# EDGAR Filing Document

**Accession Number:** 0001497778
**File Stem:** 0001752724-23-073743
**Filing Date:** 2023-3
**Character Count:** 106762
**Document Hash:** fb041dcbfb26b1550e3f0621e7a3e7af
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-073743.hdr.sgml**: 20230330

**ACCESSION NUMBER**: 0001752724-23-073743

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230330

**DATE AS OF CHANGE**: 20230330

**PERIOD START**: 20231031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIRST TRUST SERIES FUND
- **CENTRAL INDEX KEY:** 0001497778
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22452
- **FILM NUMBER:** 23778350

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

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

## Series and Classes Contracts Data

### First Trust Managed Municipal Fund (Series ID: S000074778)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000232961 | Class I      | CWAIX           |

## Nport-Ex

#### First Trust Managed Municipal Fund<br>

#### Portfolio of Investments

#### January 31, 2023 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Value** | **Description** | **Stated<br> Coupon** | **Stated<br> Maturity** | **Value** |
| **MUNICIPAL BONDS – 97.6%** | **MUNICIPAL BONDS – 97.6%** | **MUNICIPAL BONDS – 97.6%** | **MUNICIPAL BONDS – 97.6%** | **MUNICIPAL BONDS – 97.6%** |
|  | **Alabama – 3.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$500000 | Black Belt Energy Gas Dist AL Gas Proj Rev Gas Proj Rev Bonds, Proj No. 7, Ser C-1 (Mandatory put 12/01/26) <br>| 4.00% | 10/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$501014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Black Belt Energy Gas Dist AL Gas Proj Rev Gas Proj, Ser F (Mandatory put 12/01/28)<br>| 5.50% | 11/01/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Black Belt Energy Gas Dist AL Gas Proj Rev, Ser C-1 (Mandatory put 6/01/29)<br>| 5.25% | 02/01/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536535 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Wilsonville AL Indl Dev Brd Poll Control Rev Var Ref AL Pwr Co, Ser D (a)<br>| 1.30% | 01/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2574827 |
|  | **Arizona – 1.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465000 | AZ Brd of Rgts, Ser A<br>| 5.00% | 07/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | Pima Cnty AZ Indl Dev Auth Sr Living Rev La Posada At Pusch Ridge Proj, Ser A (b)<br>| 6.25% | 11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781106 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1302965 |
|  | **Arkansas – 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | AR Dev Fin Auth Envrnmntl Rev Green Bond United States Steel Corp Proj, AMT (b)<br>| 5.45% | 09/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250141 |
|  | **California – 10.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | CA Cmnty Choice Fing Auth Clean Energy Proj Rev Green Bond, Ser A-1 (Mandatory put 08/01/28) <br>| 4.00% | 05/01/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835000 | CA Cmnty Choice Fing Auth Clean Energy Proj Rev Green Bond, Ser B-1 (Mandatory put 08/01/31) <br>| 4.00% | 02/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | CA St Hlth Facs Fing Auth Rev Stanford Hlth Care, Ser A<br>| 5.00% | 08/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | CA St Muni Fin Auth Chrt Sch Rev Palmdale Aerospace Acdmy Proj, Ser A (b)<br>| 5.00% | 07/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | CA St Muni Fin Auth Rev Ref HumanGood Oblig Grp, Ser A<br>| 4.00% | 10/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | CA St Poll Control Fin Auth Sol Wst Disp Rev Ref Wst Mgmt Inc, Ser A3, AMT<br>| 4.30% | 07/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | CA St Poll Control Fin Auth Wtr Furnishing Rev Plant Bonds, AMT (b)<br>| 5.00% | 07/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | CA St Stwd Cmntys Dev Auth Mfh Rev Var Adams Boulevard & Harvard Gardens Apartments Sub, Ser L-1 (Mandatory put 03/01/24) <br>| 3.50% | 03/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Fontana CA Spl Tax Cmnty Facs Dist #80 Bella Strada<br>| 5.00% | 09/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514638 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Kern CA Cmnty Clg Dist, Ser D<br>| 5.25% | 08/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1171504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | Los Angeles CA Dept of Arpts Arpt Rev Prerefunded Subord Ref, Ser D, AMT (Pre-refunded maturity 11/15/31) <br>| 5.00% | 05/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | Los Angeles CA Dept of Arpts Arpt Rev Sub Los Angeles Intl Arpt, Ser A, AMT<br>| 5.25% | 05/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475000 | Los Angeles CA Dept of Arpts Arpt Rev Unrefunded Subord Ref, Ser D, AMT<br>| 5.00% | 05/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675000 | River Islands CA Pub Fing Auth Spl Tax Ref Cmnty Facs Dist #2003-1, Ser A-1, AGM<br>| 5.00% | 09/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | San Diego Cnty CA Regl Arpt Auth Arpt Rev Ref Subord Arpt Rev Bonds, Ser B<br>| 5.00% | 07/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | San Francisco CA City & Cnty Arpts Commn Intl Arpt Rev, Ser E, AMT<br>| 5.00% | 05/01/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | Santa Clara Vly CA Wtr Dist Safe Clean Wtr Rev Green Bond, Ser A<br>| 5.00% | 08/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605000 | Tustin CA Cmnty Facs Dist Spltax Ref #06-1 Legacy Columbus Vlgs, Ser A<br>| 5.00% | 09/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630835 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9077126 |

---

------

#### First Trust Managed Municipal Fund<br>

#### Portfolio of Investments (Continued)

#### January 31, 2023 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Value** | **Description** | **Stated<br> Coupon** | **Stated<br> Maturity** | **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Colorado – 3.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$500000 | Copperleaf CO Met Dist #6, Ser A (Pre-refunded maturity 12/01/23)<br>| 5.25% | 12/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$525071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | Denver City & Cnty CO Arpt Rev Ref, Ser D, AMT<br>| 5.50% | 11/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1089355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Mirabelle Met Dist #2 CO Sr, Ser A<br>| 5.00% | 12/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Murphy Creek Met Dist #5 CO Sr Bonds, Ser A<br>| 6.00% | 12/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497200 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2569271 |
|  | **Connecticut – 2.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330000 | CT St Hlth & Eductnl Facs Auth Rev Covenant Home Inc, Ser B<br>| 5.00% | 12/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344965 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | CT St Hlth & Eductnl Facs Auth Rev Var Remk, Ser A (Mandatory put 02/10/26) <br>| 2.80% | 07/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | CT St Spl Tax Oblig Rev Transprtn Infra Purp, Ser A<br>| 5.00% | 07/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Harbor Point CT Infra Impt Dist Spl Oblig Rev Ref Harbor Point Proj Ltd (b)<br>| 5.00% | 04/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500580 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2139148 |
|  | **Florida – 3.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Broward Cnty FL Arpt Sys Rev, Ser A, AMT<br>| 5.00% | 10/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320000 | Broward Cnty FL Port Facs Rev, AMT<br>| 5.00% | 09/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | FL St Dev Fin Corp Var Brightline Passngr Rail Expan Proj Remk, Ser A, AMT (Mandatory put 04/04/23) <br>| 2.90% | 12/01/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Forest Lake Cmnty Dev Dist FL Spl Assmnt Assmnt Area 1 Proj (b)<br>| 4.00% | 05/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | Lee Cnty FL Loc Optional Gas Tax Rev<br>| 5.00% | 08/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | Palm Beach Cnty FL Hlth Facs Auth Hosp Rev Jupiter Med Ctr Proj, Ser A<br>| 5.00% | 11/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285000 | Pasco Cnty FL Sch Brd, Ser A, AGM, COPS<br>| 5.00% | 08/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | SE Overtown Park W Cmnty Redev Agy FL Tax, Ser A-1 (b)<br>| 5.00% | 03/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254977 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3117520 |
|  | **Georgia – 3.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Burke Cnty GA Dev Auth Poll Control Rev Var GA Pwr Co Vogtle, Ser 1 (a)<br>| 1.45% | 07/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740000 | Main Street Nat Gas Inc GA Gas Sply Rev, Ser A<br>| 5.00% | 06/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Main Street Nat Gas Inc GA Gas Sply Rev, Ser A (Mandatory put 12/01/29)<br>| 4.00% | 09/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | Muni Elec Auth of GA Plant Vogtle Units 3&4 Proj J Bonds, Ser A, AGM<br>| 5.00% | 07/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335000 | Muni Elec Auth of GA Plant Vogtle Units 3&4 Proj J, Ser A, AGM<br>| 5.00% | 07/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382678 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3125239 |
|  | **Hawaii – 1.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | HI St Arpts Sys Rev, Ser A, AMT<br>| 5.00% | 07/01/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Honolulu City & Cnty HI Brd of Wtr Sply Sys Rev, Ser A<br>| 3.00% | 07/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454195 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977471 |
|  | **Idaho – 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505000 | ID St Hlth Facs Auth Rev Ref St Lukes Hlth Sys Proj, Ser A<br>| 5.00% | 03/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546119 |
|  | **Illinois – 4.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | Chicago IL Chicago Wks, Ser A<br>| 5.50% | 01/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415000 | Chicago IL O'Hare Intl Arpt Rev Ref Gen Sr Lien, Ser C<br>| 5.00% | 01/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | IL St <br>| 5.50% | 05/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | IL St, Ser A<br>| 5.50% | 03/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410000 | Madison Bond Etc Cntys Il Cmnty Unit Sch Dist #5, Ser B, AGM<br>| 5.50% | 02/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476792 |

---

------

#### First Trust Managed Municipal Fund<br>

#### Portfolio of Investments (Continued)

#### January 31, 2023 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Value** | **Description** | **Stated<br> Coupon** | **Stated<br> Maturity** | **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Illinois (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;$1025000 | Sangamon Menard Etc Cntys IL Cmnty Sch Dist #8, Ser A<br>| 5.00% | 02/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;$1140502 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3678675 |
|  | **Indiana – 3.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525000 | IN St Fin Auth Envrnmntl Rev Ref Var Duke Energy IN Inc Proj Remk, Ser A-1, AMT (Mandatory put 06/01/32) <br>| 4.50% | 05/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | IN St Fin Auth Envrnmntl Rev Var Ref Fulcrum Centerpoint LLC Proj, AMT (Mandatory put 11/15/23)<br>| 4.50% | 12/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Rockport IN Poll Control Rev Ref Aep Generating Company Proj Remk, Ser A<br>| 3.13% | 07/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Rockport IN Poll Control Rev Ref Aep Generating Company Proj Remk, Ser B<br>| 3.13% | 07/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | Whiting IN Envrnmntl Facs Rev Ref BP Products N America Inc Proj, Ser A, AMT (Mandatory put 06/05/26) <br>| 5.00% | 12/01/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725203 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2760194 |
|  | **Iowa – 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | IA St Fin Auth Midwstrn Disaster Area Rev Ref IA Fertilizer Company Proj (Mandatory put 12/01/42)<br>| 5.00% | 12/01/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511273 |
|  | **Kansas – 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235000 | Shawnee Cnty KS Pub Bldg Commn Rev Corrections And Parks & Rec Projs<br>| 5.00% | 09/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280354 |
|  | **Kentucky – 3.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | KY St Econ Dev Fin Auth Sol Wst Disp Rev Ref Rep Svcs Inc Pj Remk, Ser B (Mandatory put 03/01/23) <br>| 2.90% | 04/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580000 | KY St Property & Bldgs Commn Revs Proj #124, Ser A, AGM<br>| 5.00% | 11/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651924 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Meade Cnty KY Indl Bldg Rev Var Nucor Steel Brandenburg Proj Green Bond, Ser B-1 (a)<br>| 2.00% | 08/01/61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2651932 |
|  | **Louisiana – 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490000 | LA St Loc Govt Envrnmntl Facs & Cmnty Dev Auth Rev Ref Westlake Chemical Corp Proj Remk <br>| 3.50% | 11/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | Saint John the Baptist Parish LA Rev Var Ref Marathon Oil Corp Proj Remk, Subser 2017B-2 (Mandatory put 07/01/26) <br>| 2.38% | 06/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236769 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705221 |
|  | **Maryland – 2.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | MD St Dept of Transprtn Consol Transprtn <br>| 3.00% | 11/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335000 | MD St Dept of Transprtn Consol Transprtn 2nd Issue<br>| 5.00% | 10/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367924 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Prince Georges Cnty MD Consol Pub Impt, Ser A<br>| 3.00% | 03/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000417 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1921030 |
|  | **Michigan – 2.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1300000 | Great Lakes Wtr Auth MI Wtr Rev Ref Bds C Rev Re<br>| 5.25% | 07/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1416691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355000 | MI St Fin Auth Rev Multi Modal Mclaren Hlth Care, Ser A<br>| 5.00% | 02/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383585 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800276 |
|  | **Minnesota – 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | Alexandria MN Indep Sch Dist #206 Ref Sch Bldg, Ser B<br>| 5.00% | 02/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666169 |
|  | **Mississippi – 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | MS St Hosp Equipment & Facs Auth Ref Adj Baptist Memorial Hlth Care Corp Remk, Ser A-2 (Mandatory put 08/30/23) <br>| 3.15% | 09/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499958 |

---

------

#### First Trust Managed Municipal Fund<br>

#### Portfolio of Investments (Continued)

#### January 31, 2023 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Value** | **Description** | **Stated<br> Coupon** | **Stated<br> Maturity** | **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Missouri – 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$500000 | MO St Hlth & Eductnl Facs Auth Var St Louis Univ, Ser B-1 (a)<br>| 1.25% | 10/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$500000 |
|  | **Nevada – 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620000 | Carson City NV Hosp Rev Ref Carson Tahoe Regl Med Ctr, Ser A<br>| 5.00% | 09/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667972 |
|  | **New Jersey – 2.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | NJ St Econ Dev Auth Mtr Vehcl Surcharge Rev Ref, Subser A, BAM<br>| 5.00% | 07/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180000 | NJ St Hgr Edu Asst Auth Stdt Loan Rev, Ser 1A, AMT<br>| 4.00% | 12/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565000 | NJ St Transprtn Trust Fund Auth Fun Auth Transprtn Prog Bonds, Ser CC<br>| 5.25% | 06/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | NJ St Transprtn Trust Fund Auth Ref Transprtn Sys Bonds, Ser A<br>| 5.00% | 12/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | NJ St Turnpike Auth Turnpike Rev, Ser A<br>| 5.00% | 01/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516444 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2354872 |
|  | **New Mexico – 1.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Farmington NM Poll Control Rev Var Ref Pub Svc Co of NM San Juan Proj Remk, Ser D (Mandatory put 06/01/23) <br>| 1.10% | 06/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Winrock Town Ctr NM Tax Incr Dev Dist #1 Ref Sr Lien (b)<br>| 4.25% | 05/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426617 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1417819 |
|  | **New York – 8.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475000 | Build NYC Res Corp NY Rev Global Cmnty Chrt Sch Proj, Ser A<br>| 5.00% | 06/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295000 | Build NYC Res Corp NY Rev Social Bond E Harlem Scholars Acdmy Chrt Sch Proj (b)<br>| 5.75% | 06/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | Build NYC Res Corp NY Rev Social Bond Kipp NYC Pub Sch Facs Canal W Proj<br>| 5.25% | 07/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | Long Beach NY, Ser B, BAM<br>| 5.25% | 07/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | New York City NY Hsg Dev Corp Mf Hsg Rev Sustainable Dev Bonds, Ser F-2A (Mandatory put 12/22/26) <br>| 3.40% | 11/01/62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | New York City NY Muni Wtr Fin Auth Wtr & Swr Sys Rev 2nd Gen Resolution, Ser BB-1 <br>| 5.00% | 06/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | New York City NY Transitional Fin Auth Rev Future Tax Sec Sub, Subser D-1<br>| 5.50% | 11/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | New York City NY Transitional Fin Auth Rev Sub, Ser B-1<br>| 4.00% | 11/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | New York NY Subser B-1, Ser B<br>| 5.25% | 10/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775000 | New York St Urban Dev Corp Rev Personal Income Tax, Ser A<br>| 5.00% | 03/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460000 | Westchester NY Tobacco Asset Securitization Ref Sr, Ser B<br>| 5.00% | 06/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | Westhill NY Centrl Sch Dist, BANS<br>| 4.00% | 06/28/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376975 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Yonkers NY, Ser F, BAM<br>| 5.00% | 11/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120858 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7464714 |
|  | **North Carolina – 2.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Charlotte Mecklenburg NC Hosp Auth Hlth Care Sys Rev Var Atrium Hlth, Ser C (Mandatory put 03/01/23) <br>| 5.00% | 01/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 | NC St Med Care Commn Hosp Rev Caromont Hlth, Ser B (Mandatory put 02/01/26)<br>| 5.00% | 02/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | NC St Turnpike Auth, BANS<br>| 5.00% | 02/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511740 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2422832 |
|  | **Ohio – 1.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Buckeye OH Tobacco Stlmt Fing Auth Ref Sr, Ser B-2, Class 2<br>| 5.00% | 06/01/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | OH St Air Quality Dev Auth Exempt Facs Rev AMG Vanadium Proj, AMT (b)<br>| 5.00% | 07/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456934 |

---

------

#### First Trust Managed Municipal Fund<br>

#### Portfolio of Investments (Continued)

#### January 31, 2023 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Value** | **Description** | **Stated<br> Coupon** | **Stated<br> Maturity** | **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Ohio (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$500000 | OH St Air Quality Dev Auth Ref OH Vly Elec Corp Proj, Ser A<br>| 3.25% | 09/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$465238 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1399674 |
|  | **Oregon – 2.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Clackamas Cnty OR Hosp Fac Auth Rev Ref Rose Villa Proj, Ser A<br>| 5.38% | 11/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270000 | OR St Dept of Transprtn Hwy User Tax Rev Subord Lien, Ser A<br>| 5.00% | 11/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955000 | Port of Portland OR Arpt Rev, Ser Twenty Seven A, AMT<br>| 5.00% | 07/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1079655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Union Cnty OR Hosp Fac Auth Grande Ronde Hosp<br>| 5.00% | 07/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523392 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2374802 |
|  | **Pennsylvania – 6.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515000 | Lancaster Cnty PA Hosp Auth Penn St Hlth<br>| 5.00% | 11/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Lehigh Cnty PA Indl Dev Auth Ref Ppl Elec Util Corp Proj Remk, Ser A<br>| 3.00% | 09/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Maxatawny Twp PA Muni Auth Rev Diakon Lutheran Social Ministries Proj, Ser A<br>| 5.00% | 01/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Montgomery Cnty PA Indl Dev Auth Ref Acts Retmnt Life Cmntys Inc Oblig Grp<br>| 5.00% | 11/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506843 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | PA St Econ Dev Fing Auth T/E Priv Activity Rev, The Penndot Major Bridges Package One Proj, P3 Proj, AMT <br>| 5.50% | 06/30/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1126654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340000 | PA St Turnpike Commn Oil Franchise Tax Rev Ref, Ser A<br>| 5.00% | 12/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | PA St Turnpike Commn Turnpike Rev Ref, Ser B<br>| 5.00% | 12/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | Philadelphia PA, Ser A<br>| 4.00% | 05/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453088 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Southcentrl PA Gen Auth Rev Var Ref Wellspan Hlth Obligated Grp, Ser C (Mandatory put 02/01/23) (a)<br>| 1.24% | 06/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5865827 |
|  | **Puerto Rico – 1.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | Puerto Rico Cmwlth Restructured, Ser A1<br>| 4.00% | 07/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77000 | Puerto Rico Sales Tax Fing Corp Sales Tax Rev Restructured, Ser A-1<br>| 4.50% | 07/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531000 | Puerto Rico Sales Tax Fing Corp Sales Tax Rev Restructured, Ser A-2<br>| 4.33% | 07/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509666 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290044 |
|  | **South Carolina – 2.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Patriots Energy Grp Fing Agy SC Gas Sply Rev, Ser A (Mandatory put 02/01/24)<br>| 4.00% | 10/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355000 | SC St Jobs Econ Dev Auth Econ Dev Rev Ref The Woodlands at Furman<br>| 4.00% | 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545000 | SC St Pub Svc Auth Rev Ref Santee Cooper, Ser C, AGM<br>| 5.50% | 12/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624871 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1975404 |
|  | **Tennessee – 2.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Met Govt Nashville & Davidson Cnty TN, Ser A<br>| 4.00% | 01/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Met Nashville TN Arpt Auth Arpt Rev, Ser B, AMT<br>| 5.50% | 07/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563457 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | TN St Energy Acq Corp Gas Rev Proj, Ser A (Mandatory put 05/01/23)<br>| 4.00% | 05/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001069 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2090734 |
|  | **Texas – 10.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Arlington TX Hgr Edu Fin Corp Edu Rev Ref Harmony Pub Schs, Ser A<br>| 4.00% | 02/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508789 |

---

------

#### First Trust Managed Municipal Fund<br>

#### Portfolio of Investments (Continued)

#### January 31, 2023 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Value** | **Description** | **Stated<br> Coupon** | **Stated<br> Maturity** | **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Texas (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$200000 | Arlington TX Hgr Edu Fin Corp Edu Rev Trinity Basin Preparatory Inc<br>| 5.00% | 08/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$226641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | Austin TX Arpt Sys Rev, Ser B, AMT<br>| 5.00% | 11/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | Centrl TX Regl Mobility Auth Rev Ref Sr Lien, Ser B<br>| 5.00% | 01/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | Centrl TX Regl Mobility Auth Rev, Ser B<br>| 5.00% | 01/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410000 | Corpus Christi TX Util Sys Rev Junior Lien, Ser B<br>| 5.00% | 07/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | Cotulla TX Indep Sch Dist<br>| 5.00% | 02/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Dallas TX Area Rapid Transit Sales Tax Rev Ref, Ser A<br>| 4.00% | 12/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Fort Bend Cnty TX Muni Util Dist #182, BAM<br>| 5.00% | 09/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545000 | Fulshear Muni Util Dist No 3A TX, BAM<br>| 5.00% | 09/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000 | Lower Colorado River TX Auth Trans Contract Rev Ref LCRA Trans Svcs Corp Proj<br>| 5.00% | 05/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Lower Colorado River TX Auth Trans Contract Rev Ref LCRA Trans Svcs Corp Proj<br>| 5.00% | 05/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | N TX Tollway Auth Rev Ref 2nd Tier, Ser B<br>| 5.00% | 01/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Newark Hgr Edu Fin Corp TX Edu Rev Hughen Ctr Inc Proj, Ser A<br>| 5.00% | 08/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Princeton TX Spl Assmnt Rev Winchester Pub Impr Dt #2 Proj (b)<br>| 5.13% | 09/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | Tarrant Cnty TX Cultural Edu Facs Fin Corp Hosp Rev Var Baylor Scott & White Hlth Proj, Ser F (Mandatory put 11/15/30) <br>| 5.00% | 11/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245000 | TX St Wtr Dev Brd St Revolving Fund<br>| 5.00% | 08/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755000 | TX St Wtr Dev Brd St Wtr Implementation Fund, Ser A<br>| 4.00% | 10/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784653 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8726843 |
|  | **Utah – 1.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Downtown E Streetcar Swr Pub Infra Dist Sr Lien, Ser A (b)<br>| 5.75% | 03/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | UT St Telecommunication Open Infra Agy Sales Tax Ref<br>| 5.25% | 06/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826209 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335319 |
|  | **Washington – 0.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | WA St Mvft Vrf Go Bonds, Ser F<br>| 5.00% | 06/01/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786922 |
|  | **West Virginia – 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | WV St Econ Dev Auth Sol Wst Disp Facs Var Sr Arch Res Proj, AMT (Mandatory put 07/01/25)<br>| 5.00% | 07/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503513 |
|  | **Wisconsin – 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | WI St Hlth & Eductnl Facs Auth Rev Bellin Memorial Hosp Inc, Ser A<br>| 5.00% | 12/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547249 |
|  | **Wyoming – 2.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785000 | Consol Muni Elec Pwr Sys WY Jt Pwrs Brd Sys Jt Powers Brd Ref Electrical System Proj<br>| 5.25% | 06/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905385 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Consol Muni Elec Pwr Sys WY Jt Pwrs Brd Sys Jt Powers Brd Ref Electrical System Proj<br>| 5.25% | 06/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135093 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2040478 |

---

---

| | |
|:---|:---|
| **Total Investments – 97.6%<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84919927 |
| (Cost $83,157,396) |  |
| **Net Other Assets and Liabilities – 2.4%<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2081129 |
| **Net Assets – 100.0%<br>**  | &nbsp;&nbsp;&nbsp;$87001056 |

---

------

#### First Trust Managed Municipal Fund<br>

#### Portfolio of Investments (Continued)

#### January 31, 2023 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Position** | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Value** | **Unrealized<br> Appreciation<br> (Depreciation)/<br> Value** |
| Ultra 10-Year U.S. Treasury Note Futures | Short | 8 | Mar 2023 | $(969625) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$750 |

---

(a) Variable Rate Demand bond. Interest rate is reset periodically by the agent based on current market conditions.

(b) This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule 144A of the Securities Act of 1933, as
amended, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Trust's Board of Trustees, this security has been determined
to be liquid by First Trust Advisors L.P. (the "Advisor"). Although market instability can result in periods of increased overall market illiquidity, liquidity for each security is determined based on
security specific factors and assumptions, which require subjective judgment. At January 31, 2023, securities noted as such amounted to $5,166,474 or 5.9% of net assets.

---

| | |
|:---|:---|
| AGM | &nbsp;&nbsp;Assured Guaranty Municipal Corp. |
| AMT | &nbsp;&nbsp;Alternative Minimum Tax |
| BAM | &nbsp;&nbsp;Build America Mutual |
| BANS | &nbsp;&nbsp;Bond Anticipation Notes |
| COPS | &nbsp;&nbsp;Certificates of Participation |

---

------

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

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

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

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

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

A summary of the inputs used to value the Fund's investments as of January 31, 2023 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total<br> Value at<br> 1/31/2023** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** |
| Municipal Bonds\*<br>| $84919927 | &nbsp;&nbsp;$— | $84919927 | $— |
| Futures Contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total<br>| $84920677 | &nbsp;&nbsp;$750 | $84919927 | $— |

---

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

## 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 Series Fund

- **b. Investment Company Act file number:** 811-22452

- **c. CIK number of Registrant:** 0001497778

- **d. LEI of Registrant:** 549300RL1B5O4HI4N885

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

  - **Street Address 1:** 120 East Liberty Drive

  - **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 Managed Municipal Fund

- **b. EDGAR series identifier (if any):** S000074778

- **c. LEI of Series:** 549300B8TD0GNZDKG002

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $89014953.80

**Total Liabilities:** $2111346.22

**Net Assets:** $86903607.58

**Delayed Delivery Securities:** $1781721.20

**Cash Not Reported:** $3257163.97

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 148.79084000 | **1-Year:** 1923.55536000 | **5-Year:** 11613.57042000 | **10-Year:** 40340.71603000 | **30-Year:** 1925.72095000

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

- **3-Month:** 0.00000000 | **1-Year:** 78.14491000 | **5-Year:** 108.39832000 | **10-Year:** 1391.19718000 | **30-Year:** 154.66998000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000232961 | 3.76%                | 0.24%                | 2.59%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $980.13                  | $1957637.87                                |
| Month 2  | $0.00                    | $-150103.12                                |
| Month 3  | $-1434.60                | $1970286.65                                |

**Designated Index Information**

- **Index Name:** No DRP assigned - limited derivatives user fund.

- **Index Identifier:** N/A

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| PIMA CNTY AZ INDL DEV AUTH SEN              | Industrial Development Authority of the County of Pima/The                       | CUSIP: 72178AAF9<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    750000 | PA      | $781106.25    | 0.90%             | 2035-11-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| LONG BEACH NY                               | City of Long Beach NY                                                            | CUSIP: 542519ES8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $432900.40    | 0.50%             | 2042-07-15      | 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        |    500000 | PA      | $536535.00    | 0.62%             | 2053-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL               | Connecticut State Health & Educational Facilities Authority                      | CUSIP: 20774Y6T9<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    330000 | PA      | $344965.14    | 0.40%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST ARPTS SYS REVENUE                 | State of Hawaii Airports System Revenue                                          | CUSIP: 419794A44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $523275.90    | 0.60%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN              | California Pollution Control Financing Authority                                 | CUSIP: 130536QT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $506045.70    | 0.58%             | 2040-07-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA              | Chicago O'Hare International Airport                                             | CUSIP: 167593VV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $434007.87    | 0.50%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA                             | City of Philadelphia PA                                                          | CUSIP: 717813ZC6<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |    450000 | PA      | $453088.08    | 0.52%             | 2041-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEWARK HGR EDU FIN CORP TX EDU              | Newark Higher Education Finance Corp                                             | CUSIP: 650346FN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $564364.80    | 0.65%             | 2037-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL               | New York City Transitional Finance Authority Future Tax Secured Revenue          | CUSIP: 64971X4D7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $293261.70    | 0.34%             | 2045-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| KERN CA CMNTY CLG DIST                      | Kern Community College District                                                  | CUSIP: 492244GS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1171504.00   | 1.35%             | 2040-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH CH              | California Municipal Finance Authority                                           | CUSIP: 13048DCP1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    250000 | PA      | $243439.35    | 0.28%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV              | Build NYC Resource Corp                                                          | CUSIP: 12008ETX4<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    750000 | PA      | $791501.93    | 0.91%             | 2052-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GA                        | Municipal Electric Authority of Georgia                                          | CUSIP: 62620HDW9<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    335000 | PA      | $382678.47    | 0.44%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                | Michigan Finance Authority                                                       | CUSIP: 59447TUX9<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    355000 | PA      | $383584.85    | 0.44%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV              | Build NYC Resource Corp                                                          | CUSIP: 12008ETJ5<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    295000 | PA      | $308416.72    | 0.35%             | 2042-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| YONKERS NY                                  | City of Yonkers NY                                                               | CUSIP: 986082W43<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1120858.00   | 1.29%             | 2039-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F              | Tarrant County Cultural Education Facilities Finance Corp                        | CUSIP: 87638QSG5<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    750000 | PA      | $857254.05    | 0.99%             | 2052-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY PA INDL DEV AU              | Montgomery County Industrial Development Authority/PA                            | CUSIP: 61360PCK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $506842.60    | 0.58%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL TX REGL MOBILITY AUTH R              | Central Texas Regional Mobility Authority                                        | CUSIP: 155498LT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $441495.16    | 0.51%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH                | Ohio Air Quality Development Authority                                           | CUSIP: 677525WB9<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |    500000 | PA      | $465238.20    | 0.54%             | 2029-09-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| TUSTIN CA CMNTY FACS DIST SPLT              | Tustin Community Facilities District                                             | CUSIP: 901047GD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    605000 | PA      | $630834.71    | 0.73%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL               | Black Belt Energy Gas District                                                   | CUSIP: 09182TBT3<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    500000 | PA      | $537278.10    | 0.62%             | 2053-11-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A              | California Community Choice Financing Authority                                  | CUSIP: 13013JBJ4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    600000 | PA      | $609523.38    | 0.70%             | 2053-05-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PROPERTY & BLDGS C              | Kentucky State Property & Building Commission                                    | CUSIP: 49151FM72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $651924.06    | 0.75%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX ARPT SYS REVENUE                  | City of Austin TX Airport System Revenue                                         | CUSIP: 052398GV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $592076.93    | 0.68%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP               | Arlington Higher Education Finance Corp                                          | CUSIP: 041806LL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $508788.65    | 0.59%             | 2036-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A              | City of Los Angeles Department of Airports                                       | CUSIP: 544445P94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $29023.71     | 0.03%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARBOR POINT CT INFRASTRUCTURE              | Harbor Point Infrastructure Improvement District                                 | CUSIP: 41154VAK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500580.00    | 0.58%             | 2039-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HLTH FACS AUTH REVENU              | Idaho Health Facilities Authority                                                | CUSIP: 451295ZT9<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |    505000 | PA      | $546119.32    | 0.63%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FONTANA CA SPL TAX                          | City of Fontana CA                                                               | CUSIP: 344630SV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $514638.30    | 0.59%             | 2046-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST WTR DEV BRD                        | Texas Water Development Board                                                    | CUSIP: 8828547W6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $286672.81    | 0.33%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL HLTH FACS A              | Palm Beach County Health Facilities Authority                                    | CUSIP: 69651ABU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $273039.75    | 0.31%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST TURNPIKE AUT              | North Carolina Turnpike Authority                                                | CUSIP: 65830RCW7<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |    500000 | PA      | $511740.40    | 0.59%             | 2024-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST WTR DEV BRD                        | Texas Water Development Board                                                    | CUSIP: 882854WU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    755000 | PA      | $784653.38    | 0.90%             | 2033-10-15      | Fixed         | 4.00%                 | 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        |    700000 | PA      | $706073.90    | 0.81%             | 2062-11-01      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| MADISON BOND ETC CNTYS IL CMNT              | Madison Bond Etc Counties Community Unit School District No 5 Highland           | CUSIP: 556627KU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $476792.32    | 0.55%             | 2035-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST URBAN DEV CORP REV              | New York State Urban Development Corp                                            | CUSIP: 650036AM8<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |    775000 | PA      | $854083.02    | 0.98%             | 2042-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE              | California Municipal Finance Authority                                           | CUSIP: 13048VKU1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    375000 | PA      | $382873.88    | 0.44%             | 2034-10-01      | Fixed         | 4.00%                 | 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        |    850000 | PA      | $909161.62    | 1.05%             | 2051-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH MIDWSTRN DISA              | Iowa Finance Authority                                                           | CUSIP: 46246SAV7<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    500000 | PA      | $511272.90    | 0.59%             | 2050-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING               | Pennsylvania Economic Development Financing Authority                            | CUSIP: 70868YAN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1126654.30   | 1.30%             | 2037-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SOUTHCENTRL PA GEN AUTH REVENU              | General Authority of Southcentral Pennsylvania                                   | CUSIP: 84129NMG1<br>LEI: 549300QBNU5LBV4QX812 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 1.15%             | 2037-06-01      | Variable      | 1.16%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A              | California Community Choice Financing Authority                                  | CUSIP: 13013JAP1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    835000 | PA      | $846958.37    | 0.97%             | 2052-02-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | Ultra 10-Year US Treasury Note                                                   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        -8 | NC      | $729.84       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN               | New York City Municipal Water Finance Authority                                  | CUSIP: 64972GUH5<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    500000 | PA      | $541194.75    | 0.62%             | 2049-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEE CNTY FL LOCAL OPTIONAL GAS              | County of Lee FL Local Option Gas Tax Revenue                                    | CUSIP: 52349LDT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $442105.08    | 0.51%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DALLAS TX AREA RAPID TRANSIT S              | Dallas Area Rapid Transit                                                        | CUSIP: 235241UQ7<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |    500000 | PA      | $534799.15    | 0.62%             | 2034-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV              | Build NYC Resource Corp                                                          | CUSIP: 12008ETD8<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    475000 | PA      | $470899.80    | 0.54%             | 2042-06-15      | Fixed         | 5.00%                 | 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   | 1.15%             | 2049-07-01      | Variable      | 1.35%                 | No            |                  2 | On Loan: No      |
| OREGON ST DEPT OF TRANSPRTN HI              | State of Oregon Department of Transportation                                     | CUSIP: 68607DUU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $306270.07    | 0.35%             | 2039-11-15      | 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        |   1000000 | PA      | $1000000.00   | 1.15%             | 2061-08-01      | Variable      | 1.90%                 | No            |                  2 | On Loan: No      |
| CORPUS CHRISTI TX UTILITY SYSR              | City of Corpus Christi TX Utility System Revenue                                 | CUSIP: 220245U85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $477808.79    | 0.55%             | 2035-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR              | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JPU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     77000 | PA      | $77369.72     | 0.09%             | 2034-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL PORT FACS REVE              | County of Broward FL Port Facilities Revenue                                     | CUSIP: 11506KGV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $351763.17    | 0.40%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH E              | Ohio Air Quality Development Authority                                           | CUSIP: 67754AAF1<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |    500000 | PA      | $456933.85    | 0.53%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DOWNTOWN EAST STREETCAR SWR PU              | Downtown East Streetcar Sewer Public Infrastructure District                     | CUSIP: 261151AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $509109.90    | 0.59%             | 2042-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A              | City of Los Angeles Department of Airports                                       | CUSIP: 544445ET2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $263184.15    | 0.30%             | 2048-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                  | City of Chicago IL                                                               | CUSIP: 167486P60<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    750000 | PA      | $815646.83    | 0.94%             | 2040-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ARKANSAS DEV FIN AUTH ENVIRONM              | Arkansas Development Finance Authority                                           | CUSIP: 04110FAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250141.23    | 0.29%             | 2052-09-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST ECON DEV FIN AUTH               | Kentucky Economic Development Finance Authority                                  | CUSIP: 49126RAD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000007.60   | 1.15%             | 2031-04-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| FORT BEND CNTY TX MUNI UTILITY              | Fort Bend County Municipal Utility District No 182                               | CUSIP: 34682BHV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $560199.75    | 0.64%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                 | City of New York NY                                                              | CUSIP: 64966QK74<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    500000 | PA      | $582486.40    | 0.67%             | 2040-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MIRABELLE MET DIST #2 CO                    | Mirabelle Metropolitan District No 2                                             | CUSIP: 60458HAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $457644.80    | 0.53%             | 2049-12-01      | Fixed         | 5.00%                 | 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        |    500000 | PA      | $501129.75    | 0.58%             | 2052-09-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TURNPIKE AUTH TU              | New Jersey Turnpike Authority                                                    | CUSIP: 6461395B7<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |    500000 | PA      | $516444.10    | 0.59%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET NASHVILLE TN ARPT AUTH ARP              | Metropolitan Nashville Airport Authority/The                                     | CUSIP: 592190QW5<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |    500000 | PA      | $563456.75    | 0.65%             | 2041-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST DEPT OF TRANSPRTN               | State of Maryland Department of Transportation                                   | CUSIP: 574204L92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $367924.07    | 0.42%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSON               | Metropolitan Government of Nashville & Davidson County TN                        | CUSIP: 592112VX1<br>LEI: 549300GW8FVQJ3DU6O10 | Long             | DBT              | MUN               | US        |    500000 | PA      | $526207.65    | 0.61%             | 2037-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COTULLA TX INDEP SCH DIST                   | Cotulla Independent School District                                              | CUSIP: 222057JA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $352606.62    | 0.41%             | 2034-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES MI WTR AUTH WTR SP              | Great Lakes Water Authority Water Supply System Revenue                          | CUSIP: 39081JBF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1416691.12   | 1.63%             | 2033-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PUBLIC SVC A              | South Carolina Public Service Authority                                          | CUSIP: 837151R27<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    545000 | PA      | $624871.06    | 0.72%             | 2040-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A              | City of Los Angeles Department of Airports                                       | CUSIP: 544445R84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $544600.18    | 0.63%             | 2033-05-15      | 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        |    525000 | PA      | $541482.06    | 0.62%             | 2035-05-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| UNION CNTY OR HOSP FAC AUTH                 | Union County Hospital Facility Authority                                         | CUSIP: 906420CF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $523392.00    | 0.60%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH MT              | New Jersey Economic Development Authority                                        | CUSIP: 64578JAY2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    500000 | PA      | $504565.35    | 0.58%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FARMINGTON NM POLL CONTROL REV              | City of Farmington NM                                                            | CUSIP: 311450FS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $991202.00    | 1.14%             | 2040-06-01      | Variable      | 1.10%                 | 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        |    785000 | PA      | $905384.85    | 1.04%             | 2037-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CENTRL TX REGL MOBILITY AUTH R              | Central Texas Regional Mobility Authority                                        | CUSIP: 155498HR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $452741.40    | 0.52%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA BRD OF RGTS                         | Arizona Board of Regents                                                         | CUSIP: 040664AP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    465000 | PA      | $521858.39    | 0.60%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MURPHY CREEK MET DIST #5 CO                 | Murphy Creek Metropolitan District No 5                                          | CUSIP: 626657AA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $497200.00    | 0.57%             | 2052-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MAXATAWNY TWP PA MUNI AUTH REV              | Maxatawny Township Municipal Authority                                           | CUSIP: 57778PAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502478.55    | 0.58%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST TELECOMMUNICATION OPEN              | Utah Telecommunication Open Infrastructure Agency                                | CUSIP: 91756SAN3<br>LEI: 549300LCGT5UXUJ1LP77 | Long             | DBT              | MUN               | US        |    700000 | PA      | $826209.02    | 0.95%             | 2035-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FULSHEAR MUNI UTILITY DIST NO               | Fulshear Municipal Utility District No 3A                                        | CUSIP: 35986CJX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $571370.10    | 0.66%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOWER COLORADO RIVER TX AUTH T              | Lower Colorado River Authority                                                   | CUSIP: 54811BUY5<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |    190000 | PA      | $205967.58    | 0.24%             | 2039-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR              | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    531000 | PA      | $509665.80    | 0.59%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| SANTA CLARA VLY CA WTR DIST SA              | Santa Clara Valley Water District Safe Clean Water Revenue                       | CUSIP: 80168EAS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $471911.96    | 0.54%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N TX TOLLWAY AUTH REVENUE                   | North Texas Tollway Authority                                                    | CUSIP: 66285WXL5<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    250000 | PA      | $265023.83    | 0.30%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE-MECKLENBURG NC HOSP               | Charlotte-Mecklenburg Hospital Authority/The                                     | CUSIP: 160853TL1<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001930.50   | 1.15%             | 2048-01-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST               | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 6461366M8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    500000 | PA      | $532589.50    | 0.61%             | 2039-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER CNTY PA HOSP AUTH                 | Lancaster County Hospital Authority/PA                                           | CUSIP: 514045V83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    515000 | PA      | $563285.27    | 0.65%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI              | Pennsylvania Turnpike Commission Oil Franchise Tax Revenue                       | CUSIP: 709221VY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $370390.93    | 0.43%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF PORTLAND OR ARPT REVEN              | Port of Portland OR Airport Revenue                                              | CUSIP: 735240W58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    955000 | PA      | $1079655.00   | 1.24%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST               | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 64613CCE6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    565000 | PA      | $621250.10    | 0.71%             | 2041-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC              | Health & Educational Facilities Authority of the State of Missouri               | CUSIP: 6069014N3<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.58%             | 2035-10-01      | Variable      | 1.15%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP               | Arlington Higher Education Finance Corp                                          | CUSIP: 041807BV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $226641.04    | 0.26%             | 2035-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CARSON CITY NV HOSP REVENUE                 | Carson City NV                                                                   | CUSIP: 145810DM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    620000 | PA      | $667972.00    | 0.77%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST HOSP EQUIPMENT&              | Mississippi Hospital Equipment & Facilities Authority                            | CUSIP: 605360UC8<br>LEI: 549300DW2GVUIGE04396 | Long             | DBT              | MUN               | US        |    500000 | PA      | $499958.00    | 0.58%             | 2036-09-01      | Variable      | 3.15%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI              | Pennsylvania Turnpike Commission                                                 | CUSIP: 709225GE0<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    750000 | PA      | $834400.43    | 0.96%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVER ISLANDS CA PUBLIC FING A              | River Islands Public Financing Authority                                         | CUSIP: 76827QGL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $768151.01    | 0.88%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP                     | Florida Development Finance Corp                                                 | CUSIP: 340618DE4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $499707.25    | 0.58%             | 2056-12-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| SHAWNEE CNTY KS PUBLIC BLDG CO              | County of Shawnee KS                                                             | CUSIP: 820561AZ1<br>LEI: 5493007F3P7G61QTP515 | Long             | DBT              | MUN               | US        |    235000 | PA      | $280353.59    | 0.32%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL               | New York City Transitional Finance Authority Future Tax Secured Revenue          | CUSIP: 64971XNG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $509868.95    | 0.59%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CONSOL MUNI ELEC PWR SYS WY JT              | Consolidated Municipalities Electric Power Systems Joint Powers Board            | CUSIP: 210295EX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1135093.40   | 1.31%             | 2040-06-01      | Fixed         | 5.25%                 | 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        |    355000 | PA      | $343995.53    | 0.40%             | 2027-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PRINCETON TX SPL ASSMNT REVENU              | City of Princeton TX                                                             | CUSIP: 742400BS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $498447.55    | 0.57%             | 2042-09-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| COPPERLEAF CO MET DIST #6                   | Copperleaf Metropolitan District No 6                                            | CUSIP: 21765PAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $525071.05    | 0.60%             | 2048-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WHITING IN ENVRNMNTL FACS REVE              | City of Whiting IN                                                               | CUSIP: 96634RAU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $725203.22    | 0.83%             | 2044-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN              | California Pollution Control Financing Authority                                 | CUSIP: 13054WAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501385.65    | 0.58%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                 | State of Illinois                                                                | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    500000 | PA      | $543183.30    | 0.63%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FOREST LAKE CMNTY DEV DIST FL               | Forest Lake Community Development District                                       | CUSIP: 34585PAC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $435320.25    | 0.50%             | 2040-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| S E OVERTOWN PARK W CMNTY REDE              | Southeast Overtown Park West Community Redevelopment Agency                      | CUSIP: 841466AK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $254976.80    | 0.29%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A              | California Health Facilities Financing Authority                                 | CUSIP: 13033L8P5<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    500000 | PA      | $515598.30    | 0.59%             | 2054-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT JOHN THE BAPTIST PARISH               | Parish of St John the Baptist LA                                                 | CUSIP: 79020FBA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $236768.83    | 0.27%             | 2037-06-01      | Variable      | 2.38%                 | No            |                  2 | On Loan: No      |
| WESTCHESTER NY TOBACCO ASSET S              | Westchester Tobacco Asset Securitization Corp                                    | CUSIP: 957480BR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $476193.61    | 0.55%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GA                        | Municipal Electric Authority of Georgia                                          | CUSIP: 62620HGG1<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    400000 | PA      | $449900.80    | 0.52%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT               | Buckeye Tobacco Settlement Financing Authority                                   | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $477501.80    | 0.55%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST LOCAL GOVT ENVRNM              | Louisiana Local Government Environmental Facilities & Community Development Auth | CUSIP: 54628CDX7<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    490000 | PA      | $468451.96    | 0.54%             | 2032-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| TENNESSEE ST ENERGY ACQUISITIO              | Tennessee Energy Acquisition Corp                                                | CUSIP: 880443HZ2<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001069.50   | 1.15%             | 2048-05-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| WINROCK TOWN CENTER NM TAX INC              | Winrock Town Center Tax Increment Development District No 1                      | CUSIP: 97535RAG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $426616.85    | 0.49%             | 2040-05-01      | Fixed         | 4.25%                 | 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        |    500000 | PA      | $508687.10    | 0.59%             | 2029-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST ECON DEV AUTH              | West Virginia Economic Development Authority                                     | CUSIP: 95648VBF5<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |    500000 | PA      | $503513.10    | 0.58%             | 2045-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                          | Commonwealth of Puerto Rico                                                      | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    750000 | PA      | $703008.30    | 0.81%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST                               | State of Washington                                                              | CUSIP: 93974EPZ3<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |    700000 | PA      | $786922.50    | 0.91%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS CNTY OR HOSP FAC AUT              | Clackamas County Hospital Facility Authority                                     | CUSIP: 179027YN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $465484.70    | 0.54%             | 2055-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ROCKPORT IN POLL CONTROL REVEN              | City of Rockport IN                                                              | CUSIP: 773835BX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $496435.00    | 0.57%             | 2025-07-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI BRD OF              | Honolulu City & County Board of Water Supply                                     | CUSIP: 438689MS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $454194.75    | 0.52%             | 2041-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL ARPT SYS REVEN              | County of Broward FL Airport System Revenue                                      | CUSIP: 114894YP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $537247.70    | 0.62%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST STWD CMNTYS DEV               | California Statewide Communities Development Authority                           | CUSIP: 13079PYY3<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250162.55    | 0.29%             | 2026-03-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| PATRIOTS ENERGY GROUP FING AGY              | Patriots Energy Group Financing Agency                                           | CUSIP: 70342PAK0<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006537.70   | 1.16%             | 2048-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH ENVRNMNTL               | Indiana Finance Authority                                                        | CUSIP: 455054BJ4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500638.60    | 0.58%             | 2046-12-15      | Variable      | 4.50%                 | 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        |    500000 | PA      | $501014.40    | 0.58%             | 2052-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST SPL TAX OBLIG R              | State of Connecticut Special Tax Revenue                                         | CUSIP: 207758K51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $294690.70    | 0.34%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV              | City & County of Denver CO Airport System Revenue                                | CUSIP: 249182TB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $1089354.69   | 1.25%             | 2033-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CNTY CA REGL ARPT AU              | San Diego County Regional Airport Authority                                      | CUSIP: 79739GJH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $307442.33    | 0.35%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WILSONVILLE AL INDL DEV BRD PO              | Wilsonville Industrial Development Board                                         | CUSIP: 972475AH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 1.15%             | 2024-01-01      | Variable      | 1.20%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY              | San Francisco City & County Airport Comm-San Francisco International Airport     | CUSIP: 79766DSA8<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    500000 | PA      | $519848.75    | 0.60%             | 2050-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                 | State of Illinois                                                                | CUSIP: 452153DB2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    250000 | PA      | $268543.58    | 0.31%             | 2047-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PRINCE GEORGES CNTY MD                      | County of Prince George's MD                                                     | CUSIP: 741701Q66<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000417.30   | 1.15%             | 2027-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL               | Connecticut State Health & Educational Facilities Authority                      | CUSIP: 20775DUX8<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $998911.80    | 1.15%             | 2048-07-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HGR EDU ASSISTAN              | New Jersey Higher Education Student Assistance Authority                         | CUSIP: 646080SS1<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |    180000 | PA      | $180022.66    | 0.21%             | 2030-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA              | Main Street Natural Gas Inc                                                      | CUSIP: 56035DEM0<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    740000 | PA      | $791529.75    | 0.91%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROCKPORT IN POLL CONTROL REVEN              | City of Rockport IN                                                              | CUSIP: 773835BW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $496435.00    | 0.57%             | 2025-07-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA              | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712JGL1<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    500000 | PA      | $547248.85    | 0.63%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALEXANDRIA MN INDEP SCH DIST #              | Alexandria Independent School District No 206/MN                                 | CUSIP: 015131MT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $666169.34    | 0.77%             | 2024-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST DEPT OF TRANSPRTN               | State of Maryland Department of Transportation                                   | CUSIP: 574204D83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $552688.35    | 0.64%             | 2031-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PASCO CNTY FL SCH BRD COPS                  | Pasco County School Board                                                        | CUSIP: 702528NB2<br>LEI: 549300NYEDMC7IDJPE68 | Long             | DBT              | MUN               | US        |    285000 | PA      | $323360.40    | 0.37%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WESTHILL NY CENTRL SCH DIST                 | Westhill Central School District                                                 | CUSIP: 960361LP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $376975.13    | 0.43%             | 2023-06-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOWER COLORADO RIVER TX AUTH T              | Lower Colorado River Authority                                                   | CUSIP: 54811BWU1<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |    500000 | PA      | $545931.60    | 0.63%             | 2040-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SANGAMON MENARD ETC CNTYS IL C              | Sangamon Menard Etc Counties Community School District No 8 Pleasant Plains      | CUSIP: 800805FU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1140501.61   | 1.31%             | 2038-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-17

**Name of Applicant:** First Trust Series Fund

**Signature:** Donald P. Swade

**Name of Signer:** Donald P. Swade

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