# EDGAR Filing Document

**Accession Number:** 0001424212
**File Stem:** 0001752724-25-155884
**Filing Date:** 2025-6
**Character Count:** 323825
**Document Hash:** 90da9812d94ffff83a754023ef291275
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-155884.hdr.sgml**: 20250625

**ACCESSION NUMBER**: 0001752724-25-155884

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250625

**DATE AS OF CHANGE**: 20250625

**PERIOD START**: 20250731

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22245
- **FILM NUMBER:** 251072874

**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 Short Duration Managed Municipal ETF (Series ID: S000063445)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000205581 | First Trust Short Duration Managed Municipal ETF | FSMB            |

## Nport-Ex

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

**Portfolio of Investments**

**April 30, 2025 (Unaudited)**

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

---

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

---

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

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

---

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

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

---

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

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

---

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

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

---

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

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

---

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

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

---

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

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

---

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

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

---

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

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

---

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

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

---

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

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

---

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

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

---

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

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

---

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

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

---

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

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

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) This security, sold within the terms of a private placement memorandum, is exempt
 from registration upon resale under Rule 144A of the Securities Act of 1933, as amended, and may be resold in transactions
 exempt from registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Trust's Board of Trustees, this security has been determined to be liquid by First Trust Advisors L.P., the Fund's advisor. Although market instability can result in periods of increased overall market illiquidity, liquidity for each security is determined based on security specific
 factors and assumptions, which require subjective judgment. At April 30, 2025, securities noted as such amounted to $23,490,381
 or 5.3% of net assets.

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

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

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

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

---

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

---

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

------

**Valuation Inputs**

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

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

---

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

---

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

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

------

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

**Portfolio of Investments**

**April 30, 2025 (Unaudited)**

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

---

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

---

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

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

---

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

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

---

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

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

---

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

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

---

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

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

---

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

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

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) This security, sold within the terms of a private placement memorandum, is exempt
 from registration upon resale under Rule 144A of the Securities Act of 1933, as amended, and may be resold in transactions
 exempt from registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Trust's Board of Trustees, this security has been determined to be liquid by First Trust Advisors L.P., the Fund's advisor. Although market instability can result in periods of increased overall market illiquidity, liquidity for each security is determined based on security specific
 factors and assumptions, which require subjective judgment. At April 30, 2025, securities noted as such amounted to $8,736,784
 or 4.4% of net assets.

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

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

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

---

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

---

------

**Valuation Inputs**

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

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

---

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

---

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

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

------

**First Trust Exchange-Traded Fund III**

**Additional Information**

**April 30, 2025 (Unaudited)**

**Valuation Inputs**

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

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

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

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

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

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Wheaton

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60187

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

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

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

- **b. EDGAR series identifier (if any):** S000063445

- **c. LEI of Series:** 549300ROXE8YGH5VMU72

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $453020777.74

**Total Liabilities:** $5689128.44

**Net Assets:** $447331649.30

**Delayed Delivery Securities:** $3142101.50

**Cash Not Reported:** $2710745.88

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 2047.76953000 | **1-Year:** 38191.43279000 | **5-Year:** 61276.16240000 | **10-Year:** 4685.16205000 | **30-Year:** 0.00000000

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

- **3-Month:** 65.71205000 | **1-Year:** 1014.62856000 | **5-Year:** 1565.79642000 | **10-Year:** 154.51137000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000205581 | 0.56%                | -0.25%               | -0.30%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-39679.74               | $1548897.57                                |
| Month 2  | $-10191.30               | $-2292852.83                               |
| Month 3  | $-627995.70              | $-1713381.25                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| TENNERGY CORP TN GAS REVENUE                            | Tennergy Corp/TN                                                                 | CUSIP: 880397CJ1<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2081115.20   | 0.47%             | 2054-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN                          | California Pollution Control Financing Authority                                 | CUSIP: 130536LV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2016250.60   | 0.45%             | 2031-07-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                            | Michigan Finance Authority                                                       | CUSIP: 59447T2Y8<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1790000 | PA      | $1877131.83   | 0.42%             | 2043-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| VENICE FL                                               | City of Venice FL                                                                | CUSIP: 922687AH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $842538.02    | 0.19%             | 2030-01-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SAN SIMEON CMNTY DEV DIST FL S                          | San Simeon Community Development District                                        | CUSIP: 799528AB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    960000 | PA      | $920315.62    | 0.21%             | 2031-06-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                            | Illinois Finance Authority                                                       | CUSIP: 45204EEW4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2042491.80   | 0.46%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET                           | Minneapolis-St Paul Metropolitan Airports Commission                             | CUSIP: 603827E51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $564248.19    | 0.13%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL PORT FACS REVE                          | County of Broward FL Port Facilities Revenue                                     | CUSIP: 11506KEW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1338791.13   | 0.30%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH POLL CO                          | Development Authority of Burke County/The                                        | CUSIP: 121342QM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $881229.65    | 0.20%             | 2032-10-01      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| LAKES BY THE BAY S FL CDD ASSM                          | Lakes by the Bay South Community Development District                            | CUSIP: 51206QAN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $761126.48    | 0.17%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TENNESSEE HSG DEV AGY RSDL FIN                          | Tennessee Housing Development Agency                                             | CUSIP: 880461FU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1490000 | PA      | $1467532.14   | 0.33%             | 2030-07-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES MI WTR AUTH WTR SP                          | Great Lakes Water Authority Water Supply System Revenue                          | CUSIP: 39081JBE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $141140.92    | 0.03%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BARTOW CNTY GA DEV AUTH                                 | Bartow County Development Authority                                              | CUSIP: 069643BM5<br>LEI: 5493006KLI0V8YELKW50 | Long             | DBT              | MUN               | US        |   2475000 | PA      | $2466598.61   | 0.55%             | 2043-08-01      | Variable      | 2.88%                 | No            |                  2 | On Loan: No      |
| TOLOMATO FL CDD                                         | Tolomato Community Development District                                          | CUSIP: 889560ED6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $811265.73    | 0.18%             | 2028-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST LOCAL GOVT ENVRNM                          | Louisiana Local Government Environmental Facilities & Community Development Auth | CUSIP: 54628CAM4<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1223924.28   | 0.27%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                          | New York Transportation Development Corp                                         | CUSIP: 650116EY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $201489.09    | 0.05%             | 2026-08-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| DAVIS CNTY UT SCH DIST                                  | Davis School District                                                            | CUSIP: 239019P97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000932.00   | 0.45%             | 2025-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAND CREEK CO MET DIST                                  | Sand Creek Metropolitan District                                                 | CUSIP: 799712DV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $485584.05    | 0.11%             | 2031-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA HSG DEV AUTH                                   | Virginia Housing Development Authority                                           | CUSIP: 92812XFJ6<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1497242.40   | 0.33%             | 2055-07-01      | Variable      | 3.62%                 | No            |                  2 | On Loan: No      |
| ONTARIO CA CMNTY FACS DIST #64                          | City of Ontario CA Community Facilities District No 64                           | CUSIP: 68305GAG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $546907.15    | 0.12%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F                          | Tarrant County Cultural Education Facilities Finance Corp                        | CUSIP: 87638QSF7<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    680000 | PA      | $688601.39    | 0.15%             | 2052-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                                          | State of Connecticut                                                             | CUSIP: 20772JF31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001890.40   | 0.22%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                          | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JQC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    328000 | PA      | $300042.92    | 0.07%             | 2027-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GA                                    | Municipal Electric Authority of Georgia                                          | CUSIP: 62620HEV0<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    405000 | PA      | $427425.62    | 0.10%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| W VLGS FL IMPT DIST                                     | West Villages Improvement District                                               | CUSIP: 956454AN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    565000 | PA      | $561343.49    | 0.13%             | 2032-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT BUSINESS PRIVILEGE T                          | Territory of Guam                                                                | CUSIP: 40065NCL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $256497.95    | 0.06%             | 2028-01-01      | 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        |   1150000 | PA      | $1153681.50   | 0.26%             | 2043-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV                          | City & County of Denver CO Airport System Revenue                                | CUSIP: 249182LE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1290000 | PA      | $1328926.40   | 0.30%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI HOSP REVENU                          | Public Finance Authority                                                         | CUSIP: 74442CDE1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    250000 | PA      | $239966.35    | 0.05%             | 2026-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WTRWKS REVENUE                               | City of Chicago IL Waterworks Revenue                                            | CUSIP: 167736L47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2230000 | PA      | $2304354.67   | 0.52%             | 2034-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PARK CREEK CO MET DIST REVENUE                          | Park Creek Metropolitan District                                                 | CUSIP: 700387DF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20141.26     | 0.00%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH POLL CO                          | Development Authority of Burke County/The                                        | CUSIP: 121342QL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1488926.85   | 0.33%             | 2053-11-01      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST HSG FIN CORP                                 | Florida Housing Finance Corp                                                     | CUSIP: 34073JVE6<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1755441.63   | 0.39%             | 2042-06-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| EDGEWATER EAST CDD FL SPL ASSM                          | Edgewater East Community Development District                                    | CUSIP: 280286AE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    610000 | PA      | $595313.64    | 0.13%             | 2027-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI                          | Washington State Housing Finance Commission                                      | CUSIP: 939783P67<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    350000 | PA      | $355835.03    | 0.08%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY GA DEV AUTH POLL C                          | Development Authority of Monroe County/The                                       | CUSIP: 610530FY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1703421.42   | 0.38%             | 2048-10-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP                           | Arlington Higher Education Finance Corp                                          | CUSIP: 041807BN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $159072.33    | 0.04%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH NATIO                          | Arizona Industrial Development Authority                                         | CUSIP: 04052FCY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500735.55    | 0.11%             | 2027-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH A                          | Metropolitan Washington Airports Authority Aviation Revenue                      | CUSIP: 592647ML2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047359.60   | 0.23%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COOK CNTY IL SALES TAX REVENUE                          | County of Cook IL Sales Tax Revenue                                              | CUSIP: 213248CD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $721899.20    | 0.16%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WYANDOTTE CNTY KS KANSAS CITY                           | Wyandotte County-Kansas City Unified Government                                  | CUSIP: 98267VCJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1370000 | PA      | $1371532.76   | 0.31%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                             | State of Illinois                                                                | CUSIP: 452152P21<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2365000 | PA      | $2437934.24   | 0.54%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CELINA TX SPL ASSESSMENT REVEN                          | City of Celina TX                                                                | CUSIP: 15114CKC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $328010.35    | 0.07%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLUMBIA CNTY GA HOSP AUTH                              | Columbia County Hospital Authority/GA                                            | CUSIP: 197479AG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $258683.03    | 0.06%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST SPL TAX OBLIG R                          | State of Connecticut Special Tax Revenue                                         | CUSIP: 207758VS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2038357.60   | 0.46%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MEADE CNTY KY INDL BLDG REVENU                          | County of Meade KY                                                               | CUSIP: 583022AE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1100000.00   | 0.25%             | 2061-08-01      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN                          | California Pollution Control Financing Authority                                 | CUSIP: 130536QV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $994582.10    | 0.22%             | 2025-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FORT WORTH TX SPL ASSMNT REVEN                          | City of Fort Worth TX                                                            | CUSIP: 349506AL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    672000 | PA      | $706588.24    | 0.16%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TWO RIVERS WEST CDD FL SPL ASS                          | Two Rivers West Community Development District                                   | CUSIP: 90207HAJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250485.20    | 0.06%             | 2031-05-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                          | Pennsylvania Turnpike Commission                                                 | CUSIP: 709224LN7<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008483.20   | 0.23%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COCONINO CNTY AZ POLL CONTROLC                          | Coconino County Pollution Control Corp                                           | CUSIP: 191855BM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $997513.30    | 0.22%             | 2039-03-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST HSG DEV AUTH MF HS                          | Illinois Housing Development Authority                                           | CUSIP: 45203LDY6<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |    625000 | PA      | $625227.88    | 0.14%             | 2026-06-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE                          | South Carolina Jobs-Economic Development Authority                               | CUSIP: 83704HAA5<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    250000 | PA      | $255542.18    | 0.06%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOLOMATO FL CDD                                         | Tolomato Community Development District                                          | CUSIP: 889560EB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $774621.12    | 0.17%             | 2026-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                          | Chicago O'Hare International Airport                                             | CUSIP: 167593Z21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504995.65    | 0.11%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA ARPT REVENUE                                 | City of Atlanta GA Department of Aviation                                        | CUSIP: 04780MXF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2037347.60   | 0.46%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FONTANA CA SPL TAX                                      | City of Fontana CA                                                               | CUSIP: 344630M21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $499109.77    | 0.11%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| APPLING CNTY GA DEV AUTH                                | Development Authority of Appling County                                          | CUSIP: 038315EV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.45%             | 2041-09-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP                           | Arlington Higher Education Finance Corp                                          | CUSIP: 041807BM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $156462.05    | 0.03%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST HSG CORP MF REVENUE                             | Utah Housing Corp                                                                | CUSIP: 917434DF6<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2006074.00   | 0.45%             | 2043-08-01      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| LTC RANCH WEST RSDL CMNTY DEV                           | LTC Ranch West Residential Community Development District                        | CUSIP: 50218SAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $368071.20    | 0.08%             | 2026-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                            | Illinois Finance Authority                                                       | CUSIP: 45204EET1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    225000 | PA      | $232268.02    | 0.05%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                                   | Chicago Board of Education                                                       | CUSIP: 167505QS8<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    625000 | PA      | $625009.81    | 0.14%             | 2032-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ARLINGTON CNTY VA INDL DEV AUT                          | Arlington County Industrial Development Authority                                | CUSIP: 04144PDW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2022495.60   | 0.45%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI RETMNT FAC                           | Public Finance Authority                                                         | CUSIP: 74444VBN9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    390000 | PA      | $382747.17    | 0.09%             | 2032-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS NV SPL IMPT DIST #81                          | City of Las Vegas NV Special Improvement District No 816                         | CUSIP: 51779AAG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $93287.77     | 0.02%             | 2028-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FORT BEND CNTY TX MUNI UTILITY                          | Fort Bend County Municipal Utility District No 184                               | CUSIP: 34682XDY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $306654.09    | 0.07%             | 2028-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX CULTURAL EDU FA                          | Harris County Cultural Education Facilities Finance Corp                         | CUSIP: 414009SD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $435522.00    | 0.10%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLUB MUNI MGMT DIST #1 TX SPL                           | Club Municipal Management District No 1                                          | CUSIP: 18948PAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $48393.38     | 0.01%             | 2026-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F                          | Tarrant County Cultural Education Facilities Finance Corp                        | CUSIP: 87638QPE3<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013346.80   | 0.23%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST STWD CMNTYS DEV                           | California Statewide Communities Development Authority                           | CUSIP: 13077EKG4<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |     80000 | PA      | $79977.31     | 0.02%             | 2025-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FOLSOM RANCH CA FING AUTH SPL                           | Folsom Ranch Financing Authority                                                 | CUSIP: 344414DP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100600.37    | 0.02%             | 2026-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ASTORIA OR HOSP FACS AUTH                               | Astoria Hospital Facilities Authority                                            | CUSIP: 046279CD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    660000 | PA      | $706843.37    | 0.16%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CROSS CREEK N CDD FL SPL ASSMN                          | Cross Creek North Community Development District                                 | CUSIP: 227521AE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $346341.38    | 0.08%             | 2027-05-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                             | City of Houston TX Airport System Revenue                                        | CUSIP: 442349CC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $773519.85    | 0.17%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL                           | New York City Transitional Finance Authority Building Aid Revenue                | CUSIP: 64972HZW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $348734.97    | 0.08%             | 2035-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FARMINGTON NM POLL CONTROL REV                          | City of Farmington NM                                                            | CUSIP: 311450GC8<br>LEI: 5493000GWMTI2L4AZA61 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1993916.20   | 0.45%             | 2040-06-01      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST GRANT ANTICI                          | State of North Carolina                                                          | CUSIP: 658268DD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000904.90   | 0.22%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHMOST TX REGL WTR AUTH WTR                          | Southmost Regional Water Authority                                               | CUSIP: 84455LFD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1352943.86   | 0.30%             | 2028-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH A                          | Metropolitan Washington Airports Authority Aviation Revenue                      | CUSIP: 592647FD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1060000 | PA      | $1097728.69   | 0.25%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FORSYTH MT POLL CONTROL REVENU                          | City of Forsyth MT                                                               | CUSIP: 346668DN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2013259.80   | 0.45%             | 2028-07-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                          | Colorado Health Facilities Authority                                             | CUSIP: 19648FVK7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    125000 | PA      | $127486.89    | 0.03%             | 2062-05-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI RETMNT FAC                           | Public Finance Authority                                                         | CUSIP: 74444VBM1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    390000 | PA      | $383708.79    | 0.09%             | 2031-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ENERGY N W WA ELEC REVENUE                              | Energy Northwest                                                                 | CUSIP: 29270C4E2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $122906.74    | 0.03%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE                          | South Carolina Jobs-Economic Development Authority                               | CUSIP: 83704HAC1<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    200000 | PA      | $206151.84    | 0.05%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN                           | New York City Municipal Water Finance Authority                                  | CUSIP: 64972GCM4<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.45%             | 2050-06-15      | Variable      | 2.65%                 | No            |                  2 | On Loan: No      |
| HILLS MINNEOLA CMNTY DEV DIST                           | Hills of Minneola Community Development District                                 | CUSIP: 431688AA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $105000.00    | 0.02%             | 2025-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA                          | Main Street Natural Gas Inc                                                      | CUSIP: 56035DEL2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2076236.40   | 0.46%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY OH HLTH CARE F                          | County of Montgomery OH                                                          | CUSIP: 613518CS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $345513.94    | 0.08%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SP                          | California Municipal Finance Authority                                           | CUSIP: 13050RAA0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $968322.40    | 0.22%             | 2029-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS NV SPL IMPT DIST #81                          | City of Las Vegas NV Special Improvement District No 816                         | CUSIP: 51779AAE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $218942.60    | 0.05%             | 2026-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST CAPITAL FACS                          | North Carolina Capital Facilities Finance Agency                                 | CUSIP: 65818PNJ4<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |    400000 | PA      | $415419.04    | 0.09%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER OH PORT AUTH GAS REV                          | Lancaster Port Authority                                                         | CUSIP: 514401BN7<br>LEI: 5493007EGWLFDZJFF129 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1046043.20   | 0.23%             | 2055-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| V-DANA CDD FL SPL ASSMNT                                | V-Dana Community Development District                                            | CUSIP: 91822RAM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    405000 | PA      | $403093.58    | 0.09%             | 2032-05-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE                          | South Carolina Jobs-Economic Development Authority                               | CUSIP: 83704HAB3<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    250000 | PA      | $256840.33    | 0.06%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEE CNTY FL INDL DEV AUTH HLTH                          | Lee County Industrial Development Authority/FL                                   | CUSIP: 52349EET3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $993689.30    | 0.22%             | 2029-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP                               | Maryland Economic Development Corp                                               | CUSIP: 574205GR5<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1555121.67   | 0.35%             | 2036-10-01      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY OH HLTH CARE F                          | County of Montgomery OH                                                          | CUSIP: 613518CT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $374428.29    | 0.08%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CMNTY DEV ADMIN MD MF DEV REVE                          | Maryland Community Development Administration                                    | CUSIP: 20364NBW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    435000 | PA      | $428603.15    | 0.10%             | 2031-08-01      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R                          | Arizona Industrial Development Authority                                         | CUSIP: 04052BGP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1255095.00   | 0.28%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE                              | Port of Seattle WA                                                               | CUSIP: 735389XG8<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |    500000 | PA      | $505975.65    | 0.11%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                             | City of Houston TX Airport System Revenue                                        | CUSIP: 442349FJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $315012.69    | 0.07%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PARRISH LAKES CDD CAPITAL IMPT                          | Parrish Lakes Community Development District                                     | CUSIP: 70183FAG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $492429.81    | 0.11%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST STRATEGIC FUND LTD                          | Michigan Strategic Fund                                                          | CUSIP: 594698TK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1969974.20   | 0.44%             | 2049-10-01      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| SILVER PALMS W CDD FL SPL ASSM                          | Silver Palms West Community Development District                                 | CUSIP: 82807YAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $226556.07    | 0.05%             | 2027-06-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HLTH CARE FACS F                          | New Jersey Health Care Facilities Financing Authority                            | CUSIP: 645790MD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    965000 | PA      | $983576.06    | 0.22%             | 2045-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| GEORGIA ST HSG & FIN AUTH REVE                          | Georgia Housing & Finance Authority                                              | CUSIP: 37353PNT2<br>LEI: 549300I628IMF9PWV724 | Long             | DBT              | MUN               | US        |    420000 | PA      | $412334.83    | 0.09%             | 2031-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| COLUMBUS CNTY NC INDL FACS & P                          | Columbus County Industrial Facilities & Pollution Control Financing Authority    | CUSIP: 199048AD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $996115.90    | 0.22%             | 2034-05-01      | Variable      | 1.38%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH POLL CO                          | Development Authority of Burke County/The                                        | CUSIP: 121342PQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $800000.00    | 0.18%             | 2052-11-01      | Variable      | 2.55%                 | No            |                  2 | On Loan: No      |
| GRAYSON CNTY TX                                         | County of Grayson TX                                                             | CUSIP: 389694HQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1489778.25   | 0.33%             | 2026-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI RETMNT FAC                           | Public Finance Authority                                                         | CUSIP: 74444VBK5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    325000 | PA      | $321634.76    | 0.07%             | 2029-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N TEXAS HGR EDU AUTH INC EDU L                          | North Texas Higher Education Authority Inc                                       | CUSIP: 66286UAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $561748.88    | 0.13%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GIR EAST CDD FL CAPITAL IMPT R                          | GIR East Community Development District                                          | CUSIP: 37611TAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $490545.80    | 0.11%             | 2032-05-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE                          | South Carolina Jobs-Economic Development Authority                               | CUSIP: 83704HAE7<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    250000 | PA      | $258686.68    | 0.06%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CMNTY DEV ADMIN MD MF DEV REVE                          | Maryland Community Development Administration                                    | CUSIP: 20364NBX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $344683.98    | 0.08%             | 2032-02-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY ST PER                          | New York State Housing Finance Agency                                            | CUSIP: 649870NF5<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |    500000 | PA      | $493672.75    | 0.11%             | 2054-06-15      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA                          | Main Street Natural Gas Inc                                                      | CUSIP: 56035DDH2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    880000 | PA      | $879622.57    | 0.20%             | 2052-07-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA URBAN RSDL FIN AUTH                          | Atlanta Urban Residential Finance Authority                                      | CUSIP: 04785VBX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2497551.00   | 0.56%             | 2029-02-01      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE NC ARPT REVENUE                               | City of Charlotte NC Airport Revenue                                             | CUSIP: 161036LZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $258115.50    | 0.06%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOBILE AL INDL DEV BRD POLL CO                          | Industrial Development Board of the City of Mobile Alabama                       | CUSIP: 607167DX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1998092.20   | 0.45%             | 2034-07-15      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HLTH CARE FACS F                          | New Jersey Health Care Facilities Financing Authority                            | CUSIP: 645790MC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2004024.00   | 0.45%             | 2042-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CASS CNTY ND JT WTR RESOURCE D                          | Cass County Joint Water Resource District                                        | CUSIP: 14805PBA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1989173.20   | 0.44%             | 2027-04-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| GEORGIA ST HSG & FIN AUTH REVE                          | Georgia Housing & Finance Authority                                              | CUSIP: 37353PNU9<br>LEI: 549300I628IMF9PWV724 | Long             | DBT              | MUN               | US        |    650000 | PA      | $638236.82    | 0.14%             | 2031-12-01      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH CO                          | California Municipal Finance Authority                                           | CUSIP: 130493CA5<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102979.91    | 0.02%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LTC RANCH WEST RSDL CMNTY DEV                           | LTC Ranch West Residential Community Development District                        | CUSIP: 50218SAF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $145280.78    | 0.03%             | 2031-05-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST HSG FIN AGYM                          | North Carolina Housing Finance Agency                                            | CUSIP: 65821BAM7<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2922513.44   | 0.65%             | 2029-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HSG FIN AUTH                             | Connecticut Housing Finance Authority                                            | CUSIP: 20774WY39<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |   1365000 | PA      | $1352133.51   | 0.30%             | 2030-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                          | Colorado Health Facilities Authority                                             | CUSIP: 19648FVL5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2094760.00   | 0.47%             | 2062-05-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| ADAMS CNTY PA GEN AUTH REV                              | Adams County General Authority                                                   | CUSIP: 006114AG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1170486.72   | 0.26%             | 2029-06-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                             | City of Houston TX Airport System Revenue                                        | CUSIP: 442349DH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $904222.62    | 0.20%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HILLS MINNEOLA CMNTY DEV DIST                           | Hills of Minneola Community Development District                                 | CUSIP: 431688AB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2088600.36   | 0.47%             | 2031-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ONTARIO CA CMNTY FACS DIST #64                          | City of Ontario CA Community Facilities District No 64                           | CUSIP: 68305GAF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $518072.55    | 0.12%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE                          | South Carolina Jobs-Economic Development Authority                               | CUSIP: 83704HAD9<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    225000 | PA      | $232575.53    | 0.05%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A                          | California Community Choice Financing Authority                                  | CUSIP: 13013JBJ4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    350000 | PA      | $349375.50    | 0.08%             | 2053-05-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| CONSOL MUNI ELEC PWR SYS WY JT                          | Consolidated Municipalities Electric Power Systems Joint Powers Board            | CUSIP: 210295EH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $254828.63    | 0.06%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A                          | California Community Choice Financing Authority                                  | CUSIP: 13013JEP7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    910000 | PA      | $959178.13    | 0.21%             | 2055-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| TENNESSEE ST ENERGY ACQUISITIO                          | Tennessee Energy Acquisition Corp                                                | CUSIP: 880443JF4<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2564890.00   | 0.57%             | 2053-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH REVENUE                             | Indiana Finance Authority                                                        | CUSIP: 45506DA96<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     55000 | PA      | $54860.16     | 0.01%             | 2026-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY AFFORD                          | New York State Housing Finance Agency                                            | CUSIP: 64987JZ38<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |    300000 | PA      | $294887.94    | 0.07%             | 2044-11-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH GAS SPLYR                          | Illinois Finance Authority                                                       | CUSIP: 45202WAH3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1928063.40   | 0.43%             | 2030-03-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN                          | Florida Development Finance Corp                                                 | CUSIP: 34061UGM4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    150000 | PA      | $150136.50    | 0.03%             | 2028-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                             | City of Houston TX Airport System Revenue                                        | CUSIP: 442349AK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $207888.40    | 0.05%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOVE FIELD TX ARPT MODERNIZATI                          | Love Field Airport Modernization Corp                                            | CUSIP: 54714CBJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $707848.19    | 0.16%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH HLTH SYS R                          | Indiana Finance Authority                                                        | CUSIP: 45470YEX5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   2015000 | PA      | $2005905.70   | 0.45%             | 2058-12-01      | Variable      | 2.25%                 | No            |                  2 | On Loan: No      |
| PETTIS CNTY MO SCH DIST SEDALI                          | Pettis County School District No 200 Sedalia                                     | CUSIP: 716787EX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1485000 | PA      | $1567511.06   | 0.35%             | 2029-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| THE HEIGHTS CDD FL SPL ASSESSM                          | Heights Community Development District                                           | CUSIP: 88339EAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    665000 | PA      | $660965.71    | 0.15%             | 2028-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT ARPT REVENUE                          | City of Salt Lake City UT Airport Revenue                                        | CUSIP: 795576LH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $660643.43    | 0.15%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES MI WTR AUTH SEWAGE                          | Great Lakes Water Authority Sewage Disposal System Revenue                       | CUSIP: 39081HAS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    435000 | PA      | $438544.99    | 0.10%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH ENVRNMNTL                           | Indiana Finance Authority                                                        | CUSIP: 455054BG0<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    545000 | PA      | $547279.52    | 0.12%             | 2035-05-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| WESTPOINTE SPL IMPT DIST TX                             | Westpointe Special Improvement District                                          | CUSIP: 96124RBP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $402130.43    | 0.09%             | 2032-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH                          | Kentucky Public Energy Authority                                                 | CUSIP: 74440DFC3<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   1135000 | PA      | $1189209.19   | 0.27%             | 2055-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| VOLUSIA CNTY FL EDUCTNL FAC AU                          | Volusia County Educational Facility Authority                                    | CUSIP: 928836NH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $447994.80    | 0.10%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                            | Michigan Finance Authority                                                       | CUSIP: 59447TAM5<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    155000 | PA      | $155208.88    | 0.03%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONSOL MUNI ELEC PWR SYS WY JT                          | Consolidated Municipalities Electric Power Systems Joint Powers Board            | CUSIP: 210295EU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    755000 | PA      | $818788.59    | 0.18%             | 2037-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL                           | Black Belt Energy Gas District                                                   | CUSIP: 09182TCG0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045684.50   | 0.23%             | 2053-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| DALLAS-FORT WORTH TX INTERNATI                          | Dallas Fort Worth International Airport                                          | CUSIP: 23503CCM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $523171.35    | 0.12%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROSEVILLE CA SPL TAX                                    | City of Roseville CA                                                             | CUSIP: 777870P67<br>LEI: 549300OH100KESVPND17 | Long             | DBT              | MUN               | US        |     70000 | PA      | $69596.50     | 0.02%             | 2025-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI STUDENT HSG                          | Public Finance Authority                                                         | CUSIP: 74439YFG1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    400000 | PA      | $423676.72    | 0.09%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PINE ISLE CMNTY DEV DIST FL SP                          | Pine Isle Community Development District                                         | CUSIP: 72265AAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $82932.40     | 0.02%             | 2026-12-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| VERMONT ST ECON DEV AUTH SOLID                          | Vermont Economic Development Authority                                           | CUSIP: 924157AA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100723.57    | 0.02%             | 2036-04-01      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY PA INDL DEV AU                          | Montgomery County Industrial Development Authority/PA                            | CUSIP: 61361TAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1119459.82   | 0.25%             | 2053-04-01      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL MIDWAY ARPT REVENUE                          | Chicago Midway International Airport                                             | CUSIP: 167562RR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $510588.50    | 0.11%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                          | Colorado Health Facilities Authority                                             | CUSIP: 19648FZA5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    505000 | PA      | $533977.46    | 0.12%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| S C JOBS 6.15% 3/1/15                                   | SC JOBS-ECON FRN 11/55                                                           | CUSIP: 83703EMV4<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1319466.00   | 0.29%             | 2055-11-01      | Floating      | 0.00%                 | 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        |   1290000 | PA      | $1290441.95   | 0.29%             | 2050-03-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                          | Massachusetts Development Finance Agency                                         | CUSIP: 57585BJJ8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2089331.00   | 0.47%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEPT GEN SVCS DIV F                          | Florida Department of Management Services                                        | CUSIP: 341602F96<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $508737.70    | 0.11%             | 2030-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX HSG FIN CORP                            | Tarrant County Housing Finance Corp                                              | CUSIP: 876394UP0<br>LEI: 54930055IA4O4ZTEN156 | Long             | DBT              | MUN               | US        |   1840000 | PA      | $1843122.85   | 0.41%             | 2043-02-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST                                           | State of Washington                                                              | CUSIP: 93974DSJ8<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2308790.60   | 0.52%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F                          | Tarrant County Cultural Education Facilities Finance Corp                        | CUSIP: 87638THB2<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    300000 | PA      | $322256.13    | 0.07%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNION CNTY OR HOSP FAC AUTH                             | Union County Hospital Facility Authority                                         | CUSIP: 906420BQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101077.27    | 0.02%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV                          | City & County of Denver CO Airport System Revenue                                | CUSIP: 249182PH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004399.80   | 0.22%             | 2031-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                           | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 646136EN7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $978001.80    | 0.22%             | 2025-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| STAMFORD CT HSG AUTH                                    | Stamford Housing Authority                                                       | CUSIP: 852640AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1988545.20   | 0.44%             | 2030-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM                          | North Carolina Medical Care Commission                                           | CUSIP: 65821DYB1<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    375000 | PA      | $369357.60    | 0.08%             | 2029-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KYLE TX SPL ASSMNT REVENUE                              | City of Kyle TX                                                                  | CUSIP: 50156CAB6<br>LEI: 549300K0SYODYQ0ANN48 | Long             | DBT              | MUN               | US        |    925000 | PA      | $908501.33    | 0.20%             | 2029-09-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| MCCLAIN CNTY OK INDEP SCH DIST                          | McClain County Independent School District No 1 Newcastle                        | CUSIP: 579476DA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019595.60   | 0.23%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL PLAINS ENERGY PROJ NE G                          | Central Plains Energy Project                                                    | CUSIP: 154871CW5<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036695.60   | 0.23%             | 2054-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| ESCAMBIA CNTY FL ENVRNMNTL IMP                          | County of Escambia FL                                                            | CUSIP: 29610QAH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $346082.47    | 0.08%             | 2033-11-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH AL COMMO                          | Southeast Energy Authority A Cooperative District                                | CUSIP: 84136FAH0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   2315000 | PA      | $2302067.02   | 0.51%             | 2051-11-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST ASSOCIATED MUNI PWR SY                          | Utah Associated Municipal Power Systems                                          | CUSIP: 917328RV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $643353.38    | 0.14%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HLTH CARE FACS A                          | Washington Health Care Facilities Authority                                      | CUSIP: 93978HWT8<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    100000 | PA      | $103359.05    | 0.02%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY GA DEV AUTH POLL C                          | Development Authority of Monroe County/The                                       | CUSIP: 610530FR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $995884.70    | 0.22%             | 2025-07-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| TRIMBLE CNTY KY ENVRNMNTL FACS                          | County of Trimble KY                                                             | CUSIP: 896221AF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1580000 | PA      | $1590504.47   | 0.36%             | 2054-06-01      | Variable      | 4.70%                 | No            |                  2 | On Loan: No      |
| CHANDLER AZ INDL DEV AUTH INDL                          | Chandler Industrial Development Authority                                        | CUSIP: 158862CB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1269822.38   | 0.28%             | 2052-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL                           | Black Belt Energy Gas District                                                   | CUSIP: 09182NCT5<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061061.30   | 0.24%             | 2053-12-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| LIBERTY COVE CDD FL SPL ASSMNT                          | Liberty Cove Community Development District                                      | CUSIP: 530430AA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    690000 | PA      | $683923.86    | 0.15%             | 2031-05-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA GAS WKS REVENU                          | Philadelphia Gas Works Co                                                        | CUSIP: 7178238G6<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |    865000 | PA      | $881949.50    | 0.20%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OAK POINT TX SPL ASSMNT REVENU                          | City of Oak Point TX                                                             | CUSIP: 67176TAV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $195715.62    | 0.04%             | 2031-09-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL MIDWAY ARPT REVENUE                          | Chicago Midway International Airport                                             | CUSIP: 167562TE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2124074.00   | 0.47%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VERMONT ST ECON DEV AUTH SOLID                          | Vermont Economic Development Authority                                           | CUSIP: 924157AD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $987784.20    | 0.22%             | 2052-06-01      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS NV SPL IMPT DIST #81                          | City of Las Vegas NV Special Improvement District No 812                         | CUSIP: 517784AR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $954240.42    | 0.21%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                                   | Chicago Board of Education                                                       | CUSIP: 167505US3<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    110000 | PA      | $111139.31    | 0.02%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROCKPORT IN POLL CONTROL REVEN                          | City of Rockport IN                                                              | CUSIP: 773835BR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1996686.80   | 0.45%             | 2025-06-01      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP                           | Arlington Higher Education Finance Corp                                          | CUSIP: 041806MM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $251282.23    | 0.06%             | 2030-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SIX MILE CREEK FL CDD CAPITAL                           | Six Mile Creek Community Development District                                    | CUSIP: 83005TAY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $142598.03    | 0.03%             | 2026-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| UTAH ST ASSOCIATED MUNI PWR SY                          | Utah Associated Municipal Power Systems                                          | CUSIP: 917328RU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032348.40   | 0.23%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GALVESTON CNTY TX MUNI UTILITY                          | Galveston County Municipal Utility District No 54                                | CUSIP: 36422RDY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    465000 | PA      | $454689.09    | 0.10%             | 2025-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL HLTH FACS A                          | Palm Beach County Health Facilities Authority                                    | CUSIP: 69650MAV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1870000 | PA      | $1895217.14   | 0.42%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL                          | Maryland Health & Higher Educational Facilities Authority                        | CUSIP: 57421CHW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.45%             | 2055-07-01      | Variable      | 2.60%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT ARPT REVENUE                          | City of Salt Lake City UT Airport Revenue                                        | CUSIP: 795576FM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1329158.48   | 0.30%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDL DEV AUTH HOSP REV                          | Arizona Industrial Development Authority                                         | CUSIP: 04052EAR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1410125.95   | 0.32%             | 2035-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT ARPT REVENUE                          | City of Salt Lake City UT Airport Revenue                                        | CUSIP: 795576LK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $727609.40    | 0.16%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORTLAND OR SWR SYS REVENUE                             | City of Portland OR Sewer System Revenue                                         | CUSIP: 736742ZK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2020685.40   | 0.45%             | 2031-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CELINA TX SPL ASSESSMENT REVEN                          | City of Celina TX                                                                | CUSIP: 15114CKA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $307681.14    | 0.07%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRADITIONS CO MET DIST #2                               | Traditions Metropolitan District No 2                                            | CUSIP: 892684AK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1055000 | PA      | $1075837.31   | 0.24%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BABCOCK RANCH CMNTY INDEP SPL                           | Babcock Ranch Community Independent Special District                             | CUSIP: 05616KBP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $164393.84    | 0.04%             | 2027-05-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC                          | Health & Educational Facilities Authority of the State of Missouri               | CUSIP: 60635H3U1<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    500000 | PA      | $515428.95    | 0.12%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RHODINE ROAD NORTH CDD FL SPL                           | Rhodine Road North Community Development District                                | CUSIP: 762402AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $414698.96    | 0.09%             | 2030-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                          | Pennsylvania Turnpike Commission                                                 | CUSIP: 709224RH4<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    375000 | PA      | $381094.35    | 0.09%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAINE ST HSG AUTH MTGE PURCHAS                          | Maine State Housing Authority                                                    | CUSIP: 56052FS55<br>LEI: 549300SO05LH6D240016 | Long             | DBT              | MUN               | US        |    320000 | PA      | $312568.77    | 0.07%             | 2031-11-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R                          | Arizona Industrial Development Authority                                         | CUSIP: 04052BHX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    855000 | PA      | $824355.95    | 0.18%             | 2029-07-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION&                          | Texas Municipal Gas Acquisition & Supply Corp IV                                 | CUSIP: 88256PAG5<br>LEI: 549300PTUE847QDBBW22 | Long             | DBT              | MUN               | US        |   2030000 | PA      | $2142738.89   | 0.48%             | 2054-01-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE & JEFFERSON CNTY KY                          | Louisville/Jefferson County Metropolitan Government                              | CUSIP: 54659LDC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.45%             | 2053-10-01      | Variable      | 2.60%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI WSTWTR                          | City & County Honolulu HI Wastewater System Revenue                              | CUSIP: 438701H49<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017120.00   | 0.23%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GULFPORT MS HOSP FAC REVENUE                            | City of Gulfport MS                                                              | CUSIP: 402682CS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $720919.17    | 0.16%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OWENSBORO KY WTR REVENUE                                | City of Owensboro KY Water Revenue                                               | CUSIP: 691106MC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1860000 | PA      | $1829277.08   | 0.41%             | 2031-09-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH                          | Maricopa County Industrial Development Authority                                 | CUSIP: 56681NAV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $198711.36    | 0.04%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A                          | California Health Facilities Financing Authority                                 | CUSIP: 13032UYT9<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1160000 | PA      | $1154171.58   | 0.26%             | 2054-08-15      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| CHESTER CNTY PA INDL DEV AUTH                           | Chester County Industrial Development Authority                                  | CUSIP: 165588FP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2025170.40   | 0.45%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC                          | Health & Educational Facilities Authority of the State of Missouri               | CUSIP: 60635H3V9<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    485000 | PA      | $502662.34    | 0.11%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST STRATEGIC FUND LTD                          | Michigan Strategic Fund                                                          | CUSIP: 594698TD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $993474.70    | 0.22%             | 2053-06-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST SPL TAX OBLIG R                          | State of Connecticut Special Tax Revenue                                         | CUSIP: 207758YB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $146349.01    | 0.03%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH                          | Kentucky Public Energy Authority                                                 | CUSIP: 74440DET7<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   1060000 | PA      | $1095193.48   | 0.24%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING                           | Pennsylvania Economic Development Financing Authority                            | CUSIP: 70868YAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2201927.07   | 0.49%             | 2029-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| V-DANA CDD FL SPL ASSMNT                                | V-Dana Community Development District                                            | CUSIP: 91822RAE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $187036.76    | 0.04%             | 2026-05-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Town of Trophy Club TX Public Improvement District No 1 | TROPHY CLUB PID #1 5 9/28                                                        | CUSIP: 89706PAV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $513601.00    | 0.11%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IOWA ST BRD REGENTS HOSP REVEN                          | State of Iowa Board of Regents                                                   | CUSIP: 46256QPH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1043869.40   | 0.23%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RICHMOND VA REDEV & HSG AUTH M                          | Richmond Redevelopment & Housing Authority                                       | CUSIP: 76543PBA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1993905.60   | 0.45%             | 2046-09-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| OMAHA NE PUBLIC PWR DIST ELEC                           | Omaha Public Power District                                                      | CUSIP: 682001EZ1<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |    250000 | PA      | $253373.03    | 0.06%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                             | State of Illinois                                                                | CUSIP: 452153EU9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    250000 | PA      | $259954.28    | 0.06%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROCKPORT IN POLL CONTROL REVEN                          | City of Rockport IN                                                              | CUSIP: 773835BX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $998293.20    | 0.22%             | 2025-07-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                                          | State of Connecticut                                                             | CUSIP: 20772KB99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $558948.81    | 0.12%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                            | Michigan Finance Authority                                                       | CUSIP: 59447TUP6<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1155000 | PA      | $1219350.13   | 0.27%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST                                             | State of Maryland                                                                | CUSIP: 574193MX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000057.40   | 0.22%             | 2029-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL                           | Black Belt Energy Gas District                                                   | CUSIP: 09182TCC9<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1205506.58   | 0.27%             | 2027-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA CNTY OK FIN AUTH EDUC                          | Oklahoma County Finance Authority                                                | CUSIP: 67868UFX6<br>LEI: 549300KPR05JUN0F1289 | Long             | DBT              | MUN               | US        |    300000 | PA      | $307107.57    | 0.07%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT JAMES PARISH LA REVENUE                           | Parish of St James LA                                                            | CUSIP: 790103AY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000743.30   | 0.22%             | 2041-08-01      | Variable      | 5.85%                 | No            |                  2 | On Loan: No      |
| HARMONY FL CDD CAPITAL IMPT RE                          | Harmony Community Development District                                           | CUSIP: 413213AF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $380000.00    | 0.08%             | 2025-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                            | Michigan Finance Authority                                                       | CUSIP: 59447T5Q2<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501608.55    | 0.11%             | 2025-07-21      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BABCOCK RANCH CMNTY INDEP SPL                           | Babcock Ranch Community Independent Special District                             | CUSIP: 05616KAP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1177573.73   | 0.26%             | 2029-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC                          | Health & Educational Facilities Authority of the State of Missouri               | CUSIP: 60637ATR3<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1043173.50   | 0.23%             | 2052-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA                          | Main Street Natural Gas Inc                                                      | CUSIP: 56035DFT4<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    100000 | PA      | $103750.90    | 0.02%             | 2054-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE                          | South Carolina Jobs-Economic Development Authority                               | CUSIP: 837031WH2<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    650000 | PA      | $639227.16    | 0.14%             | 2027-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH                            | Ohio Air Quality Development Authority                                           | CUSIP: 677525WG8<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $925349.90    | 0.21%             | 2038-12-01      | Variable      | 2.40%                 | No            |                  2 | On Loan: No      |
| BARTOW CNTY GA DEV AUTH                                 | Bartow County Development Authority                                              | CUSIP: 069643BN3<br>LEI: 5493006KLI0V8YELKW50 | Long             | DBT              | MUN               | US        |    250000 | PA      | $253300.50    | 0.06%             | 2032-12-01      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH SPL REVEN                          | New Hampshire Business Finance Authority                                         | CUSIP: 63608TAK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $780222.56    | 0.17%             | 2031-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PRINCETON TX SPL ASSMNT REVENU                          | City of Princeton TX                                                             | CUSIP: 742400CY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $295281.90    | 0.07%             | 2030-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ROCKPORT IN POLL CONTROL REVEN                          | City of Rockport IN                                                              | CUSIP: 773835BW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3840000 | PA      | $3833445.89   | 0.86%             | 2025-07-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| MESQUITE TX HSG FIN CORP                                | Mesquite Housing Finance Corp/The                                                | CUSIP: 590746AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2226116.48   | 0.50%             | 2029-08-01      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV                          | City & County of Denver CO Airport System Revenue                                | CUSIP: 249182LC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1293455.88   | 0.29%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIDCITY IMPT DIST AL SPL ASSMN                          | MidCity Improvement District                                                     | CUSIP: 59564KAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $192795.28    | 0.04%             | 2027-11-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A                          | California Community Choice Financing Authority                                  | CUSIP: 13013JAP1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4451365.80   | 1.00%             | 2052-02-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| CRANDALL TX SPL ASSMNT REVENUE                          | City of Crandall TX                                                              | CUSIP: 224384AE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    207000 | PA      | $203707.64    | 0.05%             | 2026-09-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST ECON DEV AUTH                          | West Virginia Economic Development Authority                                     | CUSIP: 95648VBS7<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $987676.30    | 0.22%             | 2040-03-01      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES MI WTR AUTH WTR SP                          | Great Lakes Water Authority Water Supply System Revenue                          | CUSIP: 39081JFY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $428798.52    | 0.10%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DETROIT MI                                              | City of Detroit MI                                                               | CUSIP: 2510933E8<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    220000 | PA      | $222773.06    | 0.05%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY AFFORD                          | New York State Housing Finance Agency                                            | CUSIP: 64987JY62<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   3125000 | PA      | $3032295.31   | 0.68%             | 2042-05-01      | Variable      | 3.57%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH POLLUTION                          | New Hampshire Business Finance Authority                                         | CUSIP: 63609YAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1169288.91   | 0.26%             | 2028-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH AL COMMO                          | Southeast Energy Authority A Cooperative District                                | CUSIP: 84136FBD8<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    500000 | PA      | $509085.10    | 0.11%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSON                           | Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | CUSIP: 592029BU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $365618.51    | 0.08%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A                          | California Health Facilities Financing Authority                                 | CUSIP: 13032UJ82<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1251667.88   | 0.28%             | 2027-11-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| GALVESTON TX WHARVES & TERMINA                          | City of Galveston TX Wharves & Terminal Revenue                                  | CUSIP: 364568HY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    610000 | PA      | $633730.46    | 0.14%             | 2028-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP FAC REVENUE                                | State of Ohio                                                                    | CUSIP: 677561KK7<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    235000 | PA      | $243163.17    | 0.05%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF HOUSTON TX UNIV REVENU                          | University of Houston                                                            | CUSIP: 914302EV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $344264.72    | 0.08%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM                          | North Carolina Medical Care Commission                                           | CUSIP: 65820HN90<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   3435000 | PA      | $3472519.47   | 0.78%             | 2051-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| ELMIRA CITY NY SCH DIST                                 | Elmira City School District                                                      | CUSIP: 289605ZU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1501566.15   | 0.34%             | 2025-06-13      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SAN LUIS OBISPO CA CMNTY FACS                           | City of San Luis Obispo CA Community Facilities District No 2019-1               | CUSIP: 798601AD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100574.41    | 0.02%             | 2026-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GEORGIA ST                                              | State of Georgia                                                                 | CUSIP: 373385LQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    735000 | PA      | $735795.20    | 0.16%             | 2025-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                                   | Chicago Board of Education                                                       | CUSIP: 167501WF8<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |     80000 | PA      | $80956.66     | 0.02%             | 2026-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BERKS CNTY PA INDL DEV AUTH HL                          | Berks County Industrial Development Authority                                    | CUSIP: 08452RAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $454391.82    | 0.10%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST MUNI ENERGY ACQU                          | New Mexico Municipal Energy Acquisition Authority                                | CUSIP: 647207BL2<br>LEI: 549300KZGG2YNDKKCE92 | Long             | DBT              | MUN               | US        |   3180000 | PA      | $3332907.12   | 0.75%             | 2054-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| WESTERN PLACER WST MGMT AUTH C                          | Western Placer Waste Management Authority                                        | CUSIP: 95921MBG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $232801.25    | 0.05%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAINE ST HSG AUTH MTGE PURCHAS                          | Maine State Housing Authority                                                    | CUSIP: 56052FS63<br>LEI: 549300SO05LH6D240016 | Long             | DBT              | MUN               | US        |    525000 | PA      | $521551.43    | 0.12%             | 2032-11-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM                          | North Carolina Medical Care Commission                                           | CUSIP: 65820YTS5<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1078497.67   | 0.24%             | 2028-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| S KENDALL FL CDD SPL ASSMNT                             | South Kendall Community Development District                                     | CUSIP: 83854TAU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $981458.80    | 0.22%             | 2031-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F                          | Tarrant County Cultural Education Facilities Finance Corp                        | CUSIP: 87638THY2<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    995000 | PA      | $1056008.03   | 0.24%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALES TAX SECURITIZATION CORP                           | Sales Tax Securitization Corp                                                    | CUSIP: 79467BCE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045219.30   | 0.23%             | 2035-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL SCH BRD COP                          | School Board of Miami-Dade County/The                                            | CUSIP: 59333MV69<br>LEI: 549300J3U4QVT6U3O129 | Long             | DBT              | MUN               | US        |   2035000 | PA      | $2053991.84   | 0.46%             | 2032-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                          | Colorado Health Facilities Authority                                             | CUSIP: 19648FWA8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    400000 | PA      | $410500.84    | 0.09%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH                            | Ohio Air Quality Development Authority                                           | CUSIP: 677525WR4<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $978231.50    | 0.22%             | 2026-02-01      | Variable      | 1.50%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE NC ARPT REVENUE                               | City of Charlotte NC Airport Revenue                                             | CUSIP: 161036TX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1080000 | PA      | $1113868.58   | 0.25%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSONC                          | Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | CUSIP: 592041ZV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1071429.80   | 0.24%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST MUNI ELEC AGY PWR                           | Illinois Municipal Electric Agency                                               | CUSIP: 452024HU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2005686.60   | 0.45%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOWER COLORADO RIVER TX AUTH T                          | Lower Colorado River Authority                                                   | CUSIP: 54811BQS3<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |    360000 | PA      | $363772.33    | 0.08%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST HSG FIN CORP MF MTG                          | Florida Housing Finance Corp                                                     | CUSIP: 34074HHD7<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1248857.50   | 0.28%             | 2042-11-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F                          | Tarrant County Cultural Education Facilities Finance Corp                        | CUSIP: 87638THX4<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    950000 | PA      | $1002012.31   | 0.22%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GALVESTON CNTY TX MUNI UTILITY                          | Galveston County Municipal Utility District No 54                                | CUSIP: 36422REA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    560000 | PA      | $520066.57    | 0.12%             | 2027-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| WAUCONDA IL SPL SVC AREA #1 SP                          | Wauconda Special Service Area No 1                                               | CUSIP: 942816AN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000556.70   | 0.22%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FONTANA CA SPL TAX                                      | City of Fontana CA                                                               | CUSIP: 344630M47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $274770.37    | 0.06%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BABCOCK RANCH CMNTY INDEP SPL                           | Babcock Ranch Community Independent Special District                             | CUSIP: 05616KBK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $254931.07    | 0.06%             | 2026-05-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX                                               | City of Austin TX                                                                | CUSIP: 052397AN6<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1977473.00   | 0.44%             | 2028-09-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| SALEM OR HOSP FAC AUTH REVENUE                          | Salem Hospital Facility Authority                                                | CUSIP: 794458GA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $260005.56    | 0.06%             | 2025-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT JOHN THE BAPTIST PARISH                           | Parish of St John the Baptist LA                                                 | CUSIP: 79020FBB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3935242.00   | 0.88%             | 2037-06-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING                           | Pennsylvania Economic Development Financing Authority                            | CUSIP: 708692BG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.22%             | 2045-08-01      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| CANADIAN CNTY OK EDUCTNL FACS                           | Canadian County Educational Facilities Authority                                 | CUSIP: 135521CY6<br>LEI: 549300HPRFS0Z66VHS30 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1557214.80   | 0.35%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                          | Colorado Health Facilities Authority                                             | CUSIP: 19648FKH6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1035000 | PA      | $1086536.48   | 0.24%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP SENIOR                          | Florida Development Finance Corp                                                 | CUSIP: 34061WAU8<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    100000 | PA      | $99879.52     | 0.02%             | 2025-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT OF PORTLAND OR ARPT REVEN                          | Port of Portland OR Airport Revenue                                              | CUSIP: 735240P23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $267879.20    | 0.06%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC                          | Health & Educational Facilities Authority of the State of Missouri               | CUSIP: 60635H3J6<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    760000 | PA      | $756267.11    | 0.17%             | 2028-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N TEXAS HGR EDU AUTH INC EDU L                          | North Texas Higher Education Authority Inc                                       | CUSIP: 66286UAD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $622073.58    | 0.14%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VERANDA CDD II FL SPL ASSMNT R                          | Veranda Community Development District II                                        | CUSIP: 92338HAW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    660000 | PA      | $660518.30    | 0.15%             | 2031-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BERKELEY CNTY SC ASSMNT REVENU                          | County of Berkeley SC                                                            | CUSIP: 084220AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $238873.48    | 0.05%             | 2030-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST SALES TAX REVENUE                           | State of Illinois Sales Tax Revenue                                              | CUSIP: 452227RC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501068.85    | 0.11%             | 2027-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH POLL CO                          | Development Authority of Burke County/The                                        | CUSIP: 121342MW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.22%             | 2049-07-01      | Variable      | 2.60%                 | No            |                  2 | On Loan: No      |
| LEHIGH CNTY PA INDL DEV AUTH                            | Lehigh County Industrial Development Authority                                   | CUSIP: 524808BY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2450000 | PA      | $2420061.25   | 0.54%             | 2029-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE & JEFFERSON CNTY KY                          | Louisville/Jefferson County Metropolitan Government                              | CUSIP: 54659LCH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $331774.77    | 0.07%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH PARKWAY MUNI MGMT DIST #                          | North Parkway Municipal Management District No 1                                 | CUSIP: 66144PAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $195859.14    | 0.04%             | 2026-09-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GEORGIA                               | Municipal Electric Authority of Georgia                                          | CUSIP: 626207Y99<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    500000 | PA      | $513783.00    | 0.11%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KINGS PARK NY CENTRL SCH DIST                           | Kings Park Central School District                                               | CUSIP: 496098GJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $270789.67    | 0.06%             | 2031-07-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MAINE ST FIN AUTH SOL WST DISP                          | Finance Authority of Maine                                                       | CUSIP: 56042CAT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $996221.60    | 0.22%             | 2035-08-01      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R                          | Arizona Industrial Development Authority                                         | CUSIP: 04052BAK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100339.07    | 0.02%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIRADA II CMNTY DEV DIST FL CA                          | Mirada II Community Development District                                         | CUSIP: 60463WAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $201270.97    | 0.04%             | 2026-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST                                           | State of New Jersey                                                              | CUSIP: 646039ZA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1845790.00   | 0.41%             | 2029-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FAIRFAX CNTY VA REDEV & HSG AU                          | Fairfax County Redevelopment & Housing Authority                                 | CUSIP: 303833LG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2575652.25   | 0.58%             | 2045-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE-MECKLENBURG NC HOSP                           | Charlotte-Mecklenburg Hospital Authority/The                                     | CUSIP: 160853VT1<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400259.80    | 0.09%             | 2048-01-15      | Variable      | 3.62%                 | No            |                  2 | On Loan: No      |
| SUMMER WOODS CDD FL SPL ASSMNT                          | Summer Woods Community Development District                                      | CUSIP: 865657AG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    465000 | PA      | $433581.25    | 0.10%             | 2031-05-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST HSG DEV AUTH MF HS                          | Illinois Housing Development Authority                                           | CUSIP: 45203LEL3<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2021697.00   | 0.45%             | 2027-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CA CITY & CNTY D                          | City & County of San Francisco CA Special Tax District No 2020-1                 | CUSIP: 79771HAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $145361.17    | 0.03%             | 2026-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SARASOTA NATIONAL FL CDD SPL A                          | Sarasota National Community Development District                                 | CUSIP: 80342PAF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $240000.00    | 0.05%             | 2025-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH                            | Ohio Air Quality Development Authority                                           | CUSIP: 677525WU7<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |    515000 | PA      | $517538.90    | 0.12%             | 2030-09-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| ALACHUA CNTY FL HLTH FACS AUTH                          | Alachua County Health Facilities Authority                                       | CUSIP: 010684AP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $199526.18    | 0.04%             | 2025-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAYS CNTY TX                                            | County of Hays TX                                                                | CUSIP: 421020ZC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1995060.40   | 0.45%             | 2029-02-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| ROCK ISLAND CNTY IL SCH DIST #                          | Rock Island County School District No 41 Rock Island/Milan                       | CUSIP: 772436EP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1055000 | PA      | $1110133.98   | 0.25%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV                          | City & County of Denver CO Airport System Revenue                                | CUSIP: 249182QA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    770000 | PA      | $775885.80    | 0.17%             | 2025-11-15      | 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        |   1035000 | PA      | $1033282.83   | 0.23%             | 2052-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| BLACK CREEK FL CDD SPL ASSMNT                           | Black Creek Community Development District                                       | CUSIP: 09186FAE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $156390.80    | 0.03%             | 2027-06-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| MET NASHVILLE TN ARPT AUTH ARP                          | Metropolitan Nashville Airport Authority/The                                     | CUSIP: 592190QG0<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |    450000 | PA      | $464111.91    | 0.10%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY MO INDL DEV AUTH A                          | Kansas City Industrial Development Authority                                     | CUSIP: 48504NBV0<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1051610.60   | 0.24%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BERRY BAY CDD FL SPL ASSMNT RE                          | Berry Bay Community Development District                                         | CUSIP: 08577CAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $103317.48    | 0.02%             | 2026-05-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A                          | City of Los Angeles Department of Airports                                       | CUSIP: 544445JB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    730000 | PA      | $766219.53    | 0.17%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HYDE PARK CDD #1 FL SPL ASSMNT                          | Hyde Park Community Development District No 1                                    | CUSIP: 448642AE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $292549.20    | 0.07%             | 2031-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                          | New Jersey Economic Development Authority                                        | CUSIP: 64577B6K5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2055069.20   | 0.46%             | 2026-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| VIRIDIAN TX MUNI MGMT DIST                              | Viridian Municipal Management District                                           | CUSIP: 92823PLR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $638606.43    | 0.14%             | 2029-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX ARPT SYS REVENUE                              | City of Austin TX Airport System Revenue                                         | CUSIP: 052398EH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250039.83    | 0.06%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HENRICO CNTY VA ECON DEV AUTH                           | Henrico County Economic Development Authority                                    | CUSIP: 42605QFZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $618666.12    | 0.14%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEVADA DEPT OF BUSINESS & INDU                          | State of Nevada Department of Business & Industry                                | CUSIP: 641454AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $470586.94    | 0.11%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN                          | California Pollution Control Financing Authority                                 | CUSIP: 130536RN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $996592.50    | 0.22%             | 2043-07-01      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| NORTH DAKOTA ST HSG FIN AGY                             | North Dakota Housing Finance Agency                                              | CUSIP: 6589097A8<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1398730.20   | 0.31%             | 2026-01-01      | Fixed         | 3.45%                 | 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        |   2000000 | PA      | $2019208.60   | 0.45%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WESTPOINTE SPL IMPT DIST TX                             | Westpointe Special Improvement District                                          | CUSIP: 96124RBM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $360141.50    | 0.08%             | 2030-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                          | Colorado Health Facilities Authority                                             | CUSIP: 19648FBT0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014466.80   | 0.23%             | 2030-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL                           | Black Belt Energy Gas District                                                   | CUSIP: 09182NCB4<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   3385000 | PA      | $3383737.73   | 0.76%             | 2052-07-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH COOPERAT                          | Southeast Energy Authority A Cooperative District                                | CUSIP: 84136HAH6<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6295387.20   | 1.41%             | 2055-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE                          | Port Authority of New York & New Jersey                                          | CUSIP: 73358WZF4<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1180000 | PA      | $1187261.60   | 0.27%             | 2034-10-15      | 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        |   3330000 | PA      | $3348339.31   | 0.75%             | 2039-11-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| LOUISA VA INDL DEV AUTH POLL C                          | Louisa Industrial Development Authority                                          | CUSIP: 546068AX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006000.80   | 0.22%             | 2035-11-01      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| SOUTH DAKOTA ST HSG DEV AUTH                            | South Dakota Housing Development Authority                                       | CUSIP: 83756CTT2<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |    990000 | PA      | $982991.99    | 0.22%             | 2025-11-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| WHITING IN ENVRNMNTL FACS REVE                          | City of Whiting IN                                                               | CUSIP: 96634RAU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1564118.02   | 0.35%             | 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        |    490000 | PA      | $489187.04    | 0.11%             | 2052-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| DENTON CNTY TX SPL ASSMNT REVE                          | County of Denton TX                                                              | CUSIP: 24880GAK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $679055.16    | 0.15%             | 2030-12-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BERRY BAY CDD FL SPL ASSMNT RE                          | Berry Bay Community Development District                                         | CUSIP: 08577CAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    645000 | PA      | $599089.03    | 0.13%             | 2031-05-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI                          | Washington State Housing Finance Commission                                      | CUSIP: 939783SG2<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2120000 | PA      | $2129937.92   | 0.48%             | 2045-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SELMA AL INDL DEV BRD REVENUE                           | Selma Industrial Development Board                                               | CUSIP: 81647PAG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1949760.40   | 0.44%             | 2033-11-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX HSG TRUST PUBLI                          | San Antonio Housing Trust Public Facility Corp                                   | CUSIP: 79626VAF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2075000 | PA      | $2076976.85   | 0.46%             | 2029-07-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| SALEM OR HOSP FAC AUTH REVENUE                          | Salem Hospital Facility Authority                                                | CUSIP: 794458GE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $256200.65    | 0.06%             | 2029-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JOHNSON CNTY KS UNIF SCH DIST#                          | Johnson County Unified School District No 512 Shawnee Mission                    | CUSIP: 478740RV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2660000 | PA      | $2650985.53   | 0.59%             | 2028-10-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST ALG                          | Black Belt Energy Gas District                                                   | CUSIP: 09182RAR2<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    130000 | PA      | $130117.68    | 0.03%             | 2049-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| NORFOLK VA WTR REVENUE                                  | City of Norfolk VA Water Revenue                                                 | CUSIP: 656009LT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1588760.71   | 0.36%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT ARPT REVENUE                          | City of Salt Lake City UT Airport Revenue                                        | CUSIP: 795576GZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1029656.10   | 0.23%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RAILSPLITTER IL TOBACCO SETTLE                          | Railsplitter Tobacco Settlement Authority                                        | CUSIP: 75076PAZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    710000 | PA      | $724094.21    | 0.16%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALTLEAF CDD FL CAPITAL IMPT R                          | Saltleaf Community Development District                                          | CUSIP: 79575MAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $447414.66    | 0.10%             | 2031-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| TENNESSEE ST ENERGY ACQUISITIO                          | Tennessee Energy Acquisition Corp                                                | CUSIP: 880443BS4<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |    250000 | PA      | $253737.23    | 0.06%             | 2026-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST INTERLOCAL SCH TRA                          | Kentucky Interlocal School Transportation Association                            | CUSIP: 491325NV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1065000 | PA      | $1083158.57   | 0.24%             | 2029-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST                                         | Commonwealth of Pennsylvania                                                     | CUSIP: 70914PB76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    405000 | PA      | $414675.13    | 0.09%             | 2027-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TIMBER CREEK SOUTHWEST CDD FL                           | Timber Creek Southwest Community Development District                            | CUSIP: 88707RAE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $213488.20    | 0.05%             | 2026-12-15      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST ECON DEV FIN AUTH                           | Kentucky Economic Development Finance Authority                                  | CUSIP: 49126RAC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.22%             | 2031-04-01      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                             | City of Houston TX Airport System Revenue                                        | CUSIP: 442349GC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1835000 | PA      | $1892545.23   | 0.42%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS NV SPL IMPT DIST #80                          | City of Las Vegas NV Special Improvement District Nos 808 & 810                  | CUSIP: 51778DBG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250097.90    | 0.06%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA GAS WKS REVENU                          | Philadelphia Gas Works Co                                                        | CUSIP: 7178238L5<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |    830000 | PA      | $844766.95    | 0.19%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SHINGLE CREEK AT BRONSON CDD F                          | Shingle Creek at Bronson Community Development District                          | CUSIP: 82459NAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $103120.83    | 0.02%             | 2026-06-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC                          | Health & Educational Facilities Authority of the State of Missouri               | CUSIP: 60637AKX9<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000131.50   | 0.22%             | 2033-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R                          | Arizona Industrial Development Authority                                         | CUSIP: 04052BHC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    965000 | PA      | $972435.33    | 0.22%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                          | Chicago O'Hare International Airport                                             | CUSIP: 167593E57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $528493.26    | 0.12%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL SEAPORT REV                          | County of Miami-Dade Seaport Department                                          | CUSIP: 59335KEM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4211524.40   | 0.94%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RALEIGH DURHAM NC ARPT AUTH AR                          | Raleigh Durham Airport Authority                                                 | CUSIP: 751073LJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1580000 | PA      | $1601267.91   | 0.36%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUFFALO MN INDEP SCH DIST #877                          | Buffalo-Hanover-Montrose Independent School District No 877                      | CUSIP: 119655RB6<br>LEI: 549300ZXE47GW6G9WY02 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2177911.58   | 0.49%             | 2029-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA                          | Main Street Natural Gas Inc                                                      | CUSIP: 56035DDX7<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    510000 | PA      | $505826.36    | 0.11%             | 2052-09-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL                           | Connecticut State Health & Educational Facilities Authority                      | CUSIP: 20775DET5<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    215000 | PA      | $225906.65    | 0.05%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX CULTURAL EDU FA                          | Harris County Cultural Education Facilities Finance Corp                         | CUSIP: 414009RN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    710000 | PA      | $756543.41    | 0.17%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST TRANSPRTN AUTH PAS                          | Maryland State Transportation Authority Passenger Facility Charge Revenue        | CUSIP: 57429NCN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001039.00   | 0.22%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH NATIO                          | Arizona Industrial Development Authority                                         | CUSIP: 04052FER2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $371398.78    | 0.08%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RALEIGH DURHAM NC ARPT AUTH AR                          | Raleigh Durham Airport Authority                                                 | CUSIP: 751073LH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1524040.65   | 0.34%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BOONE CNTY KY POLL CONTROL REV                          | County of Boone KY                                                               | CUSIP: 098792AQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $998628.70    | 0.22%             | 2027-08-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| TENNESSEE ST ENERGY ACQUISITIO                          | Tennessee Energy Acquisition Corp                                                | CUSIP: 880443JE7<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   1595000 | PA      | $1595649.48   | 0.36%             | 2049-11-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| WESTPOINTE SPL IMPT DIST TX                             | Westpointe Special Improvement District                                          | CUSIP: 96124RBN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $378851.95    | 0.08%             | 2031-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP                           | New York City Housing Development Corp                                           | CUSIP: 64972E3D9<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   2260000 | PA      | $2250009.90   | 0.50%             | 2062-11-01      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| CMNTY DEV ADMIN MD MF DEV REVE                          | Maryland Community Development Administration                                    | CUSIP: 20364NCK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2980029.90   | 0.67%             | 2029-01-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE                              | Port of Seattle WA                                                               | CUSIP: 735389B56<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027202.10   | 0.23%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TULSA CNTY OK INDL AUTH EDUCTN                          | Tulsa County Industrial Authority                                                | CUSIP: 89952PHG3<br>LEI: 549300WEYXBXLGN1E271 | Long             | DBT              | MUN               | US        |    375000 | PA      | $405839.93    | 0.09%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL                           | Connecticut State Health & Educational Facilities Authority                      | CUSIP: 20775DUX8<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1692129.00   | 0.38%             | 2048-07-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST HSG FIN CORP MF MTG                          | Florida Housing Finance Corp                                                     | CUSIP: 34074HHE5<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1984499.80   | 0.44%             | 2058-07-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| PADUCAH KY ELEC PLANT BRD REVE                          | Paducah Electric Plant Board                                                     | CUSIP: 695317DS3<br>LEI: 549300XTPDPORT8VIQ62 | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1220103.72   | 0.27%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF TEXAS TX UNIV REVENUES                          | Board of Regents of the University of Texas System                               | CUSIP: 91514AFJ9<br>LEI: TEHUYFNKZR6XVWLGEU86 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1658135.33   | 0.37%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FORT BEND CNTY TX MUNI UTILITY                          | Fort Bend County Municipal Utility District No 184                               | CUSIP: 34682XDX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $293507.34    | 0.07%             | 2027-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP                           | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KBM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $439113.27    | 0.10%             | 2028-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                          | Pennsylvania Turnpike Commission                                                 | CUSIP: 709224RU5<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1380000 | PA      | $1409858.37   | 0.32%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI SOL WST DIS                          | Public Finance Authority                                                         | CUSIP: 74445MAA7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $989013.70    | 0.22%             | 2025-11-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HSG FIN CORP MF H                          | Arlington Housing Finance Corp                                                   | CUSIP: 041818AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504799.35    | 0.11%             | 2041-04-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL EDUCTNL FAC                          | Miami-Dade County Educational Facilities Authority                               | CUSIP: 59333ANL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1651233.45   | 0.37%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR                          | California School Finance Authority                                              | CUSIP: 13058TPY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $349205.64    | 0.08%             | 2027-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL                           | Connecticut State Health & Educational Facilities Authority                      | CUSIP: 20774YJ99<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    135000 | PA      | $132837.60    | 0.03%             | 2042-07-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| DODGE CITY KS                                           | City of Dodge City KS                                                            | CUSIP: 256309J97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000732.50   | 0.22%             | 2025-09-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| LONG BEACH CA MARINA REVENUE                            | City of Long Beach CA Marina System Revenue                                      | CUSIP: 542426CV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1100686.07   | 0.25%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROSEVILLE CA SPL TAX                                    | City of Roseville CA                                                             | CUSIP: 777870P75<br>LEI: 549300OH100KESVPND17 | Long             | DBT              | MUN               | US        |     85000 | PA      | $85191.22     | 0.02%             | 2026-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HIDDEN CREEK NORTH CMNTY DEV                            | Hidden Creek North Community Development District                                | CUSIP: 42951HAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    845000 | PA      | $836211.58    | 0.19%             | 2030-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PRINCETON TX SPL ASSMNT REVENU                          | City of Princeton TX                                                             | CUSIP: 742400CL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $293238.96    | 0.07%             | 2031-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| LEE CNTY FL INDL DEV AUTH HOSP                          | Lee County Industrial Development Authority/FL                                   | CUSIP: 52350LAJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $247105.20    | 0.06%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VILLAMAR CDD FL SPL ASSMNT                              | Villamar Community Development District                                          | CUSIP: 92715KAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $222990.30    | 0.05%             | 2029-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV                          | City & County of Denver CO Airport System Revenue                                | CUSIP: 249182LR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022797.80   | 0.23%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH HLTH FAC R                          | Indiana Finance Authority                                                        | CUSIP: 45471CCD8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1480000 | PA      | $1539807.54   | 0.34%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SHELL POINT CMNTY DEV DIST FL                           | Shell Point Community Development District                                       | CUSIP: 822666AC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $742383.76    | 0.17%             | 2029-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PEFA INC IA GAS PROJ REVENUE                            | PEFA Inc                                                                         | CUSIP: 70556CAB0<br>LEI: 549300RSE249DJNRHY07 | Long             | DBT              | MUN               | US        |   2395000 | PA      | $2427627.80   | 0.54%             | 2049-09-01      | Variable      | 5.00%                 | 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        |   1135000 | PA      | $1146103.36   | 0.26%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A                          | California Community Choice Financing Authority                                  | CUSIP: 13013JCB0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037579.10   | 0.23%             | 2053-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI POLL CONTRO                          | Public Finance Authority                                                         | CUSIP: 74447HAB4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   4210000 | PA      | $4158148.80   | 0.93%             | 2046-10-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES MI WTR AUTH SEWAGE                          | Great Lakes Water Authority Sewage Disposal System Revenue                       | CUSIP: 39081HAF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507638.25    | 0.11%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TIOGA NY CENTRL SCH DIST                                | Tioga Central School District                                                    | CUSIP: 887739DM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1101416.58   | 0.25%             | 2025-06-27      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R                          | Arizona Industrial Development Authority                                         | CUSIP: 04052BPD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $229155.60    | 0.05%             | 2026-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA                          | Main Street Natural Gas Inc                                                      | CUSIP: 56035DEA6<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    800000 | PA      | $811007.36    | 0.18%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R                          | Arizona Industrial Development Authority                                         | CUSIP: 04052BPJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    430000 | PA      | $418095.11    | 0.09%             | 2031-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N TX TOLLWAY AUTH REVENUE                               | North Texas Tollway Authority                                                    | CUSIP: 66285WXB7<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    400000 | PA      | $403145.28    | 0.09%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH                          | Kentucky Public Energy Authority                                                 | CUSIP: 74440DCM4<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    325000 | PA      | $324481.30    | 0.07%             | 2050-02-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM                          | North Carolina Medical Care Commission                                           | CUSIP: 65820YTA4<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1042625.96   | 0.23%             | 2028-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority             | VA SMALL BUSINESS FI 5.0                                                         | CUSIP: 928104PP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012598.20   | 0.23%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                          | New Jersey Economic Development Authority                                        | CUSIP: 64577XDL7<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    580000 | PA      | $595827.16    | 0.13%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL                          | Maryland Health & Higher Educational Facilities Authority                        | CUSIP: 57421CGB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.22%             | 2048-06-01      | Variable      | 2.60%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH MO                          | California Municipal Finance Authority                                           | CUSIP: 13049SCG7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    525000 | PA      | $527237.81    | 0.12%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH ENVRNMNTL                           | Indiana Finance Authority                                                        | CUSIP: 455059AK1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1744552.20   | 0.39%             | 2029-08-01      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| FORT BEND TX INDEP SCH DIST                             | Fort Bend Independent School District                                            | CUSIP: 346843RD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    840000 | PA      | $861351.71    | 0.19%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TULSA CNTY OK INDL AUTH EDUCTN                          | Tulsa County Industrial Authority                                                | CUSIP: 89952PHH1<br>LEI: 549300WEYXBXLGN1E271 | Long             | DBT              | MUN               | US        |    835000 | PA      | $913461.03    | 0.20%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNI ENERGY AGY OF NEBRASKA                             | Municipal Energy Agency of Nebraska                                              | CUSIP: 625914JT4<br>LEI: N31S7V1JSNSIMBEEGT03 | Long             | DBT              | MUN               | US        |    400000 | PA      | $410348.36    | 0.09%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOWER AL GAS DIST GAS PROJ REV                          | Lower Alabama Gas District/The                                                   | CUSIP: 547804AM6<br>LEI: 549300YTI1NTDG2OVU42 | Long             | DBT              | MUN               | US        |   2470000 | PA      | $2471203.63   | 0.55%             | 2050-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| EPPERSON N CDD FL CAPITAL IMPT                          | Epperson North Community Development District                                    | CUSIP: 29429VAK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $97313.63     | 0.02%             | 2026-11-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP                           | New York City Housing Development Corp                                           | CUSIP: 64972KKJ3<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2012509.60   | 0.45%             | 2064-11-01      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| MATAGORDA CNTY TX NAV DIST #1                           | Matagorda County Navigation District No 1                                        | CUSIP: 576528DV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005094.90   | 0.22%             | 2030-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH AL COMMO                          | Southeast Energy Authority A Cooperative District                                | CUSIP: 84136FAS6<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   2095000 | PA      | $2090345.33   | 0.47%             | 2030-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HENNEPIN CNTY MN SALES TAX REV                          | County of Hennepin MN Sales Tax Revenue                                          | CUSIP: 425538DB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3510000 | PA      | $3553019.26   | 0.79%             | 2030-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA BEACH VA DEV AUTH RSD                          | Virginia Beach Development Authority                                             | CUSIP: 92774NBF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006729.10   | 0.23%             | 2029-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CHAUTAUQUA CNTY NY CAPITAL RES                          | Chautauqua County Capital Resource Corp                                          | CUSIP: 16254PAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1988529.00   | 0.44%             | 2042-04-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| ENERGY S E AL A COOPERATIVE DI                          | Energy Southeast A Cooperative District                                          | CUSIP: 292723BN2<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061533.40   | 0.24%             | 2054-07-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| WILLIAMSON CNTY TX MUNI UTILIT                          | Williamson County Municipal Utility District No 10                               | CUSIP: 97000PGY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $753117.74    | 0.17%             | 2026-08-01      | Fixed         | 3.00%                 | 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        |   1500000 | PA      | $1500000.00   | 0.34%             | 2050-05-01      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| WESTSIDE HAINES CITY CDD SPL A                          | Westside Haines City Community Development District                              | CUSIP: 96150AAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $127946.12    | 0.03%             | 2026-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| NEVADA ST HSG DIV                                       | Nevada Housing Division                                                          | CUSIP: 641272HR3<br>LEI: 549300RE377OK3CTT852 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2066102.00   | 0.46%             | 2028-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                          | Colorado Health Facilities Authority                                             | CUSIP: 19648A2X2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001140.90   | 0.22%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLARK CNTY NV SCH DIST                                  | Clark County School District                                                     | CUSIP: 181059D86<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $125851.15    | 0.03%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL                          | Colorado Educational & Cultural Facilities Authority                             | CUSIP: 19645RB75<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    500000 | PA      | $502063.15    | 0.11%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRAVIS CNTY TX HSG FIN CORP MF                          | Travis County Housing Finance Corp                                               | CUSIP: 89438UBP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $874330.89    | 0.20%             | 2026-08-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| RALEIGH DURHAM NC ARPT AUTH AR                          | Raleigh Durham Airport Authority                                                 | CUSIP: 751073LX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $178566.39    | 0.04%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROCKWALL CNTY TX MUNI UTIL DIS                          | Rockwall County Municipal Utility District No 8                                  | CUSIP: 77427LFK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $341948.57    | 0.08%             | 2035-10-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Derek Maltbie

**Name of Signer:** Derek Maltbie

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