# EDGAR Filing Document

**Accession Number:** 0001424212
**File Stem:** 0000940400-25-002881
**Filing Date:** 2025-9
**Character Count:** 175839
**Document Hash:** 221596f94f0d783b55c17d0e70e7bbe9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-002881.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0000940400-25-002881

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**PERIOD START**: 20251031

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22245
- **FILM NUMBER:** 251348997

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

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

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

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

## Series and Classes Contracts Data

### First Trust Preferred Securities and Income ETF (Series ID: S000034980)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000107588 | First Trust Preferred Securities and Income ETF | FPE             |

## Nport-Ex

**First Trust Preferred Securities and Income ETF (FPE)**

**Portfolio of Investments**

**July 31, 2025 (Unaudited)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | **Description** | **Stated** <br>**Rate**<br>| **Stated** <br>**Maturity**<br>| **Value** |
| **$25 PAR PREFERRED SECURITIES — 23.5%** | **$25 PAR PREFERRED SECURITIES — 23.5%** | **$25 PAR PREFERRED SECURITIES — 23.5%** | **$25 PAR PREFERRED SECURITIES — 23.5%** | **$25 PAR PREFERRED SECURITIES — 23.5%** |
|  | **Automobiles — 0.6%**  | **Automobiles — 0.6%**  | **Automobiles — 0.6%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 289338 | Ford Motor Co. | 6.20% | 06/01/59 | $6527465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 547884 | Ford Motor Co. | 6.00% | 12/01/59 | 12113715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 666528 | Ford Motor Co. | 6.50% | 08/15/62 | 15723396 |
|  |  |  |  | 34364576 |
|  | **Banks — 1.2%**  | **Banks — 1.2%**  | **Banks — 1.2%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1074114 | Bank of America Corp., Series KK | 5.38% | (a) | 23555320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15584 | Bank of America Corp., Series NN | 4.38% | (a) | 277551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16247 | Bank of America Corp., Series SS | 4.75% | (a) | 317954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106422 | JPMorgan Chase & Co., Series DD | 5.75% | (a) | 2666935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118126 | JPMorgan Chase & Co., Series GG | 4.75% | (a) | 2405045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 338028 | JPMorgan Chase & Co., Series LL | 4.63% | (a) | 6662532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 311869 | Pinnacle Financial Partners, Inc., Series B | 6.75% | (a) | 7937066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11621 | Truist Financial Corp., Series R | 4.75% | (a) | 225099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 244169 | US Bancorp, Series K | 5.50% | (a) | 5647629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270090 | Wells Fargo & Co., Series Z | 4.75% | (a) | 5207335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 617200 | Wintrust Financial Corp., Series F (b) | 7.88% | (a) | 16170640 |
|  |  |  |  | 71073106 |
|  | **Capital Markets — 4.5%**  | **Capital Markets — 4.5%**  | **Capital Markets — 4.5%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225115 | Affiliated Managers Group, Inc. | 5.88% | 03/30/59 | 4788196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197154 | Affiliated Managers Group, Inc. | 4.75% | 09/30/60 | 3434423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 857989 | Affiliated Managers Group, Inc. | 4.20% | 09/30/61 | 13315989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1193914 | Affiliated Managers Group, Inc. | 6.75% | 03/30/64 | 29012110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1488888 | Bank of New York Mellon (The) Corp., Series K (b) | 6.15% | (a) | 38443088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 630293 | Brookfield Oaktree Holdings LLC, Series A | 6.63% | (a) | 13816023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 993221 | Brookfield Oaktree Holdings LLC, Series B (c) | 6.55% | (a) | 21165539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1841208 | Carlyle Finance LLC | 4.63% | 05/15/61 | 33381101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 241487 | DigitalBridge Group, Inc., Series H | 7.13% | (a) | 5346522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1040241 | DigitalBridge Group, Inc., Series I | 7.15% | (a) | 23072545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 630953 | DigitalBridge Group, Inc., Series J | 7.13% | (a) | 13994538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 969378 | KKR Group Finance Co. IX LLC | 4.63% | 04/01/61 | 17487579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47891 | Morgan Stanley, Series I | 6.38% | (a) | 1193923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164265 | Morgan Stanley, Series K | 5.85% | (a) | 3912792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104500 | Morgan Stanley, Series P | 6.50% | (a) | 2675200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 491352 | Morgan Stanley, Series Q | 6.63% | (a) | 12657228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18355 | State Street Corp., Series G | 5.35% | (a) | 413722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1164646 | TPG Operating Group II, L.P. | 6.95% | 03/15/64 | 30257503 |
|  |  |  |  | 268368021 |
|  | **Consumer Finance — 0.0%**  | **Consumer Finance — 0.0%**  | **Consumer Finance — 0.0%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60806 | Capital One Financial Corp., Series I | 5.00% | (a) | 1196054 |
|  | **Diversified REITs — 0.2%**  | **Diversified REITs — 0.2%**  | **Diversified REITs — 0.2%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 506445 | Global Net Lease, Inc., Series A | 7.25% | (a) | 11384884 |
|  | **Diversified Telecommunication Services — 0.6%**  | **Diversified Telecommunication Services — 0.6%**  | **Diversified Telecommunication Services — 0.6%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 581117 | AT&T, Inc. | 5.35% | 11/01/66 | 13470292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 439146 | AT&T, Inc., Series A | 5.00% | (a) | 8980536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 734131 | AT&T, Inc., Series C | 4.75% | (a) | 14315554 |
|  |  |  |  | 36766382 |
|  | **Electric Utilities — 2.5%**  | **Electric Utilities — 2.5%**  | **Electric Utilities — 2.5%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3086398 | NextEra Energy Capital Holdings, Inc., Series U | 6.50% | 06/01/85 | 77468590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9848 | SCE Trust V, Series K (b) | 5.45% | (a) | 232807 |

---

------

**First Trust Preferred Securities and Income ETF (FPE)**

**Portfolio of Investments (Continued)**

**July 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | **Description** | **Stated**<br> **Rate**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **$25 PAR PREFERRED SECURITIES (Continued)** | **$25 PAR PREFERRED SECURITIES (Continued)** | **$25 PAR PREFERRED SECURITIES (Continued)** | **$25 PAR PREFERRED SECURITIES (Continued)** | **$25 PAR PREFERRED SECURITIES (Continued)** |
|  | **Electric Utilities (Continued)**  | **Electric Utilities (Continued)**  | **Electric Utilities (Continued)**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 322085 | SCE Trust VI | 5.00% | (a) | $5346611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1366259 | SCE Trust VII, Series M | 7.50% | (a) | 31601571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 543428 | SCE Trust VIII, Series N | 6.95% | (a) | 12189090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50423 | Southern (The) Co. | 5.25% | 12/01/77 | 1135022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 822284 | Southern (The) Co. | 6.50% | 03/15/85 | 21453389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180027 | Southern (The) Co., Series 2020 | 4.95% | 01/30/80 | 3715757 |
|  |  |  |  | 153142837 |
|  | **Financial Services — 1.5%**  | **Financial Services — 1.5%**  | **Financial Services — 1.5%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 947 | Apollo Global Management, Inc. (b) | 7.63% | 09/15/53 | 25219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2399438 | Corebridge Financial, Inc. | 6.38% | 12/15/64 | 58282349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1324277 | Equitable Holdings, Inc., Series A | 5.25% | (a) | 27386048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120470 | Jackson Financial, Inc. (b) | 8.00% | (a) | 3153904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161512 | Voya Financial, Inc., Series B (b) | 5.35% | (a) | 3981271 |
|  |  |  |  | 92828791 |
|  | **Food Products — 0.1%**  | **Food Products — 0.1%**  | **Food Products — 0.1%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33693 | CHS, Inc., Series 2 | 7.10% | (a) | 861867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232432 | CHS, Inc., Series 3 | 6.75% | (a) | 5706205 |
|  |  |  |  | 6568072 |
|  | **Independent Power and Renewable Electricity Producers — 0.4%**  | **Independent Power and Renewable Electricity Producers — 0.4%**  | **Independent Power and Renewable Electricity Producers — 0.4%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 891011 | Brookfield BRP Holdings Canada, Inc. | 4.63% | (a) | 13988873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 661025 | Brookfield Renewable Partners, L.P., Series 17 | 5.25% | (a) | 12321506 |
|  |  |  |  | 26310379 |
|  | **Insurance — 7.4%**  | **Insurance — 7.4%**  | **Insurance — 7.4%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2651526 | AEGON Funding Co., LLC | 5.10% | 12/15/49 | 53163096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30206 | Allstate (The) Corp., Series H | 5.10% | (a) | 653356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 794201 | American National Group, Inc. | 7.38% | (a) | 20093285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5725 | American National Group, Inc., Series B (b) | 6.63% | (a) | 144843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 313006 | AmTrust Financial Services, Inc. (d) | 7.25% | 06/15/55 | 5101998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 364175 | AmTrust Financial Services, Inc. (d) | 7.50% | 09/15/55 | 5681130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 | Arch Capital Group Ltd., Series F | 5.45% | (a) | 663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 324790 | Arch Capital Group Ltd., Series G | 4.55% | (a) | 5651346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2941 | Argo Group International Holdings, Inc. (b) | 7.00% | (a) | 74319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 444900 | Aspen Insurance Holdings Ltd. | 5.63% | (a) | 9142695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1981175 | Aspen Insurance Holdings Ltd. | 5.63% | (a) | 40316911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 577627 | Assurant, Inc. | 5.25% | 01/15/61 | 11396581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1435930 | Athene Holding Ltd. (b) | 7.25% | 03/30/64 | 36156717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1212665 | Athene Holding Ltd., Series A (b) | 6.35% | (a) | 30183232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1274505 | Athene Holding Ltd., Series E (b) | 7.75% | (a) | 33468501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 432766 | Axis Capital Holdings Ltd., Series E | 5.50% | (a) | 8901997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 790145 | CNO Financial Group, Inc. (c) | 5.13% | 11/25/60 | 15534251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1314899 | Enstar Group Ltd., Series D (b) | 7.00% | (a) | 30242677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1744360 | F&G Annuities & Life, Inc. | 7.95% | 12/15/53 | 46731404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2501039 | F&G Annuities & Life, Inc. | 7.30% | 01/15/65 | 60300050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87348 | Globe Life, Inc. | 4.25% | 06/15/61 | 1462206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4142 | MetLife, Inc., Series F | 4.75% | (a) | 83876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226438 | Phoenix (The) Cos., Inc. | 7.45% | 01/15/32 | 4075884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42858 | Prudential Financial, Inc. | 5.63% | 08/15/58 | 1047878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26228 | Reinsurance Group of America, Inc. (b) | 7.13% | 10/15/52 | 679830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24984 | Reinsurance Group of America, Inc. (b) | 5.75% | 06/15/56 | 620103 |

---

------

**First Trust Preferred Securities and Income ETF (FPE)**

**Portfolio of Investments (Continued)**

**July 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | **Description** | **Stated**<br> **Rate**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **$25 PAR PREFERRED SECURITIES (Continued)** | **$25 PAR PREFERRED SECURITIES (Continued)** | **$25 PAR PREFERRED SECURITIES (Continued)** | **$25 PAR PREFERRED SECURITIES (Continued)** | **$25 PAR PREFERRED SECURITIES (Continued)** |
|  | **Insurance (Continued)**  | **Insurance (Continued)**  | **Insurance (Continued)**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85784 | RenaissanceRe Holdings Ltd., Series F | 5.75% | (a) | $1891537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 859247 | RenaissanceRe Holdings Ltd., Series G | 4.20% | (a) | 13842469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 299532 | W.R. Berkley Corp. | 5.10% | 12/30/59 | 5963682 |
|  |  |  |  | 442606517 |
|  | **Mortgage REITs — 0.1%**  | **Mortgage REITs — 0.1%**  | **Mortgage REITs — 0.1%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300535 | &nbsp;&nbsp;&nbsp; AGNC Investment Corp., Series D, 3 Mo. CME Term SOFR + <br> CSA + 4.33% (e) | 8.91% | (a) | 7534413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5044 | &nbsp;&nbsp;&nbsp; AGNC Investment Corp., Series F, 3 Mo. CME Term SOFR + <br>CSA + 4.70% (e) | 9.28% | (a) | 128521 |
|  |  |  |  | 7662934 |
|  | **Multi-Utilities — 1.5%**  | **Multi-Utilities — 1.5%**  | **Multi-Utilities — 1.5%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 555398 | &nbsp;&nbsp;&nbsp; Algonquin Power & Utilities Corp., Series 19-A, 3 Mo. CME Term <br> SOFR + CSA + 4.01% (e) | 8.86% | 07/01/79 | 14512550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 635259 | Brookfield Infrastructure Finance ULC | 5.00% | 05/24/81 | 10761287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 616426 | Brookfield Infrastructure Partners, L.P., Series 13 | 5.13% | (a) | 10417599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56983 | Brookfield Infrastructure Partners, L.P., Series 14 | 5.00% | (a) | 947057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 988742 | CMS Energy Corp. | 5.88% | 10/15/78 | 22592755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 537886 | CMS Energy Corp. | 5.88% | 03/01/79 | 12516607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20021 | DTE Energy Co. | 4.38% | 12/01/81 | 354372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62805 | DTE Energy Co., Series E | 5.25% | 12/01/77 | 1418765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 798313 | Sempra | 5.75% | 07/01/79 | 17714566 |
|  |  |  |  | 91235558 |
|  | **Real Estate Management & Development — 0.7%**  | **Real Estate Management & Development — 0.7%**  | **Real Estate Management & Development — 0.7%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1460655 | Brookfield Property Partners, L.P., Series A | 5.75% | (a) | 18959302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1281330 | Brookfield Property Partners, L.P., Series A2 | 6.38% | (a) | 18233326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185918 | Brookfield Property Preferred, L.P. | 6.25% | 07/26/81 | 3021167 |
|  |  |  |  | 40213795 |
|  | **Specialized REITs — 0.1%**  | **Specialized REITs — 0.1%**  | **Specialized REITs — 0.1%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39376 | Public Storage, Series K | 4.75% | (a) | 752869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181438 | Public Storage, Series L | 4.63% | (a) | 3434621 |
|  |  |  |  | 4187490 |
|  | **Wireless Telecommunication Services — 2.1%**  | **Wireless Telecommunication Services — 2.1%**  | **Wireless Telecommunication Services — 2.1%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 704127 | United States Cellular Corp. | 6.25% | 09/01/69 | 17990445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2462803 | United States Cellular Corp. | 5.50% | 03/01/70 | 54600343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2402779 | United States Cellular Corp. | 5.50% | 06/01/70 | 53966416 |
|  |  |  |  | 126557204 |
|  | **Total $25 Par Preferred Securities** | **Total $25 Par Preferred Securities** | **Total $25 Par Preferred Securities** | 1414466600 |
|  | (Cost $1,528,702,727) | (Cost $1,528,702,727) | (Cost $1,528,702,727) |  |
| **$100 PAR PREFERRED SECURITIES — 0.0%** | **$100 PAR PREFERRED SECURITIES — 0.0%** | **$100 PAR PREFERRED SECURITIES — 0.0%** | **$100 PAR PREFERRED SECURITIES — 0.0%** | **$100 PAR PREFERRED SECURITIES — 0.0%** |
|  | **Food Products — 0.0%**  | **Food Products — 0.0%**  | **Food Products — 0.0%**  | **Food Products — 0.0%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700 | Dairy Farmers of America, Inc. (f) | 7.88% | (a) | 67550 |
|  | (Cost $64,400) | (Cost $64,400) | (Cost $64,400) |  |
| **$1,000 PAR PREFERRED SECURITIES — 2.9%** | **$1,000 PAR PREFERRED SECURITIES — 2.9%** | **$1,000 PAR PREFERRED SECURITIES — 2.9%** | **$1,000 PAR PREFERRED SECURITIES — 2.9%** | **$1,000 PAR PREFERRED SECURITIES — 2.9%** |
|  | **Banks — 2.9%**  | **Banks — 2.9%**  | **Banks — 2.9%**  | **Banks — 2.9%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37568 | Bank of America Corp., Series L | 7.25% | (a) | 45832960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110579 | Wells Fargo & Co., Series L | 7.50% | (a) | 130985249 |
|  | **Total $1,000 Par Preferred Securities** | **Total $1,000 Par Preferred Securities** | **Total $1,000 Par Preferred Securities** | 176818209 |
|  | (Cost $192,669,646) | (Cost $192,669,646) |  |  |

---

------

**First Trust Preferred Securities and Income ETF (FPE)**

**Portfolio of Investments (Continued)**

**July 31, 2025 (Unaudited)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par** <br>**Amount**<br>| **Description** | **Stated** <br>**Rate**<br>| **Stated** <br>**Maturity**<br>| **Value** |
| **CAPITAL PREFERRED SECURITIES — 72.0%** | **CAPITAL PREFERRED SECURITIES — 72.0%** | **CAPITAL PREFERRED SECURITIES — 72.0%** | **CAPITAL PREFERRED SECURITIES — 72.0%** | **CAPITAL PREFERRED SECURITIES — 72.0%** |
|  | **Banks — 38.8%**  | **Banks — 38.8%**  | **Banks — 38.8%**  |  |
| $22600000 | Banco Bilbao Vizcaya Argentaria S.A. (b) (g) | 7.75% | (a) | $23476548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25200000 | Banco Bilbao Vizcaya Argentaria S.A. (b) (g) | 9.38% | (a) | 28021392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11320000 | Banco de Credito e Inversiones S.A. (b) (f) (g) | 8.75% | (a) | 12173981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | Banco de Credito e Inversiones S.A. (b) (g) (h) | 8.75% | (a) | 5377200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 22250000 | Banco Mercantil del Norte S.A. (b) (f) (g) | 7.50% | (a) | 22315571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15700000 | Banco Mercantil del Norte S.A. (b) (f) (g) | 7.63% | (a) | 15860674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21630000 | Banco Mercantil del Norte S.A. (b) (f) (g) | 8.38% | (a) | 22863732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25000000 | Banco Mercantil del Norte S.A. (b) (f) (g) | 8.75% | (a) | 25634756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2800000 | Banco Santander S.A. (b) (g) | 4.75% | (a) | 2745473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30500000 | Banco Santander S.A. (b) (g) | 8.00% | (a) | 32857559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21600000 | Banco Santander S.A. (b) (g) | 9.63% | (a) | 24167577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50600000 | Banco Santander S.A. (b) (g) | 9.63% | (a) | 59888743 |
| &nbsp;&nbsp; 160622000 | Bank of America Corp. (b) | 6.63% | (a) | 164886996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 60800000 | Bank of Montreal (b) | 7.70% | 05/26/84 | 63758163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30189000 | Bank of Montreal (b) | 7.30% | 11/26/84 | 31388560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8433000 | Bank of Montreal, Series 6 (b) | 6.88% | 11/26/85 | 8470949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 38764000 | Bank of Nova Scotia (The) (b) | 8.63% | 10/27/82 | 41269007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 44149000 | Bank of Nova Scotia (The) (b) | 8.00% | 01/27/84 | 47173825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 37800000 | Bank of Nova Scotia (The) (b) | 7.35% | 04/27/85 | 38680827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7205000 | Barclays PLC (b) (g) | 4.38% | (a) | 6864283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17900000 | Barclays PLC (b) (g) | 7.63% | (a) | 18278901 |
| &nbsp;&nbsp; 100000000 | Barclays PLC (b) (g) | 8.00% | (a) | 106234200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25750000 | Barclays PLC (b) (g) | 9.63% | (a) | 29151060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11600000 | BBVA Mexico S.A. (b) (f) (g) | 5.88% | 09/13/34 | 11449081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12300000 | BBVA Mexico S.A. (b) (f) (g) | 7.63% | 02/11/35 | 12667086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 31600000 | BBVA Mexico S.A. (b) (f) (g) | 8.45% | 06/29/38 | 33710328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 59483000 | BNP Paribas S.A. (b) (f) (g) | 4.63% | (a) | 53432633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9300000 | BNP Paribas S.A. (b) (f) (g) | 7.38% | (a) | 9583994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 36770000 | BNP Paribas S.A. (b) (f) (g) | 7.75% | (a) | 38982745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 28020000 | BNP Paribas S.A. (b) (f) (g) | 8.00% | (a) | 30050609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 56900000 | BNP Paribas S.A. (b) (f) (g) | 8.50% | (a) | 60813753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8300000 | BNP Paribas S.A. (b) (f) (g) | 9.25% | (a) | 8954007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15000000 | Canadian Imperial Bank of Commerce (b) | 6.95% | 01/28/85 | 15118147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 40400000 | Canadian Imperial Bank of Commerce (b) | 7.00% | 10/28/85 | 40864600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 45055000 | Citigroup, Inc., Series AA (b) | 7.63% | (a) | 47113653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20000000 | Citigroup, Inc., Series BB (b) | 7.20% | (a) | 20623620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20832000 | Citigroup, Inc., Series DD (b) | 7.00% | (a) | 21695757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 24700000 | Citigroup, Inc., Series FF (b) | 6.95% | (a) | 24961869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 35958000 | Citigroup, Inc., Series GG (b) | 6.88% | (a) | 36353538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3803000 | Citigroup, Inc., Series W (b) | 4.00% | (a) | 3787118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2600000 | Citigroup, Inc., Series X (b) | 3.88% | (a) | 2575934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5653000 | Citizens Financial Group, Inc., Series G (b) | 4.00% | (a) | 5508784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12500000 | CoBank ACB (b) | 7.25% | (a) | 12882675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7341000 | CoBank ACB, Series I (b) | 6.25% | (a) | 7386265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 34455000 | CoBank ACB, Series K (b) | 6.45% | (a) | 34759513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 36800000 | Commerzbank AG (b) (g) (h) | 7.50% | (a) | 38152216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 77700000 | Credit Agricole S.A. (b) (f) (g) | 6.70% | (a) | 77923388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6200000 | Farm Credit Bank of Texas (b) | 7.75% | (a) | 6436586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7650000 | Farm Credit Bank of Texas, Series 3 (b) (f) | 6.20% | (a) | 7630875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7460000 | Farm Credit Bank of Texas, Series 6 (b) | 7.00% | (a) | 7590550 |

---

------

**First Trust Preferred Securities and Income ETF (FPE)**

**Portfolio of Investments (Continued)**

**July 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par**<br> **Amount**<br>| **Description** | **Stated**<br> **Rate**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** |
|  | **Banks (Continued)**  | **Banks (Continued)**  | **Banks (Continued)**  |  |
| $15000 | Fifth Third Bancorp, Series L (b) | 4.50% | (a) | $14974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30900000 | HSBC Holdings PLC (b) (g) | 7.05% | (a) | 31560379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18380000 | HSBC Holdings PLC (b) (g) | 6.88% | (a) | 18989315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 48450000 | HSBC Holdings PLC (b) (g) | 6.95% | (a) | 49827918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 56700000 | HSBC Holdings PLC (b) (g) | 8.00% | (a) | 60092985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3250000 | Huntington Bancshares, Inc., Series G (b) | 4.45% | (a) | 3200598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 22200000 | ING Groep N.V. (b) (g) (h) | 7.25% | (a) | 23004750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 285000 | ING Groep N.V. (b) (g) (h) | 7.50% | (a) | 297591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 38873000 | ING Groep N.V. (b) (g) (h) | 8.00% | (a) | 42037165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | Intesa Sanpaolo S.p.A. (b) (f) (g) | 7.70% | (a) | 201000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 93350000 | JPMorgan Chase & Co., Series NN (b) | 6.88% | (a) | 97800275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9300000 | JPMorgan Chase & Co., Series OO (b) | 6.50% | (a) | 9556531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 68555000 | Lloyds Banking Group PLC (b) (g) | 8.00% | (a) | 73389910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6156000 | NatWest Group PLC (b) (g) | 8.13% | (a) | 6759850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14810000 | PNC Financial Services Group (The), Inc., Series U (b) | 6.00% | (a) | 14875438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 19095000 | PNC Financial Services Group (The), Inc., Series V (b) | 6.20% | (a) | 19349116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 41711000 | PNC Financial Services Group (The), Inc., Series W (b) | 6.25% | (a) | 42290199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 33850000 | Royal Bank of Canada (b) | 6.35% | 11/24/84 | 32339024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 58100000 | Royal Bank of Canada (b) | 6.75% | 08/24/85 | 58884350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 33820000 | Societe Generale S.A. (b) (f) (g) | 9.38% | (a) | 36281859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 32870000 | Societe Generale S.A. (b) (f) (g) | 10.00% | (a) | 36317340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17420000 | Sumitomo Mitsui Financial Group, Inc. (b) (g) | 6.60% | (a) | 17745893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3200000 | Swedbank AB (b) (g) (h) | 7.63% | (a) | 3370368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8600000 | Swedbank AB (b) (g) (h) | 7.75% | (a) | 9132125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 63430000 | Toronto-Dominion Bank (The) (b) | 8.13% | 10/31/82 | 67019377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 65630000 | Wells Fargo & Co. (b) | 6.85% | (a) | 68145007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9321000 | Wells Fargo & Co. (b) | 7.63% | (a) | 9945069 |
|  |  |  |  | 2334977707 |
|  | **Capital Markets — 7.1%**  | **Capital Markets — 7.1%**  | **Capital Markets — 7.1%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 40400000 | Ares Finance Co. III LLC (b) (f) | 4.13% | 06/30/51 | 39541718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 74169000 | Charles Schwab (The) Corp., Series H (b) | 4.00% | (a) | 67861624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 81425000 | Credit Suisse Group AG, Claim (c) (d) (i) (j) |  |  | 9567437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | Credit Suisse Group AG, Claim (c) (d) (i) (j) |  |  | 141000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 51775000 | Credit Suisse Group AG, Claim (c) (d) (i) (j) |  |  | 6083563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 76900000 | Credit Suisse Group AG, Claim (c) (d) (i) (j) |  |  | 9035750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 27200000 | Credit Suisse Group AG, Claim (c) (d) (i) (j) |  |  | 3196000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 24800000 | Deutsche Bank AG (b) (g) (h) | 8.13% | (a) | 26036900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50200000 | Deutsche Bank AG, Series 2020 (b) (g) | 6.00% | (a) | 50128500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15500000 | Goldman Sachs Group (The), Inc. (b) | 6.85% | (a) | 15868273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375000 | Goldman Sachs Group (The), Inc., Series R (b) | 7.56% | (a) | 378276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13608000 | Goldman Sachs Group (The), Inc., Series W (b) | 7.50% | (a) | 14407524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 72610000 | Goldman Sachs Group (The), Inc., Series X (b) | 7.50% | (a) | 76046631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30900000 | Goldman Sachs Group (The), Inc., Series Y (b) | 6.13% | (a) | 30633049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 31200000 | Nomura Holdings, Inc. (b) (g) | 7.00% | (a) | 31625225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12536000 | State Street Corp., Series I (b) | 6.70% | (a) | 12955906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 31000000 | State Street Corp., Series J (b) | 6.70% | (a) | 32223415 |
|  |  |  |  | 425730791 |
|  | **Diversified Telecommunication Services — 1.5%**  | **Diversified Telecommunication Services — 1.5%**  | **Diversified Telecommunication Services — 1.5%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 50500000 | Bell Canada (b) | 7.00% | 09/15/55 | 51378199 |

---

------

**First Trust Preferred Securities and Income ETF (FPE)**

**Portfolio of Investments (Continued)**

**July 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par**<br> **Amount**<br>| **Description** | **Stated**<br> **Rate**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** |
|  | **Diversified Telecommunication Services (Continued)**  | **Diversified Telecommunication Services (Continued)**  | **Diversified Telecommunication Services (Continued)**  |  |
| $26177000 | TELUS Corp. (b) | 7.00% | 10/15/55 | $26567482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12456000 | TELUS Corp. (b) | 6.63% | 10/15/55 | 12618926 |
|  |  |  |  | 90564607 |
|  | **Electric Utilities — 3.9%**  | **Electric Utilities — 3.9%**  | **Electric Utilities — 3.9%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 51590000 | American Electric Power Co., Inc. (b) | 6.95% | 12/15/54 | 54588411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4920000 | American Electric Power Co., Inc. (b) | 7.05% | 12/15/54 | 5147525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 23875000 | Duke Energy Corp. (b) | 6.45% | 09/01/54 | 24641848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 42784000 | Entergy Corp. (b) | 7.13% | 12/01/54 | 44400298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21680000 | EUSHI Finance, Inc. (b) | 7.63% | 12/15/54 | 22706049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 35006000 | NextEra Energy Capital Holdings, Inc. (b) | 6.75% | 06/15/54 | 36611900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16250000 | NextEra Energy Capital Holdings, Inc. (b) | 6.50% | 08/15/55 | 16811698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 31000000 | Southern (The) Co., Series 2025 (b) | 6.38% | 03/15/55 | 32153575 |
|  |  |  |  | 237061304 |
|  | **Financial Services — 1.7%**  | **Financial Services — 1.7%**  | **Financial Services — 1.7%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 64250000 | American AgCredit Corp. (b) (f) | 5.25% | (a) | 62483128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 28250000 | Capital Farm Credit ACA, Series 1 (b) (f) | 5.00% | (a) | 28250000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13950000 | Compeer Financial ACA (b) (f) | 4.88% | (a) | 13566376 |
|  |  |  |  | 104299504 |
|  | **Food Products — 1.8%**  | **Food Products — 1.8%**  | **Food Products — 1.8%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10700000 | Dairy Farmers of America, Inc. (k) | 7.13% | (a) | 10272000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20360000 | Land O'Lakes Capital Trust I (k) | 7.45% | 03/15/28 | 20358964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 44888000 | Land O'Lakes, Inc. (f) | 7.00% | (a) | 37508413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14010000 | Land O'Lakes, Inc. (f) | 7.25% | (a) | 12065272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 31520000 | Land O'Lakes, Inc. (f) | 8.00% | (a) | 30220745 |
|  |  |  |  | 110425394 |
|  | **Gas Utilities — 0.4%**  | **Gas Utilities — 0.4%**  | **Gas Utilities — 0.4%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 21500000 | AltaGas Ltd. (b) (f) | 7.20% | 10/15/54 | 21718504 |
|  | **Independent Power and Renewable Electricity Producers — 0.6%**  | **Independent Power and Renewable Electricity Producers — 0.6%**  | **Independent Power and Renewable Electricity Producers — 0.6%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3205000 | AES (The) Corp. (b) | 7.60% | 01/15/55 | 3245203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 36425000 | AES (The) Corp. (b) | 6.95% | 07/15/55 | 35187348 |
|  |  |  |  | 38432551 |
|  | **Insurance — 7.4%**  | **Insurance — 7.4%**  | **Insurance — 7.4%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 34460000 | Assurant, Inc. (b) | 7.00% | 03/27/48 | 35213856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12699000 | Assured Guaranty Municipal Holdings, Inc. (b) (f) | 6.40% | 12/15/66 | 11748002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 26475000 | AXIS Specialty Finance LLC (b) | 4.90% | 01/15/40 | 25488492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 29400000 | CNP Assurances SACA (b) (g) (h) | 4.88% | (a) | 26772228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13700000 | Fortegra Financial Corp. (b) (k) | 8.50% | 10/15/57 | 13580125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 77935000 | Global Atlantic Fin Co. (b) (f) | 4.70% | 10/15/51 | 76304916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25274000 | Global Atlantic Fin Co. (b) (f) | 7.95% | 10/15/54 | 26474641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 69648000 | &nbsp;&nbsp;&nbsp; Hartford Insurance Group (The), Inc., 3 Mo. CME Term SOFR + <br> CSA + 2.13% (e) (f) | 6.71% | 02/12/47 | 64874677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 26429000 | Kuvare US Holdings, Inc. (b) (f) | 7.00% | 02/17/51 | 26399107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 40630000 | Lancashire Holdings Ltd. (b) (h) | 5.63% | 09/18/41 | 39205634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 28072000 | Liberty Mutual Group, Inc. (b) (f) | 4.13% | 12/15/51 | 27323226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 35800000 | Meiji Yasuda Life Insurance Co. (b) (f) | 6.10% | 06/11/55 | 36270412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17500000 | MetLife, Inc., Series G (b) | 6.35% | 03/15/55 | 17993203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15499000 | Nippon Life Insurance Co. (b) (f) | 6.50% | 04/30/55 | 16234490 |
|  |  |  |  | 443883009 |

---

------

**First Trust Preferred Securities and Income ETF (FPE)**

**Portfolio of Investments (Continued)**

**July 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par**<br> **Amount**<br>| **Description** | **Stated**<br> **Rate**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** |
|  | **Multi-Utilities — 3.7%**  | **Multi-Utilities — 3.7%**  | **Multi-Utilities — 3.7%**  |  |
| $29294000 | Algonquin Power & Utilities Corp. (b) | 4.75% | 01/18/82 | $28467628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | CenterPoint Energy, Inc., Series B (b) | 6.85% | 02/15/55 | 1463546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 65906000 | Dominion Energy, Inc. (b) | 6.63% | 05/15/55 | 67697193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3526000 | Dominion Energy, Inc., Series A (b) | 6.88% | 02/01/55 | 3691928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15550000 | Dominion Energy, Inc., Series B (b) | 7.00% | 06/01/54 | 16627755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21700000 | NiSource, Inc. (b) | 6.38% | 03/31/55 | 22031555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 39422000 | Sempra (b) | 4.13% | 04/01/52 | 38167237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 35416000 | Sempra (b) | 6.40% | 10/01/54 | 34348562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12850000 | Sempra (b) | 6.88% | 10/01/54 | 13002645 |
|  |  |  |  | 225498049 |
|  | **Oil, Gas & Consumable Fuels — 3.0%**  | **Oil, Gas & Consumable Fuels — 3.0%**  | **Oil, Gas & Consumable Fuels — 3.0%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 28420000 | Enbridge, Inc. (b) | 7.63% | 01/15/83 | 30237203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 52162000 | Enbridge, Inc. (b) | 8.50% | 01/15/84 | 58878640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21350000 | Enbridge, Inc., Series 20-A (b) | 5.75% | 07/15/80 | 21181307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10750000 | Energy Transfer, L.P., Series G (b) | 7.13% | (a) | 11033091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15350000 | Transcanada Trust (b) | 5.60% | 03/07/82 | 14946456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 45494000 | Venture Global LNG, Inc. (b) (f) | 9.00% | (a) | 45546546 |
|  |  |  |  | 181823243 |
|  | **Retail REITs — 0.5%**  | **Retail REITs — 0.5%**  | **Retail REITs — 0.5%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 27435000 | Scentre Group Trust 2 (b) (f) | 5.13% | 09/24/80 | 27018877 |
|  | **Trading Companies & Distributors — 0.6%**  | **Trading Companies & Distributors — 0.6%**  | **Trading Companies & Distributors — 0.6%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 36433000 | Air Lease Corp., Series D (b) | 6.00% | (a) | 35880389 |
|  | **Wireless Telecommunication Services — 1.0%**  | **Wireless Telecommunication Services — 1.0%**  | **Wireless Telecommunication Services — 1.0%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 57535000 | Rogers Communications, Inc. (b) | 7.13% | 04/15/55 | 58905106 |
|  | **Total Capital Preferred Securities** | **Total Capital Preferred Securities** | **Total Capital Preferred Securities** | 4336219035 |
|  | (Cost $4,388,817,974) | (Cost $4,388,817,974) | (Cost $4,388,817,974) |  |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **EXCHANGE-TRADED FUNDS — 0.3%** | **EXCHANGE-TRADED FUNDS — 0.3%** | **EXCHANGE-TRADED FUNDS — 0.3%** |
|  | **Capital Markets — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1504718 | Invesco Preferred ETF | 17048455 |
|  | (Cost $17,000,173) |  |
|  | **Total Investments — 98.7%** | 5944619849 |
|  | (Cost $6,127,254,920) |  |
|  | **Net Other Assets and Liabilities — 1.3%** | 76300960 |
|  | **Net Assets — 100.0%** | $6020920809 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Perpetual maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Fixed-to-variable rate security. The interest rate shown reflects the fixed rate in
 effect at July 31, 2025. At a predetermined date, the fixed rate will change to a variable rate.

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) This security is fair valued by First Trust Advisors L.P.'s (the "Advisor") Pricing Committee in accordance with procedures approved by the Trust's Board of Trustees, and in accordance with provisions of the Investment Company Act of 1940 and rules thereunder, as amended. At July 31, 2025, securities noted as such are valued at $38,806,878
 or 0.6% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Floating or variable rate security.

------

**First Trust Preferred Securities and Income ETF (FPE)**

**Portfolio of Investments (Continued)**

**July 31, 2025 (Unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) This security, sold within the terms of a private placement memorandum, is exempt
 from registration upon resale under Rule 144A of the Securities Act of 1933, as amended (the "1933 Act"), and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Trust's Board of Trustees, this security has been determined to be liquid by 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 July 31, 2025, securities noted as such amounted to $1,120,464,012
 or 18.6% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(g) This security is a contingent convertible capital security which may be subject to
 conversion into common stock of the issuer under certain circumstances. At July 31, 2025, securities noted as such amounted to
 $1,355,202,791 or 22.5% of net assets. Of these securities, 12.0% originated in emerging markets, and 88.0% originated in foreign
 markets.

&nbsp;&nbsp;&nbsp;&nbsp;(h) This security may be resold to qualified foreign investors and foreign institutional
 buyers under Regulation S of the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Claim pending with the administrative court of Switzerland.

&nbsp;&nbsp;&nbsp;&nbsp;(j) This security's value was determined using significant unobservable inputs (see Valuation Inputs in the Additional Information section).

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

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

---

| | |
|:---|:---|
| Abbreviations throughout the Portfolio of Investments: | Abbreviations throughout the Portfolio of Investments: |
| CME | – Chicago Mercantile Exchange |
| CSA | – Credit Spread Adjustment |
| REITs | – Real Estate Investment Trusts |
| SOFR | – Secured Overnight Financing Rate |

---

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

---

| | |
|:---|:---|
| **Country Allocation** | **% of Net** <br>**Assets**<br>|
| United States | &nbsp;&nbsp; 57.5% |
| Canada | &nbsp;&nbsp; 13.4 |
| United Kingdom | &nbsp;&nbsp;&nbsp; 6.7 |
| France | &nbsp;&nbsp;&nbsp; 6.3 |
| Bermuda | &nbsp;&nbsp;&nbsp; 3.5 |
| Spain | &nbsp;&nbsp;&nbsp; 2.8 |
| Mexico | &nbsp;&nbsp;&nbsp; 2.4 |
| Germany | &nbsp;&nbsp;&nbsp; 1.9 |
| Japan | &nbsp;&nbsp;&nbsp; 1.7 |
| Netherlands | &nbsp;&nbsp;&nbsp; 1.1 |
| Switzerland | &nbsp;&nbsp;&nbsp; 0.5 |
| Australia | &nbsp;&nbsp;&nbsp; 0.4 |
| Chile | &nbsp;&nbsp;&nbsp; 0.3 |
| Sweden | &nbsp;&nbsp;&nbsp; 0.2 |
| Italy | &nbsp;&nbsp;&nbsp; 0.0<sup>†</sup> <br>|
| &nbsp;&nbsp;&nbsp; Total Investments | &nbsp;&nbsp; 98.7 |
| &nbsp;&nbsp;&nbsp; Net Other Assets and Liabilities | &nbsp;&nbsp;&nbsp; 1.3 |
| &nbsp;&nbsp;&nbsp; Total | 100.0% |

---

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

---

| | |
|:---|:---|
| <sup>†</sup> <br>| Amount is less than 0.1%. |

---

------

**First Trust Preferred Securities and Income ETF (FPE)**

**Portfolio of Investments (Continued)**

**July 31, 2025 (Unaudited)**

------

**Valuation Inputs**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**7/31/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| $25 Par Preferred Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Insurance | $442606517 | &nbsp;&nbsp; $397504828 | &nbsp;&nbsp; $45101689 | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; Other Industry Categories\* | 971860083 | &nbsp;&nbsp; 971860083 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| $100 Par Preferred Securities\* | 67550 | &nbsp;&nbsp; — | &nbsp;&nbsp; 67550 | &nbsp;&nbsp; — |
| $1,000 Par Preferred Securities\* | 176818209 | &nbsp;&nbsp; 176818209 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Capital Preferred Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Capital Markets | 425730791 | &nbsp;&nbsp; — | &nbsp;&nbsp; 397707041 | &nbsp;&nbsp; 28023750 |
| &nbsp;&nbsp;&nbsp; Other Industry Categories\* | 3910488244 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3910488244 | &nbsp;&nbsp; — |
| Exchange-Traded Funds\* | 17048455 | &nbsp;&nbsp; 17048455 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Investments | $5944619849 | &nbsp;&nbsp; $1563231575 | &nbsp;&nbsp; $4353364524 | &nbsp;&nbsp; $28023750 |

---

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

\* See Portfolio of Investments for industry breakout.

Level 3 investments are fair valued by the Advisor's Pricing Committee and are footnoted in the Portfolio of Investments. All Level 3 values are based on unobservable inputs.

------

**Restricted Securities**

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Security | Acquisition <br>Date<br>| Par <br>Amount<br>| Current <br>Price<br>| Carrying <br>Cost<br>| Value | % of <br>Net Assets<br>|
| &nbsp;&nbsp;&nbsp; Dairy Farmers of America, Inc., <br> 7.13%<br>| 09/15/16 - <br> 12/08/21<br>| &nbsp;&nbsp; $10700000 | &nbsp;&nbsp; $96.00 | &nbsp;&nbsp; $10903500 | &nbsp;&nbsp; $10272000 | 0.17<br> %<br>|
| &nbsp;&nbsp;&nbsp; Fortegra Financial Corp., 8.50%, <br> 10/15/57<br>| 10/12/17 - <br> 03/12/18<br>| &nbsp;&nbsp; 13700000 | 99.13 | &nbsp;&nbsp; 13718490 | &nbsp;&nbsp; 13580125 | 0.23 |
| &nbsp;&nbsp;&nbsp; Land O'Lakes Capital Trust I, <br> 7.45%, 03/15/28<br>| 03/20/15 - <br> 05/08/18<br>| &nbsp;&nbsp; 20360000 | 99.99 | &nbsp;&nbsp; 21106844 | &nbsp;&nbsp; 20358964 | 0.34 |
|  |  |  |  | &nbsp;&nbsp; $45728834 | &nbsp;&nbsp; $44211089 | 0.74<br> %<br>|

---

------

**First Trust Institutional Preferred Securities and Income ETF (FPEI)**

**Portfolio of Investments**

**July 31, 2025 (Unaudited)**

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

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Stated** <br>**Rate**<br>| **Value** |
| **$1,000 PAR PREFERRED SECURITIES — 2.0%** | **$1,000 PAR PREFERRED SECURITIES — 2.0%** | **$1,000 PAR PREFERRED SECURITIES — 2.0%** | **$1,000 PAR PREFERRED SECURITIES — 2.0%** |
|  | **Banks — 2.0%**  | **Banks — 2.0%**  | **Banks — 2.0%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10402 | Bank of America Corp., Series L | 7.25%<br> (a) | $12690440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17492 | Wells Fargo & Co., Series L | 7.50%<br> (a) | 20719974 |
|  | **Total $1,000 Par Preferred Securities** | **Total $1,000 Par Preferred Securities** | 33410414 |
|  | (Cost $35,876,190) | (Cost $35,876,190) |  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par** <br>**Amount**<br>| **Description** | **Stated** <br>**Rate**<br>| **Stated** <br>**Maturity**<br>| **Value** |
| **CAPITAL PREFERRED SECURITIES — 96.0%** | **CAPITAL PREFERRED SECURITIES — 96.0%** | **CAPITAL PREFERRED SECURITIES — 96.0%** | **CAPITAL PREFERRED SECURITIES — 96.0%** | **CAPITAL PREFERRED SECURITIES — 96.0%** |
|  | **Banks — 52.1%**  | **Banks — 52.1%**  | **Banks — 52.1%**  |  |
| $24200000 | Banco Bilbao Vizcaya Argentaria S.A. (b) (c) | 7.75% | (a) | 25138605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13800000 | Banco Bilbao Vizcaya Argentaria S.A. (b) (c) | 9.38% | (a) | 15345048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | Banco de Credito e Inversiones S.A. (b) (c) (d) | 8.75% | (a) | 3226320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 840000 | Banco de Credito e Inversiones S.A. (b) (c) (e) | 8.75% | (a) | 903370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Banco Mercantil del Norte S.A. (b) (c) (d) | 6.63% | (a) | 1859454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10101000 | Banco Mercantil del Norte S.A. (b) (c) (d) | 7.50% | (a) | 10130768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3592000 | Banco Mercantil del Norte S.A. (b) (c) (d) | 7.63% | (a) | 3628760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3400000 | Banco Mercantil del Norte S.A. (b) (c) (d) | 8.38% | (a) | 3593929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4200000 | Banco Mercantil del Norte S.A. (b) (c) (d) | 8.75% | (a) | 4306639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6600000 | Banco Santander S.A. (b) (c) | 4.75% | (a) | 6471471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9400000 | Banco Santander S.A. (b) (c) | 8.00% | (a) | 10126592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | Banco Santander S.A. (b) (c) | 9.63% | (a) | 7832085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20000000 | Banco Santander S.A. (b) (c) | 9.63% | (a) | 23671440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 52321000 | Bank of America Corp. (c) | 6.63% | (a) | 53710279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5492000 | Bank of America Corp., Series TT (c) | 6.13% | (a) | 5553389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25956000 | Bank of Montreal (c) | 7.70% | 05/26/84 | 27218863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12500000 | Bank of Montreal (c) | 7.30% | 11/26/84 | 12996687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 19400000 | Bank of Nova Scotia (The) (c) | 8.63% | 10/27/82 | 20653667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14600000 | Bank of Nova Scotia (The) (c) | 8.00% | 01/27/84 | 15600304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14130000 | Bank of Nova Scotia (The) (c) | 7.35% | 04/27/85 | 14459262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4170000 | Barclays PLC (b) (c) | 4.38% | (a) | 3972805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14600000 | Barclays PLC (b) (c) | 7.63% | (a) | 14909048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20050000 | Barclays PLC (b) (c) | 8.00% | (a) | 21299957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6650000 | Barclays PLC (b) (c) | 9.63% | (a) | 7528332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | BBVA Mexico S.A. (b) (c) (d) | 5.88% | 09/13/34 | 690893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3350000 | BBVA Mexico S.A. (b) (c) (d) | 7.63% | 02/11/35 | 3449978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7200000 | BBVA Mexico S.A. (b) (c) (d) | 8.45% | 06/29/38 | 7680834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18000000 | BNP Paribas S.A. (b) (c) (d) | 4.63% | (a) | 16169114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2300000 | BNP Paribas S.A. (b) (c) (d) | 7.38% | (a) | 2370235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9590000 | BNP Paribas S.A. (b) (c) (d) | 7.75% | (a) | 10167107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6980000 | BNP Paribas S.A. (b) (c) (d) | 8.00% | (a) | 7485841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 23450000 | BNP Paribas S.A. (b) (c) (d) | 8.50% | (a) | 25062961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | BNP Paribas S.A. (b) (c) (d) | 9.25% | (a) | 1078796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5719000 | Canadian Imperial Bank of Commerce (c) | 6.95% | 01/28/85 | 5764045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11000000 | Canadian Imperial Bank of Commerce (c) | 7.00% | 10/28/85 | 11126500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | Citigroup, Inc., Series AA (c) | 7.63% | (a) | 1359400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | Citigroup, Inc., Series BB (c) | 7.20% | (a) | 4124724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4993000 | Citigroup, Inc., Series DD (c) | 7.00% | (a) | 5200025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6700000 | Citigroup, Inc., Series FF (c) | 6.95% | (a) | 6771033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8650000 | Citigroup, Inc., Series GG (c) | 6.88% | (a) | 8745150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8445000 | Citigroup, Inc., Series W (c) | 4.00% | (a) | 8409733 |

---

------

**First Trust Institutional Preferred Securities and Income ETF (FPEI)**

**Portfolio of Investments (Continued)**

**July 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par**<br> **Amount**<br>| **Description** | **Stated**<br> **Rate**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** |
|  | **Banks (Continued)**  | **Banks (Continued)**  | **Banks (Continued)**  |  |
| $8195000 | Citigroup, Inc., Series X (c) | 3.88% | (a) | $8119145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2979000 | Citigroup, Inc., Series Y (c) | 4.15% | (a) | 2913089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12941000 | Citizens Financial Group, Inc., Series G (c) | 4.00% | (a) | 12610857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | CoBank ACB (c) | 7.25% | (a) | 3091842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1101000 | CoBank ACB, Series I (c) | 6.25% | (a) | 1107789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 685000 | CoBank ACB, Series K (c) | 6.45% | (a) | 691054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 23400000 | Commerzbank AG (b) (c) (e) | 7.50% | (a) | 24259833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 37600000 | Credit Agricole S.A. (b) (c) (d) | 6.70% | (a) | 37708100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Farm Credit Bank of Texas (c) | 7.75% | (a) | 1557238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | Farm Credit Bank of Texas, Series 3 (c) (d) | 6.20% | (a) | 798000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2040000 | Farm Credit Bank of Texas, Series 6 (c) | 7.00% | (a) | 2075700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8500000 | HSBC Holdings PLC (b) (c) | 7.05% | (a) | 8681658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4620000 | HSBC Holdings PLC (b) (c) | 6.88% | (a) | 4773158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 23150000 | HSBC Holdings PLC (b) (c) | 6.95% | (a) | 23808386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 19600000 | HSBC Holdings PLC (b) (c) | 8.00% | (a) | 20772884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 735000 | Huntington Bancshares, Inc., Series F (c) | 5.63% | (a) | 754748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3700000 | Huntington Bancshares, Inc., Series G (c) | 4.45% | (a) | 3643757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5440000 | ING Groep N.V. (b) (c) (e) | 7.25% | (a) | 5637200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1004000 | ING Groep N.V. (b) (c) (e) | 7.50% | (a) | 1048355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8885000 | ING Groep N.V. (b) (c) (e) | 8.00% | (a) | 9608217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | Intesa Sanpaolo S.p.A. (b) (c) (d) | 7.70% | (a) | 201000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | JPMorgan Chase & Co., Series KK (c) | 3.65% | (a) | 3943581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 22200000 | JPMorgan Chase & Co., Series NN (c) | 6.88% | (a) | 23258341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | JPMorgan Chase & Co., Series OO (c) | 6.50% | (a) | 2568960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 24180000 | Lloyds Banking Group PLC (b) (c) | 8.00% | (a) | 25885319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 686000 | NatWest Group PLC (b) (c) | 6.00% | (a) | 688724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6383000 | NatWest Group PLC (b) (c) | 8.13% | (a) | 7009117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11084000 | PNC Financial Services Group (The), Inc., Series U (c) | 6.00% | (a) | 11132975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12525000 | PNC Financial Services Group (The), Inc., Series V (c) | 6.20% | (a) | 12691683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8499000 | PNC Financial Services Group (The), Inc., Series W (c) | 6.25% | (a) | 8617017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18100000 | Royal Bank of Canada (c) | 6.35% | 11/24/84 | 17292063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15550000 | Royal Bank of Canada (c) | 6.75% | 08/24/85 | 15759925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7200000 | Societe Generale S.A. (b) (c) (d) | 9.38% | (a) | 7724110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13130000 | Societe Generale S.A. (b) (c) (d) | 10.00% | (a) | 14507048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6200000 | Sumitomo Mitsui Financial Group, Inc. (b) (c) | 6.60% | (a) | 6315990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | Swedbank AB (b) (c) (e) | 7.63% | (a) | 631944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7800000 | Swedbank AB (b) (c) (e) | 7.75% | (a) | 8282625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 31080000 | Toronto-Dominion Bank (The) (c) | 8.13% | 10/31/82 | 32838755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 22645000 | Wells Fargo & Co. (c) | 6.85% | (a) | 23512779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11640000 | Wells Fargo & Co. (c) | 7.63% | (a) | 12419333 |
|  |  |  |  | 848735742 |
|  | **Capital Markets — 9.0%**  | **Capital Markets — 9.0%**  | **Capital Markets — 9.0%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8435000 | Ares Finance Co. III LLC (c) (d) | 4.13% | 06/30/51 | 8255802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30150000 | Charles Schwab (The) Corp., Series H (c) | 4.00% | (a) | 27586026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6243000 | Credit Suisse Group AG, Claim (f) (g) (h) (i) |  |  | 733552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2057000 | Credit Suisse Group AG, Claim (f) (g) (h) (i) |  |  | 241698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7770000 | Credit Suisse Group AG, Claim (f) (g) (h) (i) |  |  | 912975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4150000 | Credit Suisse Group AG, Claim (f) (g) (h) (i) |  |  | 487625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18000000 | Credit Suisse Group AG, Claim (f) (g) (h) (i) |  |  | 2115000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13000000 | Deutsche Bank AG (b) (c) (e) | 8.13% | (a) | 13648375 |

---

------

**First Trust Institutional Preferred Securities and Income ETF (FPEI)**

**Portfolio of Investments (Continued)**

**July 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par**<br> **Amount**<br>| **Description** | **Stated**<br> **Rate**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** |
|  | **Capital Markets (Continued)**  | **Capital Markets (Continued)**  | **Capital Markets (Continued)**  |  |
| $16850000 | Deutsche Bank AG, Series 2020 (b) (c) | 6.00% | (a) | $16826001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4150000 | Goldman Sachs Group (The), Inc. (c) | 6.85% | (a) | 4248602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2899000 | Goldman Sachs Group (The), Inc., Series T (c) | 3.80% | (a) | 2846069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8651000 | Goldman Sachs Group (The), Inc., Series W (c) | 7.50% | (a) | 9159281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18030000 | Goldman Sachs Group (The), Inc., Series X (c) | 7.50% | (a) | 18883360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8000000 | Goldman Sachs Group (The), Inc., Series Y (c) | 6.13% | (a) | 7930886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 811000 | Morgan Stanley, Series M | 5.88% | (a) | 811803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8400000 | Nomura Holdings, Inc. (b) (c) | 7.00% | (a) | 8514484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9887000 | State Street Corp., Series I (c) | 6.70% | (a) | 10218175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12570000 | State Street Corp., Series J (c) | 6.70% | (a) | 13066075 |
|  |  |  |  | 146485789 |
|  | **Consumer Finance — 0.7%**  | **Consumer Finance — 0.7%**  | **Consumer Finance — 0.7%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11885000 | American Express Co. (c) | 3.55% | (a) | 11645901 |
|  | **Diversified Telecommunication Services — 2.1%**  | **Diversified Telecommunication Services — 2.1%**  | **Diversified Telecommunication Services — 2.1%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 17446000 | Bell Canada (c) | 7.00% | 09/15/55 | 17749388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12275000 | TELUS Corp. (c) | 7.00% | 10/15/55 | 12458106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3372000 | TELUS Corp. (c) | 6.63% | 10/15/55 | 3416106 |
|  |  |  |  | 33623600 |
|  | **Electric Utilities — 5.2%**  | **Electric Utilities — 5.2%**  | **Electric Utilities — 5.2%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 17060000 | American Electric Power Co., Inc. (c) | 6.95% | 12/15/54 | 18051527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 785000 | American Electric Power Co., Inc. (c) | 7.05% | 12/15/54 | 821302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7134000 | American Electric Power Co., Inc. (c) | 3.88% | 02/15/62 | 6897174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10850000 | Duke Energy Corp. (c) | 6.45% | 09/01/54 | 11198494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15000000 | Entergy Corp. (c) | 7.13% | 12/01/54 | 15566672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7930000 | EUSHI Finance, Inc. (c) | 7.63% | 12/15/54 | 8305303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10794000 | NextEra Energy Capital Holdings, Inc. (c) | 6.75% | 06/15/54 | 11289175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4300000 | NextEra Energy Capital Holdings, Inc. (c) | 6.50% | 08/15/55 | 4448634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8500000 | Southern (The) Co., Series 2025 (c) | 6.38% | 03/15/55 | 8816303 |
|  |  |  |  | 85394584 |
|  | **Financial Services — 1.3%**  | **Financial Services — 1.3%**  | **Financial Services — 1.3%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | American AgCredit Corp. (c) (d) | 5.25% | (a) | 2917500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4200000 | Capital Farm Credit ACA, Series 1 (c) (d) | 5.00% | (a) | 4200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 | Compeer Financial ACA (c) (d) | 4.88% | (a) | 632125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12355000 | Corebridge Financial, Inc. (c) | 6.38% | 09/15/54 | 12366105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 755000 | Voya Financial, Inc., Series A (c) | 7.76% | (a) | 799545 |
|  |  |  |  | 20915275 |
|  | **Food Products — 1.4%**  | **Food Products — 1.4%**  | **Food Products — 1.4%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | Dairy Farmers of America, Inc. (j) | 7.13% | (a) | 1152000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1131000 | Land O'Lakes Capital Trust I (j) | 7.45% | 03/15/28 | 1130943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9646000 | Land O'Lakes, Inc. (d) | 7.00% | (a) | 8060198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3875000 | Land O'Lakes, Inc. (d) | 7.25% | (a) | 3337111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | Land O'Lakes, Inc. (e) | 7.25% | (a) | 344476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9185000 | Land O'Lakes, Inc. (d) | 8.00% | (a) | 8806394 |
|  |  |  |  | 22831122 |
|  | **Gas Utilities — 0.4%**  | **Gas Utilities — 0.4%**  | **Gas Utilities — 0.4%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5800000 | AltaGas Ltd. (c) (d) | 7.20% | 10/15/54 | 5858945 |
|  | **Independent Power and Renewable Electricity Producers — 1.2%**  | **Independent Power and Renewable Electricity Producers — 1.2%**  | **Independent Power and Renewable Electricity Producers — 1.2%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 19491000 | AES (The) Corp. (c) | 6.95% | 07/15/55 | 18828733 |

---

------

**First Trust Institutional Preferred Securities and Income ETF (FPEI)**

**Portfolio of Investments (Continued)**

**July 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par**<br> **Amount**<br>| **Description** | **Stated**<br> **Rate**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** |
|  | **Insurance — 9.7%**  | **Insurance — 9.7%**  | **Insurance — 9.7%**  |  |
| $4288000 | Assurant, Inc. (c) | 7.00% | 03/27/48 | $4381805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2300000 | Assured Guaranty Municipal Holdings, Inc. (c) (d) | 6.40% | 12/15/66 | 2127759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | Assured Guaranty Municipal Holdings, Inc. (c) (e) | 6.40% | 12/15/66 | 1572691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6196000 | AXIS Specialty Finance LLC (c) | 4.90% | 01/15/40 | 5965125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13200000 | CNP Assurances SACA (b) (c) (e) | 4.88% | (a) | 12020184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 31357000 | Global Atlantic Fin Co. (c) (d) | 4.70% | 10/15/51 | 30701139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6106000 | Global Atlantic Fin Co. (c) (d) | 7.95% | 10/15/54 | 6396066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 22521000 | &nbsp;&nbsp;&nbsp; Hartford Insurance Group (The), Inc., 3 Mo. CME Term SOFR + <br> CSA + 2.13% (d) (k) | 6.71% | 02/12/47 | 20977524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2464000 | Kuvare US Holdings, Inc. (c) (d) | 7.00% | 02/17/51 | 2461213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6850000 | Lancashire Holdings Ltd. (c) (e) | 5.63% | 09/18/41 | 6609860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9818000 | Liberty Mutual Group, Inc. (c) (d) | 4.13% | 12/15/51 | 9556121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6585000 | Liberty Mutual Group, Inc. (d) | 4.30% | 02/01/61 | 4047949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | Lincoln National Corp., Series C (c) | 9.25% | (a) | 4352544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10100000 | Meiji Yasuda Life Insurance Co. (c) (d) | 6.10% | 06/11/55 | 10232714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6514000 | MetLife Capital Trust IV (d) | 7.88% | 12/15/37 | 7123287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2900000 | MetLife, Inc. (d) | 9.25% | 04/08/38 | 3435198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16500000 | MetLife, Inc., Series G (c) | 6.35% | 03/15/55 | 16965020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4144000 | Nippon Life Insurance Co. (c) (d) | 6.50% | 04/30/55 | 4340649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4175000 | Prudential Financial, Inc. (c) | 6.00% | 09/01/52 | 4243520 |
|  |  |  |  | 157510368 |
|  | **Multi-Utilities — 5.9%**  | **Multi-Utilities — 5.9%**  | **Multi-Utilities — 5.9%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 14689000 | Algonquin Power & Utilities Corp. (c) | 4.75% | 01/18/82 | 14274629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13575000 | CenterPoint Energy, Inc., Series B (c) | 6.85% | 02/15/55 | 14191169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12455000 | Dominion Energy, Inc. (c) | 6.63% | 05/15/55 | 12793502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198000 | Dominion Energy, Inc., Series A (c) | 6.88% | 02/01/55 | 207318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16700000 | Dominion Energy, Inc., Series B (c) | 7.00% | 06/01/54 | 17857460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8037000 | NiSource, Inc. (c) | 6.38% | 03/31/55 | 8159797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7154000 | Sempra (c) | 4.13% | 04/01/52 | 6926296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18364000 | Sempra (c) | 6.40% | 10/01/54 | 17810509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3522000 | Sempra (c) | 6.88% | 10/01/54 | 3563838 |
|  |  |  |  | 95784518 |
|  | **Oil, Gas & Consumable Fuels — 4.4%**  | **Oil, Gas & Consumable Fuels — 4.4%**  | **Oil, Gas & Consumable Fuels — 4.4%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11955000 | Enbridge, Inc. (c) | 7.63% | 01/15/83 | 12719415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 29131000 | Enbridge, Inc. (c) | 8.50% | 01/15/84 | 32882053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5892000 | Energy Transfer, L.P., Series G (c) | 7.13% | (a) | 6047160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4050000 | Transcanada Trust (c) | 5.60% | 03/07/82 | 3943528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16506000 | Venture Global LNG, Inc. (c) (d) | 9.00% | (a) | 16525064 |
|  |  |  |  | 72117220 |
|  | **Retail REITs — 0.7%**  | **Retail REITs — 0.7%**  | **Retail REITs — 0.7%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11220000 | Scentre Group Trust 2 (c) (d) | 5.13% | 09/24/80 | 11049819 |
|  | **Trading Companies & Distributors — 0.7%**  | **Trading Companies & Distributors — 0.7%**  | **Trading Companies & Distributors — 0.7%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11935000 | Air Lease Corp., Series D (c) | 6.00% | (a) | 11753971 |

---

------

**First Trust Institutional Preferred Securities and Income ETF (FPEI)**

**Portfolio of Investments (Continued)**

**July 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par**<br> **Amount**<br>| **Description** | **Stated**<br> **Rate**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** |
|  | **Wireless Telecommunication Services — 1.2%**  | **Wireless Telecommunication Services — 1.2%**  | **Wireless Telecommunication Services — 1.2%**  |  |
| $18730000 | Rogers Communications, Inc. (c) | 7.13% | 04/15/55 | $19176025 |
|  | **Total Capital Preferred Securities** | **Total Capital Preferred Securities** | **Total Capital Preferred Securities** | 1561711612 |
|  | (Cost $1,516,277,542) | (Cost $1,516,277,542) | (Cost $1,516,277,542) |  |
|  | **Total Investments — 98.0%** | **Total Investments — 98.0%** | **Total Investments — 98.0%** | 1595122026 |
|  | (Cost $1,552,153,732) | (Cost $1,552,153,732) | (Cost $1,552,153,732) |  |
|  | **Net Other Assets and Liabilities — 2.0%** | **Net Other Assets and Liabilities — 2.0%** | **Net Other Assets and Liabilities — 2.0%** | 32329738 |
|  | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1627451764 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Perpetual maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(b) This security is a contingent convertible capital security which may be subject to
 conversion into common stock of the issuer under certain circumstances. At July 31, 2025, securities noted as such amounted to
 $496,653,094 or 30.5% of net assets. Of these securities, 7.9% originated in emerging markets, and 92.1% originated in foreign markets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Fixed-to-variable rate security. The interest rate shown reflects the fixed rate in
 effect at July 31, 2025. At a predetermined date, the fixed rate will change to a variable rate.

&nbsp;&nbsp;&nbsp;&nbsp;(d) This security, sold within the terms of a private placement memorandum, is exempt
 from registration upon resale under Rule 144A of the Securities Act of 1933, as amended (the "1933 Act"), and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Trust's Board of Trustees, this security has been determined to be liquid by First Trust Advisors L.P. (the "Advisor"). Although market instability can result in periods of increased overall market illiquidity, liquidity for each security is determined
 based on security specific factors and assumptions, which require subjective judgment. At July 31, 2025, securities noted
 as such amounted to $332,882,464 or 20.5% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) This security may be resold to qualified foreign investors and foreign institutional
 buyers under Regulation S of the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Claim pending with the administrative court of Switzerland.

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

&nbsp;&nbsp;&nbsp;&nbsp;(h) This security is fair valued by the Advisor's Pricing Committee in accordance with procedures approved by the Trust's Board of Trustees, and in accordance with provisions of the Investment Company Act of 1940
 and rules thereunder, as amended. At July 31, 2025, securities noted as such are valued at $4,490,850 or 0.3% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(i) This security's value was determined using significant unobservable inputs (see Valuation Inputs in the Additional Information section).

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

&nbsp;&nbsp;&nbsp;&nbsp;(k) Floating or variable rate security.

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

---

| | |
|:---|:---|
| Abbreviations throughout the Portfolio of Investments: | Abbreviations throughout the Portfolio of Investments: |
| CME | – Chicago Mercantile Exchange |
| CSA | – Credit Spread Adjustment |
| REITs | – Real Estate Investment Trusts |
| SOFR | – Secured Overnight Financing Rate |

---

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

------

**First Trust Institutional Preferred Securities and Income ETF (FPEI)**

**Portfolio of Investments (Continued)**

**July 31, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **Country Allocation** | **% of Net** <br>**Assets**<br>|
| United States | &nbsp;&nbsp; 47.0% |
| Canada | &nbsp;&nbsp; 18.2 |
| United Kingdom | &nbsp;&nbsp;&nbsp; 8.6 |
| France | &nbsp;&nbsp;&nbsp; 8.2 |
| Spain | &nbsp;&nbsp;&nbsp; 5.4 |
| Germany | &nbsp;&nbsp;&nbsp; 3.4 |
| Mexico | &nbsp;&nbsp;&nbsp; 2.2 |
| Japan | &nbsp;&nbsp;&nbsp; 1.8 |
| Netherlands | &nbsp;&nbsp;&nbsp; 1.0 |
| Australia | &nbsp;&nbsp;&nbsp; 0.7 |
| Sweden | &nbsp;&nbsp;&nbsp; 0.5 |
| Bermuda | &nbsp;&nbsp;&nbsp; 0.4 |
| Switzerland | &nbsp;&nbsp;&nbsp; 0.3 |
| Chile | &nbsp;&nbsp;&nbsp; 0.3 |
| Italy | &nbsp;&nbsp;&nbsp; 0.0<sup>†</sup> <br>|
| &nbsp;&nbsp;&nbsp; Total Investments | &nbsp;&nbsp; 98.0 |
| &nbsp;&nbsp;&nbsp; Net Other Assets and Liabilities | &nbsp;&nbsp;&nbsp; 2.0 |
| &nbsp;&nbsp;&nbsp; Total | 100.0% |

---

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

---

| | |
|:---|:---|
| <sup>†</sup> <br>| Amount is less than 0.1%. |

---

------

**Valuation Inputs**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**7/31/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| $1,000 Par Preferred Securities\* | $33410414 | &nbsp;&nbsp; $33410414 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Capital Preferred Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Capital Markets | 146485789 | &nbsp;&nbsp; — | &nbsp;&nbsp; 141994939 | &nbsp;&nbsp; 4490850 |
| &nbsp;&nbsp;&nbsp; Other Industry Categories\* | 1415225823 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1415225823 | &nbsp;&nbsp; — |
| Total Investments | $1595122026 | &nbsp;&nbsp; $33410414 | &nbsp;&nbsp; $1557220762 | &nbsp;&nbsp; $4490850 |

---

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

\* See Portfolio of Investments for industry breakout.

Level 3 investments are fair valued by the Advisor's Pricing Committee and are footnoted in the Portfolio of Investments. All Level 3 values are based on unobservable inputs.

------

**Restricted Securities**

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Security | Acquisition <br>Date<br>| Par <br>Amount<br>| Current <br>Price<br>| Carrying <br>Cost<br>| Value | % of <br>Net Assets<br>|
| &nbsp;&nbsp;&nbsp; Dairy Farmers of America, Inc., <br> 7.13%<br>| 01/21/21 - <br> 12/08/21<br>| &nbsp;&nbsp; $1200000 | &nbsp;&nbsp; $96.00 | &nbsp;&nbsp; $1222750 | &nbsp;&nbsp; $1152000 | 0.07<br> %<br>|
| &nbsp;&nbsp;&nbsp; Land O'Lakes Capital Trust I, <br> 7.45%, 03/15/28<br>| 05/04/18 - <br> 01/16/24<br>| &nbsp;&nbsp; 1131000 | 99.99 | &nbsp;&nbsp; 1176203 | &nbsp;&nbsp; 1130943 | 0.07 |
|  |  |  |  | &nbsp;&nbsp; $2398953 | &nbsp;&nbsp; $2282943 | 0.14<br> %<br>|

---

------

**First Trust Exchange-Traded Fund III**

**Additional Information**

**July 31, 2025 (Unaudited)**

**Valuation Inputs**

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

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

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

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

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

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Wheaton

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60187

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

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

- **a. Name of Series:** First Trust Preferred Securities and Income ETF

- **b. EDGAR series identifier (if any):** S000034980

- **c. LEI of Series:** 54930020K2F7W4E0C531

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**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:** $6033110614.73

**Total Liabilities:** $12189805.47

**Net Assets:** $6020920809.26

**Cash Not Reported:** $12913454.56

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 869.05812000 | **1-Year:** 212079.32071000 | **5-Year:** 1260691.93436000 | **10-Year:** 1109263.41625000 | **30-Year:** 114502.99165000

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

- **3-Month:** 2486.30490000 | **1-Year:** 62487.91257000 | **5-Year:** 291732.94854000 | **10-Year:** 370200.30300000 | **30-Year:** 36199.52962000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000107588 | 1.87%                | 1.62%                | 1.51%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $244769.36               | $71918071.17                               |
| Month 2  | $558380.83               | $66167198.64                               |
| Month 3  | $-2712959.63             | $66485079.64                               |

### Schedule of Portfolio Investments

| Name                     | Title                                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| VENTURE GLOBAL LNG INC   | Venture Global LNG Inc                                                       | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |  45494000 | PA      | $45546545.57  | 0.76%             | N/A             | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| FARM CREDIT BK OF TEXAS  | Farm Credit Bank of Texas                                                    | CUSIP: 30767EAE9<br>LEI: V1EBJIOLRNYDHDF63Z33 | Long             | DBT              | USGSE             | US        |   6200000 | PA      | $6436585.80   | 0.11%             | N/A             | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY    | Wells Fargo & Co                                                             | CUSIP: 95002YAA1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   9321000 | PA      | $9945068.91   | 0.17%             | N/A             | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| AES CORP/THE             | AES Corp/The                                                                 | CUSIP: 00130HCK9<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |   3205000 | PA      | $3245203.30   | 0.05%             | 2055-01-15      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| DTE ENERGY CO            | DTE Energy Co                                                                | CUSIP: 233331818<br>LEI: 549300IX8SD6XXD71I78 | Long             | EP               | CORP              | US        |     20021 | NS      | $354371.70    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| DIGITALBRIDGE GROUP INC  | DigitalBridge Group Inc                                                      | CUSIP: 25401T306<br>LEI: 549300XG87L902AGBO89 | Long             | EP               | CORP              | US        |    630953 | NS      | $13994537.54  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| US CELLULAR CORP         | United States Cellular Corp                                                  | CUSIP: 911684884<br>LEI: 549300B164AZXESI6E03 | Long             | EP               | CORP              | US        |   2402779 | NS      | $53966416.34  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCO MERCANTIL DE NORTE | Banco Mercantil del Norte SA/Grand Cayman                                    | CUSIP: 05971PAE8<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |  25000000 | PA      | $25634756.00  | 0.43%             | N/A             | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS              | BNP Paribas SA                                                               | CUSIP: 05565AS20<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   8300000 | PA      | $8954006.80   | 0.15%             | N/A             | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP     | Bank of America Corp                                                         | CUSIP: 06055HAH6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        | 160622000 | PA      | $164886995.97 | 2.74%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL   | NextEra Energy Capital Holdings Inc                                          | CUSIP: 65339KDB3<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |  35006000 | PA      | $36611900.25  | 0.61%             | 2054-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA       | Banco Santander SA                                                           | CUSIP: 05971KAH2<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   2800000 | PA      | $2745472.52   | 0.05%             | N/A             | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CNO FINANCIAL GROUP INC  | CNO Financial Group Inc                                                      | CUSIP: 12621E301<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EP               | CORP              | US        |    790145 | NS      | $15534250.70  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO & COMPANY    | Wells Fargo & Co                                                             | CUSIP: 94988U151<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |    270090 | NS      | $5207335.20   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| SEMPRA                   | Sempra                                                                       | CUSIP: 816851BT5<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |  35416000 | PA      | $34348561.76  | 0.57%             | 2054-10-01      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP   | Bank of New York Mellon Corp/The                                             | CUSIP: 064058845<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EP               | CORP              | US        |   1488888 | NS      | $38443088.16  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| SCENTRE GROUP TRUST 2    | Scentre Group Trust 2                                                        | CUSIP: 76025LAB0<br>LEI: 549300VRF0U0JH8TBJ74 | Long             | DBT              | CORP              | AU        |  27435000 | PA      | $27018876.89  | 0.45%             | 2080-09-24      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| AGNC INVESTMENT CORP     | AGNC Investment Corp                                                         | CUSIP: 00123Q872<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |      5044 | NS      | $128521.12    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ATHENE HOLDING LTD       | Athene Holding Ltd                                                           | CUSIP: 04686J507<br>LEI: 549300H316CT32FQXI76 | Long             | EP               | CORP              | US        |   1274505 | NS      | $33468501.30  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| AEGON FUNDING CO LLC     | AEGON Funding Co LLC                                                         | CUSIP: 00775V104<br>LEI: KEIOKM01PSK5VZ5CCI74 | Long             | EP               | CORP              | US        |   2651526 | NS      | $53163096.30  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO | Capital One Financial Corp                                                   | CUSIP: 14040H824<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EP               | CORP              | US        |     60806 | NS      | $1196054.02   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBE LIFE INC           | Globe Life Inc                                                               | CUSIP: 37959E300<br>LEI: 5493001JFHKQOPP6XA71 | Long             | EP               | CORP              | US        |     87348 | NS      | $1462205.52   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS GROUP INC  | Goldman Sachs Group Inc/The                                                  | CUSIP: 38141GB52<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |  30900000 | PA      | $30633048.72  | 0.51%             | N/A             | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC             | Barclays PLC                                                                 | CUSIP: 06738EDC6<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |  17900000 | PA      | $18278901.47  | 0.30%             | N/A             | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| MEIJI YASUDA LIFE INSURA | Meiji Yasuda Life Insurance Co                                               | CUSIP: 585270AE1<br>LEI: 549300SLU4LP6YMRLK07 | Long             | DBT              | CORP              | JP        |  35800000 | PA      | $36270412.00  | 0.60%             | 2055-06-11      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| TPG OPERATING GROUP II   | TPG Operating Group II LP                                                    | CUSIP: 872652102<br>LEI: 2549001H9RJQNZT7MU11 | Long             | EP               | CORP              | US        |   1164646 | NS      | $30257503.08  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCO SANTANDER SA       | Banco Santander SA                                                           | CUSIP: 05971KAQ2<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |  50600000 | PA      | $59888743.20  | 0.99%             | N/A             | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| NIPPON LIFE INSURANCE    | Nippon Life Insurance Co                                                     | CUSIP: 654579AP6<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |  15499000 | PA      | $16234489.55  | 0.27%             | 2055-04-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BERKLEY (WR) CORPORATION | W R Berkley Corp                                                             | CUSIP: 084423805<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EP               | CORP              | US        |    299532 | NS      | $5963682.12   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| COBANK ACB               | CoBank ACB                                                                   | CUSIP: 19075QAF9<br>LEI: P0J8I7M2E0A77CKF1705 | Long             | DBT              | USGSE             | US        |  12500000 | PA      | $12882675.00  | 0.21%             | N/A             | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CAPITAL FARM CREDIT ACA  | Capital Farm Credit ACA                                                      | CUSIP: 14019TAA4<br>LEI: 254900S6K5I3OISPS518 | Long             | DBT              | CORP              | US        |  28250000 | PA      | $28250000.00  | 0.47%             | N/A             | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BANCO BILBAO VIZCAYA ARG | Banco Bilbao Vizcaya Argentaria SA                                           | CUSIP: 05946KAM3<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |  25200000 | PA      | $28021392.00  | 0.47%             | N/A             | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD OAKTREE HLDGS | Brookfield Oaktree Holdings LLC                                              | CUSIP: 674001300<br>LEI: 254900T1ODNFOK2L6090 | Long             | EP               | CORP              | US        |    630293 | NS      | $13816022.56  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS GROUP INC  | Goldman Sachs Group Inc/The                                                  | CUSIP: 38141GA38<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |  13608000 | PA      | $14407524.43  | 0.24%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP           | Air Lease Corp                                                               | CUSIP: 00912XBQ6<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |  36433000 | PA      | $35880388.63  | 0.60%             | N/A             | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CARLYLE FINANCE LLC      | Carlyle Finance LLC                                                          | CUSIP: 14314C105<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   1841208 | NS      | $33381101.04  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| SEMPRA                   | Sempra                                                                       | CUSIP: 816851BS7<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |  12850000 | PA      | $13002645.15  | 0.22%             | 2054-10-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| TRANSCANADA TRUST        | Transcanada Trust                                                            | CUSIP: 89356BAG3<br>LEI: 549300Y0MFCAXLBWUV51 | Long             | DBT              | CORP              | CA        |  15350000 | PA      | $14946456.18  | 0.25%             | 2082-03-07      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| SWEDBANK AB              | Swedbank AB                                                                  | CUSIP: 000000000<br>LEI: M312WZV08Y7LYUC71685 | Long             | DBT              | CORP              | SE        |   3200000 | PA      | $3370368.00   | 0.06%             | N/A             | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| JACKSON FINANCIAL INC    | Jackson Financial Inc                                                        | CUSIP: 46817M206<br>LEI: 213800WXW2KG1N4CO374 | Long             | EP               | CORP              | US        |    120470 | NS      | $3153904.60   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ARES FINANCE CO          | Ares Finance Co III LLC                                                      | CUSIP: 04018VAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  40400000 | PA      | $39541718.16  | 0.66%             | 2051-06-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO              | Southern Co/The                                                              | CUSIP: 842587EB9<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |  31000000 | PA      | $32153574.79  | 0.53%             | 2055-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| AFFILIATED MANAGERS GROU | Affiliated Managers Group Inc                                                | CUSIP: 008252843<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EP               | CORP              | US        |    197154 | NS      | $3434422.68   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY           | Morgan Stanley                                                               | CUSIP: 61762V853<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |    104500 | NS      | $2675200.00   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| VOYA FINANCIAL INC       | Voya Financial Inc                                                           | CUSIP: 929089209<br>LEI: 549300T065Z4KJ686G75 | Long             | EP               | CORP              | US        |    161512 | NS      | $3981270.80   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC            | Citigroup Inc                                                                | CUSIP: 17327CBC6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |  35958000 | PA      | $36353538.00  | 0.60%             | N/A             | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP      | Fifth Third Bancorp                                                          | CUSIP: 316773DB3<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14974.38     | 0.00%             | N/A             | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC            | Citigroup Inc                                                                | CUSIP: 172967PM7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |  20832000 | PA      | $21695757.22  | 0.36%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL   | NextEra Energy Capital Holdings Inc                                          | CUSIP: 65339K837<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | EP               | CORP              | US        |   3086398 | NS      | $77468589.80  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T INC                 | AT&T Inc                                                                     | CUSIP: 00206R508<br>LEI: 549300Z40J86GGSTL398 | Long             | EP               | CORP              | US        |    439146 | NS      | $8980535.70   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| F&G ANNUITIES & LIFE INC | F&G Annuities & Life Inc                                                     | CUSIP: 30190A203<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   1744360 | NS      | $46731404.40  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIZENS FINANCIAL GROUP | Citizens Financial Group Inc                                                 | CUSIP: 174610BD6<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |   5653000 | PA      | $5508784.06   | 0.09%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA     | Royal Bank of Canada                                                         | CUSIP: 780082AV5<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |  58100000 | PA      | $58884350.00  | 0.98%             | 2085-08-24      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL   | NextEra Energy Capital Holdings Inc                                          | CUSIP: 65339KDF4<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |  16250000 | PA      | $16811697.50  | 0.28%             | 2055-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA       | Credit Agricole SA                                                           | CUSIP: 225313AR6<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |  77700000 | PA      | $77923387.50  | 1.29%             | N/A             | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA      | Bank of Nova Scotia/The                                                      | CUSIP: 0641598S8<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |  38764000 | PA      | $41269007.21  | 0.69%             | 2082-10-27      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| US BANCORP               | US Bancorp                                                                   | CUSIP: 902973759<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EP               | CORP              | US        |    244169 | NS      | $5647628.97   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHERN CO              | Southern Co/The                                                              | CUSIP: 842587867<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EP               | CORP              | US        |    822284 | NS      | $21453389.56  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC | Prudential Financial Inc                                                     | CUSIP: 744320805<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | EP               | CORP              | US        |     42858 | NS      | $1047878.10   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SUMITOMO MITSUI FINL GRP | Sumitomo Mitsui Financial Group Inc                                          | CUSIP: 86562MDK3<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |  17420000 | PA      | $17745893.36  | 0.29%             | N/A             | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| BBVA BANCOMER SA TEXAS   | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico/TX | CUSIP: 07336UAA1<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |  31600000 | PA      | $33710328.26  | 0.56%             | 2038-06-29      | Fixed         | 8.45%                 | No            |                  2 | On Loan: No      |
| LAND O'LAKES INC         | Land O' Lakes Inc                                                            | CUSIP: 514666AM8<br>LEI: 4ONCJWH5BBCYSJIJYX61 | Long             | DBT              | CORP              | US        |  14010000 | PA      | $12065271.90  | 0.20%             | N/A             | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV             | ING Groep NV                                                                 | CUSIP: 000000000<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    285000 | PA      | $297590.87    | 0.00%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY    | Wells Fargo & Co                                                             | CUSIP: 95002YAC7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |  65630000 | PA      | $68145007.23  | 1.13%             | N/A             | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS              | BNP Paribas SA                                                               | CUSIP: 05565ASK0<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |  59483000 | PA      | $53432633.12  | 0.89%             | N/A             | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER  | American Electric Power Co Inc                                               | CUSIP: 025537BA8<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |  51590000 | PA      | $54588410.80  | 0.91%             | 2054-12-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| COMPEER FINANCIAL ACA    | Compeer Financial ACA                                                        | CUSIP: 20453QAA0<br>LEI: 54930020HTACTODKHT04 | Long             | DBT              | CORP              | US        |  13950000 | PA      | $13566375.84  | 0.23%             | N/A             | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CNP ASSURANCES SACA      | CNP Assurances SACA                                                          | CUSIP: 000000000<br>LEI: 969500QKVPV2H8UXM738 | Long             | DBT              | CORP              | FR        |  29400000 | PA      | $26772228.00  | 0.44%             | N/A             | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA      | Bank of Nova Scotia/The                                                      | CUSIP: 0641598X7<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |  37800000 | PA      | $38680827.32  | 0.64%             | 2085-04-27      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| SCE TRUST VII            | SCE Trust VII                                                                | CUSIP: 783892201<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   1366259 | NS      | $31601570.67  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| BBVA BANCOMER SA TEXAS   | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico/TX | CUSIP: 072912AA6<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |  12300000 | PA      | $12667085.51  | 0.21%             | 2035-02-11      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC            | Citigroup Inc                                                                | CUSIP: 172967PE5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |  45055000 | PA      | $47113653.06  | 0.78%             | N/A             | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| AT&T INC                 | AT&T Inc                                                                     | CUSIP: 00206R300<br>LEI: 549300Z40J86GGSTL398 | Long             | EP               | CORP              | US        |    581117 | NS      | $13470292.06  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| CREDIT SUISSE GROUP AG   | Credit Suisse Group AG                                                       | CUSIP: 225401AL2<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |  51775000 | PA      | $6083562.50   | 0.10%             | N/A             | Fixed         | 6.38%                 | No            |                  3 | On Loan: No      |
| AT&T INC                 | AT&T Inc                                                                     | CUSIP: 00206R706<br>LEI: 549300Z40J86GGSTL398 | Long             | EP               | CORP              | US        |    734131 | NS      | $14315554.50  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| AFFILIATED MANAGERS GROU | Affiliated Managers Group Inc                                                | CUSIP: 008252835<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EP               | CORP              | US        |    857989 | NS      | $13315989.28  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCO SANTANDER SA       | Banco Santander SA                                                           | CUSIP: 05964HBH7<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |  30500000 | PA      | $32857558.50  | 0.55%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY    | Wells Fargo & Co                                                             | CUSIP: 949746804<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |    110579 | NS      | $130985248.66 | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Preferred ETF    | Invesco Preferred ETF                                                        | CUSIP: 46138E511<br>LEI: 549300J11Q08WEERN210 | Long             | EC               | RF                | US        |   1504718 | NS      | $17048454.94  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCO MERCANTIL DE NORTE | Banco Mercantil del Norte SA/Grand Cayman                                    | CUSIP: 05962GAJ8<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |  15700000 | PA      | $15860673.80  | 0.26%             | N/A             | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| SCE TRUST VI             | SCE Trust VI                                                                 | CUSIP: 78410V200<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    322085 | NS      | $5346611.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| REINSURANCE GRP OF AMER  | Reinsurance Group of America Inc                                             | CUSIP: 759351885<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EP               | CORP              | US        |     26228 | NS      | $679829.76    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO      | JPMorgan Chase & Co                                                          | CUSIP: 48128B655<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EP               | CORP              | US        |    106422 | NS      | $2666935.32   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CANADIAN IMPERIAL BANK   | Canadian Imperial Bank of Commerce                                           | CUSIP: 13607P7Y4<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |  40400000 | PA      | $40864600.00  | 0.68%             | 2085-10-28      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO      | JPMorgan Chase & Co                                                          | CUSIP: 48128B622<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EP               | CORP              | US        |    118126 | NS      | $2405045.36   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO      | JPMorgan Chase & Co                                                          | CUSIP: 48128B549<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EP               | CORP              | US        |    338028 | NS      | $6662531.88   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| BROOKFIELD BRP HOLDINGS  | Brookfield BRP Holdings Canada Inc                                           | CUSIP: 11259P109<br>LEI: 549300NSPD7QJ50GZW26 | Long             | EP               | CORP              | CA        |    891011 | NS      | $13988872.70  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| DAIRY FARMERS OF AMERICA | Dairy Farmers of America Inc                                                 | CUSIP: 23385H406<br>LEI: 1LTUIZEFFT7MUIERI838 | Long             | EP               | CORP              | US        |       700 | NS      | $67550.00     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS PLC             | Barclays PLC                                                                 | CUSIP: 06738EBX2<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        | 100000000 | PA      | $106234200.00 | 1.76%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX COMPANIES INC    | Phoenix Cos Inc/The                                                          | CUSIP: 71902E208<br>LEI: 549300Q3ENSFI87YLC32 | Long             | EP               | CORP              | US        |    226438 | NS      | $4075884.00   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| CREDIT SUISSE GROUP AG   | Credit Suisse Group AG                                                       | CUSIP: 225436AA2<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |   1200000 | PA      | $141000.00    | 0.00%             | N/A             | Variable      | 6.25%                 | No            |                  3 | On Loan: No      |
| BANK OF NOVA SCOTIA      | Bank of Nova Scotia/The                                                      | CUSIP: 0641598V1<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |  44149000 | PA      | $47173824.59  | 0.78%             | 2084-01-27      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG         | Deutsche Bank AG                                                             | CUSIP: 251525AX9<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |  50200000 | PA      | $50128500.14  | 0.83%             | N/A             | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC            | Citigroup Inc                                                                | CUSIP: 17327CAV5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |  24700000 | PA      | $24961869.40  | 0.41%             | N/A             | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| LIBERTY MUTUAL GROUP INC | Liberty Mutual Group Inc                                                     | CUSIP: 53079EBM5<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |  28072000 | PA      | $27323226.00  | 0.45%             | 2051-12-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| ALLSTATE CORP            | Allstate Corp/The                                                            | CUSIP: 020002838<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EP               | CORP              | US        |     30206 | NS      | $653355.78    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORP     | Bank of America Corp                                                         | CUSIP: 06055H871<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |     16247 | NS      | $317953.79    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| LANCASHIRE HOLDINGS LTD  | Lancashire Holdings Ltd                                                      | CUSIP: 000000000<br>LEI: 5493002UNUYXLHOWF752 | Long             | DBT              | CORP              | BM        |  40630000 | PA      | $39205633.68  | 0.65%             | 2041-09-18      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS              | BNP Paribas SA                                                               | CUSIP: 05565A5R0<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |  56900000 | PA      | $60813752.70  | 1.01%             | N/A             | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO      | JPMorgan Chase & Co                                                          | CUSIP: 48128BAQ4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |  93350000 | PA      | $97800274.55  | 1.62%             | N/A             | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY           | Morgan Stanley                                                               | CUSIP: 61761J406<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |     47891 | NS      | $1193922.63   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO      | JPMorgan Chase & Co                                                          | CUSIP: 48128AAJ2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   9300000 | PA      | $9556531.20   | 0.16%             | N/A             | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP      | Charles Schwab Corp/The                                                      | CUSIP: 808513BJ3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |  74169000 | PA      | $67861623.74  | 1.13%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO              | Southern Co/The                                                              | CUSIP: 842587800<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EP               | CORP              | US        |    180027 | NS      | $3715757.28   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| FORD MOTOR COMPANY       | Ford Motor Co                                                                | CUSIP: 345370845<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EP               | CORP              | US        |    289338 | NS      | $6527465.28   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| BROOKFIELD OAKTREE HLDGS | Brookfield Oaktree Holdings LLC                                              | CUSIP: 674001409<br>LEI: 254900T1ODNFOK2L6090 | Long             | EP               | CORP              | US        |    993221 | NS      | $21165539.51  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| ALGONQUIN PWR & UTILITY  | Algonquin Power & Utilities Corp                                             | CUSIP: 015857AH8<br>LEI: 549300K5VIUTJXQL7X75 | Long             | DBT              | CORP              | CA        |  29294000 | PA      | $28467627.98  | 0.47%             | 2082-01-18      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| WINTRUST FINANCIAL CORP  | Wintrust Financial Corp                                                      | CUSIP: 97650W702<br>LEI: Q774KI4AW80FHFW33O61 | Long             | EP               | CORP              | US        |    617200 | NS      | $16170640.00  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBAL ATLANTIC FIN CO   | Global Atlantic Fin Co                                                       | CUSIP: 37959GAG2<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |  25274000 | PA      | $26474641.37  | 0.44%             | 2054-10-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| COBANK ACB               | CoBank ACB                                                                   | CUSIP: 19075QAC6<br>LEI: P0J8I7M2E0A77CKF1705 | Long             | DBT              | USGSE             | US        |   7341000 | PA      | $7386264.61   | 0.12%             | N/A             | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ATHENE HOLDING LTD       | Athene Holding Ltd                                                           | CUSIP: 04686J838<br>LEI: 549300H316CT32FQXI76 | Long             | EP               | CORP              | US        |   1435930 | NS      | $36156717.40  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP PARIBAS              | BNP Paribas SA                                                               | CUSIP: 05565AM34<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |  36770000 | PA      | $38982745.06  | 0.65%             | N/A             | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE         | Societe Generale SA                                                          | CUSIP: 83371GAA9<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |  32870000 | PA      | $36317339.86  | 0.60%             | N/A             | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC        | NatWest Group PLC                                                            | CUSIP: 639057AQ1<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |   6156000 | PA      | $6759850.35   | 0.11%             | N/A             | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| CENTERPOINT ENERGY INC   | CenterPoint Energy Inc                                                       | CUSIP: 15189TBJ5<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1463546.00   | 0.02%             | 2055-02-15      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| AMERICAN NATIONAL GROUP  | American National Group Inc                                                  | CUSIP: 025676859<br>LEI: 549300RK5RZQ740FPL83 | Long             | EP               | CORP              | US        |    794201 | NS      | $20093285.30  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| ING GROEP NV             | ING Groep NV                                                                 | CUSIP: 000000000<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |  22200000 | PA      | $23004750.00  | 0.38%             | N/A             | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP        | State Street Corp                                                            | CUSIP: 857477CM3<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |  31000000 | PA      | $32223415.00  | 0.54%             | N/A             | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| BELL CANADA              | Bell Telephone Co of Canada or Bell Canada                                   | CUSIP: 0778FPAQ2<br>LEI: 5493000G3EFX9S7TDE29 | Long             | DBT              | CORP              | CA        |  50500000 | PA      | $51378199.04  | 0.85%             | 2055-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BANC CREDITO INVERSIONES | Banco de Credito e Inversiones SA                                            | CUSIP: 05890PAC0<br>LEI: 549300E9E5Y3PKW24142 | Long             | DBT              | CORP              | CL        |   5000000 | PA      | $5377200.00   | 0.09%             | N/A             | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD RENEWABLE PAR | Brookfield Renewable Partners LP                                             | CUSIP: 000000000<br>LEI: VA8DFMRI2GY8Y7V79H93 | Long             | EP               | CORP              | CA        |    661025 | NS      | $12321506.00  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBAL ATLANTIC          | Global Atlantic Fin Co                                                       | CUSIP: 37959GAC1<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |  77935000 | PA      | $76304916.22  | 1.27%             | 2051-10-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE         | Societe Generale SA                                                          | CUSIP: 83370RAC2<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |  33820000 | PA      | $36281859.26  | 0.60%             | N/A             | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC             | Barclays PLC                                                                 | CUSIP: 06738EBT1<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   7205000 | PA      | $6864283.48   | 0.11%             | N/A             | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| AFFILIATED MANAGERS GROU | Affiliated Managers Group Inc                                                | CUSIP: 008252827<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EP               | CORP              | US        |   1193914 | NS      | $29012110.20  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC            | Citigroup Inc                                                                | CUSIP: 172967PJ4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |  20000000 | PA      | $20623620.00  | 0.34%             | N/A             | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP     | Bank of America Corp                                                         | CUSIP: 06055H400<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |     15584 | NS      | $277551.04    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BBVA BANCOMER SA TEXAS   | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico/TX | CUSIP: 05533UAG3<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |  11600000 | PA      | $11449081.22  | 0.19%             | 2034-09-13      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY       | Ford Motor Co                                                                | CUSIP: 345370811<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EP               | CORP              | US        |    666528 | NS      | $15723395.52  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| AGNC INVESTMENT CORP     | AGNC Investment Corp                                                         | CUSIP: 00123Q609<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |    300535 | NS      | $7534412.45   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS GROUP INC  | Goldman Sachs Group Inc/The                                                  | CUSIP: 38141GC28<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |  15500000 | PA      | $15868273.49  | 0.26%             | N/A             | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD PROPERTY PART | Brookfield Property Partners LP                                              | CUSIP: 000000000<br>LEI: 5493004J5Z0TZW83NU62 | Long             | EP               | CORP              | US        |   1460655 | NS      | $18959301.90  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| DAIRY FARMERS OF AMERICA | Dairy Farmers of America Inc                                                 | CUSIP: 23385HAA7<br>LEI: 1LTUIZEFFT7MUIERI838 | Long             | DBT              | CORP              | US        |  10700000 | PA      | $10272000.00  | 0.17%             | N/A             | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY           | Morgan Stanley                                                               | CUSIP: 61762V838<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |    491352 | NS      | $12657227.52  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF MONTREAL         | Bank of Montreal                                                             | CUSIP: 06368LQ58<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |  60800000 | PA      | $63758163.20  | 1.06%             | 2084-05-26      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC        | HSBC Holdings PLC                                                            | CUSIP: 404280EH8<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |  18380000 | PA      | $18989315.38  | 0.32%             | N/A             | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CREDIT SUISSE GROUP AG   | Credit Suisse Group AG                                                       | CUSIP: 225401AR9<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |  81425000 | PA      | $9567437.50   | 0.16%             | N/A             | Fixed         | 5.25%                 | No            |                  3 | On Loan: No      |
| SWEDBANK AB              | Swedbank AB                                                                  | CUSIP: 000000000<br>LEI: M312WZV08Y7LYUC71685 | Long             | DBT              | CORP              | SE        |   8600000 | PA      | $9132125.00   | 0.15%             | N/A             | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES   | PNC Financial Services Group Inc/The                                         | CUSIP: 693475BD6<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |  14810000 | PA      | $14875437.99  | 0.25%             | N/A             | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SEMPRA                   | Sempra                                                                       | CUSIP: 816851BM0<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |  39422000 | PA      | $38167237.16  | 0.63%             | 2052-04-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| NOMURA HOLDINGS INC      | Nomura Holdings Inc                                                          | CUSIP: 65535HCC1<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |  31200000 | PA      | $31625224.80  | 0.53%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ASPEN INSURANCE HLDG LTD | Aspen Insurance Holdings Ltd                                                 | CUSIP: 000000000<br>LEI: 549300YX6HECG9XQCQ75 | Long             | EP               | CORP              | BM        |    444900 | NS      | $9142695.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| F&G ANNUITIES & LIFE INC | F&G Annuities & Life Inc                                                     | CUSIP: 30190A609<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   2501039 | NS      | $60300050.29  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBAL NET LEASE INC     | Global Net Lease Inc                                                         | CUSIP: 379378300<br>LEI: 549300NUYANCT5SU8Z65 | Long             | EP               | CORP              | US        |    506445 | NS      | $11384883.60  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| COREBRIDGE FINANCIAL INC | Corebridge Financial Inc                                                     | CUSIP: 21871X208<br>LEI: 549300XY1661QCIA7J65 | Long             | EP               | CORP              | US        |   2399438 | NS      | $58282349.02  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC FINANCIAL SERVICES   | PNC Financial Services Group Inc/The                                         | CUSIP: 693475BF1<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |  19095000 | PA      | $19349116.26  | 0.32%             | N/A             | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD PROPERTY PART | Brookfield Property Partners LP                                              | CUSIP: 000000000<br>LEI: 5493004J5Z0TZW83NU62 | Long             | EP               | CORP              | US        |   1281330 | NS      | $18233325.90  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITABLE HOLDINGS INC   | Equitable Holdings Inc                                                       | CUSIP: 29452E200<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EP               | CORP              | US        |   1324277 | NS      | $27386048.36  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| RENAISSANCERE HOLDINGS L | RenaissanceRe Holdings Ltd                                                   | CUSIP: 000000000<br>LEI: EK6GB9U3U58PDI411C94 | Long             | EP               | CORP              | BM        |    859247 | NS      | $13842469.17  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| DIGITALBRIDGE GROUP INC  | DigitalBridge Group Inc                                                      | CUSIP: 25401T504<br>LEI: 549300XG87L902AGBO89 | Long             | EP               | CORP              | US        |    241487 | NS      | $5346522.18   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| AMER AGCREDIT ACA        | American AgCredit Corp                                                       | CUSIP: 02369GAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  64250000 | PA      | $62483128.21  | 1.04%             | N/A             | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LAND O'LAKES INC         | Land O' Lakes Inc                                                            | CUSIP: 514666AN6<br>LEI: 4ONCJWH5BBCYSJIJYX61 | Long             | DBT              | CORP              | US        |  44888000 | PA      | $37508412.80  | 0.62%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| DTE ENERGY CO            | DTE Energy Co                                                                | CUSIP: 233331859<br>LEI: 549300IX8SD6XXD71I78 | Long             | EP               | CORP              | US        |     62805 | NS      | $1418764.95   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| FORTEGRA FINANCIAL CORP  | Fortegra Financial Corp                                                      | CUSIP: 34954WAA2<br>LEI: 5493004Z5XFZNDJRE757 | Long             | DBT              | CORP              | US        |  13700000 | PA      | $13580125.00  | 0.23%             | 2057-10-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC        | HSBC Holdings PLC                                                            | CUSIP: 404280FA2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |  30900000 | PA      | $31560379.04  | 0.52%             | N/A             | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| AMERICAN NATIONAL GROUP  | American National Group Inc                                                  | CUSIP: 025676867<br>LEI: 549300RK5RZQ740FPL83 | Long             | EP               | CORP              | US        |      5725 | NS      | $144842.50    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF MONTREAL         | Bank of Montreal                                                             | CUSIP: 06368L5Q5<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |  30189000 | PA      | $31388559.92  | 0.52%             | 2084-11-26      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG         | Deutsche Bank AG                                                             | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |  24800000 | PA      | $26036900.00  | 0.43%             | N/A             | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| AMTRUST FINANCIAL SERVIC | AmTrust Financial Services Inc                                               | CUSIP: 032359853<br>LEI: 549300SNNS1GRWBTGA28 | Long             | EP               | CORP              | US        |    364175 | NS      | $5681130.00   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| CMS ENERGY CORP          | CMS Energy Corp                                                              | CUSIP: 125896852<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EP               | CORP              | US        |    988742 | NS      | $22592754.70  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| DUKE ENERGY CORP         | Duke Energy Corp                                                             | CUSIP: 26441CCG8<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |  23875000 | PA      | $24641848.29  | 0.41%             | 2054-09-01      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV             | ING Groep NV                                                                 | CUSIP: 000000000<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |  38873000 | PA      | $42037165.02  | 0.70%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC        | HSBC Holdings PLC                                                            | CUSIP: 404280DT3<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |  56700000 | PA      | $60092984.70  | 1.00%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| EUSHI FINANCE INC        | EUSHI Finance Inc                                                            | CUSIP: 29882DAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  21680000 | PA      | $22706049.36  | 0.38%             | 2054-12-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE | Banco Mercantil del Norte SA/Grand Cayman                                    | CUSIP: 05971PAC2<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |  21630000 | PA      | $22863731.94  | 0.38%             | N/A             | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN | Rogers Communications Inc                                                    | CUSIP: 775109DH1<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |  57535000 | PA      | $58905105.70  | 0.98%             | 2055-04-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP       | Energy Transfer LP                                                           | CUSIP: 29273VAM2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |  10750000 | PA      | $11033090.50  | 0.18%             | N/A             | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| COBANK ACB               | CoBank ACB                                                                   | CUSIP: 19075QAE2<br>LEI: P0J8I7M2E0A77CKF1705 | Long             | DBT              | USGSE             | US        |  34455000 | PA      | $34759513.29  | 0.58%             | N/A             | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC | Lloyds Banking Group PLC                                                     | CUSIP: 53944YAV5<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |  68555000 | PA      | $73389909.93  | 1.22%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC             | Enbridge Inc                                                                 | CUSIP: 29250NBC8<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |  21350000 | PA      | $21181307.25  | 0.35%             | 2080-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ALGONQUIN PWR & UTILITY  | Algonquin Power & Utilities Corp                                             | CUSIP: 015857808<br>LEI: 549300K5VIUTJXQL7X75 | Long             | EP               | CORP              | CA        |    555398 | NS      | $14512549.74  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP PARIBAS              | BNP Paribas SA                                                               | CUSIP: 05602XDJ4<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |  28020000 | PA      | $30050609.40  | 0.50%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ARCH CAPITAL GROUP LTD   | Arch Capital Group Ltd                                                       | CUSIP: 03939A107<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EP               | CORP              | BM        |        32 | NS      | $663.04       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| COMMERZBANK AG           | Commerzbank AG                                                               | CUSIP: 000000000<br>LEI: 851WYGNLUQLFZBSYGB56 | Long             | DBT              | CORP              | DE        |  36800000 | PA      | $38152216.00  | 0.63%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY           | Morgan Stanley                                                               | CUSIP: 61762V606<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |    164265 | NS      | $3912792.30   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN ELECTRIC POWER  | American Electric Power Co Inc                                               | CUSIP: 025537AZ4<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |   4920000 | PA      | $5147525.40   | 0.09%             | 2054-12-15      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD PROP PFD LP   | Brookfield Property Preferred LP                                             | CUSIP: 000000000<br>LEI: 254900N07TR905Y0G344 | Long             | EP               | CORP              | CA        |    185918 | NS      | $3021167.50   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCH CAPITAL GROUP LTD   | Arch Capital Group Ltd                                                       | CUSIP: 03939A404<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EP               | CORP              | BM        |    324790 | NS      | $5651346.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| RENAISSANCERE HOLDINGS L | RenaissanceRe Holdings Ltd                                                   | CUSIP: 75968N309<br>LEI: EK6GB9U3U58PDI411C94 | Long             | EP               | CORP              | BM        |     85784 | NS      | $1891537.20   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| US CELLULAR CORP         | United States Cellular Corp                                                  | CUSIP: 911684801<br>LEI: 549300B164AZXESI6E03 | Long             | EP               | CORP              | US        |   2462803 | NS      | $54600342.51  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| CREDIT SUISSE GROUP AG   | Credit Suisse Group AG                                                       | CUSIP: 225401AX6<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |  27200000 | PA      | $3196000.00   | 0.05%             | N/A             | Fixed         | 9.75%                 | No            |                  3 | On Loan: No      |
| TELUS CORP               | TELUS Corp                                                                   | CUSIP: 87971MCL5<br>LEI: L2TEUTQ8OSHMJWVLCE40 | Long             | DBT              | CORP              | CA        |  12456000 | PA      | $12618925.73  | 0.21%             | 2055-10-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA       | Banco Santander SA                                                           | CUSIP: 05971KAP4<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |  21600000 | PA      | $24167576.88  | 0.40%             | N/A             | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| AES CORP/THE             | AES Corp/The                                                                 | CUSIP: 00130HCL7<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |  36425000 | PA      | $35187348.07  | 0.58%             | 2055-07-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| PUBLIC STORAGE           | Public Storage                                                               | CUSIP: 74460W578<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EP               | CORP              | US        |     39376 | NS      | $752869.12    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC            | Citigroup Inc                                                                | CUSIP: 172967MV0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   2600000 | PA      | $2575933.62   | 0.04%             | N/A             | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| KKR GROUP FIN CO IX LLC  | KKR Group Finance Co IX LLC                                                  | CUSIP: 48253M104<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    969378 | NS      | $17487579.12  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| ASSURANT INC             | Assurant Inc                                                                 | CUSIP: 04621XAK4<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | DBT              | CORP              | US        |  34460000 | PA      | $35213856.26  | 0.58%             | 2048-03-27      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| AXIS SPECIALTY FINANCE   | AXIS Specialty Finance LLC                                                   | CUSIP: 05463HAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  26475000 | PA      | $25488491.73  | 0.42%             | 2040-01-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| CHS INC                  | CHS Inc                                                                      | CUSIP: 12542R704<br>LEI: XEIEFTLYDQ1MZ6TZV015 | Long             | EP               | CORP              | US        |    232432 | NS      | $5706205.60   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| FARM CREDIT BK OF TEXAS  | Farm Credit Bank of Texas                                                    | CUSIP: 30767EAF6<br>LEI: V1EBJIOLRNYDHDF63Z33 | Long             | DBT              | USGSE             | US        |   7460000 | PA      | $7590550.07   | 0.13%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP    | Truist Financial Corp                                                        | CUSIP: 89832Q695<br>LEI: 549300DRQQI75D2JP341 | Long             | EP               | CORP              | US        |     11621 | NS      | $225098.77    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| HARTFORD INSUR GRP INC/T | Hartford Insurance Group Inc/The                                             | CUSIP: 416515BC7<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | DBT              | CORP              | US        |  69648000 | PA      | $64874677.11  | 1.08%             | 2047-02-12      | Floating      | 6.71%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO              | Southern Co/The                                                              | CUSIP: 842587404<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EP               | CORP              | US        |     50423 | NS      | $1135021.73   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| STATE STREET CORP        | State Street Corp                                                            | CUSIP: 857477CH4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |  12536000 | PA      | $12955905.86  | 0.22%             | N/A             | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC             | Barclays PLC                                                                 | CUSIP: 06738ECN3<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |  25750000 | PA      | $29151060.00  | 0.48%             | N/A             | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL         | Bank of Montreal                                                             | CUSIP: 06368L8V1<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |   8433000 | PA      | $8470948.50   | 0.14%             | 2085-11-26      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| SEMPRA                   | Sempra                                                                       | CUSIP: 816851604<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EP               | CORP              | US        |    798313 | NS      | $17714565.47  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| AXIS CAPITAL HLDGS LTD   | Axis Capital Holdings Ltd                                                    | CUSIP: 05461T305<br>LEI: 635400VD2NQBYAHMEM55 | Long             | EP               | CORP              | BM        |    432766 | NS      | $8901996.62   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| INTESA SANPAOLO SPA      | Intesa Sanpaolo SpA                                                          | CUSIP: 46115HAU1<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |    200000 | PA      | $200999.60    | 0.00%             | N/A             | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES    | Huntington Bancshares Inc/OH                                                 | CUSIP: 446150AV6<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |   3250000 | PA      | $3200597.73   | 0.05%             | N/A             | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| REINSURANCE GRP OF AMER  | Reinsurance Group of America Inc                                             | CUSIP: 759351802<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EP               | CORP              | US        |     24984 | NS      | $620102.88    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| DIGITALBRIDGE GROUP INC  | DigitalBridge Group Inc                                                      | CUSIP: 25401T405<br>LEI: 549300XG87L902AGBO89 | Long             | EP               | CORP              | US        |   1040241 | NS      | $23072545.38  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| LAND O LAKES CAP TRST I  | Land O'Lakes Capital Trust I                                                 | CUSIP: 514665AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  20360000 | PA      | $20358963.68  | 0.34%             | 2028-03-15      | Fixed         | 7.45%                 | Yes           |                  2 | On Loan: No      |
| STATE STREET CORP        | State Street Corp                                                            | CUSIP: 857477855<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EP               | CORP              | US        |     18355 | NS      | $413721.70    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ATHENE HOLDING LTD       | Athene Holding Ltd                                                           | CUSIP: 04686J861<br>LEI: 549300H316CT32FQXI76 | Long             | EP               | CORP              | US        |   1212665 | NS      | $30183231.85  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| CANADIAN IMPERIAL BANK   | Canadian Imperial Bank of Commerce                                           | CUSIP: 13607PNF7<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |  15000000 | PA      | $15118146.75  | 0.25%             | 2085-01-28      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC        | HSBC Holdings PLC                                                            | CUSIP: 404280EJ4<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |  48450000 | PA      | $49827918.00  | 0.83%             | N/A             | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| LAND O'LAKES INC         | Land O' Lakes Inc                                                            | CUSIP: 514666AK2<br>LEI: 4ONCJWH5BBCYSJIJYX61 | Long             | DBT              | CORP              | US        |  31520000 | PA      | $30220745.60  | 0.50%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES   | PNC Financial Services Group Inc/The                                         | CUSIP: 693475BP9<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |  41711000 | PA      | $42290198.95  | 0.70%             | N/A             | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC      | Dominion Energy Inc                                                          | CUSIP: 25746UDT3<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |   3526000 | PA      | $3691928.17   | 0.06%             | 2055-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP     | Bank of America Corp                                                         | CUSIP: 06053U601<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |   1074114 | NS      | $23555320.02  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| ENSTAR GROUP LTD         | Enstar Group Ltd                                                             | CUSIP: 29359U109<br>LEI: 213800AMAL5QFXVUCN04 | Long             | EP               | CORP              | BM        |   1314899 | NS      | $30242677.00  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| DOMINION ENERGY INC      | Dominion Energy Inc                                                          | CUSIP: 25746UDV8<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |  65906000 | PA      | $67697193.27  | 1.12%             | 2055-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP     | Bank of America Corp                                                         | CUSIP: 060505682<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |     37568 | NS      | $45832960.00  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| ARGO GROUP INTERNATIONAL | Argo Group International Holdings Inc                                        | CUSIP: 040128407<br>LEI: 984500ID778EF9FCDF46 | Long             | EP               | CORP              | US        |      2941 | NS      | $74319.07     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DOMINION ENERGY INC      | Dominion Energy Inc                                                          | CUSIP: 25746UDU0<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |  15550000 | PA      | $16627754.95  | 0.28%             | 2054-06-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CREDIT SUISSE GROUP AG   | Credit Suisse Group AG                                                       | CUSIP: 225401AJ7<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |  76900000 | PA      | $9035750.00   | 0.15%             | N/A             | Variable      | 7.50%                 | No            |                  3 | On Loan: No      |
| BANC CREDITO INVERSIONES | Banco de Credito e Inversiones SA                                            | CUSIP: 05890MAC7<br>LEI: 549300E9E5Y3PKW24142 | Long             | DBT              | CORP              | CL        |  11320000 | PA      | $12173980.80  | 0.20%             | N/A             | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK    | Toronto-Dominion Bank/The                                                    | CUSIP: 89117F8Z5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |  63430000 | PA      | $67019376.84  | 1.11%             | 2082-10-31      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| ASPEN INSURANCE HLDG LTD | Aspen Insurance Holdings Ltd                                                 | CUSIP: 000000000<br>LEI: 549300YX6HECG9XQCQ75 | Long             | EP               | CORP              | BM        |   1981175 | NS      | $40316911.25  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| BROOKFIELD INFRASTRUCTUR | Brookfield Infrastructure Partners LP                                        | CUSIP: 000000000<br>LEI: 549300WEH5R2OODI7Y90 | Long             | EP               | CORP              | BM        |     56983 | NS      | $947057.46    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BROOKFIELD INFRASTRUCTUR | Brookfield Infrastructure Partners LP                                        | CUSIP: 000000000<br>LEI: 549300WEH5R2OODI7Y90 | Long             | EP               | CORP              | BM        |    616426 | NS      | $10417599.40  | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| APOLLO GLOBAL MANAGEMENT | Apollo Global Management Inc                                                 | CUSIP: 03769M205<br>LEI: 254900LMFT1CY9IYB476 | Long             | EP               | CORP              | US        |       947 | NS      | $25218.61     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCO MERCANTIL DE NORTE | Banco Mercantil del Norte SA/Grand Cayman                                    | CUSIP: 05971PAB4<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |  22250000 | PA      | $22315570.75  | 0.37%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD INFRA FIN ULC | Brookfield Infrastructure Finance ULC                                        | CUSIP: 11276B109<br>LEI: N/A                  | Long             | EP               | CORP              | CA        |    635259 | NS      | $10761287.46  | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| ASSURED GUARANTY MUNI    | Assured Guaranty Municipal Holdings Inc                                      | CUSIP: 31769PAB6<br>LEI: 549300WKHOG7BKB8MS12 | Long             | DBT              | CORP              | US        |  12699000 | PA      | $11748002.24  | 0.20%             | 2066-12-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| NISOURCE INC             | NiSource Inc                                                                 | CUSIP: 65473PAT2<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |  21700000 | PA      | $22031554.30  | 0.37%             | 2055-03-31      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| FARM CREDIT BK OF TEXAS  | Farm Credit Bank of Texas                                                    | CUSIP: 30767EAC3<br>LEI: V1EBJIOLRNYDHDF63Z33 | Long             | DBT              | USGSE             | US        |   7650000 | PA      | $7630875.00   | 0.13%             | N/A             | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC            | Citigroup Inc                                                                | CUSIP: 172967MU2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   3803000 | PA      | $3787118.29   | 0.06%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| METLIFE INC              | MetLife Inc                                                                  | CUSIP: 59156RCQ9<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |  17500000 | PA      | $17993202.50  | 0.30%             | 2055-03-15      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| SCE TRUST VIII           | SCE Trust VIII                                                               | CUSIP: 80620A208<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    543428 | NS      | $12189090.04  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTERGY CORP             | Entergy Corp                                                                 | CUSIP: 29364GAQ6<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |  42784000 | PA      | $44400298.23  | 0.74%             | 2054-12-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| ASSURANT INC             | Assurant Inc                                                                 | CUSIP: 04621X306<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | EP               | CORP              | US        |    577627 | NS      | $11396580.71  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| ALTAGAS LTD              | AltaGas Ltd                                                                  | CUSIP: 021361AD2<br>LEI: 2549008X5V70MOS4HM10 | Long             | DBT              | CORP              | CA        |  21500000 | PA      | $21718504.50  | 0.36%             | 2054-10-15      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| PINNACLE FINANCIAL PARTN | Pinnacle Financial Partners Inc                                              | CUSIP: 72346Q302<br>LEI: 54930098EZ8JMSAZGS24 | Long             | EP               | CORP              | US        |    311869 | NS      | $7937066.05   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| ENBRIDGE INC             | Enbridge Inc                                                                 | CUSIP: 29250NBT1<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |  52162000 | PA      | $58878639.93  | 0.98%             | 2084-01-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| METLIFE INC              | MetLife Inc                                                                  | CUSIP: 59156R850<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EP               | CORP              | US        |      4142 | NS      | $83875.50     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ENBRIDGE INC             | Enbridge Inc                                                                 | CUSIP: 29250NBP9<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |  28420000 | PA      | $30237203.22  | 0.50%             | 2083-01-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| KUVARE US HOLDINGS INC   | Kuvare US Holdings Inc                                                       | CUSIP: 50149XAA2<br>LEI: 254900MGBERNLZXF7O58 | Long             | DBT              | CORP              | US        |  26429000 | PA      | $26399107.22  | 0.44%             | 2051-02-17      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC STORAGE           | Public Storage                                                               | CUSIP: 74460W552<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EP               | CORP              | US        |    181438 | NS      | $3434621.34   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS ENERGY CORP          | CMS Energy Corp                                                              | CUSIP: 125896845<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EP               | CORP              | US        |    537886 | NS      | $12516607.22  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED STATES CELLULAR C | United States Cellular Corp                                                  | CUSIP: 911684702<br>LEI: 549300B164AZXESI6E03 | Long             | EP               | CORP              | US        |    704127 | NS      | $17990444.85  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| AMTRUST FINANCIAL SERVIC | AmTrust Financial Services Inc                                               | CUSIP: 032359861<br>LEI: 549300SNNS1GRWBTGA28 | Long             | EP               | CORP              | US        |    313006 | NS      | $5101997.80   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| AFFILIATED MANAGERS GROU | Affiliated Managers Group Inc                                                | CUSIP: 008252850<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EP               | CORP              | US        |    225115 | NS      | $4788196.05   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYAL BANK OF CANADA     | Royal Bank of Canada                                                         | CUSIP: 780082AT0<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |  33850000 | PA      | $32339024.01  | 0.54%             | 2084-11-24      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS              | BNP Paribas SA                                                               | CUSIP: 05602XJC3<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   9300000 | PA      | $9583994.10   | 0.16%             | N/A             | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC  | Goldman Sachs Group Inc/The                                                  | CUSIP: 38141GA79<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |  72610000 | PA      | $76046631.30  | 1.26%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC  | Goldman Sachs Group Inc/The                                                  | CUSIP: 38144GAB7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    375000 | PA      | $378275.63    | 0.01%             | N/A             | Fixed         | 7.56%                 | No            |                  2 | On Loan: No      |
| TELUS CORP               | TELUS Corp                                                                   | CUSIP: 87971MCM3<br>LEI: L2TEUTQ8OSHMJWVLCE40 | Long             | DBT              | CORP              | CA        |  26177000 | PA      | $26567482.31  | 0.44%             | 2055-10-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CHS INC                  | CHS Inc                                                                      | CUSIP: 12542R506<br>LEI: XEIEFTLYDQ1MZ6TZV015 | Long             | EP               | CORP              | US        |     33693 | NS      | $861866.94    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SCE TRUST V              | SCE Trust V                                                                  | CUSIP: 78409W201<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      9848 | NS      | $232806.72    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FORD MOTOR COMPANY       | Ford Motor Co                                                                | CUSIP: 345370837<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EP               | CORP              | US        |    547884 | NS      | $12113715.24  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCO BILBAO VIZCAYA ARG | Banco Bilbao Vizcaya Argentaria SA                                           | CUSIP: 05946KAS0<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |  22600000 | PA      | $23476548.46  | 0.39%             | N/A             | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-23

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

**Signature:** Derek Maltbie

**Name of Signer:** Derek Maltbie

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