | 01/01/26 | 1008176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | N W Allen Cnty IN Schs | 5.00% | 07/15/26 | 506976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 625000 | N W Allen Cnty IN Schs | 5.00% | 01/15/27 | 640521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Perry Twp IN Schs Marion Cnty (a) | 5.00% | 01/15/27 | 1537103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Whiting IN Envrnmntl Facs Rev Ref BP Products N America Inc <br> Proj, Ser A, AMT (Mandatory put 06/05/26) | 5.00% | 12/01/44 | 1517694 |
|  |  |  |  | 10922483 |
|  | **Iowa — 1.1%** | **Iowa — 1.1%** | **Iowa — 1.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 620000 | &nbsp;&nbsp;&nbsp; IA St Fin Auth Sol Wst Facs Rev Var Sustainable Gevo NW <br> Rng LLC Renewable Natrl Gas Proj, AMT (Mandatory put <br> 04/01/26) | 3.88% | 01/01/42 | 618614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1735000 | Pefa Inc IA Gas Proj Rev (Mandatory put 09/01/26) | 5.00% | 09/01/49 | 1759135 |
|  |  |  |  | 2377749 |
|  | **Kansas — 0.7%** | **Kansas — 0.7%** | **Kansas — 0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Olathe KS Temp Nts, Ser A | 5.00% | 09/01/26 | 1526021 |
|  | **Kentucky — 0.8%** | **Kentucky — 0.8%** | **Kentucky — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375000 | KY St Property & Bldgs Commn Rev Proj #133, Ser A (a) | 5.00% | 09/01/26 | 381512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505000 | KY St Property & Bldgs Commn Rev Ref Proj #128, Ser A | 5.00% | 11/01/25 | 505000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275000 | KY St Property & Bldgs Commn Rev Ref Proj #133, Ser B (a) | 5.00% | 09/01/26 | 279776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 615000 | KY St Pub Energy Auth Gas Sply Rev Ref, Ser B | 5.00% | 08/01/26 | 621561 |
|  |  |  |  | 1787849 |
|  | **Louisiana — 1.7%** | **Louisiana — 1.7%** | **Louisiana — 1.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1925000 | &nbsp;&nbsp;&nbsp; LA St Pub Facs Auth Sol Wst Disp Fac Rev Var Elementus <br> Minerals LLC Proj (Mandatory put 11/01/25) (c) | 5.00% | 10/01/43 | 1925000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 535000 | New Orleans LA Aviation Brd Ref Gen Arpt, Ser D2, AMT | 5.00% | 01/01/26 | 536630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1110000 | Regl Transit Auth LA Sales Tax Rev Ref, Ser A, AG | 5.00% | 01/01/27 | 1139081 |
|  |  |  |  | 3600711 |
|  | **Maryland — 0.3%** | **Maryland — 0.3%** | **Maryland — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; MD St Hlth & Hgr Eductnl Facs Auth Rev Ref Univ of MD Med <br> Sys Issue, Ser A | 5.00% | 07/01/26 | 760401 |
|  | **Massachusetts — 3.8%** | **Massachusetts — 3.8%** | **Massachusetts — 3.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Hudson MA, BANS | 5.00% | 06/11/26 | 1006089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | MA St Dev Fin Agy Rev Lasell Vlg Inc | 5.00% | 07/01/26 | 1009072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 | MA St Dev Fin Agy Rev Ref Emerson Clg Issue | 5.00% | 01/01/26 | 551154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | MA St Dev Fin Agy Rev Ref Emerson Clg Issue | 5.00% | 01/01/27 | 457749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; MA St Dev Fin Agy Rev Ref-Beth Israel Lahey Hlth Issue, Ser N, <br> AG | 5.00% | 07/01/27 | 1033867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Peabody MA, BANS | 4.00% | 07/10/26 | 1512630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Quincy MA, BANS | 5.00% | 07/24/26 | 1522884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | Winchester MA, Ser B, BANS | 4.00% | 03/26/26 | 1256213 |
|  |  |  |  | 8349658 |
|  | **Michigan — 2.6%** | **Michigan — 2.6%** | **Michigan — 2.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | MI St Fin Auth Rev Nts, Ser A-2 | 5.00% | 08/20/26 | 1271380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; MI St Fin Auth Rev Ref Pub Lighting Auth Refunding Loc <br> Proj, Ser A, BAM | 5.00% | 07/01/27 | 1035187 |

---

------

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

**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)** |
|  | **Michigan (Continued)** | **Michigan (Continued)** | **Michigan (Continued)** |  |
| $1295000 | MI St Hosp Fin Auth Ref Trinity Hlth Credit Remk, Ser C | 5.00% | 12/01/25 | $1297086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; MI St Hsg Dev Auth Mf Hsg Rev Var Countryside Townhouses <br> (Mandatory put 05/01/27) | 2.92% | 05/01/29 | 994142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Wayne Cnty MI Arpt Auth Rev Ref Junior Lien, Ser B, AMT | 5.00% | 12/01/25 | 1001333 |
|  |  |  |  | 5599128 |
|  | **Minnesota — 1.3%** | **Minnesota — 1.3%** | **Minnesota — 1.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 725000 | Chaska MN Econ Dev Auth Lease Rev, Ser A | 5.00% | 02/01/26 | 728446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | MN Muni Gas Agy Cmdy Sply Rev, Ser A | 4.00% | 12/01/25 | 1500650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | MN St Hsg Fin Agy, Ser C | 4.00% | 02/01/27 | 501416 |
|  |  |  |  | 2730512 |
|  | **Missouri — 2.8%** | **Missouri — 2.8%** | **Missouri — 2.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | MO Jt Muni Elec Util Commn Pwr Proj Rev Ref Plum Point Proj | 5.00% | 01/01/26 | 1504815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 855000 | &nbsp;&nbsp;&nbsp; MO St Hlth & Eductnl Facs Auth Hlth Facs Rev Ref Coxhealth <br> Obligated Grp, Ser B | 5.00% | 11/15/26 | 872164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; MO St Hlth & Eductnl Facs Auth Hlth Facs Rev Ref Coxhealth <br> Obligated Grp, Ser B | 5.00% | 11/15/27 | 1040898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; MO St Hlth & Eductnl Facs Auth Hlth Facs Rev Var Ref BJC Hlth <br> Sys, Ser B (Mandatory put 05/01/26) | 4.00% | 05/01/51 | 1206317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 480000 | MO St Hlth & Eductnl Facs Auth Ref Lutheran Sr Svcs Projs, Ser A | 5.00% | 02/01/26 | 481288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | N Kansas City MO Sch Dist #74 Ref | 5.00% | 03/01/26 | 1007209 |
|  |  |  |  | 6112691 |
|  | **Nebraska — 0.5%** | **Nebraska — 0.5%** | **Nebraska — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | McCook NE, BANS | 4.50% | 09/01/27 | 1014772 |
|  | **Nevada — 1.1%** | **Nevada — 1.1%** | **Nevada — 1.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | Clark Cnty NV Arpt Rev Ref Subord, Ser A | 5.00% | 07/01/26 | 1116126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1205000 | Clark Cnty NV Transprtn Impt, Ser B | 5.00% | 12/01/25 | 1207036 |
|  |  |  |  | 2323162 |
|  | **New Hampshire — 1.6%** | **New Hampshire — 1.6%** | **New Hampshire — 1.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; Natl Fin Auth NH Sol Wst Disp Rev Var Ref Wst Mgmt Inc Proj <br> Remk, Ser A- 3, AMT (Mandatory put 07/01/26) | 4.00% | 07/01/33 | 3502444 |
|  | **New Jersey — 6.5%** | **New Jersey — 6.5%** | **New Jersey — 6.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Bergen Cnty NJ Impt Auth Nts Cnty Guaranteed Governmental <br> Pooled Proj, Ser A | 4.00% | 05/21/26 | 1006577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Essex Cnty NJ Impt Auth Essex Cnty Family Court Building Proj | 5.00% | 03/17/26 | 1008151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Hudson Cnty NJ Impt Auth Nts Loc Unit Loan Prog, Ser B-1 | 4.00% | 06/24/26 | 1007424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Jersey City NJ Redev Agy Ref Bayfront Redev Proj, Ser A | 4.50% | 12/11/25 | 1501614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | Metuchen NJ, Ser A, BANS | 4.00% | 07/07/26 | 1260438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Morris Twp NJ, BANS | 3.75% | 09/24/26 | 1512888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | New Brunswick NJ, BANS | 5.00% | 04/28/26 | 1515014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1205000 | Newark NJ Ref, Ser A | 5.00% | 07/15/27 | 1245189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | NJ St Covid-19 GO Emergency Bonds, Ser A | 5.00% | 06/01/26 | 1012813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Voorhees Twp NJ, Ser A, BANS | 4.00% | 09/17/26 | 1515876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Westfield NJ Sch Dist Temp Nts | 4.00% | 09/03/26 | 1515575 |
|  |  |  |  | 14101559 |
|  | **New Mexico — 0.7%** | **New Mexico — 0.7%** | **New Mexico — 0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | NM Fin Auth Rev Subord Pub Proj, Ser C | 5.00% | 12/15/26 | 1026288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 475000 | NM St Muni Energy Acq Auth Gas Sply Ref | 5.00% | 05/01/26 | 478625 |
|  |  |  |  | 1504913 |

---

------

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

**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 — 7.3%** | **New York — 7.3%** | **New York — 7.3%** |  |
| $1008317 | Amherst NY Centrl Sch Dist, BANS | 4.00% | 08/05/26 | $1018360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Heuvelton NY Centrl Sch Dist, BANS | 4.00% | 06/18/26 | 1510077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; Met Transprtn Auth NY Rev Ref Climate Bond Certified <br> Sustainable, Ser B | 5.00% | 11/15/26 | 920101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1357020 | N Syracuse NY Centrl Sch Dist, Ser A, BANS | 4.00% | 07/31/26 | 1368598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; New York City NY Transitional Fin Auth Rev Var Sub Future Tax <br> Secured-Fiscal 2025, Subser H-2 (b) | 4.00% | 11/01/54 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; NY St Dorm Auth Revs Non St Supported Debt Northwell Hlth <br> Obligated Grp, Ser B-3 (Mandatory put 05/01/26) | 5.00% | 05/01/48 | 1251666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; NY St Dorm Auth Revs Non St Supported Debt Sch Districts Rev <br> Bond Fing Prog, Ser A, AG | 5.00% | 10/01/26 | 1277370 |
| &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; 375000 | Port Auth of NY & NJ NY Ref, Ser 242, AMT | 5.00% | 12/01/26 | 382496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Selkirk Fire Dist NY, BANS | 4.25% | 08/28/26 | 1516485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Tonawanda Town NY, BANS | 4.00% | 08/21/26 | 1513614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Triborough NY Bridge & Tunnel Auth Payroll Mobility Tax, <br>Ser B-1, BANS | 5.00% | 03/15/27 | 1548574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | Waterloo NY Centrl Sch Dist, BANS | 3.75% | 07/30/26 | 1259333 |
|  |  |  |  | 15816667 |
|  | **North Carolina — 4.1%** | **North Carolina — 4.1%** | **North Carolina — 4.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Cumberland Cnty NC Indl Facs & Poll Control Fing Auth Sol WS <br> Var Proj Aero, AMT (Mandatory put 11/01/25) | 3.75% | 12/01/27 | 1500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Cumberland Cnty NC Indl Facs & Poll Control Fing Auth Sol WS <br> Var Proj Aero Remk, AMT (Mandatory put 12/01/26) | 3.13% | 12/01/27 | 1498677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; NC Hsg Fin Agy Homeownership Rev Var Home Ownership 1998 <br> Trust Agreement, Ser 55C (Mandatory put 01/15/26) | 3.20% | 07/01/56 | 1499376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | NC St Grant Anticipation Rev Ref, GARVEE | 5.00% | 03/01/27 | 1546538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1350000 | NC St Turnpike Auth Ref Sr Lien, AG | 5.00% | 01/01/26 | 1354223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1490000 | Raleigh Durham NC Arpt Auth Arpt Rev Ref, Ser A, AMT | 5.00% | 05/01/26 | 1503858 |
|  |  |  |  | 8902672 |
|  | **Ohio — 5.3%** | **Ohio — 5.3%** | **Ohio — 5.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1810000 | Allen Cnty OH Hosp Facs Rev Ref, Ser A | 5.00% | 08/01/26 | 1838951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; Franklin Cnty OH Rev Var Che Trinity Hlth Cred Grp Remk, <br>Ser OH (Mandatory put 11/03/25) | 3.00% | 12/01/46 | 1250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280000 | Hamilton Cnty OH Hlth Care Rev Ref Life Enriching Cmntys Proj | 5.00% | 01/01/27 | 284028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Hamilton Cnty OH Hlth Care Rev Ref Life Enriching Cmntys Proj | 5.00% | 01/01/28 | 307965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1650000 | Hamilton OH, BANS | 4.00% | 12/17/25 | 1651483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | Huber Heights OH, BANS | 5.00% | 06/25/26 | 1771741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | Milford OH Exempt Vlg Sch Dist Ref | 5.00% | 12/01/26 | 614308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340000 | Montgomery Cnty OH Hlth Care Facs Rev Ref Solvita Proj | 5.00% | 09/01/26 | 345016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; OH St Air Quality Dev Auth Var Ref Duke Energy Corp Proj, <br>Ser A, AMT (Mandatory put 06/01/27) | 4.25% | 11/01/39 | 2032568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; OH St Air Quality Dev Authamerican Elec Pwr Co Proj Remk, <br>Ser 2014-D | 3.20% | 05/01/26 | 1496576 |
|  |  |  |  | 11592636 |
|  | **Pennsylvania — 2.9%** | **Pennsylvania — 2.9%** | **Pennsylvania — 2.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1310000 | Cmwlth Fing Auth PA Tobacco Master Stlmt Payment Rev Bonds | 5.00% | 06/01/26 | 1327011 |

---

------

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

**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)** |
|  | **Pennsylvania (Continued)** | **Pennsylvania (Continued)** | **Pennsylvania (Continued)** |  |
| $1500000 | &nbsp;&nbsp;&nbsp; PA St Econ Dev Fing Auth Solid Wst Disposal Rev Var Draw <br> Down Rep Svcs Inc Remk, Ser B-2, AMT (Mandatory put <br> 01/15/26) | 3.85% | 04/01/49 | $1498970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; PA St Econ Dev Fing Auth UPMC Rev Ref UPMC Obligated <br> Grp, Ser B | 5.00% | 03/15/27 | 411319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 995000 | Philadelphia PA Arpt Rev Ref, Ser B, AMT | 5.00% | 07/01/27 | 1025426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Tender Option Bond Trust Recpts / Ctfs Various States JPM Putters <br> Xm1120, AG (b) (c) | 4.02% | 10/01/26 | 2000000 |
|  |  |  |  | 6262726 |
|  | **Rhode Island — 1.3%** | **Rhode Island — 1.3%** | **Rhode Island — 1.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Bristol Warren RI Regl Sch Dist, Ser 1, BANS | 5.00% | 06/04/26 | 1517858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | South Kingstown RI, Ser 1, BANS | 4.00% | 06/25/26 | 1259404 |
|  |  |  |  | 2777262 |
|  | **South Carolina — 1.6%** | **South Carolina — 1.6%** | **South Carolina — 1.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 975000 | Greenville Cnty SC Sch Dist Installment Pur Rev Ref SC Proj | 5.00% | 12/01/25 | 976679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; SC Jobs Econ Dev Auth Envrnmntl Impt Rev Var Intl Paper Co <br> Proj, Ser A, AMT (Mandatory put 04/01/26) | 4.00% | 04/01/33 | 1004251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; SC St Jobs Econ Dev Auth Hosp Rev Ref Prisma Hlth Obligated <br> Grp, Ser A | 5.00% | 05/01/26 | 1515059 |
|  |  |  |  | 3495989 |
|  | **South Dakota — 0.2%** | **South Dakota — 0.2%** | **South Dakota — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp; SD St Hlth & Eductnl Facs Auth Ref Westhills Vlg Retmnt Cmnty <br> Issue, Ser A | 5.00% | 09/01/26 | 481773 |
|  | **Tennessee — 1.6%** | **Tennessee — 1.6%** | **Tennessee — 1.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1570000 | &nbsp;&nbsp;&nbsp; Chattanooga TN Hlth Eductnl & Hsg Fac Brd Rev Ref <br> Commonspirit Hlth, Ser A-1 | 5.00% | 08/01/26 | 1589877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Lewisburg TN Indl Dev Brd Sol Wst Disp Rev Var Ref Wst Mgmt <br> TN Proj Remk, AMT (Mandatory put 02/02/26) | 3.85% | 07/02/35 | 999971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | TN St Energy Acq Corp Gas Rev (Mandatory put 11/01/25) | 4.00% | 11/01/49 | 1000000 |
|  |  |  |  | 3589848 |
|  | **Texas — 16.0%** | **Texas — 16.0%** | **Texas — 16.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1650000 | Austin TX Wtr & Wstwtr Sys Rev Ref | 5.00% | 11/15/25 | 1650957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Austin TX Wtr & Wstwtr Sys Rev Ref | 5.00% | 11/15/25 | 1000580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2055000 | &nbsp;&nbsp;&nbsp; Burleson TX Indep Sch Dist Prerefunded Ref (Pre-refunded <br> maturity 02/01/26) | 4.00% | 08/01/38 | 2060931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Centrl TX Regl Mobility Auth Rev, Ser C, BANS | 5.00% | 01/01/27 | 1504100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Cypress Fairbanks TX Indep Sch Dist, Ser A | 5.00% | 02/15/26 | 1006315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Dallas Fort Worth TX Intl Arpt Rev Ref, Ser B | 5.00% | 11/01/25 | 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Dallas Fort Worth TX Intl Arpt Rev, Ser A-1, AMT | 5.00% | 11/01/27 | 2076300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1625000 | Dallas TX Area Rapid Transit Sales Tax Rev Ref Sr Lien | 5.00% | 12/01/25 | 1627630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Harris Cnty Houston TX Sports Auth Rev Ref Sr Lien, Ser A, AG | 5.00% | 11/15/25 | 1000621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Harris Cnty Houston TX Sports Auth Rev Ref Sr Lien, Ser A, AG | 5.00% | 11/15/26 | 1021204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Harris Cnty TX Cultural Edu Facs Fin Corp Rev Ref Memorial <br> Hermann Hlth Sys, Ser C-3 (Mandatory put 12/01/26) | 5.00% | 06/01/32 | 1021488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Keller TX Indep Sch Dist Ref | 5.00% | 02/15/26 | 1006315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | Kyle TX, AG | 5.00% | 08/15/26 | 711593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | Lower CO River TX Auth Rev Ref, Ser A | 5.00% | 05/15/26 | 758536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | Lower CO River TX Auth Rev Ref, Ser A | 5.00% | 05/15/27 | 620531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Lower CO River TX Auth Trans Contract Rev Ref LCRA Trans <br> Svcs Corp Proj, Ser A | 5.00% | 05/15/27 | 517109 |

---

------

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

**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)** |
|  | **Texas (Continued)** | **Texas (Continued)** | **Texas (Continued)** |  |
| $1500000 | McKinney TX Indep Sch Dist | 5.00% | 02/15/26 | $1509258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1185000 | &nbsp;&nbsp;&nbsp; Mission TX Econ Dev Corp Sol Wst Disp Rev Var Ref Wst Mgmt <br> Inc Proj Remk, Ser B, AMT (Mandatory put 12/01/25) | 3.80% | 07/01/40 | 1184662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2900000 | &nbsp;&nbsp;&nbsp; Mission TX Econ Dev Corp Sol Wst Disp Rev Var Rep Svcs Inc <br> Proj Remk, Ser A, AMT (Mandatory put 02/02/26) | 3.85% | 05/01/50 | 2900057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | N TX Tollway Auth Rev Ref Second Tier Bond Subord, Ser B (a) | 5.00% | 01/01/27 | 2049505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; New Hope Cultural Ed Facs Fin Corp TX Retmnt Fac Rev Ref <br> Brazos Presbyterian Homes Inc Proj (a) | 5.00% | 01/01/27 | 608094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; New Hope Cultural Ed Facs Fin Corp TX Retmnt Fac Rev Ref <br> Brazos Presbyterian Homes Inc Proj (a) | 5.00% | 01/01/28 | 512898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Plano TX Indep Sch Dist | 5.00% | 02/15/26 | 1005944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1170000 | Richardson TX Ctfs Oblig | 5.00% | 02/15/26 | 1177824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 460000 | San Antonio TX Elec & Gas Rev Ref, Ser B (a) | 5.00% | 02/01/27 | 472104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Spring Branch TX Indep Sch Dist | 5.00% | 02/01/26 | 1508242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Spring Branch TX Indep Sch Dist Ref | 5.00% | 02/01/27 | 1028015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; TX St Dept of Hsg & Cmnty Affairs Mf Hsg Rev Var Gulfway <br> Manor (Mandatory put 08/01/26) | 3.25% | 08/01/28 | 1000264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; TX St Dept of Hsg & Cmnty Affairs Mf Hsg Rev Var Nts Aspen <br> Park (Mandatory put 03/01/26) | 5.00% | 03/01/41 | 1003668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | TX St Muni Gas Acq & Sply Corp V Gas Sply Rev | 5.00% | 01/01/26 | 350849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Upper Trinity TX Regl Wtr Dist Wtr Rev Ref, BAM | 5.00% | 08/01/26 | 507997 |
|  |  |  |  | 34903591 |
|  | **Utah — 1.1%** | **Utah — 1.1%** | **Utah — 1.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; Downtown Revitalization Pub Infra Dist UT Sales First Lien Seg <br> Redev Proj, Ser A, AG | 5.00% | 06/01/27 | 310101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Salt Lake City UT Arpt Rev, Ser A, AMT | 5.00% | 07/01/26 | 2024441 |
|  |  |  |  | 2334542 |
|  | **Virginia — 0.5%** | **Virginia — 0.5%** | **Virginia — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; VA St Small Busn Fing Auth Envrnmntl Facs Rev Var Pure Salmon <br> VA LLC Proj Remk, AMT (Mandatory put 11/20/25) | 4.00% | 11/01/52 | 1000271 |
|  | **Washington — 1.3%** | **Washington — 1.3%** | **Washington — 1.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; Centrl Puget Sound WA Regl Transit Auth Sales Tax & Mtr Ve <br> Sustainable Bond, Ser S-1 | 5.00% | 11/01/25 | 1100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Port of Seattle WA Rev, Ser A, AMT | 5.00% | 05/01/27 | 1027394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 | WA St Hlth Care Facs Auth Ref Commonspirit Hlth, Ser A | 5.00% | 09/01/26 | 659215 |
|  |  |  |  | 2786609 |
|  | **Wisconsin — 1.5%** | **Wisconsin — 1.5%** | **Wisconsin — 1.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1520000 | &nbsp;&nbsp;&nbsp; PMA Levy & Aid Antic Nts Prog WI Nts Anticipation Notes <br> Prog, Ser B | 5.00% | 09/24/26 | 1548343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | Pub Fin Auth WI Hosp Rev Ref Renown Regl Med Ctr Proj, Ser A | 5.00% | 06/01/27 | 773256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Racine WI Prom Nts | 4.50% | 03/15/27 | 1005334 |
|  |  |  |  | 3326933 |
|  | **Total Investments — 103.3%** | **Total Investments — 103.3%** | **Total Investments — 103.3%** | 224948706 |
|  | (Cost $224,936,948) | (Cost $224,936,948) | (Cost $224,936,948) |  |
|  | **Net Other Assets and Liabilities — (3.3)%** | **Net Other Assets and Liabilities — (3.3)%** | **Net Other Assets and Liabilities — (3.3)%** | (7182221)<br>|
|  | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $217766485 |

---

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

------

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

**Portfolio of Investments (Continued)**

**October 31, 2025 (Unaudited)**

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

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

&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 $3,925,000
 or 1.8% 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 |
| BANS | – Bond Anticipation Notes |
| COPS | – Certificates of Participation |
| GARVEE | – Grant Anticipation Revenue Vehicle |
| TANS | – Tax Anticipation Notes |

---

------

**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; $224948706 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $224948706 | &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 Ultra Short Duration Municipal ETF

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

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

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

- **a. Date of fiscal year-end:** 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:** $228310740.98

**Total Liabilities:** $10518025.54

**Net Assets:** $217792715.44

**Delayed Delivery Securities:** $9428176.60

**Cash Not Reported:** $2777879.66

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 3419.76529000 | **1-Year:** 10925.79361000 | **5-Year:** 755.64076000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000205579 | 0.29%                | 0.13%                | 0.08%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $8524.74                 | $122027.33                                 |
| Month 2  | $-6328.46                | $-206122.12                                |
| Month 3  | $-4895.35                | $-284432.41                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| SALT LAKE CITY UT ARPT REVENUE         | City of Salt Lake City UT Airport Revenue                                       | CUSIP: 795576FK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2024441.60   | 0.93%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN          | NEW HOPE CULTURAL EDUCATION FACILITIES FINANCE CORP                             | CUSIP: 64542UHR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $512898.00    | 0.24%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                            | State of Illinois                                                               | CUSIP: 452152S51<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022073.90   | 0.47%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC         | Health & Educational Facilities Authority of the State of Missouri              | CUSIP: 60637ATQ5<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1206317.16   | 0.55%             | 2051-05-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL          | Black Belt Energy Gas District                                                  | CUSIP: 09182TEY9<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    850000 | PA      | $860824.24    | 0.40%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HUDSON MA                              | Town of Hudson MA                                                               | CUSIP: 443852XA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006088.70   | 0.46%             | 2026-06-11      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST MID-BAY BRIDGE AUTH         | Mid-Bay Bridge Authority                                                        | CUSIP: 342814EC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017718.20   | 0.47%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO SCH DIST         | Denver City & County School District No 1                                       | CUSIP: 249174YT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $512676.35    | 0.24%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REGL TRANSIT AUTH LA SALES TAX         | Regional Transit Authority Sales Tax Revenue                                    | CUSIP: 75912RCD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1139081.33   | 0.52%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TONAWANDA TOWN NY                      | Town of Tonawanda NY                                                            | CUSIP: 890210RJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1513613.85   | 0.69%             | 2026-08-21      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MISSION TX ECON DEV CORP SOL W         | Mission Economic Development Corp                                               | CUSIP: 605155BQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2900000 | PA      | $2900056.55   | 1.33%             | 2050-05-01      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| TEXAS ST DEPT OF HSG & CMNTY A         | Texas Department of Housing & Community Affairs                                 | CUSIP: 88275AET3<br>LEI: 549300J3RRLLZZN4WP77 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000264.40   | 0.46%             | 2028-08-01      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTHORITY A C         | Southeast Energy Authority A Cooperative District                               | CUSIP: 84136HBV4<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    330000 | PA      | $333861.20    | 0.15%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEWARK NJ                              | City of Newark NJ                                                               | CUSIP: 650367TJ4<br>LEI: 5493008RBPM01QHRYX34 | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1245188.68   | 0.57%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLUMBUS GA MED CTR HOSP AUTH          | Columbus Medical Center Hospital Authority                                      | CUSIP: 199124BQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1504839.15   | 0.69%             | 2054-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PEABODY MA                             | City of Peabody MA                                                              | CUSIP: 70457PHD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1512629.85   | 0.69%             | 2026-07-10      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE           | Michigan Finance Authority                                                      | CUSIP: 59447UAC4<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1271380.50   | 0.58%             | 2026-08-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH DAKOTA ST HLTH & EDUCTNL         | South Dakota Health & Educational Facilities Authority                          | CUSIP: 83755VX33<br>LEI: 549300ZW6LKR8UI2C378 | Long             | DBT              | MUN               | US        |    475000 | PA      | $481773.45    | 0.22%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOWER COLORADO RIVER TX AUTH R         | Lower Colorado River Authority                                                  | CUSIP: 54811GQ37<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |    600000 | PA      | $620530.62    | 0.28%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE             | Port of Seattle WA                                                              | CUSIP: 735389C63<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027393.80   | 0.47%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PASCO CNTY FL CAPITAL IMPT CIG         | County of Pasco FL                                                              | CUSIP: 70252AAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    865000 | PA      | $881223.68    | 0.40%             | 2026-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SEMINOLE CNTY FL SCH DIST SALE         | Seminole County School District Sales Tax Revenue                               | CUSIP: 816696AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $510492.75    | 0.23%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HEUVELTON NY CENTRL SCH DIST           | Heuvelton Central School District                                               | CUSIP: 428218EW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1510077.30   | 0.69%             | 2026-06-18      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX CULTURAL EDU FA         | Harris County Cultural Education Facilities Finance Corp                        | CUSIP: 414009PP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021487.70   | 0.47%             | 2032-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| KANE COOK & DU PAGE CNTYS IL S         | Kane Cook & DuPage Counties School District No U-46 Elgin                       | CUSIP: 483836VZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $602043.60    | 0.28%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SCHAUMBURG IL                          | Village of Schaumburg IL                                                        | CUSIP: 806347PS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    870000 | PA      | $871442.55    | 0.40%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST PUBLIC FACS AUTHS         | Louisiana Public Facilities Authority                                           | CUSIP: 54640TAK5<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1925000 | PA      | $1925000.00   | 0.88%             | 2043-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| ADAMS & ARAPAHOE CNTYS CO JT S         | Adams & Arapahoe Counties Joint School District 28J Aurora                      | CUSIP: 0054824G6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031496.20   | 0.47%             | 2026-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST TURNPIKE AUT         | North Carolina Turnpike Authority                                               | CUSIP: 65830RBD0<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1354222.67   | 0.62%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY NC INDL FACS &         | Cumberland County Industrial Facilities & Pollution Control Financing Authority | CUSIP: 230589AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500000.00   | 0.69%             | 2027-12-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL HSG FIN AUT         | Miami-Dade County Housing Finance Authority                                     | CUSIP: 593344BT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1170302.56   | 0.54%             | 2027-01-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY-HOUSTON TX SPORTS          | Harris County-Houston Sports Authority                                          | CUSIP: 413890GP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021204.10   | 0.47%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW BRUNSWICK NJ                       | City of New Brunswick NJ                                                        | CUSIP: 642815V92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1515014.25   | 0.70%             | 2026-04-28      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHASKA MN ECON DEV AUTH LEASE          | Chaska Economic Development Authority                                           | CUSIP: 16166NFF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $728446.07    | 0.33%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC         | Health & Educational Facilities Authority of the State of Missouri              | CUSIP: 60635H3R8<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    480000 | PA      | $481288.03    | 0.22%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WAYNE CNTY MI ARPT AUTH REVENU         | Wayne County Airport Authority                                                  | CUSIP: 944514WM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001332.80   | 0.46%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOWER COLORADO RIVER TX AUTH R         | Lower Colorado River Authority                                                  | CUSIP: 54811GQ29<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |    750000 | PA      | $758535.90    | 0.35%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA                         | City of Los Angeles CA                                                          | CUSIP: 544351SF7<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1525245.15   | 0.70%             | 2026-06-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PROPERTY & BLDGS C         | Kentucky State Property & Building Commission                                   | CUSIP: 49151F6U9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $279775.54    | 0.13%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COOK CNTY IL HIGH SCH DIST #20         | Maine Township High School District No 207                                      | CUSIP: 215543LZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1431883.18   | 0.66%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R         | Massachusetts Development Finance Agency                                        | CUSIP: 57585BNJ3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1033867.20   | 0.47%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MORRIS TWP NJ                          | Township of Morris NJ                                                           | CUSIP: 618329QC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1512887.55   | 0.69%             | 2026-09-24      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH A         | Metropolitan Washington Airports Authority Aviation Revenue                     | CUSIP: 592647LJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1221153.24   | 0.56%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX ELEC & GAS REVE         | City of San Antonio TX Electric & Gas Systems Revenue                           | CUSIP: 79625GMG5<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |    460000 | PA      | $472104.03    | 0.22%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MCCOOK NE                              | City of McCook NE                                                               | CUSIP: 579729EW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014771.90   | 0.47%             | 2027-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PARK CREEK MET DIST CO LIMITED         | Park Creek Metropolitan District                                                | CUSIP: 700385BP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045694.80   | 0.48%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX WTR & WSTWTR SYS REV         | City of Austin TX Water & Wastewater System Revenue                             | CUSIP: 052477ME3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1650956.67   | 0.76%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY NC INDL FACS &         | Cumberland County Industrial Facilities & Pollution Control Financing Authority | CUSIP: 230589AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1498677.00   | 0.69%             | 2027-12-01      | Variable      | 3.12%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IN LOCAL PUBLIC I         | Indianapolis Local Public Improvement Bond Bank                                 | CUSIP: 45528VAX7<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   1005000 | PA      | $1008176.40   | 0.46%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CYPRESS-FAIRBANKS TX INDEP SCH         | Cypress-Fairbanks Independent School District                                   | CUSIP: 232769KX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006315.30   | 0.46%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N TX TOLLWAY AUTH REVENUE              | North Texas Tollway Authority                                                   | CUSIP: 66285WU95<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2049505.00   | 0.94%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VOORHEES TWP NJ                        | Township of Voorhees NJ                                                         | CUSIP: 928895RQ6<br>LEI: 5493006HU7IJTEPI8B67 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1515875.85   | 0.70%             | 2026-09-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PERRY TWP IN SCHS MARION CNTY          | Perry Township Schools/Marion County IN                                         | CUSIP: 715000CG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1537103.55   | 0.71%             | 2027-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DALLAS-FORT WORTH TX INTERNATI         | Dallas Fort Worth International Airport                                         | CUSIP: 23503CFN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2076299.80   | 0.95%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GTR ORLANDO FL AVIATION AUTH A         | Greater Orlando Aviation Authority                                              | CUSIP: 392274R73<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016723.20   | 0.47%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HUBER HEIGHTS OH                       | City of Huber Heights OH                                                        | CUSIP: 443524XD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1771740.95   | 0.81%             | 2026-06-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTHORITY A C         | Southeast Energy Authority A Cooperative District                               | CUSIP: 84136HBD4<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    500000 | PA      | $504242.00    | 0.23%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JERSEY CITY NJ REDEV AGY               | Jersey City Redevelopment Agency                                                | CUSIP: 476637AZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1501614.45   | 0.69%             | 2025-12-11      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST GRANT ANTICI         | State of North Carolina                                                         | CUSIP: 658268EY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1546537.65   | 0.71%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL          | Black Belt Energy Gas District                                                  | CUSIP: 09182TAM9<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1737068.62   | 0.80%             | 2052-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| DOWNTOWN REVITALIZATION PUBLIC         | Downtown Revitalization Public Infrastructure District                          | CUSIP: 26118TAB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $310100.61    | 0.14%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE         | South Carolina Jobs-Economic Development Authority                              | CUSIP: 83703FKY7<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1515058.65   | 0.70%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST ALG         | Black Belt Energy Gas District                                                  | CUSIP: 09182RBE0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    550000 | PA      | $554859.31    | 0.25%             | 2049-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| PMA LEVY & AID ANTIC NTS PROGR         | PMA Levy & Aid Anticipation Notes Program                                       | CUSIP: 730146DQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1548343.29   | 0.71%             | 2026-09-24      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREENVILLE CNTY SC SCH DIST IN         | Greenville County School District                                               | CUSIP: 396066JD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    975000 | PA      | $976678.56    | 0.45%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI JT MUNI ELEC UTILITY          | Missouri Joint Municipal Electric Utility Commission                            | CUSIP: 606092PN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1504814.55   | 0.69%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC         | Health & Educational Facilities Authority of the State of Missouri              | CUSIP: 60637AXT4<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    855000 | PA      | $872164.21    | 0.40%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PLANO TX INDEP SCH DIST                | Plano Independent School District                                               | CUSIP: 727199D73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005943.60   | 0.46%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WATERLOO NY CENTRL SCH DIST            | Waterloo Central School District                                                | CUSIP: 941774MT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1259332.75   | 0.58%             | 2026-07-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| RALEIGH DURHAM NC ARPT AUTH AR         | Raleigh Durham Airport Authority                                                | CUSIP: 751073KZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1490000 | PA      | $1503858.49   | 0.69%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH REVENUE            | Indiana Finance Authority                                                       | CUSIP: 45506ENL3<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    365000 | PA      | $366562.46    | 0.17%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WHITING IN ENVRNMNTL FACS REVE         | City of Whiting IN                                                              | CUSIP: 96634RAU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1517693.70   | 0.70%             | 2044-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL          | Black Belt Energy Gas District                                                  | CUSIP: 09182TAF4<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006996.30   | 0.46%             | 2052-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO SPRINGS CO SCH DIST #         | Colorado Springs School District No 11 Facilities Corp                          | CUSIP: 19662UAN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $265593.26    | 0.12%             | 2025-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH KINGSTOWN RI                     | Town of South Kingstown RI                                                      | CUSIP: 838566S40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1259404.38   | 0.58%             | 2026-06-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OLATHE KS                              | City of Olathe KS                                                               | CUSIP: 679384RC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1526020.95   | 0.70%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN         | Virginia Small Business Financing Authority                                     | CUSIP: 92810RAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000270.90   | 0.46%             | 2052-11-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Lewisburg Industrial Development Board | LEWISBURG DEV BRD-RE FRN                                                        | CUSIP: 528236AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999970.50    | 0.46%             | 2035-07-02      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| QUINCY MA                              | City of Quincy MA                                                               | CUSIP: 748508Y93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1522884.15   | 0.70%             | 2026-07-24      | Fixed         | 5.00%                 | 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    | 0.11%             | 2030-05-01      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI HOSP REVENU         | Public Finance Authority                                                        | CUSIP: 74442CET7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    750000 | PA      | $773255.70    | 0.36%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R         | Massachusetts Development Finance Agency                                        | CUSIP: 57585BDE5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    550000 | PA      | $551154.23    | 0.25%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL EDUCTNL FAC         | Miami-Dade County Educational Facilities Authority                              | CUSIP: 59333AND9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $514107.59    | 0.24%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R         | Massachusetts Development Finance Agency                                        | CUSIP: 57585BDF2<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    450000 | PA      | $457749.27    | 0.21%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE         | Port Authority of New York & New Jersey                                         | CUSIP: 73358XJU7<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    375000 | PA      | $382496.44    | 0.18%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MCKINNEY TX INDEP SCH DIST             | McKinney Independent School District                                            | CUSIP: 581664MU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1509258.45   | 0.69%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL SCH BRD COP         | Palm Beach County School District                                               | CUSIP: 696550L75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $761940.45    | 0.35%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL          | Black Belt Energy Gas District                                                  | CUSIP: 09182TFA0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031853.50   | 0.47%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WESTFIELD NJ SCH DIST                  | Westfield School District/NJ                                                    | CUSIP: 960130LY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1515574.95   | 0.70%             | 2026-09-03      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COOK CNTY IL SALES TAX REVENUE         | County of Cook IL Sales Tax Revenue                                             | CUSIP: 213248FA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $836267.92    | 0.38%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST                          | State of New Jersey                                                             | CUSIP: 646039YK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012812.60   | 0.47%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PROPERTY & BLDGS C         | Kentucky State Property & Building Commission                                   | CUSIP: 49151F5W6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $381512.10    | 0.18%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH A         | Metropolitan Washington Airports Authority Aviation Revenue                     | CUSIP: 592647HF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1526441.55   | 0.70%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHATTANOOGA TN HLTH EDUCTNL &H         | Chattanooga Health Educational & Housing Facility Board                         | CUSIP: 162410DX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1570000 | PA      | $1589876.99   | 0.73%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST HOSP FIN AUTH              | Michigan State Hospital Finance Authority                                       | CUSIP: 59465HUL8<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |   1295000 | PA      | $1297085.60   | 0.60%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WINCHESTER MA                          | Town of Winchester MA                                                           | CUSIP: 9730245V0<br>LEI: 549300YOV2B42TT06X20 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1256212.63   | 0.58%             | 2026-03-26      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH KANSAS CITY MO SCH DIST          | North Kansas City School District No 74                                         | CUSIP: 660266LN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007209.10   | 0.46%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES         | New York State Dormitory Authority                                              | CUSIP: 64990GTD4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1251666.00   | 0.57%             | 2048-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CLARK CNTY NV ARPT REVENUE             | County of Clark Department of Aviation                                          | CUSIP: 18085PTC8<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1116125.45   | 0.51%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING          | Pennsylvania Economic Development Financing Authority                           | CUSIP: 708692BV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1498969.80   | 0.69%             | 2049-04-01      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTHORITY A C         | Southeast Energy Authority A Cooperative District                               | CUSIP: 84136HBE2<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    500000 | PA      | $507354.30    | 0.23%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV         | Colorado Health Facilities Authority                                            | CUSIP: 19648FZU1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    255000 | PA      | $260416.89    | 0.12%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL          | New York City Transitional Finance Authority Future Tax Secured Revenue         | CUSIP: 64972JSE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.92%             | 2054-11-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| MOBILE AL INDL DEV BRD POLL CO         | Industrial Development Board of the City of Mobile Alabama                      | CUSIP: 607167DX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2001017.60   | 0.92%             | 2034-07-15      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTHORITY A C         | Southeast Energy Authority A Cooperative District                               | CUSIP: 84136HBW2<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    555000 | PA      | $566231.26    | 0.26%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL PORT FACS REVE         | County of Broward FL Port Facilities Revenue                                    | CUSIP: 11506KHE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $541510.04    | 0.25%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CMWLTH FING AUTH PA TOBACCO MA         | Commonwealth Financing Authority                                                | CUSIP: 20282EAG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1327011.27   | 0.61%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KELLER TX INDEP SCH DIST               | Keller Independent School District/TX                                           | CUSIP: 487694VE8<br>LEI: 549300BS0JDJPR8KUN68 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006315.30   | 0.46%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TENNESSEE ST ENERGY ACQUISITIO         | Tennessee Energy Acquisition Corp                                               | CUSIP: 880443JE7<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.46%             | 2049-11-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| HUDSON CNTY NJ IMPT AUTH               | Hudson County Improvement Authority                                             | CUSIP: 443728GN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007424.40   | 0.46%             | 2026-06-24      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOWER COLORADO RIVER TX AUTH T         | Lower Colorado River Authority                                                  | CUSIP: 54811BS36<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |    500000 | PA      | $517108.85    | 0.24%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PLAINFIELD IL WTR & SWR SYS RE         | Village of Plainfield IL Water & Sewer System Revenue                           | CUSIP: 726273CY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $429287.53    | 0.20%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DALLAS TX AREA RAPID TRANSIT S         | Dallas Area Rapid Transit                                                       | CUSIP: 235241SY3<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1627629.90   | 0.75%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EAST ALLEN CNTY IN SCHS                | East Allen County Schools                                                       | CUSIP: 270443GR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1254881.50   | 0.58%             | 2026-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST MUNI ENERGY ACQU         | New Mexico Municipal Energy Acquisition Authority                               | CUSIP: 647207BD0<br>LEI: 549300KZGG2YNDKKCE92 | Long             | DBT              | MUN               | US        |    475000 | PA      | $478625.25    | 0.22%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV         | City & County of Denver CO Airport System Revenue                               | CUSIP: 249182KZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1460000 | PA      | $1491528.41   | 0.68%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY-HOUSTON TX SPORTS          | Harris County-Houston Sports Authority                                          | CUSIP: 413890GN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000620.70   | 0.46%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA HSG FIN AGY M         | District of Columbia Housing Finance Agency                                     | CUSIP: 25477PQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1145000 | PA      | $1140866.89   | 0.52%             | 2041-09-01      | Variable      | 2.88%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN          | NEW HOPE CULTURAL EDUCATION FACILITIES FINANCE CORP                             | CUSIP: 64542UHQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $608094.54    | 0.28%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL SCH BRD COP         | School Board of Miami-Dade County/The                                           | CUSIP: 59333MW68<br>LEI: 549300J3U4QVT6U3O129 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1515501.90   | 0.70%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                            | State of Illinois                                                               | CUSIP: 452152V65<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1533271.50   | 0.70%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DU PAGE & WILL CNTYS IL CMNTYS         | Du Page & Will Counties Community School District No 204 Indian Prairie         | CUSIP: 262608RW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1404234.30   | 0.64%             | 2025-12-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA         | Main Street Natural Gas Inc                                                     | CUSIP: 56035DCR1<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1513049.70   | 0.69%             | 2050-03-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY OH HLTH CARE REV         | County of Hamilton OH                                                           | CUSIP: 40727RCN6<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |    280000 | PA      | $284027.55    | 0.13%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST MUNI PWR AGY                | Indiana Municipal Power Agency                                                  | CUSIP: 454898YC5<br>LEI: AX0ZCCVOQ71Z4RXBL233 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501776.65    | 0.23%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA JOBS-ECON DEV A         | South Carolina Jobs-Economic Development Authority                              | CUSIP: 83703DAA5<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004251.50   | 0.46%             | 2033-04-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA         | Main Street Natural Gas Inc                                                     | CUSIP: 56035DJA1<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    775000 | PA      | $775891.56    | 0.36%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF SOUTH ALABAMA AL UNIV          | University of South Alabama                                                     | CUSIP: 914845VB5<br>LEI: 549300U394SOV3NGG049 | Long             | DBT              | MUN               | US        |    750000 | PA      | $756441.68    | 0.35%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL          | Triborough Bridge & Tunnel Authority                                            | CUSIP: 89602HJA6<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1548574.50   | 0.71%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH SYRACUSE NY CENTRL SCH D         | North Syracuse Central School District                                          | CUSIP: 662735PJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1357020 | PA      | $1368597.69   | 0.63%             | 2026-07-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAMILTON OH                            | City of Hamilton OH                                                             | CUSIP: 407756P82<br>LEI: 549300NCXYTNZWHRP508 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1651482.86   | 0.76%             | 2025-12-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LEMONT IL FIRE PROT DIST               | Lemont Fire Protection District                                                 | CUSIP: 525680BH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1143367.94   | 0.52%             | 2026-12-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A         | City of Los Angeles Department of Airports                                      | CUSIP: 544445XQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1543794.30   | 0.71%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING          | Pennsylvania Economic Development Financing Authority                           | CUSIP: 70870JHB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $411319.12    | 0.19%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLARK CNTY NV                          | County of Clark NV                                                              | CUSIP: 180848XR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1207036.33   | 0.55%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UPPER TRINITY TX REGL WTR DIST         | Upper Trinity Regional Water District                                           | CUSIP: 916672Y69<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507997.45    | 0.23%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KYLE TX                                | City of Kyle TX                                                                 | CUSIP: 501552NZ2<br>LEI: 549300K0SYODYQ0ANN48 | Long             | DBT              | MUN               | US        |    700000 | PA      | $711593.26    | 0.33%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FRANKLIN CNTY OH REVENUE               | County of Franklin OH                                                           | CUSIP: 353202FK5<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1250000.00   | 0.57%             | 2046-12-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| LAKELAND FL CAPITAL IMPT REVEN         | City of Lakeland FL                                                             | CUSIP: 511662ES3<br>LEI: XRPK4ZALF4437WO3JQ94 | Long             | DBT              | MUN               | US        |    500000 | PA      | $509992.75    | 0.23%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL WTR & SWR R         | County of Miami-Dade FL Water & Sewer System Revenue                            | CUSIP: 59334DHZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    845000 | PA      | $848595.56    | 0.39%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SELKIRK FIRE DIST NY                   | Selkirk Fire District                                                           | CUSIP: 81640AAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1516484.70   | 0.70%             | 2026-08-28      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SPRING BRANCH TX INDEP SCH DIS         | Spring Branch Independent School District                                       | CUSIP: 849476VX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1508241.75   | 0.69%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST MUNI PWR AGY                | Indiana Municipal Power Agency                                                  | CUSIP: 454898YD3<br>LEI: AX0ZCCVOQ71Z4RXBL233 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027474.80   | 0.47%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC         | Health & Educational Facilities Authority of the State of Missouri              | CUSIP: 60637AXU1<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040897.50   | 0.48%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PARK CREEK MET DIST CO LIMITED         | Park Creek Metropolitan District                                                | CUSIP: 700385BN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    660000 | PA      | $674535.31    | 0.31%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST DEPT OF HSG & CMNTY A         | Texas Department of Housing & Community Affairs                                 | CUSIP: 88275AEP1<br>LEI: 549300J3RRLLZZN4WP77 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003667.90   | 0.46%             | 2041-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH SOL WST D         | New Hampshire Business Finance Authority                                        | CUSIP: 63608RAF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3502444.05   | 1.61%             | 2033-07-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEI         | Tender Option Bond Trust Receipts/Certificates                                  | CUSIP: 88035FW71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.92%             | 2026-10-01      | Variable      | 4.02%                 | No            |                  2 | On Loan: No      |
| DU PAGE CNTY IL FOREST PRESERV         | DuPage County Forest Preserve District                                          | CUSIP: 262651VG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1200817.34   | 0.55%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH           | Ohio Air Quality Development Authority                                          | CUSIP: 677525WV5<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2032568.40   | 0.93%             | 2039-11-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| N W ALLEN CNTY IN SCHS                 | Northwest Allen County Schools/IN                                               | CUSIP: 667301CP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $506976.00    | 0.23%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL MIDWAY ARPT REVENUE         | Chicago Midway International Airport                                            | CUSIP: 167562TP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501482.20    | 0.23%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY OH HLTH CARE REV         | County of Hamilton OH                                                           | CUSIP: 40727RCP1<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |    300000 | PA      | $307965.03    | 0.14%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BRISTOL WARREN RI REGL SCH DIS         | Bristol Warren Regional School District                                         | CUSIP: 110377DP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1517857.65   | 0.70%             | 2026-06-04      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH SOL WST FACS          | Iowa Finance Authority                                                          | CUSIP: 46246YAB8<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    620000 | PA      | $618614.18    | 0.28%             | 2042-01-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA ARPT REVENUE           | City of Philadelphia PA Airport Revenue                                         | CUSIP: 717817TZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    995000 | PA      | $1025425.81   | 0.47%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RACINE WI                              | City of Racine WI                                                               | CUSIP: 750022KQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005334.20   | 0.46%             | 2027-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| RICHARDSON TX                          | City of Richardson TX                                                           | CUSIP: 763227U60<br>LEI: 549300YMK2Z7UGNHHQ13 | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1177824.02   | 0.54%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLEN CNTY OH HOSP FACS REVENU         | County of Allen OH Hospital Facilities Revenue                                  | CUSIP: 01757LFR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1810000 | PA      | $1838950.77   | 0.84%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH ECON DEV R         | Indiana Finance Authority                                                       | CUSIP: 45505RBN4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1024644.74   | 0.47%             | 2028-05-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION          | Texas Municipal Gas Acquisition & Supply Corp V                                 | CUSIP: 88256RAA4<br>LEI: 254900XZ4J30QIJO9G03 | Long             | DBT              | MUN               | US        |    350000 | PA      | $350848.79    | 0.16%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE           | Illinois Finance Authority                                                      | CUSIP: 45204EES3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1257358.13   | 0.58%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COOK CNTY IL                           | County of Cook IL                                                               | CUSIP: 213185LS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $550369.49    | 0.25%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY               | Minnesota Housing Finance Agency                                                | CUSIP: 60416URD9<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501416.35    | 0.23%             | 2027-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WINNEBAGO CNTY IL                      | County of Winnebago IL                                                          | CUSIP: 974450V47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1035000 | PA      | $1038013.92   | 0.48%             | 2025-12-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSION TX ECON DEV CORP SOL W         | Mission Economic Development Corp                                               | CUSIP: 605155BS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1185000 | PA      | $1184662.39   | 0.54%             | 2040-07-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| HILLSBOROUGH CNTY FLA INDL DEV         | Hillsborough County Industrial Development Authority                            | CUSIP: 43233KAE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1605000 | PA      | $1605000.00   | 0.74%             | 2042-11-15      | Variable      | 4.04%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE           | Michigan Finance Authority                                                      | CUSIP: 59447UAF7<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035186.50   | 0.48%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARTFORD CT SPL OBLIG                  | City of Hartford CT                                                             | CUSIP: 416464AM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1270585.38   | 0.58%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HLTH CARE FACS A         | Washington Health Care Facilities Authority                                     | CUSIP: 93978HD28<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    650000 | PA      | $659215.57    | 0.30%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AMHERST NY CENTRL SCH DIST             | Amherst Central School District                                                 | CUSIP: 031321LS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1008317 | PA      | $1018359.74   | 0.47%             | 2026-08-05      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL SCH DIST            | School Board of Miami-Dade County/The                                           | CUSIP: 59333RLV4<br>LEI: 549300J3U4QVT6U3O129 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1502814.45   | 0.69%             | 2026-01-07      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PEFA INC IA GAS PROJ REVENUE           | PEFA Inc                                                                        | CUSIP: 70556CAB0<br>LEI: 549300RSE249DJNRHY07 | Long             | DBT              | MUN               | US        |   1735000 | PA      | $1759134.89   | 0.81%             | 2049-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GA                   | Municipal Electric Authority of Georgia                                         | CUSIP: 62620HJD5<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1093748.29   | 0.50%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST HSG DEV AUTH MF HS         | Michigan State Housing Development Authority                                    | CUSIP: 59465FAF7<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $994142.40    | 0.46%             | 2029-05-01      | Variable      | 2.92%                 | No            |                  2 | On Loan: No      |
| CENTRL TX REGL MOBILITY AUTH R         | Central Texas Regional Mobility Authority                                       | CUSIP: 155498LY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1504099.65   | 0.69%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES         | New York State Dormitory Authority                                              | CUSIP: 64985SCX9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1277370.00   | 0.59%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST MUNI PWR AGY                | Florida Municipal Power Agency                                                  | CUSIP: 342816T88<br>LEI: 549300M3I10QJUPNU131 | Long             | DBT              | MUN               | US        |    645000 | PA      | $658125.11    | 0.30%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA         | Chicago O'Hare International Airport                                            | CUSIP: 1675935K4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022156.30   | 0.47%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV         | Colorado Health Facilities Authority                                            | CUSIP: 19648FYX6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    250000 | PA      | $253561.40    | 0.12%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BREVARD CNTY FL HSG FIN AUTH M         | Brevard County Housing Finance Authority                                        | CUSIP: 106904FY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1504456.80   | 0.69%             | 2028-02-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL         | Maryland Health & Higher Educational Facilities Authority                       | CUSIP: 57421CHB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $760400.63    | 0.35%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE          | Metropolitan Transportation Authority                                           | CUSIP: 59261A5R4<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    900000 | PA      | $920101.41    | 0.42%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BURLESON TX INDEP SCH DIST             | Burleson Independent School District                                            | CUSIP: 1214034M8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2055000 | PA      | $2060930.94   | 0.95%             | 2038-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA HSG FIN AGY HOM         | North Carolina Housing Finance Agency                                           | CUSIP: 65820BBB1<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1499375.70   | 0.69%             | 2056-07-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                            | State of Illinois                                                               | CUSIP: 452152S44<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001482.90   | 0.46%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY OH HLTH CARE F         | County of Montgomery OH                                                         | CUSIP: 613518CN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $345015.95    | 0.16%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX WTR & WSTWTR SYS REV         | City of Austin TX Water & Wastewater System Revenue                             | CUSIP: 052477PG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000579.80   | 0.46%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METUCHEN NJ                            | Borough of Metuchen NJ                                                          | CUSIP: 592693PL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1260437.50   | 0.58%             | 2026-07-07      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ESSEX CNTY NJ IMPT AUTH                | Essex County Improvement Authority                                              | CUSIP: 296807MM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008151.40   | 0.46%             | 2026-03-17      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MILFORD OH EXEMPT VLG SCH DIST         | Milford Exempted Village School District                                        | CUSIP: 599632LX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $614308.26    | 0.28%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE           | Illinois Finance Authority                                                      | CUSIP: 45204FP33<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1526627.55   | 0.70%             | 2036-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FORT WAYNE IN CMNTY SCHS               | Fort Wayne Community Schools                                                    | CUSIP: 349244HB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1536672.90   | 0.71%             | 2027-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA MUNI GAS AGY COMMODI         | Minnesota Municipal Gas Agency                                                  | CUSIP: 60406UAG2<br>LEI: 549300SISI6N1C6S3136 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500649.95   | 0.69%             | 2025-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N W ALLEN CNTY IN SCHS                 | Northwest Allen County Schools/IN                                               | CUSIP: 667301CQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $640520.56    | 0.29%             | 2027-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH           | Ohio Air Quality Development Authority                                          | CUSIP: 677525WY9<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1496576.55   | 0.69%             | 2026-05-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| BERGEN CNTY NJ IMPT AUTH               | Bergen County Improvement Authority/The                                         | CUSIP: 083773EC1<br>LEI: 549300GA3U8F8Z1HOS09 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006577.20   | 0.46%             | 2026-05-21      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW ORLEANS LA AVIATION BRD            | New Orleans Aviation Board                                                      | CUSIP: 64763HHV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $536629.66    | 0.25%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE           | Illinois Finance Authority                                                      | CUSIP: 45203HN57<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1020580.89   | 0.47%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SPRING BRANCH TX INDEP SCH DIS         | Spring Branch Independent School District                                       | CUSIP: 849476WV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028015.40   | 0.47%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R         | Massachusetts Development Finance Agency                                        | CUSIP: 57585BJG4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009072.40   | 0.46%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH         | Kentucky Public Energy Authority                                                | CUSIP: 74440DEP5<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    615000 | PA      | $621561.19    | 0.29%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO FIN AUTH REVENUE            | New Mexico Finance Authority                                                    | CUSIP: 64711PSZ4<br>LEI: 549300L6217Y7X40SP94 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026288.20   | 0.47%             | 2026-12-15      | 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