# EDGAR Filing Document

**Accession Number:** 0001424212
**File Stem:** 0000940400-26-025149
**Filing Date:** 2026-6
**Character Count:** 247669
**Document Hash:** f169ed49d72a45cb0dc66f602ea85183
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-025149.hdr.sgml**: 20260623

**ACCESSION NUMBER**: 0000940400-26-025149

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260623

**DATE AS OF CHANGE**: 20260623

**PERIOD START**: 20260731

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22245
- **FILM NUMBER:** 261110081

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

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

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

**Portfolio of Investments**

**April 30, 2026 (Unaudited)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Stated** <br>**Coupon**<br>| **Stated** <br>**Maturity**<br>| **Value** |
| **MUNICIPAL BONDS — 98.7%** | **MUNICIPAL BONDS — 98.7%** | **MUNICIPAL BONDS — 98.7%** | **MUNICIPAL BONDS — 98.7%** | **MUNICIPAL BONDS — 98.7%** |
|  | **Alabama — 6.5%** | **Alabama — 6.5%** | **Alabama — 6.5%** |  |
| $1500000 | &nbsp;&nbsp;&nbsp; Baldwin Cnty AL Indl Dev Auth Sol Wst Disp Rev Var Novelis <br> Corp Proj, Ser A, AMT (Mandatory put 03/01/33) (a) | 4.30% | 03/01/56 | $1471192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; Baldwin Cnty AL Indl Dev Auth Sol Wst Disp Rev Var Novelis <br> Corp Proj, Ser B, AMT (Mandatory put 06/01/32) (a) | 4.63% | 06/01/55 | 1260383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1035000 | &nbsp;&nbsp;&nbsp; Black Belt Energy Gas Dist AL Gas Proj Rev Bonds Proj No 7, <br>Ser C-1 (Mandatory put 12/01/26) | 4.00% | 10/01/52 | 1039908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp; Black Belt Energy Gas Dist AL Gas Proj Rev Proj No 6, Ser B <br> (Mandatory put 12/01/26) | 4.00% | 10/01/52 | 492352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | Black Belt Energy Gas Dist AL Gas Proj Rev, Gas Proj, Ser E | 5.00% | 07/01/31 | 788526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3240000 | Black Belt Energy Gas Dist AL Gas Proj Rev, Gas Proj, Ser F | 5.00% | 12/01/31 | 3440432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 | Black Belt Energy Gas Dist AL Gas Proj Rev, Ser B | 5.00% | 12/01/30 | 581037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1165000 | Black Belt Energy Gas Dist AL Gas Proj Rev, Ser C-1 | 5.25% | 12/01/27 | 1200197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Black Belt Energy Gas Dist AL Gas Proj Rev, Ser C-1 (Mandatory <br> put 06/01/29) | 5.25% | 02/01/53 | 1048027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 745000 | Black Belt Energy Gas Dist AL Gas Proj Rev, Ser D | 5.00% | 11/01/31 | 790711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3385000 | &nbsp;&nbsp;&nbsp; Black Belt Energy Gas Dist AL Gas Sply Rev Ref, Ser D1 <br> (Mandatory put 06/01/27) | 4.00% | 07/01/52 | 3420591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Black Belt Energy Gas Dist AL Gas Sply Rev, Ser B (Mandatory <br> put 12/01/30) | 5.25% | 12/01/53 | 1074917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Energy SE AL A Cooperative Dist Energy Sply Rev, Ser B <br> (Mandatory put 06/01/32) | 5.25% | 07/01/54 | 1068160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Midcity Impt Dist AL Spl Assmnt Rev | 3.88% | 11/01/27 | 98725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; Mobile AL Indl Dev Brd Poll Control Rev Var AL Pwr Co Barry <br> Plant Remk (Mandatory put 03/15/29) | 2.75% | 07/15/34 | 2478086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2315000 | &nbsp;&nbsp;&nbsp; SE Energy Auth AL Cmdy Sply Rev Proj #1, Ser A (Mandatory put <br> 10/01/28) | 4.00% | 11/01/51 | 2342301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2095000 | SE Energy Auth AL Cmdy Sply Rev Proj #2, Ser B | 4.00% | 06/01/30 | 2111761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | SE Energy Auth AL Cmdy Sply Rev Proj No 3, Ser A-1 | 5.00% | 12/01/26 | 504918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2210000 | SE Energy Auth AL Cooperative Dist Gas Sply Rev, Ser F | 5.25% | 11/01/30 | 2355034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | SE Energy Auth AL Cooperative, Ser C (Mandatory put 11/01/32) | 5.00% | 10/01/55 | 6372370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | SE Energy Auth AL Cooperative, Ser E | 5.00% | 10/01/29 | 792027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1205000 | SE Energy Auth AL Cooperative, Ser H | 5.00% | 05/01/32 | 1266120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 480000 | SE Energy Auth AL Cooperative, Ser H | 5.00% | 05/01/33 | 507726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2120000 | &nbsp;&nbsp;&nbsp; Selma AL Indl Dev Brd Rev Var Intl Paper Co Proj Ref Remk, Ser <br> A (Mandatory put 10/01/31) | 3.45% | 11/01/33 | 2114019 |
|  |  |  |  | 38619520 |
|  | **Arizona — 1.2%** | **Arizona — 1.2%** | **Arizona — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1340000 | AZ Indl Dev Auth Hosp Rev Phoenix Children's Hosp, Ser A | 5.00% | 02/01/35 | 1424177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1025000 | &nbsp;&nbsp;&nbsp; AZ St Indl Dev Auth Edu Rev Academies of Math & <br> Science Projs, Ser B (a) | 5.00% | 07/01/29 | 1029864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 695000 | &nbsp;&nbsp;&nbsp; AZ St Indl Dev Auth Edu Rev Doral Acdmy NV Fire Mesa & Red <br> Rock Cmps Proj, Ser A | 3.55% | 07/15/29 | 682712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 740000 | &nbsp;&nbsp;&nbsp; AZ St Indl Dev Auth Edu Rev Pinecrest Acdmy Horizon Inspirada <br> & St Rose Cmps, Ser A (a) | 5.00% | 07/15/28 | 741259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | AZ St Indl Dev Auth Edu Rev Ref Basis Schs Projs, Ser A (a) | 5.00% | 07/01/26 | 50045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp; AZ St Indl Dev Auth Edu Rev Ref Doral Acdmy of Northern NV <br> Proj, Ser A (a) | 4.00% | 07/15/26 | 229883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp; AZ St Indl Dev Auth Edu Rev Ref Doral Acdmy of Northern NV <br> Proj, Ser A (a) | 4.00% | 07/15/31 | 427493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; AZ St Indl Dev Auth Natl Chrt Sch Revolving Loan Fd Equitable <br> Sch Revolving Fund Sustainable Bonds, Ser A | 4.00% | 11/01/27 | 500243 |

---

------

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

**Portfolio of Investments (Continued)**

**April 30, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Arizona (Continued)** | **Arizona (Continued)** | **Arizona (Continued)** |  |
| $1250000 | &nbsp;&nbsp;&nbsp; Chandler AZ Indl Dev Auth Indl Dev Rev Var Intel Corp Proj, Ser <br> 2022-2, AMT (Mandatory put 09/01/27) | 5.00% | 09/01/52 | $1265561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Paradise Schs Projs <br> Paragon Mgmt Inc (a) | 4.00% | 07/01/26 | 99918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Tempe AZ Indl Dev Auth Rev Temps 50 Friendship Vlg of Tempe <br> Proj, Ser B-2 | 3.50% | 12/01/30 | 994174 |
|  |  |  |  | 7445329 |
|  | **Arkansas — 0.8%** | **Arkansas — 0.8%** | **Arkansas — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; AR Dev Fin Auth Envrnmntl Rev Var United States Steel Corp <br> Proj, Ser A, AMT (Mandatory put 03/01/33) (a) | 4.00% | 09/01/46 | 2495967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; AR St Dev Fin Auth Res Recovery Rev Var Weyerhaeuser Co Proj, <br> AMT (Mandatory put 10/15/32) | 3.88% | 10/15/65 | 2001309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp; Fayetteville AR Pub Facs Brd Retmnt Facs Rev Butterfield Trail <br> Vlg Proj | 5.00% | 12/01/36 | 513649 |
|  |  |  |  | 5010925 |
|  | **California — 4.9%** | **California — 4.9%** | **California — 4.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; CA Cmnty Choice Fing Auth Clean Energy Proj Rev Sustainable <br> Bond, Ser A-1 (Mandatory put 08/01/28) | 4.00% | 05/01/53 | 354519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; CA Cmnty Choice Fing Auth Clean Energy Proj Rev Sustainable <br> Bond, Ser B-1 (Mandatory put 08/01/31) | 4.00% | 02/01/52 | 2019801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; CA Cmnty Choice Fing Auth Clean Energy Proj Rev Sustainable <br> Bond, Ser B-1 (Mandatory put 08/01/29) | 5.00% | 07/01/53 | 1043774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 910000 | &nbsp;&nbsp;&nbsp; CA Cmnty Choice Fing Auth Clean Energy Proj Rev Sustainable <br> Bond, Ser E (Mandatory put 09/01/32) | 5.00% | 02/01/55 | 965662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | CA St Hlth Facs Fing Auth Rev Initial Entrance Fees, Ser A | 3.85% | 11/15/27 | 1250351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Sol Wst Disp Rev Var Rep Svcs Inc Proj <br> Remk, Ser B, AMT (Mandatory put 07/15/26) | 3.25% | 07/01/51 | 999646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Sol Wst Disp Rev Var Rep Svcs Inc Proj, Ser <br> A, AMT (Mandatory put 06/15/26) | 2.80% | 03/01/56 | 1199208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Sol Wst Disp Rev Var Wst Mgmt Inc <br> Remk, Ser A, AMT (Mandatory put 10/02/28) | 3.45% | 10/01/41 | 2515175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | CA St Muni Fin Auth Spl Fac Rev United Airls Inc Proj, AMT | 4.00% | 07/15/29 | 3018532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; CA St Poll Control Fin Auth Sol Wst Disp Rev Var Ref Rep Svcs <br> Inc Proj Remk, AMT (Mandatory put 08/17/26) (a) | 2.88% | 07/01/43 | 748844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; CA St Poll Control Fin Auth Sol Wst Disp Rev Var Wst Mgmt Proj <br> Remk, Ser A, AMT (Mandatory put 07/02/29) | 4.25% | 07/01/31 | 2023582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp; CA St Sch Fin Auth Chrt Sch Rev Ref Classical Academies <br> Oceanside Proj, Ser A (a) | 4.00% | 10/01/27 | 235665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Centrl Vly CA Energy Auth Cmdy Sply Rev | 5.00% | 08/01/30 | 526169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; Folsom Ranch CA Fing Auth Spl Tax Rev White Rock Springs <br> Ranch | 4.00% | 09/01/26 | 100246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 475000 | Fontana CA Spl Tax Cmnty Facs Dt #109 | 5.00% | 09/01/30 | 503915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260000 | Fontana CA Spl Tax Cmnty Facs Dt #109 | 5.00% | 09/01/32 | 279607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 730000 | Los Angeles CA Dept of Arpts Arpt Rev Subord Ref, Ser A, AMT | 5.00% | 05/15/29 | 776347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 730000 | Los Angeles CA Dept of Arpts Arpt Rev Subord Ref, Ser A, AMT | 5.00% | 05/15/31 | 772466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | Los Angeles CA Dept of Arpts Arpt Rev Subord Ref, Ser A, AMT | 5.00% | 05/15/35 | 3142415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Los Angeles CA Trans | 5.00% | 06/25/26 | 1003480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Ontario CA Cmnty Facs Dist #64 Spl Tax Sunset Ranch | 5.00% | 09/01/30 | 527142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525000 | Ontario CA Cmnty Facs Dist #64 Spl Tax Sunset Ranch | 5.00% | 09/01/31 | 557909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | Roseville CA Spl Tax Svsp Westpark Federico Cmnty Facs Dt No 1 | 4.00% | 09/01/26 | 85167 |

---

------

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

**Portfolio of Investments (Continued)**

**April 30, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **California (Continued)** | **California (Continued)** | **California (Continued)** |  |
| $2000000 | &nbsp;&nbsp;&nbsp; San Diego Cnty CA Regl Arpt Auth Arpt Rev Sr Priv Activity, Ser <br> B, AMT | 5.00% | 07/01/31 | $2186870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp; San Diego Cnty CA Regl Arpt Auth Arpt Rev Sub Rev, Ser B, <br> AMT | 5.00% | 07/01/35 | 452769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp; San Francisco CA City & Cnty Dev Spl Tax Dist No Mission Rock <br> Fac and Svcs, Ser A (a) | 4.00% | 09/01/26 | 80160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | San Luis Obispo CA Cmnty Facs Dist #2019-1 Spl Tax | 4.00% | 09/01/26 | 100239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Univ of CA CA Revs Prerefunded Ltd Proj, Ser K | 4.00% | 05/15/46 | 2001195 |
|  |  |  |  | 29470855 |
|  | **Colorado — 2.7%** | **Colorado — 2.7%** | **Colorado — 2.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; CO St Eductnl & Cultural Facs Auth Rev Ref & Impt Chrt Sch <br> Univ Lab Bldg Corp (a) | 5.00% | 12/15/28 | 500399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | CO St Hlth Facs Auth Rev Commonspirit Hlth Oblig Grp, Ser A | 5.00% | 11/01/26 | 404119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp; CO St Hlth Facs Auth Rev Ref Christian Living Cmntys Obligated <br> Grp (b) | 5.00% | 01/01/31 | 495369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 565000 | &nbsp;&nbsp;&nbsp; CO St Hlth Facs Auth Rev Ref Christian Living Cmntys Obligated <br> Grp (b) | 5.00% | 01/01/32 | 614289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1035000 | CO St Hlth Facs Auth Rev Ref Commonspirit Hlth, Ser A-2 | 5.00% | 08/01/31 | 1092588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505000 | CO St Hlth Facs Auth Rev Ref Covenant Living Cmntys and Svcs | 5.00% | 12/01/29 | 531668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; CO St Hlth Facs Auth Rev Ref Frasier Meadows Retmnt Cmnty <br> Proj, Ser A | 5.25% | 05/15/30 | 1017539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 395000 | CO St Hlth Facs Auth Rev Ref, Ser A | 5.00% | 05/15/30 | 416912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; CO St Hlth Facs Auth Rev Var Advent Hlth Obligated Grp, Ser A <br> (Mandatory put 11/15/30) | 5.00% | 11/15/60 | 1079514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; CO St Hlth Facs Auth Rev Var Intermountain Hlthcare, <br>Ser E (c) | 3.25% | 05/15/62 | 1500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; CO St Hlth Facs Auth Rev Var Ref Intermountain Hlthcare, Ser C <br> (Mandatory put 08/15/28) | 5.00% | 05/15/62 | 2104574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | Denver City & Cnty CO Arpt Rev Ref Sub Sys, Ser A, AMT | 5.00% | 12/01/29 | 1312282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1290000 | Denver City & Cnty CO Arpt Rev Ref Sub Sys, Ser A, AMT | 5.00% | 12/01/31 | 1350017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 760000 | Denver City & Cnty CO Arpt Rev Ref Sub Sys, Ser A, AMT | 5.00% | 12/01/32 | 793964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1215000 | Denver City & Cnty CO Arpt Rev Ref Sub Sys, Ser A, AMT | 5.00% | 12/01/34 | 1262586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Sand Creek CO Met Dist Ref Ltd Tax, Ser A | 4.00% | 12/01/31 | 500012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1055000 | Traditions CO Met Dist #2 Ref, BAM | 5.00% | 12/01/32 | 1065615 |
|  |  |  |  | 16041447 |
|  | **Connecticut — 1.1%** | **Connecticut — 1.1%** | **Connecticut — 1.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215000 | CT St Hlth & Eductnl Facs Auth Rev Hartford Hlthcare, Ser A | 5.00% | 07/01/30 | 230317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp; CT St Hlth & Eductnl Facs Auth Rev Ref Yale Univ, Ser A-2 <br> (Mandatory put 07/01/26) | 2.00% | 07/01/42 | 134822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1365000 | CT St Hsg Fin Auth Ref St Supported Spl Oblig, Ser 21, AMT | 4.00% | 06/15/30 | 1365886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525000 | CT St Ref, Ser B | 5.00% | 12/01/28 | 557308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | CT St Spl Tax Oblig Rev Transprtn Infra, Ser A | 5.00% | 09/01/30 | 2014957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Stamford CT Hsg Auth Mozaic Concierge Living Proj, Ser D | 4.25% | 10/01/30 | 2019408 |
|  |  |  |  | 6322698 |
|  | **Delaware — 0.4%** | **Delaware — 0.4%** | **Delaware — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2350000 | &nbsp;&nbsp;&nbsp; DE St Econ Dev Auth Rev Ref Delmarva Pwr & Light Co Proj <br> Remk, Ser A | 3.60% | 01/01/31 | 2419506 |
|  | **District of Columbia — 1.5%** | **District of Columbia — 1.5%** | **District of Columbia — 1.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Met WA DC Arpts Auth Arpt Sys Rev Ref, Ser A, AMT | 5.00% | 10/01/28 | 1048660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1295000 | Met WA DC Arpts Auth Arpt Sys Rev Ref, Ser A, AMT | 5.00% | 10/01/30 | 1354007 |

---

------

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

**Portfolio of Investments (Continued)**

**April 30, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **District of Columbia (Continued)** | **District of Columbia (Continued)** | **District of Columbia (Continued)** |  |
| $1305000 | Met WA DC Arpts Auth Arpt Sys Rev Ref, Ser A, AMT | 5.00% | 10/01/31 | $1424392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2250000 | Met WA DC Arpts Auth Arpt Sys Rev Ref, Ser A, AMT | 5.00% | 10/01/31 | 2455847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 515000 | Met WA DC Arpts Auth Arpt Sys Rev Ref, Ser A, AMT | 5.00% | 10/01/31 | 537612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2145000 | Met WA DC Arpts Auth Arpt Sys Rev Ref, Ser A, AMT | 5.00% | 10/01/35 | 2304524 |
|  |  |  |  | 9125042 |
|  | **Florida — 11.3%** | **Florida — 11.3%** | **Florida — 11.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 985000 | &nbsp;&nbsp;&nbsp; Ave Maria FL Stewardship Cmnty Dist Capital Impt Rev Phase 3 <br> Master Impt Proj | 2.75% | 05/01/31 | 925847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Avelar Creek FL CDD Spl Assmnt Ref Spl Assmnt, Ser 2016 | 3.63% | 05/01/31 | 97700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp; Babcock Ranch Cmnty Indep Spl Dist FL Spl Assmnt Rev Assmt <br> Area 3A (a) | 4.50% | 11/01/29 | 967086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp; Babcock Ranch Cmnty Indep Spl Dist FL Spl Assmnt Rev Proj, <br>Ser 2021 | 2.38% | 05/01/26 | 130000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp; Babcock Ranch Cmnty Indep Spl Dist FL Spl Assmnt Rev Proj, <br>Ser 2022 | 4.13% | 05/01/27 | 110233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160000 | Berry Bay CDD FL Spl Assmnt Rev Assmnt Area One | 2.63% | 05/01/26 | 160000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 645000 | Berry Bay CDD FL Spl Assmnt Rev Assmnt Area One | 3.13% | 05/01/31 | 613174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105000 | Black Creek FL CDD Spl Assmnt Expansion Area Proj | 4.80% | 06/15/27 | 105919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1415000 | Brightshore CDD FL Capital Impt Rev | 4.00% | 05/01/32 | 1380360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1285000 | Broward Cnty FL Port Facs Rev Sr Bond, Ser B, AMT | 5.00% | 09/01/28 | 1333689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | Buckhead Trails II CDD FL Spl Assmnt Proj, Ser 2026 | 4.13% | 05/01/33 | 592842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Capital Trust Auth FL Hlth Care Facs Rev Ref UF Hlth Projs, Ser <br> A, AG | 5.00% | 12/01/32 | 2207986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95000 | Creekview CDD FL Spl Assmnt Rev Phase I Proj | 3.88% | 05/01/27 | 94561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235000 | Cross Creek N CDD FL Spl Assmnt, Ser 2022 | 3.40% | 05/01/27 | 234766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 930000 | &nbsp;&nbsp;&nbsp; Cypress Preserve Cmnty Dev Dist FL Spl Assmnt Rev Assmnt Area <br> 2 | 3.75% | 11/01/31 | 906294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360000 | Cypress Reserve CDD FL Capital Impt Rev (a) | 4.00% | 05/01/30 | 354767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 | Edgewater E CDD FL Spl Assmnt Rev Assmnt Area One | 2.50% | 05/01/26 | 110000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415000 | Edgewater E CDD FL Spl Assmnt Rev Assmnt Area Two | 3.00% | 05/01/27 | 411404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | Epperson N CDD FL Capital Impt Rev Assmnt Area #2 | 3.00% | 05/01/31 | 333817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355000 | &nbsp;&nbsp;&nbsp; Escambia Cnty FL Envrnmntl Impt Rev Var Ref Intl Paper Co Proj <br> Remk, Ser B (Mandatory put 10/01/31) | 3.45% | 11/01/33 | 353998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; FL Dev Fin Corp Hlthcare Facs Rev Var Tampa General Hosp <br> Proj, Ser B (Mandatory put 10/01/31) | 5.00% | 08/01/56 | 2707993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | FL St Dept Gen Svcs Div Facs Mgmt Rev Ref FL Facs Pool, Ser A | 4.00% | 09/01/30 | 509319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; FL St Dev Fin Corp Eductnl Facs Rev River City Science Acdmy <br> Projs, Ser A | 4.00% | 07/01/28 | 150199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; FL St Dev Fin Corp Sol Wst Disp Rev Var Wst Mgmt Inc Proj, Ser <br> A, AMT (Mandatory put 09/01/28) | 3.40% | 09/01/50 | 753144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; FL St Dev Fin Corp Sol Wst Disp Rev Wst Pro USA Inc Proj <br> Remk, AMT (a) | 4.50% | 07/01/32 | 1001344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; FL St Hsg Fin Corp Mf Mtge Rev Var Maison at Solvita <br> Marketplace, Ser G-2 (Mandatory put 05/01/28) | 3.50% | 11/01/42 | 1260023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; FL St Hsg Fin Corp Mf Mtge Rev Var The Enclave at Canopy <br> Park, Ser I (Mandatory put 01/01/28) | 3.30% | 07/01/58 | 2005335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; FL St Hsg Fin Corp Var The Sailx On Vine, Ser E (Mandatory put <br> 06/01/27) | 3.80% | 06/01/42 | 1750726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | GIR E CDD FL Capital Impt Rev Assmnt Area One | 4.30% | 05/01/32 | 502485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | Groves at Lake Marion CDD FL Spl Assmnt (a) | 4.00% | 12/15/33 | 785131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | Gtr Orlando FL Aviation Auth Arpt Facs Rev, Ser A, AMT | 5.00% | 10/01/31 | 477519 |

---

------

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

**Portfolio of Investments (Continued)**

**April 30, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Florida (Continued)** | **Florida (Continued)** | **Florida (Continued)** |  |
| $720000 | Hidden Creek N Cmnty Dev Dist FL Spl Assmnt, Ser A1 | 4.00% | 11/01/30 | $723490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp; Hills Minneola Cmnty Dev Dist FL Spl Assmnt Rev S Parcel <br> Assmnt Area (a) | 3.50% | 05/01/31 | 2147646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; Hillsborough Cnty FL Hsg Fin Auth Mf Rev Var The Loop <br> (Mandatory put 07/01/28) | 3.45% | 01/01/43 | 1251882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295000 | Hyde Park CDD #1 FL Spl Assmnt, Ser A | 4.75% | 05/01/31 | 297465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | Jacksonville FL Hlth Care Facs Rev Ref Baptist Hlth | 5.00% | 08/15/32 | 357603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Kingston One CDD FL Spl Assmnt Assmnt Area One 2025 Proj <br> Area | 4.25% | 05/01/30 | 1007043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | Lakes By The Bay S FL CDD Assmnt Ref | 5.00% | 05/01/27 | 758956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 535000 | &nbsp;&nbsp;&nbsp; Lakewood Ranch FL Stewardship Dist Spl Assmnt Rev Del Webb <br> Proj (a) | 5.00% | 05/01/37 | 539420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1710000 | &nbsp;&nbsp;&nbsp; Lakewood Ranch FL Stewardship Dist Spl Assmnt Rev Lakewood <br> Ranch SE Proj | 5.00% | 05/01/30 | 1799729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp; Lakewood Ranch FL Stewardship Dist Spl Assmnt Rev N E Sector <br> Proj Phase 1A | 4.25% | 05/01/28 | 342283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Lee Cnty FL Arpt Rev Var, Ser A-2, AMT (Mandatory put <br> 10/01/31) | 5.00% | 10/01/56 | 1075589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Lee Cnty FL Indl Dev Auth Hlthcare Facs Rev Shell Point <br> Obligated Grp, Ser B-2 (Temps-65) | 4.38% | 11/15/29 | 1002910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Lee Cnty FL Indl Dev Auth Hlthcare Facs Rev Shell Point <br> Obligated Grp, Ser B-3 (Temps-50) | 4.13% | 11/15/29 | 1001061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp; Lee Cnty FL Indl Dev Auth Hosp Rev Exchange Ref Lee Hlth <br> Sys, Ser 2019 A-1 | 5.00% | 04/01/35 | 249742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 605000 | Liberty Cove CDD FL Spl Assmnt Rev Assmnt Area One Proj | 4.80% | 05/01/31 | 609895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp; LTC Ranch W Rsdl Cmnty Dev Dist Spl Assmnt Rev Assmnt Area <br> One Proj, Ser A | 2.50% | 05/01/26 | 190000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp; LTC Ranch W Rsdl Cmnty Dev Dist Spl Assmnt Rev Assmnt Area <br> Two Proj Pod 5, Ser AA2 | 4.85% | 05/01/31 | 131757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2035000 | Miami-Dade Cnty FL Sch Brd Ref, Ser C, COPS | 5.00% | 02/01/32 | 2037226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Miami-Dade Cnty FL Seaport Rev Ref Sr Bonds, Ser A, AMT | 5.00% | 10/01/30 | 2137828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270000 | Mirada II Cmnty Dev Dist FL Cap Impt Rev | 2.50% | 05/01/26 | 270000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000 | Nthrn Palm Beach Cnty FL Impt Dist | 2.88% | 08/01/31 | 790825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 285000 | Old Hickory CDD FL Spl Assmnt Spl Asmt | 3.00% | 06/15/30 | 276551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp; Osceola Cnty FL Hsg Fin Auth Mf Hsg Rev Var Crestwood <br> Apartments, Ser B (Mandatory put 09/01/28) | 2.65% | 09/01/43 | 1779172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3715000 | &nbsp;&nbsp;&nbsp; Palm Beach Cnty FL Hlth Facs Auth Ref Acts Retmnt Life Cmntys <br> Inc Oblig Grp | 5.00% | 11/15/32 | 3743929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 370000 | Parrish Lakes CDD Capital Impt Rev Assmnt Area Three | 5.00% | 05/01/31 | 374637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1010000 | Pensacola FL Arpt Rev, AMT | 5.00% | 10/01/31 | 1099254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 990000 | Pensacola FL Arpt Rev, AMT | 5.00% | 10/01/33 | 1096063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | Pine Isle Cmnty Dev Dist FL Spl Assmnt 2021 Proj (a) | 2.38% | 12/15/26 | 44683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355000 | Rhodine Road N CDD FL Spl Assmnt 2019 Assmnt Area | 4.00% | 05/01/30 | 359086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | S Kendall FL CDD Spl Assmnt Ref | 4.00% | 11/01/31 | 1000418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | Saltleaf CDD FL Capital Impt Rev | 4.13% | 05/01/31 | 401760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | Saltleaf CDD FL Capital Impt Rev | 4.75% | 05/01/31 | 456309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 840000 | San Simeon Cmnty Dev Dist FL Spl Assmnt (a) | 3.75% | 06/15/31 | 827218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 605000 | Shell Point Cmnty Dev Dist FL Spl Assmnt (a) | 4.50% | 11/01/29 | 613202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155000 | Shingle Creek at Bronson CDD FL Spl Assmnt | 2.50% | 06/15/26 | 154736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160000 | Silver Palms W CDD FL Spl Assmnt 2022 Proj | 2.60% | 06/15/27 | 157630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 765000 | Silver Palms W CDD FL Spl Assmnt 2022 Proj | 3.00% | 06/15/32 | 724588 |

---

------

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

**Portfolio of Investments (Continued)**

**April 30, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Florida (Continued)** | **Florida (Continued)** | **Florida (Continued)** |  |
| $70000 | Six Mile Creek FL CDD Capital Impt Rev Assmnt Area 3 Phase 1 | 2.50% | 05/01/26 | $70000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255000 | Stillwater CDD FL Sp Assmnt Spl Assmt 2021 Proj (a) | 3.00% | 06/15/31 | 239881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 545000 | Sugarloaf CDD FL Capital Impt Rev Assmnt Area One | 4.00% | 12/15/33 | 533829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 465000 | Summer Woods CDD FL Spl Assmnt Area Two 2020 Proj | 3.30% | 05/01/31 | 450786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 670000 | Sunrise CDD FL Capital Impt Rev (a) | 4.25% | 05/01/30 | 667800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1650000 | Tern Bay CDD FL Spl Assmnt | 3.40% | 06/15/32 | 1584486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 455000 | The Heights CDD FL Spl Assmnt Rev CDD | 4.00% | 01/01/28 | 455683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 | Timber Creek SW CDD FL Spl Assmnt Area Two Proj | 2.35% | 12/15/26 | 109003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 780000 | Tolomato FL CDD Ref 2022A Assmnt Area, Ser A, AG | 3.00% | 05/01/26 | 780000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 825000 | Tolomato FL CDD Ref 2022A Assmnt Area, Ser A, AG | 3.00% | 05/01/28 | 825167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220000 | Two Rivers W CDD FL Spl Assmnt Proj, Ser 2024 | 4.80% | 05/01/31 | 223091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405000 | V-Dana CDD FL Spl Assmnt Assmnt Area Two 2025 Proj Area | 4.45% | 05/01/32 | 409889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95000 | V-Dana CDD FL Spl Assmnt CDD Assmnt Area One 2021 Proj | 2.60% | 05/01/26 | 95000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1525000 | Venice FL Temps 50 Vlg on The Isle Proj, Ser B-3 (a) | 4.25% | 01/01/30 | 1525911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp; Veranda CDD II FL Spl Assmnt Rev Ref Assmt Area 3 Preserve E <br> Proj | 4.25% | 05/01/31 | 582078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185000 | Villamar CDD FL Spl Assmnt | 4.00% | 05/01/29 | 185867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 540000 | Vivid Shores Cmnty Dev Dist FL Spl Assmnt 2025 Proj Area | 4.00% | 05/01/30 | 539401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425000 | Volusia Cnty FL Eductnl Fac Auth Stetson Univ Inc Proj | 5.00% | 06/01/30 | 450776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | W Vlgs FL Impt Dist Ref Spl Assmt Unit Dev #1 | 4.50% | 05/01/32 | 1404756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 720000 | W Vlgs FL Impt Dist Unit of Dev #10 Assmnt Area Two | 4.00% | 05/01/30 | 718938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | Westside Haines City CDD Spl Assmnt Area One Proj | 2.50% | 05/01/26 | 65000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | Woodlands Section 9 CDD FL Spl Assmnt | 4.25% | 05/01/31 | 592551 |
|  |  |  |  | 67669140 |
|  | **Georgia — 5.2%** | **Georgia — 5.2%** | **Georgia — 5.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Appling Cnty GA Dev Auth Var GA Pwr Co Plt Hatch Proj (c) | 3.45% | 09/01/41 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Atlanta GA Arpt Rev Ref, Ser B, AMT | 5.00% | 07/01/26 | 2007126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | Atlanta GA Arpt Rev Ref, Ser B, AMT | 5.00% | 07/01/30 | 2697235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; Atlanta GA Urban Rsdl Fin Auth Mf Hsg Rev Var N Block <br> (Mandatory put 02/01/28) | 3.40% | 02/01/29 | 2511564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Bartow Cnty GA Dev Auth Solid Wst Disp Fac Rev Var GA Pwr <br> Co Plt Bowen Proj, AMT (c) | 3.53% | 11/01/62 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Bartow Cnty GA Dev Auth Var Ref GA Pwr Co Plt Bowen Proj <br> Remk, First Ser (Mandatory put 03/08/28) | 3.95% | 12/01/32 | 253754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Burke Cnty GA Dev Auth Poll Control Rev Var GA Pwr Co Plant <br> Vogtle Proj Remk, 4th Ser (Mandatory put 05/21/26) | 3.80% | 10/01/32 | 1000265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp; Burke Cnty GA Dev Auth Poll Control Rev Var GA Pwr Co Plant <br> Vogtle Proj Remk, 5th Ser (Mandatory put 06/13/28) | 3.70% | 10/01/32 | 885432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; Burke Cnty GA Dev Auth Poll Control Rev Var Ref GA Pwr Co <br> Plant Vogtle Proj (c) | 3.40% | 11/01/52 | 800000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Burke Cnty GA Dev Auth Poll Control Rev Var Ref GA Pwr Co <br> Plant Vogtle Proj Remk, 1st Ser (Mandatory put 03/12/27) | 3.38% | 11/01/53 | 1502641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Columbia Cnty GA Hosp Auth Rev Anticipation Ctfs Wellstar Hlth <br> Sys Inc Proj, Ser B | 5.00% | 04/01/27 | 255147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420000 | GA St Hsg & Fin Auth Rev Ref, Ser C | 3.50% | 06/01/31 | 429906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 | GA St Hsg & Fin Auth Rev Ref, Ser C | 3.55% | 12/01/31 | 665864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3700000 | Main Street Energy Inc GA Energy Proj Rev, Ser D | 5.00% | 12/01/33 | 3895478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Main Street Nat Gas Inc GA Gas Sply Rev, Ser A | 5.00% | 06/01/29 | 2082304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 880000 | &nbsp;&nbsp;&nbsp; Main Street Nat Gas Inc GA Gas Sply Rev, Ser A (Mandatory put <br> 09/01/27) | 4.00% | 07/01/52 | 891489 |

---

------

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

**Portfolio of Investments (Continued)**

**April 30, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Georgia (Continued)** | **Georgia (Continued)** | **Georgia (Continued)** |  |
| $510000 | &nbsp;&nbsp;&nbsp; Main Street Nat Gas Inc GA Gas Sply Rev, Ser A (Mandatory put <br> 12/01/29) | 4.00% | 09/01/52 | $518174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | Main Street Nat Gas Inc GA Gas Sply Rev, Ser B | 5.00% | 06/01/26 | 801168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1290000 | &nbsp;&nbsp;&nbsp; Main Street Nat Gas Inc GA Gas Sply Rev, Ser C (Mandatory put <br> 09/01/26) | 4.00% | 03/01/50 | 1293511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1830000 | &nbsp;&nbsp;&nbsp; Main Street Nat Gas Inc GA Gas Sply Rev, Ser D (Mandatory put <br> 04/01/31) | 5.00% | 04/01/54 | 1947952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; Main Street Nat Gas Inc GA Gas Sply Rev, Ser D (Mandatory put <br> 12/01/30) | 5.00% | 05/01/54 | 105547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Main Street Nat Gas Inc GA Gas Sply Rev, Ser E (Mandatory put <br> 12/01/32) | 5.00% | 05/01/55 | 2118286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Muni Elec Auth of GA Plant Vogtle Units 3&4 Proj M Bonds, <br>Ser A | 5.00% | 01/01/38 | 515157 |
|  |  |  |  | 31178000 |
|  | **Guam — 0.1%** | **Guam — 0.1%** | **Guam — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Guam Govt Busn Privilege Tax Rev Ref, Ser F | 5.00% | 01/01/28 | 256934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360000 | Guam Pwr Auth Rev Ref, Ser A | 5.00% | 10/01/33 | 366490 |
|  |  |  |  | 623424 |
|  | **Hawaii — 0.2%** | **Hawaii — 0.2%** | **Hawaii — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Honolulu City & Cnty HI Wstwtr Sys Rev Sr, Ser A | 5.00% | 07/01/29 | 1003823 |
|  | **Illinois — 3.3%** | **Illinois — 3.3%** | **Illinois — 3.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | Chicago IL Brd of Edu Chicago Sch Reform Brd, Ser A, NATL-RE | 5.50% | 12/01/26 | 40330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Chicago IL Midway Arpt Rev Ref Sr Lien, Ser A, AMT, BAM | 5.00% | 01/01/27 | 507236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Chicago IL Midway Arpt Rev Ref Sr, Ser C, AMT | 5.00% | 01/01/33 | 2176993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 520000 | Chicago IL O'Hare Intl Arpt Rev Gen Sr Lien, Ser D, AMT | 5.00% | 01/01/29 | 526601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; IL St Dev Fin Auth Sol Wst Disp Rev Var Wst Mgmt Inc Proj <br> Remk, AMT (Mandatory put 11/02/26) | 3.45% | 11/01/44 | 3000299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225000 | IL St Fin Auth Rev Ref Ascension Hlth Credit Grp, Ser C | 5.00% | 02/15/27 | 228699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | IL St Fin Auth Rev Ref Ascension Hlth Credit Grp, Ser C | 5.00% | 02/15/30 | 2031078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; IL St Hsg Dev Auth Mf Hsg Rev Var Island Terrace Remk <br> (Mandatory put 04/01/28) | 2.80% | 08/01/28 | 994617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 665000 | IL St Hsg Dev Auth Rev Homeowner Mtge, Subser A-1 | 3.15% | 02/01/28 | 665303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | IL St Sales Tax Rev Ref, Subser C, BAM | 4.00% | 06/15/27 | 500773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 285000 | IL St Sales Tax Rev Ref, Subser C | 4.00% | 06/15/32 | 285204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | IL St, Ser A | 5.00% | 12/01/31 | 2058881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | IL St, Ser B | 5.00% | 05/01/28 | 260356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2365000 | IL St, Ser C | 5.00% | 11/01/29 | 2437731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 710000 | &nbsp;&nbsp;&nbsp; Railsplitter IL Tobacco Stlmt Auth (Pre-refunded maturity <br> 06/01/26) | 5.00% | 06/01/27 | 711357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1055000 | Rock Island Cnty IL Sch Dist #41 Rock Island, BAM | 5.00% | 12/01/29 | 1111824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Sales Tax Securitization Corp IL Ref, Ser C | 5.25% | 01/01/35 | 1045701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Wauconda IL Spl Svc Area #1 Spl Tax Ref, BAM | 5.00% | 03/01/33 | 1000806 |
|  |  |  |  | 19583789 |
|  | **Indiana — 2.8%** | **Indiana — 2.8%** | **Indiana — 2.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1785000 | &nbsp;&nbsp;&nbsp; IN St Fin Auth Econ Dev Rev Var Ref Rep Svcs Inc Proj Remk, Ser <br> A, AMT (Mandatory put 06/01/26) | 2.90% | 05/01/28 | 1784577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; IN St Fin Auth Envrnmntl Facs Rev Var Ref IN Pwr & Light Co <br> Proj, Ser A | 1.40% | 08/01/29 | 1836825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1070000 | &nbsp;&nbsp;&nbsp; IN St Fin Auth Envrnmntl Rev Ref Var Duke Energy IN Inc Proj <br> Remk, Ser A-1, AMT (Mandatory put 06/01/32) | 4.50% | 05/01/35 | 1077616 |

---

------

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

**Portfolio of Investments (Continued)**

**April 30, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Indiana (Continued)** | **Indiana (Continued)** | **Indiana (Continued)** |  |
| $730000 | IN St Fin Auth Hlth Fac Rev Margaret Mary Hlth Proj, Ser A | 5.00% | 03/01/30 | $764859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; IN St Fin Auth Hlth Sys Rev Var Ref IN Univ Hlth, Ser D-1 <br> (Mandatory put 10/01/29) | 5.00% | 10/01/64 | 1342905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | IN St Fin Auth Rev BHI Sr Living, Ser A | 4.00% | 11/15/26 | 25035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | IN St Fin Auth Rev Greenwood Vlg S Proj Temps 50SM, Ser C-2 | 3.75% | 05/15/32 | 1000818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 570000 | IN St Fin Auth Rev Ref Marquette Proj, Ser A | 5.00% | 03/01/27 | 577174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | IN St Fin Auth Rev Ref Marquette Proj, Ser A | 5.00% | 03/01/28 | 617204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2260000 | &nbsp;&nbsp;&nbsp; Indianapolis IN Loc Pub Impt Bond Bank Ref Indianapolis Arpt <br> Auth Proj, Ser I-2, AMT | 5.00% | 01/01/31 | 2438325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1425000 | La Porte IN Multi Sch Bldg Corp 1st Mtge | 3.00% | 07/15/32 | 1386255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3070000 | &nbsp;&nbsp;&nbsp; Whiting IN Envrnmntl Facs Rev Ref BP Products N America Inc <br> Proj, Ser A, AMT (Mandatory put 06/05/26) | 5.00% | 12/01/44 | 3075758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1065000 | &nbsp;&nbsp;&nbsp; Whiting IN Envrnmntl Facs Rev Var BP Products N America Inc <br> Proj Remk, AMT (Mandatory put 06/10/31) | 4.40% | 11/01/45 | 1112057 |
|  |  |  |  | 17039408 |
|  | **Iowa — 0.6%** | **Iowa — 0.6%** | **Iowa — 0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; IA St Brd Regents Hosp Rev Univ of IA Hlth Cares Hosp Sys, Ser <br> A | 5.00% | 09/01/27 | 1030158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2395000 | Pefa Inc IA Gas Proj Rev (Mandatory put 09/01/26) | 5.00% | 09/01/49 | 2408907 |
|  |  |  |  | 3439065 |
|  | **Kansas — 0.1%** | **Kansas — 0.1%** | **Kansas — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; Univ of KS KS Hosp Auth Hlth Facs Rev Var The Univ KS Hlth <br> Sys, Ser B (Mandatory put 03/01/30) | 5.00% | 03/01/55 | 800912 |
|  | **Kentucky — 3.4%** | **Kentucky — 3.4%** | **Kentucky — 3.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Boone Cnty KY Poll Control Rev Ref Duke Energy KY Inc Proj <br> Remk, Ser A | 3.70% | 08/01/27 | 1004706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1065000 | KY St Interlocal Sch Transprtn Assn Equipment Lease Re, COPS | 4.00% | 03/01/29 | 1096334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3290000 | &nbsp;&nbsp;&nbsp; KY St Pub Energy Auth Gas Sply Rev Ref, Ser A (Mandatory put <br> 12/01/29) | 5.25% | 06/01/55 | 3481712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1060000 | KY St Pub Energy Auth Gas Sply Rev Ref, Ser B | 5.00% | 08/01/28 | 1093468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280000 | KY St Pub Energy Auth Gas Sply Rev Ref, Ser B | 5.00% | 08/01/29 | 291512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2575000 | &nbsp;&nbsp;&nbsp; KY St Pub Energy Auth Gas Sply Rev Ref, Ser B (Mandatory put <br> 08/01/32) | 5.00% | 01/01/55 | 2731069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp; KY St Pub Energy Auth Gas Sply Rev Var, Ser C (Mandatory put <br> 02/01/28) | 4.00% | 02/01/50 | 328290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Louisville & Jefferson Cnty KY Met Govt Hlth Sys Rev Var Norton <br> Hlthcare Inc, Ser C (c) | 3.45% | 10/01/53 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; Meade Cnty KY Indl Bldg Rev Var Nucor Steel Brandenburg Proj <br> Sustainable Bond, Ser B-1 (c) | 3.80% | 08/01/61 | 1100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1860000 | Owensboro KY Wtr Rev Ref & Impt | 3.50% | 09/15/31 | 1865826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1195000 | Paducah KY Elec Plant Brd Rev Ref, Ser A, AG | 5.00% | 10/01/30 | 1204227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; Trimble Cnty KY Envrnmntl Facs Rev Ref Louisville Gas Elec Co <br> Proj, Ser A | 3.75% | 06/01/33 | 2502466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1580000 | &nbsp;&nbsp;&nbsp; Trimble Cnty KY Envrnmntl Facs Rev Var Louisville Gas & Elec <br> Co Proj, Ser A, AMT (Mandatory put 06/01/27) | 4.70% | 06/01/54 | 1596305 |
|  |  |  |  | 20295915 |
|  | **Louisiana — 1.2%** | **Louisiana — 1.2%** | **Louisiana — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; LA St Loc Govt Envrnmntl Facs & Cmnty Dev Auth Rev Ref Hosp <br> Womans Fdtn Proj, Ser A | 5.00% | 10/01/33 | 1226565 |

---

------

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

**Portfolio of Investments (Continued)**

**April 30, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Louisiana (Continued)** | **Louisiana (Continued)** | **Louisiana (Continued)** |  |
| $2000000 | &nbsp;&nbsp;&nbsp; Saint James Parish LA Rev Var Nustar Logistics LP Proj Remk <br> (Mandatory put 06/01/30) | 3.70% | 08/01/41 | $2018902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; Saint John The Baptist Parish LA Rev Var Ref Marathon Oil Corp <br> Proj Remk, Ser C (Mandatory put 07/03/28) | 3.30% | 06/01/37 | 4026152 |
|  |  |  |  | 7271619 |
|  | **Maine — 0.7%** | **Maine — 0.7%** | **Maine — 0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1530000 | &nbsp;&nbsp;&nbsp; ME St Fin Auth Loan Rev Ref Stdt Loan Rev Bond Class A, Ser <br> 2019A-1, AG, AMT | 5.00% | 12/01/26 | 1545316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320000 | ME St Hsg Auth Mtge Pur Sustainable Bonds, Ser A | 3.45% | 11/15/31 | 322283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525000 | ME St Hsg Auth Mtge Pur Sustainable Bonds, Ser A | 3.55% | 11/15/32 | 530498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | ME St Hsg Auth Mtge Pur Sustainable Bonds, Ser C | 3.25% | 11/15/30 | 1991785 |
|  |  |  |  | 4389882 |
|  | **Maryland — 1.6%** | **Maryland — 1.6%** | **Maryland — 1.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp; Cmnty Dev Admin MD Mf Dev Rev Sustainable Bonds Vlgs at <br> Marley Station, Ser D-1 | 3.55% | 08/01/31 | 440239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345000 | &nbsp;&nbsp;&nbsp; Cmnty Dev Admin MD Mf Dev Rev Sustainable Bonds Vlgs at <br> Marley Station, Ser D-1 | 3.60% | 02/01/32 | 352507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; Cmnty Dev Admin MD Mf Dev Rev Sustainable Bonds Vlgs at <br> Marley Station, Ser D-2 | 3.30% | 01/01/29 | 3035472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp; MD St Econ Dev Corp Var Ref Constellation Energy Grp Proj <br> Remk, Ser B (Mandatory put 04/03/28) | 4.10% | 10/01/36 | 1585370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; MD St Hlth & Hgr Eductnl Facs Auth Rev Var Ref Medstar Hlth <br> Issue, Ser B (Mandatory put 08/15/33) | 5.00% | 08/15/56 | 2193851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; MD St Hlth & Hgr Eductnl Facs Auth Rev Var Univ of MD Med <br> Sys Issue, Ser C-1 (c) | 3.45% | 07/01/55 | 2000000 |
|  |  |  |  | 9607439 |
|  | **Massachusetts — 0.8%** | **Massachusetts — 0.8%** | **Massachusetts — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | MA St Dev Fin Agy Rev Dana Farber Cancer Institute, Ser N | 5.00% | 12/01/33 | 504965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | MA St Dev Fin Agy Rev Lasell Vlg Inc | 5.00% | 07/01/29 | 2096961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | MA St Dev Fin Agy Rev Linden Ponds Inc Fac (a) | 5.00% | 11/15/33 | 1546484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 580000 | MA St Dev Fin Agy Rev Ref Partners Hlthcare Sys, Ser Q | 5.00% | 07/01/31 | 582137 |
|  |  |  |  | 4730547 |
|  | **Michigan — 1.8%** | **Michigan — 1.8%** | **Michigan — 1.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Detroit MI | 5.00% | 04/01/28 | 1031477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp; Great Lakes MI Wtr Auth Sewage Disposal Sys Rev Ref 2nd <br> Lien, Ser C | 5.00% | 07/01/36 | 436308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Great Lakes MI Wtr Auth Sewage Disposal Sys Rev Ref Sr <br> Lien, Ser B | 5.00% | 07/01/31 | 501766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | Great Lakes MI Wtr Auth Wtr Sply Sys Rev Sr Lien Bonds, Ser B | 5.00% | 07/01/29 | 429097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1155000 | MI St Fin Auth Rev Multi Modal McLaren Hlth Care, Ser A | 5.00% | 02/15/29 | 1218258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155000 | MI St Fin Auth Rev Ref Hosp McLaren Hlth Care, Ser A | 5.00% | 05/15/27 | 155248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1790000 | &nbsp;&nbsp;&nbsp; MI St Fin Auth Rev Var Trinity Hlth Credit Grp, Ser B (Mandatory <br> put 12/01/28) | 5.00% | 12/01/43 | 1866842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; MI St Strategic Fund Ltd Oblg Rev Var Consumers Energy Co Proj <br> Remk, AMT (Mandatory put 10/01/27) | 3.35% | 10/01/49 | 1995998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; MI St Strategic Fund Ltd Oblg Rev Var DTE Elec Co Exempt Fac <br> Proj, Ser 2023-DT, AMT (Mandatory put 06/03/30) | 3.88% | 06/01/53 | 996262 |

---

------

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

**Portfolio of Investments (Continued)**

**April 30, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Michigan (Continued)** | **Michigan (Continued)** | **Michigan (Continued)** |  |
| $1000000 | &nbsp;&nbsp;&nbsp; Wayne Cnty MI Arpt Auth Rev Ref Detroit Met Wayne Cnty <br> Arpt, Ser G, AMT | 5.00% | 12/01/31 | $1090238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 930000 | Wayne Cnty MI Arpt Auth Rev, Ser B, AMT | 5.00% | 12/01/38 | 984930 |
|  |  |  |  | 10706424 |
|  | **Minnesota — 0.6%** | **Minnesota — 0.6%** | **Minnesota — 0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1380000 | &nbsp;&nbsp;&nbsp; Minneapolis Saint Paul MN Met Arpts Commn Arpt Rev Ref <br> Sub, Ser B, AMT | 5.00% | 01/01/35 | 1441063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp; MN St Agric & Econ Dev Brd Hlth Care Sys Rev Ref Fairview <br> Hlth Svcs, Ser A (b) | 5.00% | 11/15/30 | 563619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; MN St Agric & Econ Dev Brd Hlth Care Sys Rev Ref Fairview <br> Hlth Svcs, Ser A (b) | 5.00% | 11/15/31 | 920712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | MN St Hsg Fin Agy Sustainable Bond, Ser A | 2.70% | 07/01/29 | 149179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275000 | MN St Hsg Fin Agy Sustainable Bond, Ser A | 2.75% | 01/01/30 | 273053 |
|  |  |  |  | 3347626 |
|  | **Mississippi — 0.9%** | **Mississippi — 0.9%** | **Mississippi — 0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 675000 | Gulfport MS Hosp Fac Rev Memorial Hosp at Gulfport Proj | 5.00% | 07/01/32 | 731001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1105000 | &nbsp;&nbsp;&nbsp; MS Busn Fin Corp MS Sol Wst Disp Fac & Wstwtr F Var MS Pwr <br> Co Proj, First Ser, AMT (c) | 3.50% | 11/01/52 | 1105000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1330000 | &nbsp;&nbsp;&nbsp; MS St Busn Fin Commn Gulf Opportunity Zone Var Chevron USA <br> Inc PJ, Ser A (c) | 3.40% | 12/01/30 | 1330000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; MS St Busn Fin Commn Gulf Opportunity Zone Var Chevron USA <br> Inc PJ, Ser E (c) | 3.40% | 12/01/30 | 850000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp; Warren Cnty MS Gulf Opportunity Zone Ref Intl Paper Co Proj <br> Remk | 4.00% | 09/01/32 | 1177247 |
|  |  |  |  | 5193248 |
|  | **Missouri — 1.4%** | **Missouri — 1.4%** | **Missouri — 1.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Kansas City MO Indl Dev Auth Arpt Spl Oblig Kansas City Intl <br> Arpt, Ser A, AMT | 5.00% | 03/01/30 | 1064322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; MO St Hlth & Eductnl Facs Auth Hlth Facs Rev Ref Saint Lukes <br> Hlth Sys Inc | 4.00% | 11/15/33 | 1000304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; MO St Hlth & Eductnl Facs Auth Hlth Facs Rev Ref, Ser C <br> (Mandatory put 05/01/28) | 5.00% | 05/01/52 | 1042116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 760000 | MO St Hlth & Eductnl Facs Auth Lutheran Sr Svcs Projs | 4.00% | 02/01/28 | 768394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | MO St Hlth & Eductnl Facs Auth Ref Lutheran Sr Svcs Projs, Ser A | 5.00% | 02/01/29 | 521542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 485000 | MO St Hlth & Eductnl Facs Auth Ref Lutheran Sr Svcs Projs, Ser A | 5.00% | 02/01/30 | 508877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 | MO St Hlth & Eductnl Facs Auth Ref Lutheran Sr Svcs Projs, Ser B | 5.00% | 02/01/28 | 650829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1485000 | &nbsp;&nbsp;&nbsp; Pettis Cnty MO Sch Dist Sedalia Lease Sedalia Sch Dist No 200 of <br> Pettis Cnty, MO Proj, COPS | 5.00% | 04/15/29 | 1566981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | Phelps Cnty MO Hosp Rev Phelps Hlth | 5.00% | 12/01/32 | 490942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 910000 | &nbsp;&nbsp;&nbsp; Saint Louis Cnty MO Indl Dev Auth Sr Living Facs Friendship Vlg <br> Sunset Hills, Ser A | 5.50% | 09/01/33 | 911191 |
|  |  |  |  | 8525498 |
|  | **Montana — 0.4%** | **Montana — 0.4%** | **Montana — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2395000 | Forsyth MT Poll Control Rev Ref Northwestern Corp Colstrip Proj | 3.88% | 07/01/28 | 2431956 |
|  | **Nebraska — 0.5%** | **Nebraska — 0.5%** | **Nebraska — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Centrl Plains Energy Proj NE Gas Proj Rev Var Ref Proj #4, Ser A <br> (Mandatory put 11/01/29) | 5.00% | 05/01/54 | 1052507 |

---

------

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

**Portfolio of Investments (Continued)**

**April 30, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Nebraska (Continued)** | **Nebraska (Continued)** | **Nebraska (Continued)** |  |
| $1500000 | &nbsp;&nbsp;&nbsp; Centrl Plains Energy Proj NE Gas Sply Rev, Subser A-1 <br> (Mandatory put 08/01/31) | 5.00% | 08/01/55 | $1605645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | Muni Energy Agy of NE Ref, Ser A | 5.00% | 04/01/28 | 404233 |
|  |  |  |  | 3062385 |
|  | **Nevada — 0.9%** | **Nevada — 0.9%** | **Nevada — 0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 | Clark Cnty NV Sch Dist Bldg Cr, Ser B, AG | 5.00% | 06/15/31 | 126480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235000 | Las Vegas NV Spl Impt Dist #808 & #810 Ref | 5.00% | 06/01/28 | 235209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 905000 | Las Vegas NV Spl Impt Dist #812 Loc Impt Summerlin Vlg 24 | 5.00% | 12/01/31 | 905692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225000 | Las Vegas NV Spl Impt Dist #816 Summerlin Vlg 22 | 2.00% | 06/01/26 | 224683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Las Vegas NV Spl Impt Dist #816 Summerlin Vlg 22 | 2.50% | 06/01/28 | 97485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275000 | Las Vegas NV Spl Impt Dist #819 Summerlin Vlg 30A | 4.50% | 06/01/29 | 282943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Las Vegas NV Spl Impt Dist #819 Summerlin Vlg 30A | 4.00% | 06/01/31 | 100740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355000 | NV Dept of Busn & Ind NV Doral Acdmy, Ser A | 5.00% | 07/15/27 | 355172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; NV St Hsg Div Var Carville Park Apartments (Mandatory put <br> 07/01/27) | 5.00% | 07/01/28 | 2044987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Sparks NV Tourism Impt Dist #1 Rev Sr Bond Legends at Sparks <br> Marina | 3.88% | 06/15/28 | 1004140 |
|  |  |  |  | 5377531 |
|  | **New Hampshire — 1.0%** | **New Hampshire — 1.0%** | **New Hampshire — 1.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1175000 | &nbsp;&nbsp;&nbsp; Natl Fin Auth NH Pollution Control Rev Ref NY St Elec & Gas <br> Corp Proj, Ser A, AMT | 4.00% | 12/01/28 | 1190735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; Natl Fin Auth NH Rev Winston Salem Sustainable Energy <br> Partners, Ser A | 5.00% | 06/01/31 | 1187577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Natl Fin Auth NH Sol Wst Disp Rev Var Ref Wst Mgmt Inc Proj <br> Remk, Ser A- 3, AMT (Mandatory put 07/01/26) | 4.00% | 07/01/33 | 2001022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | Natl Fin Auth NH Spl Rev Emberly and Canterra Creek Projs (a) | 5.38% | 12/01/31 | 699493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Natl Fin Auth NH Spl Rev Provence Proj, CABS (a) | (d) | 12/01/31 | 694583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; NH St Hlth & Edu Facs Auth Rev Ref Dartmouth Hlth Oblig Grp <br> Issue | 5.00% | 08/01/31 | 328206 |
|  |  |  |  | 6101616 |
|  | **New Jersey — 1.2%** | **New Jersey — 1.2%** | **New Jersey — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | NJ St | 2.00% | 06/01/29 | 1921029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp; NJ St Econ Dev Auth Rev Portal N Bridge Proj NJ Transit <br> Transprtn Proj Bonds, Ser A | 5.00% | 11/01/26 | 586088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | NJ St Econ Dev Auth Rev Ref Sch Facs Constr, Ser GGG (a) | 5.25% | 09/01/26 | 2015400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; NJ St Econ Dev Auth Wtr Facs Rev Var Ref NJ American Wtr Co <br> Inc Proj Remk, Ser B, AMT (Mandatory put 06/01/28) | 3.75% | 11/01/34 | 1509094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 965000 | &nbsp;&nbsp;&nbsp; NJ St Hlth Care Facs Fing Auth Rev Ref RWJ Barnabas Hlth Oblig <br> Grp Issue, Ser B-3 (Mandatory put 07/01/26) | 5.00% | 07/01/45 | 968504 |
|  |  |  |  | 7000115 |
|  | **New Mexico — 1.0%** | **New Mexico — 1.0%** | **New Mexico — 1.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2770000 | &nbsp;&nbsp;&nbsp; Farmington NM Poll Control Rev Var Ref Pub Svc Co NM San <br> Juan Proj Remk, Ser D (Mandatory put 06/01/28) | 3.90% | 06/01/40 | 2815916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3180000 | &nbsp;&nbsp;&nbsp; NM St Muni Energy Acq Auth Gas Sply Ref (Mandatory put <br> 11/01/30) | 5.00% | 06/01/54 | 3381643 |
|  |  |  |  | 6197559 |
|  | **New York — 5.5%** | **New York — 5.5%** | **New York — 5.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Build NYC Res Corp NY Rev Riverspring Hlth Sr Living Inc Proj <br> Temps 50, Ser B-4 | 5.00% | 12/15/31 | 1988667 |

---

------

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

**Portfolio of Investments (Continued)**

**April 30, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **New York (Continued)** | **New York (Continued)** | **New York (Continued)** |  |
| $2000000 | &nbsp;&nbsp;&nbsp; Chautauqua Cnty NY Capital Res Corp Exempt Facs Rev Var Ref <br> NRG Energy Proj Remk (Mandatory put 04/03/28) | 4.25% | 04/01/42 | $2031559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 875000 | Fulton NY City Sch Dist, BANS | 4.25% | 07/10/26 | 877408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 285000 | Kings Park NY Centrl Sch Dist, Ser B | 3.00% | 07/15/31 | 283185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2260000 | &nbsp;&nbsp;&nbsp; New York City NY Hsg Dev Corp Mf Hsg Rev Sustainable Dev <br> Bonds, Ser F-2A (Mandatory put 12/22/26) | 3.40% | 11/01/62 | 2260773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; New York City NY Hsg Dev Corp Mf Hsg Rev Var Sustainable <br> Bond, Ser B-2 (Mandatory put 07/02/29) | 3.95% | 11/01/64 | 2032757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; New York City NY Muni Wtr Fin Auth Wtr & Swr Sys Rev <br> Adjustable 2nd Gen Resolution Fiscal 2014, Ser AA-1 (c) | 3.40% | 06/15/50 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; New York City NY Muni Wtr Fin Auth Wtr & Swr Sys Rev Ref <br> Var 2nd Gen Resolution, Subser BB-1 (c) | 3.45% | 06/15/44 | 3500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp; New York City NY Transitional Fin Auth Bldg Aid Rev Ref Fiscal <br> 2018, Ser S-1 | 5.00% | 07/15/35 | 347782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | New York NY Adjustable Fiscal 2020, Subser B-3 (c) | 3.50% | 10/01/46 | 3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Newark Vly NY Centrl Sch Dist, Ser A, BANS | 4.00% | 06/26/26 | 500870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | NY Energy Fin Dev Corp Var (Mandatory put 12/01/33) | 5.00% | 07/01/56 | 824250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; NY St Envrnmntl Facs Corp Sol Wst Disp Rev Var Draw Down <br> Casella Wst Sys Inc Proj R-1 Remk, AMT (Mandatory put <br> 09/03/30) (a) | 4.25% | 09/01/50 | 2029188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3125000 | &nbsp;&nbsp;&nbsp; NY St Hsg Fin Agy Affordable Hsg Rev Var 320 W 38th Street <br> Hsg Remk, Ser A (Mandatory put 11/01/31) | 3.57% | 05/01/42 | 3143054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; NY St Hsg Fin Agy Affordable Hsg Rev Var Hsg 160 W <br> 62nd Street Remk, Ser A-2 (Mandatory put 04/01/32) | 3.60% | 11/01/44 | 302549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; NY St Hsg Fin Agy St Personal Income Tax Rev Var Sustainable <br> Bonds, Ser A-2 (Mandatory put 12/15/30) | 3.45% | 06/15/54 | 504385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; NY St Transprtn Dev Corp Spl Fac Rev Delta Airls Inc LaGuardia <br> Arpt Terminals C&D Redev, AMT | 4.00% | 10/01/30 | 50814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2315000 | &nbsp;&nbsp;&nbsp; NY St Transprtn Dev Corp Spl Fac Rev Delta Airls Inc LaGuardia <br> Arpt Terminals C&D Redev, AMT | 5.00% | 01/01/32 | 2370015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; NY St Transprtn Dev Corp Spl Fac Rev Delta Airls Inc LaGuardia <br> Arpt Terminals C&D Redev, AMT | 5.00% | 10/01/35 | 1044940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp; NY St Transprtn Dev Corp Spl Fac Rev Ref American Airls Inc <br> John F Kennedy Intl Arpt Proj, AMT | 2.25% | 08/01/26 | 104799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 560000 | Port Auth of NY & NJ NY Consolidated Bonds, Ser 214, AMT | 5.00% | 09/01/32 | 594440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2030000 | Port Auth of NY & NJ NY Ref, Ser 207, AMT | 5.00% | 09/15/34 | 2088219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Port Auth of NY & NJ NY Ref, Ser 249, AMT | 5.00% | 10/15/31 | 2190208 |
|  |  |  |  | 33069862 |
|  | **North Carolina — 3.1%** | **North Carolina — 3.1%** | **North Carolina — 3.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; Charlotte Mecklenburg NC Hosp Auth Hlth Care Sys Rev Var <br> Atrium Hlth Remk, Ser D (Mandatory put 06/15/27) | 3.63% | 01/15/48 | 403116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Charlotte Mecklenburg NC Hosp Auth Hlth Care Sys Rev Var Ref <br> Atrium Hlth, Ser E (c) | 3.40% | 01/15/42 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Charlotte Mecklenburg NC Hosp Auth Hlth Care Sys Rev Var Ref <br> Carolina Remk, Ser C (c) | 3.40% | 01/15/37 | 1500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1080000 | Charlotte NC Arpt Rev Charlotte Douglas Intl Arpt, Ser B, AMT | 5.00% | 07/01/27 | 1106171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Charlotte NC Arpt Rev, Ser A | 5.00% | 07/01/30 | 256837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1125000 | Charlotte NC Arpt Rev, Ser B, AMT | 5.00% | 07/01/30 | 1211925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2800000 | &nbsp;&nbsp;&nbsp; NC St Hsg Fin Agy Mf Hsg Rev Var Fitch Irick Portfolio <br> (Mandatory put 04/01/28) | 5.00% | 04/01/29 | 2906437 |

---

------

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

**Portfolio of Investments (Continued)**

**April 30, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **North Carolina (Continued)** | **North Carolina (Continued)** | **North Carolina (Continued)** |  |
| $375000 | &nbsp;&nbsp;&nbsp; NC St Med Care Commn Hlth Care Facs Rev Lutheran Svcs For <br> The Aging Ref, Ser A | 4.00% | 03/01/29 | $380394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; NC St Med Care Commn Hlth Care Facs Rev Var Duke Univ Hlth <br> Sys, Ser B (Mandatory put 06/04/30) | 5.00% | 06/01/55 | 1072325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2010000 | &nbsp;&nbsp;&nbsp; NC St Med Care Commn Retmnt Facs Rev Deerfield Episcopal <br> Retmnt Cmnty Proj Temps 70, Ser B-3 | 3.45% | 11/01/30 | 2001281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp; NC St Med Care Commn Retmnt Facs Rev First Mtge Twin Lakes <br> Cmnty Temps 50, Ser B-2 | 3.90% | 01/01/29 | 680349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1090000 | &nbsp;&nbsp;&nbsp; NC St Med Care Commn Retmnt Facs Rev Temps 50 Penick Vlg <br> Proj, Ser B-3 | 4.25% | 09/01/28 | 1092358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; NC St Med Care Commn Retmnt Facs Rev United Methodist <br> Retmnt Homes Proj Temps 70, Ser B-2 | 3.63% | 10/01/30 | 1253454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp; NC St Med Care Commn Retmnt Facs Rev United Methodist <br> Retmnt Homes, Ser 2024B-2 (Temps-50) | 3.75% | 10/01/28 | 95028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170000 | Raleigh Durham NC Arpt Auth Arpt Rev Ref, Ser A, AMT | 5.00% | 05/01/29 | 180119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Raleigh Durham NC Arpt Auth Arpt Rev Ref, Ser A, AMT | 5.00% | 05/01/34 | 1525030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1580000 | Raleigh Durham NC Arpt Auth Arpt Rev Ref, Ser A, AMT | 5.00% | 05/01/35 | 1604967 |
|  |  |  |  | 18269791 |
|  | **North Dakota — 0.3%** | **North Dakota — 0.3%** | **North Dakota — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Cass Cnty ND Jt Wtr Res Dist Ref and Impt, Ser A | 3.45% | 04/01/27 | 2000337 |
|  | **Ohio — 2.3%** | **Ohio — 2.3%** | **Ohio — 2.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | Hamilton Cnty OH Hlth Care Rev Ref Life Enriching Cmntys Proj | 5.00% | 01/01/31 | 843214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Lancaster OH Port Auth Gas Rev Ref, Ser A (Mandatory put <br> 08/01/30) | 5.00% | 02/01/55 | 1060754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325000 | Montgomery Cnty OH Hlth Care Facs Rev Ref Solvita Proj | 5.00% | 09/01/30 | 348027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | Montgomery Cnty OH Hlth Care Facs Rev Ref Solvita Proj | 5.00% | 09/01/31 | 378272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; OH St Air Quality Dev Auth American Elec Pwr Co Proj Remk, Ser <br> A (Mandatory put 10/01/29) | 2.40% | 12/01/38 | 960703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4765000 | &nbsp;&nbsp;&nbsp; OH St Air Quality Dev Auth Var Ref Duke Energy Corp Proj, <br>Ser A, AMT (Mandatory put 06/01/27) | 4.25% | 11/01/39 | 4805849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 765000 | &nbsp;&nbsp;&nbsp; OH St Air Quality Dev Auth Var Ref Duke Energy Corp Proj, Ser <br> B (Mandatory put 06/01/27) | 4.00% | 09/01/30 | 772225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1770000 | OH St Hosp Fac Rev Ref Cleveland Clinic Hlth Sys, Ser A | 5.00% | 01/01/33 | 1830294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | OH St Hosp Rev Ref Var Univ Hosps Hlth Sys Inc, Ser C (c) | 3.35% | 01/15/51 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; OH St Hsg Fin Agy Mf Hsg Rev Var Tylers Creek Apt Proj <br> (Mandatory put 02/01/30) | 3.15% | 01/01/44 | 999754 |
|  |  |  |  | 13999092 |
|  | **Oklahoma — 0.8%** | **Oklahoma — 0.8%** | **Oklahoma — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Canadian Cnty OK Eductnl Facs Auth Educ Facs Lease Rev Yukon <br> Pub Schs Proj | 5.00% | 09/01/27 | 1541254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | McClain Cnty OK Indep Sch Dist #1 New Castle Comb Purp | 5.00% | 07/01/26 | 1003224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp; OK St Hsg Fin Agy Sf Mtge Rev Ref Homeownership Loan <br> Prog, Ser A | 2.75% | 03/01/29 | 269122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp; OK St Hsg Fin Agy Sf Mtge Rev Ref Homeownership Loan <br> Prog, Ser A | 2.75% | 09/01/29 | 283743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; Oklahoma Cnty OK Fin Auth Eductnl Facs Lease Rev Midwest <br> City De City Pub Schs Proj | 5.00% | 10/01/26 | 302326 |

---

------

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

**Portfolio of Investments (Continued)**

**April 30, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Oklahoma (Continued)** | **Oklahoma (Continued)** | **Oklahoma (Continued)** |  |
| $375000 | &nbsp;&nbsp;&nbsp; Tulsa Cnty OK Indl Auth Eductnl Facs Lease Rev Broken Arrow <br> Pub Schs Proj | 5.00% | 09/01/30 | $403928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 835000 | &nbsp;&nbsp;&nbsp; Tulsa Cnty OK Indl Auth Eductnl Facs Lease Rev Broken Arrow <br> Pub Schs Proj | 5.00% | 09/01/31 | 909690 |
|  |  |  |  | 4713287 |
|  | **Oregon — 0.8%** | **Oregon — 0.8%** | **Oregon — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 660000 | Astoria OR Hosp Facs Auth Columbia Memorial Hosp Proj | 5.00% | 08/01/31 | 712408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260000 | Port of Portland OR Arpt Rev Portland Intl Arpt, Ser 25B, AMT | 5.00% | 07/01/27 | 266814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | Port of Portland OR Arpt Rev Portland Intl Arpt, Ser 25B, AMT | 5.00% | 07/01/34 | 1309699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Portland OR Swr Sys Rev 2nd Lien, Ser A | 4.50% | 05/01/31 | 2002284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260000 | Salem OR Hosp Fac Auth Rev Ref Capital Manor Proj | 4.00% | 05/15/29 | 262905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Union Cnty OR Hosp Fac Auth Grande Ronde Hosp | 5.00% | 07/01/26 | 100192 |
|  |  |  |  | 4654302 |
|  | **Pennsylvania — 4.1%** | **Pennsylvania — 4.1%** | **Pennsylvania — 4.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; Adams Cnty PA Gen Auth Rev Ref The Brethren Home Cmnty <br> Proj, Ser B-2 | 3.60% | 06/01/29 | 1200232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; Allegheny Cnty PA Hosp Dev Auth Ref Allegheny Hlth Network <br> Obligated Grp Issue, Ser A | 5.00% | 04/01/35 | 3092032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; Berks Cnty PA Indl Dev Auth Hlthcare Facs Rev Ref Highlands at <br> Wyomissing, Ser A | 5.00% | 05/15/32 | 453327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Chester Cnty PA Indl Dev Auth Nts Avon Grove Chrt Sch | 5.00% | 03/01/27 | 2007245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2450000 | &nbsp;&nbsp;&nbsp; Lehigh Cnty PA Indl Dev Auth Ref PPL Elec Util Corp Proj <br> Remk, Ser A | 3.00% | 09/01/29 | 2450784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Montgomery Cnty PA Indl Dev Auth Exempt Facs Rev <br> Constellation Energy Genration LLC Proj Ref, Ser B | 4.10% | 06/01/29 | 2062348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; PA St Econ Dev Fing Auth Solid Wst Disposal Rev Var Rep Svcs <br> Inc Proj Remk, Ser B-1, AMT (Mandatory put 07/15/26) | 2.95% | 04/01/49 | 499781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2060000 | &nbsp;&nbsp;&nbsp; PA St Econ Dev Fing Auth Solid Wst Disposal Rev Var Wst Mgmt <br> Inc Proj Remk, AMT (Mandatory put 07/01/27) | 4.25% | 07/01/41 | 2081196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp; PA St Econ Dev Fing Auth Solid Wst Disposal Rev Wst Mgmt Inc <br> Proj Remk, Ser A, AMT (Mandatory put 08/03/26) | 3.88% | 08/01/38 | 1401960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp; PA St Econ Dev Fing Auth T/E Priv Activity Rev The Penndot <br> Major Bridges Package One Proj P3 Proj, AMT | 5.00% | 12/31/29 | 2226290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405000 | PA St Ref, 1st Ser | 5.00% | 09/15/27 | 408608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1380000 | &nbsp;&nbsp;&nbsp; PA St Turnpike Commn Turnpike Rev Ref Mtr License Fund Enh <br> Trn Pke Subord | 5.00% | 12/01/30 | 1397920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415000 | PA St Turnpike Commn Turnpike Rev Ref Sub, Ser A | 5.00% | 12/01/36 | 418957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2370000 | Philadelphia PA Arpt Rev Ref Priv Activity, AMT | 5.00% | 07/01/32 | 2566634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 560000 | Philadelphia PA Arpt Rev Ref Priv Activity, Ser B, AMT | 5.00% | 07/01/31 | 607858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 865000 | &nbsp;&nbsp;&nbsp; Philadelphia PA Gas Wks Rev Ref 1998 General Ordinance, <br> 14th Ser | 5.00% | 10/01/29 | 873013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 830000 | &nbsp;&nbsp;&nbsp; Philadelphia PA Gas Wks Rev Ref 1998 General Ordinance, <br> 14th Ser | 5.00% | 10/01/33 | 837404 |
|  |  |  |  | 24585589 |
|  | **Puerto Rico — 0.0%** | **Puerto Rico — 0.0%** | **Puerto Rico — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 234000 | &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Fing Corp Sales Tax Rev Restructured, <br>Ser A-1, CABS | (d) | 07/01/27 | 225570 |
|  | **South Carolina — 1.6%** | **South Carolina — 1.6%** | **South Carolina — 1.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Berkeley Cnty SC Assmnt Rev Nexton Impt Dist | 4.00% | 11/01/30 | 248878 |

---

------

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

**Portfolio of Investments (Continued)**

**April 30, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **South Carolina (Continued)** | **South Carolina (Continued)** | **South Carolina (Continued)** |  |
| $2320000 | &nbsp;&nbsp;&nbsp; SC Jobs Econ Dev Auth Envrnmntl Impt Rev Ref Intl Paper Co <br> Proj Remk, Ser A, AMT | 3.95% | 04/01/33 | $2313365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; SC St Jobs Econ Dev Auth Econ Dev Rev Ref The Woodlands at <br> Furman | 4.00% | 11/15/27 | 449494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp; SC St Jobs Econ Dev Auth Hlth Facs Rev Rolling Green Vlg <br> Proj, Ser B-3 | 4.00% | 12/01/30 | 2255871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; SC St Jobs Econ Dev Auth Hlthcare Rev Beaufort Memorial Hosp <br> & S of Broad Hlthcare Proj | 5.00% | 11/15/27 | 255126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; SC St Jobs Econ Dev Auth Hlthcare Rev Beaufort Memorial Hosp <br> & S of Broad Hlthcare Proj | 5.00% | 11/15/28 | 257972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; SC St Jobs Econ Dev Auth Hlthcare Rev Beaufort Memorial Hosp <br> & S of Broad Hlthcare Proj | 5.00% | 11/15/29 | 208151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; SC St Jobs Econ Dev Auth Hlthcare Rev Beaufort Memorial Hosp <br> & S of Broad Hlthcare Proj | 5.00% | 11/15/30 | 235410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; SC St Jobs Econ Dev Auth Hlthcare Rev Beaufort Memorial Hosp <br> & S of Broad Hlthcare Proj | 5.00% | 11/15/31 | 262969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; SC St Jobs Econ Dev Auth Hosp Facs Rev Var Ref Bon Secours <br> Mercy Hlth Inc, Ser B-1 (Mandatory put 11/01/30) | 5.00% | 11/01/55 | 1367502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1565000 | &nbsp;&nbsp;&nbsp; SC St Jobs Econ Dev Auth Hosp Facs Rev Var Ref Bon Secours <br> Mercy Hlth Inc, Ser B-2 (Mandatory put 11/01/32) | 5.00% | 11/01/49 | 1754909 |
|  |  |  |  | 9609647 |
|  | **South Dakota — 0.3%** | **South Dakota — 0.3%** | **South Dakota — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1005000 | &nbsp;&nbsp;&nbsp; SD St Hlth & Eductnl Facs Auth Ref Westhills Vlg Retmnt Cmnty <br> Issue, Ser A | 5.00% | 09/01/31 | 1092662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp; SD St Hlth & Eductnl Facs Auth Ref Westhills Vlg Retmnt Cmnty <br> Issue, Ser A | 5.00% | 09/01/32 | 482561 |
|  |  |  |  | 1575223 |
|  | **Tennessee — 2.7%** | **Tennessee — 2.7%** | **Tennessee — 2.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; Met Govt Nashville & Davidson Cnty TN Hlth & Eductnl Fac Brd <br> Belmont Univ | 5.00% | 05/01/28 | 364047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Met Govt Nashville & Davidson Cnty TN Hlth & Eductnl Fac Brd <br> Vanderbilt Univ Med Ctr, Ser A | 5.00% | 07/01/31 | 1083043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Met Govt Nashville & Davidson Cnty TN Hlth & Eductnl Fac Brd <br> Var Trinity Flats Apartments Remk, Ser B (Mandatory put <br> 07/01/28) | 3.65% | 10/01/46 | 1008407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Met Nashville TN Arpt Auth Arpt Rev Subord, Ser B, AMT | 5.00% | 07/01/36 | 1577319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | Met Nashville TN Arpt Auth Arpt Rev, Ser B, AMT | 5.00% | 07/01/27 | 460330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2260000 | Tennergy Corp TN Gas Rev, Ser A (Mandatory put 12/01/29) | 5.00% | 10/01/54 | 2384879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1490000 | TN Hsg Dev Agy Rsdl Fin Prog Rev Non Ace Issue 1C, AMT | 3.65% | 07/01/30 | 1490278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; TN Hsg Dev Agy Rsdl Fin Prog Rev Ref Sustainable Bond, Ser <br> 1 (b) | 3.00% | 07/01/30 | 249978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp; TN Hsg Dev Agy Rsdl Fin Prog Rev Ref Sustainable Bonds, Ser <br> 2-A | 3.40% | 01/01/31 | 229336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp; TN Hsg Dev Agy Rsdl Fin Prog Rev Ref Sustainable Bonds, Ser <br> 2-A | 3.45% | 07/01/31 | 209878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | TN St Energy Acq Corp Gas Rev Gas Proj, Ser A | 5.00% | 11/01/33 | 1870368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | TN St Energy Acq Corp Gas Rev Gas Proj, Ser A | 5.00% | 11/01/34 | 1604421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | TN St Energy Acq Corp Gas Rev Ref, Ser A | 5.00% | 12/01/32 | 1063704 |

---

------

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

**Portfolio of Investments (Continued)**

**April 30, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Tennessee (Continued)** | **Tennessee (Continued)** | **Tennessee (Continued)** |  |
| $2500000 | &nbsp;&nbsp;&nbsp; TN St Energy Acq Corp Gas Rev Var Ref Gas Proj, Ser A-1 <br> (Mandatory put 05/01/28) | 5.00% | 05/01/53 | $2573669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140000 | TN St Energy Acq Corp Gas Rev, Ser A | 5.25% | 09/01/26 | 140890 |
|  |  |  |  | 16310547 |
|  | **Texas — 9.3%** | **Texas — 9.3%** | **Texas — 9.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; Arlington TX Hgr Edu Fin Corp Edu Rev Ref Basis TX Chrt <br> Schs (a) | 5.00% | 06/15/30 | 770821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Arlington TX Hgr Edu Fin Corp Edu Rev Ref Uplift Edu, Ser A | 4.00% | 12/01/30 | 252191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; Arlington TX Hgr Edu Fin Corp Edu Rev Trinity Basin Preparatory <br> Inc | 5.00% | 08/15/27 | 154042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; Arlington TX Hgr Edu Fin Corp Edu Rev Trinity Basin Preparatory <br> Inc | 5.00% | 08/15/28 | 156967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; Celina TX Spl Assmnt Rev Ref The Lakes at Mustang Ranch Pub <br> Impt Dt Major Impt Area, AG | 5.00% | 09/01/27 | 307854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp;&nbsp; Celina TX Spl Assmnt Rev Ref The Lakes at Mustang Ranch Pub <br> Impt Dt Major Impt Area, AG | 5.00% | 09/01/29 | 332515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1135000 | Centrl TX Regl Mobility Auth Rev, Ser C, BANS | 5.00% | 01/01/27 | 1135943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | Club Muni Mgmt Dist #1 TX Spl Assmnt Rev Impt Area #2 Proj (a) | 2.50% | 09/01/26 | 24887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104000 | &nbsp;&nbsp;&nbsp; Crandall TX Spl Assmnt Rev Cartwright Ranch Pub Impt Dt Impt <br> Area #1 Proj (a) | 3.38% | 09/15/26 | 103959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Dallas Fort Worth TX Intl Arpt Rev Ref, Ser B | 5.00% | 11/01/27 | 518070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | Dallas Fort Worth TX Intl Arpt Rev, Ser A-1, AMT | 5.00% | 11/01/31 | 2725976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; Denton Cnty TX Spl Assmnt Rev Green Meadows Pub Impt Dt <br> Impt Area #1 Proj (a) | 4.25% | 12/31/30 | 697127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280000 | Fort Bend Cnty TX Muni Util Dist #184, BAM | 6.00% | 04/01/27 | 287509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295000 | Fort Bend Cnty TX Muni Util Dist #184, BAM | 6.00% | 04/01/28 | 303031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 840000 | Fort Bend TX Indep Sch Dist Ref | 5.00% | 08/15/26 | 845523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 670000 | &nbsp;&nbsp;&nbsp; Fort Worth TX Spl Assmnt Rev Walsh Ranch/Quail Vly Impt Area <br> #1-3 Proj, BAM | 5.00% | 09/01/29 | 708123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 560000 | Galveston Cnty TX Muni Util Dist #54 Ref | 2.00% | 12/01/27 | 538600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 610000 | &nbsp;&nbsp;&nbsp; Galveston TX Wharves & Terminal Rev Wharves & Terminal First <br> Lien, AMT | 5.25% | 08/01/28 | 632931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Harris Cnty TX Cultural Edu Facs Fin Corp Med Facs Rev Var <br> Baylor Clg of Medicine, Ser A (Mandatory put 05/15/32) | 5.00% | 11/15/54 | 1612587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 710000 | &nbsp;&nbsp;&nbsp; Harris Cnty TX Cultural Edu Facs Fin Corp Rev Ref Memorial <br> Hermann Hlth Sys, Ser A | 5.00% | 07/01/29 | 758967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; Harris Cnty TX Cultural Edu Facs Fin Corp Rev Ref Memorial <br> Hermann Hlth Sys, Ser B | 5.00% | 07/01/31 | 440793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | Houston TX Arpt Sys Rev Ref Sub, Ser C, AMT | 5.00% | 07/01/27 | 767217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1835000 | Houston TX Arpt Sys Rev Ref Subord Lien, Ser A, AG, AMT | 5.00% | 07/01/27 | 1876913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1125000 | Houston TX Arpt Sys Rev Ref Subord Lien, Ser A, AG, AMT | 5.00% | 07/01/31 | 1225619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Houston TX Arpt Sys Rev Ref United Airls Inc Arpt Impt Proj, <br>Ser C, AMT | 5.00% | 07/15/27 | 1015914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; Houston TX Arpt Sys Rev Ref United Airls Inc Terminal Impt <br> Proj, Ser B-2, AMT | 5.00% | 07/15/27 | 914323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | Houston TX Arpt Sys Rev Sub, Ser A, AMT | 5.00% | 07/01/28 | 208779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Houston TX Arpt Sys Rev Sub, Ser A, AMT | 5.00% | 07/01/29 | 318252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp; Houston TX Arpt Sys Rev United Airls Inc Terminal Impt Proj, <br>Ser B, AMT | 5.25% | 07/15/33 | 1915379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2415000 | Houston TX Util Sys Rev Ref Subord First Lien, Ser B | 4.00% | 11/15/31 | 2424190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 715000 | Kyle TX Spl Assmnt Rev 6 Creeks Pub Impt Dist Impt Area #1 (a) | 4.13% | 09/01/29 | 718142 |

---

------

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

**Portfolio of Investments (Continued)**

**April 30, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Texas (Continued)** | **Texas (Continued)** | **Texas (Continued)** |  |
| $700000 | Love Field TX Arpt Modernization Corp Gen Arpt Rev, AMT | 5.00% | 11/01/33 | $705568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp; Lower CO River TX Auth Trans Contract Rev Ref LCRA Trans <br> Svcs Corp Proj | 5.00% | 05/15/33 | 360306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 443000 | &nbsp;&nbsp;&nbsp; Lowry Crossing TX Spl Assmnt Rev Simpson Road Pub Impt Dist <br> Proj (a) | 4.25% | 09/15/30 | 448160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Matagorda Cnty TX Nav Dist #1 Ref Central Pwr & Light Co Proj <br> Remk, AMT | 4.25% | 05/01/30 | 2049505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp; Mesquite TX Hsg Fin Corp Var Palladium Carver Living <br> (Mandatory put 08/01/27) | 3.35% | 08/01/29 | 2254999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Mission TX Econ Dev Corp Sol Wst Disp Rev Var Ref Wst Mgmt <br> Inc Proj Remk, Ser B, AMT (Mandatory put 06/01/26) | 2.88% | 07/01/40 | 999556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; Mission TX Econ Dev Corp Sol Wst Disp Rev Var Rep Svcs Inc <br> Proj Remk, Ser A, AMT (Mandatory put 08/03/26) | 3.00% | 05/01/50 | 650000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1125000 | &nbsp;&nbsp;&nbsp; Mission TX Econ Dev Corp Sol Wst Disp Rev Var Sustainable <br> Bonds Graphic Packaging Inter LLC Proj, AMT (Mandatory put <br> 06/01/30) | 5.00% | 12/01/64 | 1172027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; N Parkway Muni Mgmt Dist #1 TX Contract Rev Legacy Hills Pub <br> Impt Dt Phase #1A-1B Impts (a) | 3.00% | 09/15/26 | 99702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 | N TX Hgr Edu Auth Inc Edu Loan Rev Sr, Ser 1A, AMT | 5.00% | 06/01/27 | 559004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | N TX Hgr Edu Auth Inc Edu Loan Rev Sr, Ser 1A, AMT | 5.00% | 06/01/30 | 627300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 640000 | &nbsp;&nbsp;&nbsp; New Hope Cultural Ed Facs Fin Corp TX Retmnt Fac Rev Ref <br> Brazos Presbyterian Homes Inc Proj | 5.00% | 01/01/29 | 662246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1115000 | &nbsp;&nbsp;&nbsp; New Hope Cultural Ed Facs Fin Corp TX Retmnt Fac Rev Ref <br> Brazos Presbyterian Homes Inc Proj | 5.00% | 01/01/32 | 1174449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp; New Hope Cultural Edu Facs Fin Corp TX Hosp Rev Var <br> Children's Hlth Sys of TX, Ser C (c) | 3.40% | 08/01/55 | 1800000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; Oak Point TX Spl Assmnt Rev Oak Point 720 Pub Impt Dt Impt <br> Area #1 Proj (a) | 4.70% | 09/15/31 | 201426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 975000 | Port Houston TX Auth Ref, Ser A, AMT | 5.00% | 10/01/34 | 1014090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Princeton TX Spl Assmnt Rev Eastridge Pub Impt Dt Impt Area #3 <br> Proj (a) | 4.25% | 09/01/31 | 253469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; Princeton TX Spl Assmnt Rev Eastridge Pub Impt Dt Impt Area No <br> 4 Proj (a) | 4.25% | 09/01/30 | 302573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310000 | Rockwall Cnty TX Muni Util Dist #8, AG | 6.75% | 10/01/35 | 340560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2075000 | &nbsp;&nbsp;&nbsp; San Antonio TX Hsg Trust Pub Fac Corp Mf Hsg Rev Var <br> Palladium San Antonio (Mandatory put 07/01/27) | 3.45% | 07/01/29 | 2085339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1340000 | &nbsp;&nbsp;&nbsp; Southmost TX Regl Wtr Auth Wtr Sply Contract Rev Ref <br> Desalination Plant Proj, BAM | 4.00% | 09/01/28 | 1355514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Tarrant Cnty TX Cultural Edu Facs Fin Corp Hosp Rev Ref Baylor <br> Scott & White Hlth Proj, Ser A | 5.00% | 11/15/28 | 1000791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp; Tarrant Cnty TX Cultural Edu Facs Fin Corp Hosp Rev Var Baylor <br> Scott & White Hlth Proj, Ser E (Mandatory put 05/15/26) | 5.00% | 11/15/52 | 680538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; Tarrant Cnty TX Cultural Edu Facs Fin Corp Rev Ref Christus <br> Hlth, Ser B | 5.00% | 07/01/30 | 324892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp; Tarrant Cnty TX Cultural Edu Facs Fin Corp Rev Ref Trinity <br> Terrace Proj | 5.00% | 10/01/30 | 1008140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 995000 | &nbsp;&nbsp;&nbsp; Tarrant Cnty TX Cultural Edu Facs Fin Corp Rev Ref Trinity <br> Terrace Proj | 5.00% | 10/01/31 | 1065117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1840000 | &nbsp;&nbsp;&nbsp; Tarrant Cnty TX Hsg Fin Corp Var Nts Wildwood Branch <br> (Mandatory put 02/01/28) | 3.60% | 02/01/43 | 1854060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Trophy Club TX Pub Impt Dist #1 Spl Assmnt Rev Ref | 5.00% | 09/01/28 | 510802 |

---

------

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

**Portfolio of Investments (Continued)**

**April 30, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Texas (Continued)** | **Texas (Continued)** | **Texas (Continued)** |  |
| $2690000 | &nbsp;&nbsp;&nbsp; TX St Muni Gas Acq & Sply Corp IV, Ser A (Mandatory put <br> 01/01/30) | 5.50% | 01/01/54 | $2845828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900000 | TX St Muni Pwr Agy Rev Ref, AG | 3.00% | 09/01/30 | 891037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340000 | Westpointe Spl Impt Dist TX, BAM | 5.00% | 08/15/30 | 366708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355000 | Westpointe Spl Impt Dist TX, BAM | 5.00% | 08/15/31 | 387311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375000 | Westpointe Spl Impt Dist TX, BAM | 5.00% | 08/15/32 | 412820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 760000 | Williamson Cnty TX Muni Util Dist #10 Ref, BAM | 3.00% | 08/01/26 | 759307 |
|  |  |  |  | 55916288 |
|  | **Utah — 2.1%** | **Utah — 2.1%** | **Utah — 2.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 | Salt Lake City UT Arpt Rev, Ser A, AMT | 5.00% | 07/01/26 | 652184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | Salt Lake City UT Arpt Rev, Ser A, AMT | 5.00% | 07/01/28 | 1330690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | Salt Lake City UT Arpt Rev, Ser A, AMT | 5.00% | 07/01/28 | 730275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Salt Lake City UT Arpt Rev, Ser A, AMT | 5.00% | 07/01/29 | 1041370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | UT Cnty UT Hosp Rev IHC Hlth Svcs Inc, Ser C (c) | 3.35% | 05/15/58 | 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | UT St Associated Muni Pwr Sys Rev Ref Horse Butte Wind, Ser A | 5.00% | 09/01/30 | 1036895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 625000 | UT St Associated Muni Pwr Sys Rev Ref Horse Butte Wind, Ser A | 5.00% | 09/01/31 | 647492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; UT St Hsg Corp Mf Rev Var Silos On 500 (Mandatory put <br> 08/01/27) | 3.70% | 08/01/43 | 2004556 |
|  |  |  |  | 12443462 |
|  | **Vermont — 0.3%** | **Vermont — 0.3%** | **Vermont — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; VT St Econ Dev Auth Solid Wst Disp Rev Var Casella Wst Sys Inc <br> Remk, AMT (Mandatory put 04/03/28) (a) | 4.63% | 04/01/36 | 100976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; VT St Econ Dev Auth Solid Wst Disp Rev Var Draw Down <br> Casella Wste Sys Inc Proj, Ser A-2, AMT (Mandatory put <br> 06/01/32) (a) | 4.38% | 06/01/52 | 1027127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | VT St Hsg Fin Agy Non Ace, Ser B | 3.75% | 11/01/32 | 696923 |
|  |  |  |  | 1825026 |
|  | **Virginia — 1.6%** | **Virginia — 1.6%** | **Virginia — 1.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; Fairfax Cnty VA Redev & Hsg Auth Mf Hsg Rev Var Dominion <br> Square N Proj (Mandatory put 01/01/28) | 5.00% | 01/01/45 | 2555159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; Henrico Cnty VA Econ Dev Auth Rsdl Care Fac Rev Ref <br> Westminster Canterbury Proj | 5.00% | 10/01/30 | 612714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Louisa VA Indl Dev Auth Poll Control Rev Var VA Elec & Pwr Co <br> Proj Remk, Ser A (Mandatory put 10/01/27) | 3.65% | 11/01/35 | 1008730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Richmond VA Redev & Hsg Auth Mf Rev Var Walmsley Gardens <br> (Mandatory put 09/01/28) | 3.45% | 09/01/46 | 2013161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 535000 | VA St Pub Bldg Auth Pub Facs Rev, Ser B, AMT | 5.00% | 08/01/33 | 562394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; VA St Small Busn Fing Auth Rev Ref Sr Lien 95 Express <br> Lanes LLC Proj, AMT | 5.00% | 07/01/38 | 1046480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp; Virginia Beach VA Dev Auth Rsdl Care Fac Rev Temps 50SM <br> Westminster Canterbury on Chesapeake Bay, Ser B-3 | 5.38% | 09/01/29 | 1558591 |
|  |  |  |  | 9357229 |
|  | **Washington — 0.6%** | **Washington — 0.6%** | **Washington — 0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 | Energy NW WA Elec Rev Ref Proj 1, Ser A | 5.00% | 07/01/26 | 120452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Port of Seattle WA Rev Intermediate Lien, Ser B, AMT | 5.00% | 10/01/31 | 1637232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Port of Seattle WA Rev Intermediate Lien, Ser D, AMT | 5.00% | 05/01/27 | 1020455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Port of Seattle WA Rev Ref 1st Lien, Ser B, AMT | 5.00% | 10/01/28 | 502224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | WA St Hlth Care Facs Auth Ref Seattle Cancer Care Alliance | 5.00% | 09/01/27 | 102817 |

---

------

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

**Portfolio of Investments (Continued)**

**April 30, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Washington (Continued)** | **Washington (Continued)** | **Washington (Continued)** |  |
| $125000 | &nbsp;&nbsp;&nbsp; WA St Hsg Fin Commn Mf Hsg Rev Var Creekside Vlg on Vashon <br> Apartments Proj (Mandatory put 10/01/27) | 2.70% | 04/01/44 | $123875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; WA St Hsg Fin Commn Nonprofit Hsg Rev Ref Emerald Heights <br> Proj, Ser A | 5.00% | 07/01/27 | 356095 |
|  |  |  |  | 3863150 |
|  | **West Virginia — 0.7%** | **West Virginia — 0.7%** | **West Virginia — 0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; WV St Econ Dev Auth Sol Wst Disp Facs Var Amos Proj <br> Remk, Ser A, AMT (Mandatory put 09/01/28) | 3.30% | 01/01/41 | 1007584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; WV St Econ Dev Auth Sol Wst Disp Facs Var Appalachian Pwr <br> Comp Amos Proj Remk, Ser B (Mandatory put 06/01/28) | 3.70% | 12/01/42 | 2037502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; WV St Econ Dev Auth Sol Wst Disp Facs Var Ref Appalachian <br> Pwr Co Remk, Ser 2015A (Mandatory put 06/15/28) | 3.38% | 03/01/40 | 1010011 |
|  |  |  |  | 4055097 |
|  | **Wisconsin — 2.3%** | **Wisconsin — 2.3%** | **Wisconsin — 2.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Edu Rev Pinecrest Acdmy NV Pinecrest Acdmy <br> Springs Cmps, Ser A (a) | 4.00% | 07/15/33 | 1739944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 335000 | Pub Fin Auth WI Eductnl Fac Rev Ref Lindenwood Edu Sys | 5.00% | 06/01/28 | 343634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 430000 | Pub Fin Auth WI Eductnl Rev Piedmont Cmnty Chrt Sch | 5.00% | 06/15/34 | 440818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 | Pub Fin Auth WI Hosp Rev Ref Carson Vly Med Ctr, Ser A (a) | 3.00% | 12/01/26 | 123317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4280000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Poll Control Rev Var Ref Duke Energy Progress <br> Proj, Ser A-1 (Mandatory put 10/01/26) | 3.30% | 10/01/46 | 4281206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Retmnt Fac Rev Ref United Methodist Retmnt <br> Homes, Ser A | 4.00% | 10/01/29 | 333895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Retmnt Fac Rev Ref United Methodist Retmnt <br> Homes, Ser A | 4.00% | 10/01/31 | 404068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Retmnt Fac Rev Ref United Methodist Retmnt <br> Homes, Ser A | 4.00% | 10/01/32 | 402748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1655000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Sol Wst Disp Rev Ref Wst Mgmt Inc Proj, Ser <br> A-2, AMT | 2.88% | 05/01/27 | 1644248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Stdt Hsg Rev Sr KSU Bixby Real Estate <br> Fdtn LLC Proj, Ser A | 5.00% | 06/15/30 | 424900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp; WI St Hlth & Eductnl Facs Auth Rev Ref Benevolent Corp Cedar <br> Cmnty | 5.00% | 06/01/30 | 283718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp; WI St Hlth & Eductnl Facs Auth Rev Ref Benevolent Corp Cedar <br> Cmnty | 5.00% | 06/01/31 | 296349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1205000 | &nbsp;&nbsp;&nbsp; WI St Hlth & Eductnl Facs Auth Rev Ref Benevolent Corp Cedar <br> Cmnty Proj | 5.00% | 06/01/28 | 1231245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1510000 | &nbsp;&nbsp;&nbsp; WI St Hlth & Eductnl Facs Auth Rev Ref Benevolent Corp Cedar <br> Cmnty Proj | 5.00% | 06/01/37 | 1542888 |
|  |  |  |  | 13492978 |
|  | **Wyoming — 0.2%** | **Wyoming — 0.2%** | **Wyoming — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Consol Muni Elec Pwr Sys WY Jt Pwrs Brd Sys Jt Pwrs Brd Ref <br> Electrical Sys Proj | 5.00% | 06/01/26 | 250420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 755000 | &nbsp;&nbsp;&nbsp; Consol Muni Elec Pwr Sys WY Jt Pwrs Brd Sys Jt Pwrs Brd Ref <br> Electrical Sys Proj | 5.25% | 06/01/37 | 832293 |
|  |  |  |  | 1082713 |
|  | **Total Investments — 98.7%** | **Total Investments — 98.7%** | **Total Investments — 98.7%** | 591081433 |
|  | (Cost $587,968,588) | (Cost $587,968,588) | (Cost $587,968,588) |  |
|  | **Net Other Assets and Liabilities — 1.3%** | **Net Other Assets and Liabilities — 1.3%** | **Net Other Assets and Liabilities — 1.3%** | 8033057 |
|  | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $599114490 |

---

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

------

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

**Portfolio of Investments (Continued)**

**April 30, 2026 (Unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) This security, sold within the terms of a private placement memorandum, is exempt
 from registration upon resale under Rule 144A of the Securities Act of 1933, as amended, and may be resold in transactions
 exempt from registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Trust's Board of Trustees, this security has been determined to be liquid by First Trust Advisors L.P., the Fund's advisor. Although market instability can result in periods of increased overall market illiquidity, liquidity for each security is determined based on security specific
 factors and assumptions, which require subjective judgment. At April 30, 2026, securities noted as such amounted to $32,681,939
 or 5.5% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) When-issued security. The interest rate shown reflects the rate in effect at April
 30, 2026. Interest will begin accruing on the security's first settlement date.

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

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

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

---

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

---

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of April 30, 2026 is as follows (see Valuation Inputs in the Additional Information section):

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**4/30/2026**<br>| &nbsp;&nbsp;&nbsp; **Level 1** <br>**Quoted** <br>**Prices**<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Municipal Bonds\* | &nbsp;&nbsp; $591081433 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $591081433 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

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

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

------

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

**Portfolio of Investments**

**April 30, 2026 (Unaudited)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Stated** <br>**Coupon**<br>| **Stated** <br>**Maturity**<br>| **Value** |
| **MUNICIPAL BONDS — 102.5%** | **MUNICIPAL BONDS — 102.5%** | **MUNICIPAL BONDS — 102.5%** | **MUNICIPAL BONDS — 102.5%** | **MUNICIPAL BONDS — 102.5%** |
|  | **Alabama — 5.3%** | **Alabama — 5.3%** | **Alabama — 5.3%** |  |
| $550000 | &nbsp;&nbsp;&nbsp; Black Belt Energy Gas Dist AL Gas Prepay Rev Proj #5, Ser A-1 <br> (Mandatory put 10/01/26) | 4.00% | 10/01/49 | $551916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1725000 | &nbsp;&nbsp;&nbsp; Black Belt Energy Gas Dist AL Gas Proj Rev Bonds Proj No 7, <br>Ser C-1 (Mandatory put 12/01/26) | 4.00% | 10/01/52 | 1733180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Black Belt Energy Gas Dist AL Gas Proj Rev Proj No 6, Ser B <br> (Mandatory put 12/01/26) | 4.00% | 10/01/52 | 1004800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Black Belt Energy Gas Dist AL Gas Proj Rev, Ser A | 5.00% | 12/01/27 | 511095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000 | Black Belt Energy Gas Dist AL Gas Proj Rev, Ser D | 5.00% | 08/01/26 | 853445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Black Belt Energy Gas Dist AL Gas Proj Rev, Ser D | 5.00% | 08/01/27 | 1019927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | Black Belt Energy Gas Dist AL Gas Proj Rev, Ser E | 5.00% | 07/01/27 | 356096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | Black Belt Energy Gas Dist AL Gas Proj Rev, Ser F | 5.00% | 06/01/27 | 709967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | Black Belt Energy Gas Dist AL Gas Proj Rev, Ser F | 5.00% | 12/01/27 | 820735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | SE Energy Auth AL Cooperative, Ser B | 5.00% | 07/01/26 | 500599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | SE Energy Auth AL Cooperative, Ser B | 5.00% | 01/01/27 | 502548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330000 | SE Energy Auth AL Cooperative, Ser C | 5.00% | 08/01/26 | 331504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 555000 | SE Energy Auth AL Cooperative, Ser C | 5.00% | 02/01/27 | 562577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 685000 | SE Energy Auth AL Cooperative, Ser E | 5.00% | 10/01/27 | 702938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Walker Cnty AL Econ & Indl Dev Auth Sol Wst Disp Rev Var AL <br> Pwr Co Plant Gorgas Proj, AMT (a) | 3.53% | 08/01/63 | 2000000 |
|  |  |  |  | 12161327 |
|  | **California — 3.5%** | **California — 3.5%** | **California — 3.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; CA St Infra & Econ Dev Bank Rev Var Brightline W Passanger <br> Rail Proj, Ser C, AMT (Mandatory put 11/02/26) (b) | 3.50% | 01/01/65 | 999803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Sol Wst Disp Rev Var Ref Rep Svcs Inc Proj <br> Remk, Ser A, AMT (Mandatory put 10/01/26) | 2.95% | 07/01/41 | 1498947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Sol Wst Disp Rev Var Rep Svcs Inc Proj <br> Remk, Ser B, AMT (Mandatory put 07/15/26) | 3.25% | 07/01/51 | 1499469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; CA St Poll Control Fin Auth Sol Wst Disp Rev Var Ref Rep Svcs <br> Inc Proj Remk, AMT (Mandatory put 08/17/26) (b) | 2.88% | 07/01/43 | 748843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1790000 | &nbsp;&nbsp;&nbsp; Los Angeles CA Dept of Arpts Arpt Rev Ref Sub Los Angeles Intl <br> Arpt P3 Proj, Ser C, AMT | 5.00% | 05/15/27 | 1832113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Los Angeles CA Trans | 5.00% | 06/25/26 | 1505221 |
|  |  |  |  | 8084396 |
|  | **Colorado — 3.3%** | **Colorado — 3.3%** | **Colorado — 3.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Adams & Arapahoe Cntys CO Jt Sch Dist #28J Aurora | 5.50% | 12/01/26 | 1017132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp; CO St Hlth Facs Auth Rev Ref Christian Living Cmntys Obligated <br> Grp (c) | 5.00% | 01/01/27 | 247714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp; CO St Hlth Facs Auth Rev Ref Christian Living Cmntys Obligated <br> Grp (c) | 5.00% | 01/01/28 | 479042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | CO St Hlth Facs Auth Rev Ref Covenant Living Cmntys and Svcs | 5.00% | 12/01/26 | 252170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255000 | CO St Hlth Facs Auth Rev Ref, Ser A | 5.00% | 05/15/27 | 258861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1460000 | Denver City & Cnty CO Arpt Rev Ref Sub Sys, Ser A, AMT | 5.00% | 12/01/26 | 1476139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Denver City & Cnty CO Sch Dist #1, Ser A | 5.00% | 12/01/26 | 507041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp; Maiker Hsg Partners CO Mf Hsg Rev Var Overlook at Thorton <br> Remk (Mandatory put 11/01/26) | 2.75% | 05/01/42 | 1599754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 660000 | &nbsp;&nbsp;&nbsp; Park Creek Met Dist CO Ltd Property Tax Supported Rev Sr Ref, <br> AG | 5.00% | 12/01/26 | 667909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Park Creek Met Dist CO Ltd Property Tax Supported Rev Sr Ref, <br> AG | 5.00% | 12/01/27 | 1035007 |
|  |  |  |  | 7540769 |

---

------

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

**Portfolio of Investments (Continued)**

**April 30, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Connecticut — 0.5%** | **Connecticut — 0.5%** | **Connecticut — 0.5%** |  |
| $1250000 | Hartford CT Spl Oblig Ref | 5.00% | 07/15/26 | $1256167 |
|  | **Delaware — 0.2%** | **Delaware — 0.2%** | **Delaware — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | DE St Hlth Facs Auth Rev Christiana Care Hlth Sys Obligated Grp | 5.00% | 10/01/26 | 403734 |
|  | **District of Columbia — 2.1%** | **District of Columbia — 2.1%** | **District of Columbia — 2.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1145000 | &nbsp;&nbsp;&nbsp; Dist of Columbia Hsg Fin Agy Mf Hsg Rev Var Parcel <br> 42 Apartments Proj Remk (Mandatory put 09/01/26) | 2.88% | 09/01/41 | 1143932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Dist of Columbia Hsg Fin Agy Mf Hsg Rev Var Paxton Proj Remk <br> (Mandatory put 06/01/26) | 3.35% | 09/01/40 | 1000526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Met WA DC Arpts Auth Arpt Sys Rev Ref, Ser A, AMT | 5.00% | 10/01/26 | 1512753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | Met WA DC Arpts Auth Arpt Sys Rev Ref, Ser A, AMT | 5.00% | 10/01/26 | 1210202 |
|  |  |  |  | 4867413 |
|  | **Florida — 8.3%** | **Florida — 8.3%** | **Florida — 8.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Brevard Cnty FL Hsg Fin Auth Mf Hsg Var Emerald Place <br> Apartments (Mandatory put 02/01/27) | 3.30% | 02/01/28 | 1502963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525000 | Broward Cnty FL Port Facs Rev, AMT | 5.00% | 09/01/27 | 537427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1675000 | Broward Cnty FL Sch Dist, TANS | 4.00% | 06/25/26 | 1677770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; FL Dev Fin Corp Hlthcare Facs Rev Tampa General Hosp Proj, Ser <br> A | 5.00% | 08/01/27 | 256840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | FL St Mid Bay Bridge Auth Ref First Sr Lien, AG | 5.00% | 10/01/26 | 1008168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 645000 | FL St Muni Pwr Agy Ref All Requirements Pwr Sply Proj, Ser A | 5.00% | 10/01/26 | 650726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Gtr Orlando FL Aviation Auth Arpt Facs Rev, Ser A, AMT (Pre-<br> refunded maturity 10/01/26) | 5.00% | 10/01/41 | 1008919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 695000 | &nbsp;&nbsp;&nbsp; Heritage Harbour FL N CDD Capital Impt Rev Ref Sr Lien, Ser <br> A-1, AG | 5.00% | 05/01/27 | 708250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Lakeland FL Capital Impt Rev Ref, Ser A | 5.00% | 10/01/26 | 504689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2690000 | Miami-Dade Cnty FL Sch Brd Ref, Ser A, COPS | 5.00% | 05/01/26 | 2690000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | Miami-Dade Cnty FL Sch Brd Ref, Ser A, COPS (c) | 5.00% | 02/01/27 | 1269251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Miami-Dade Cnty FL Wtr & Swr Rev Ref, Ser B | 5.00% | 10/01/26 | 2019090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Palm Beach Cnty FL Hsg Fin Auth Mf Hsg Rev Everglade <br> Townhomes Remk | 2.80% | 02/01/27 | 996415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | Palm Beach Cnty FL Sch Brd Ref, Ser A, COPS | 5.00% | 08/01/26 | 753872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 865000 | &nbsp;&nbsp;&nbsp; Pasco Cnty FL Capital Impt Cigarette Tax Allocation H Lee Moffitt <br> Cancer Ctr Proj, Ser A, AG | 5.25% | 09/01/26 | 871835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Pasco Cnty FL Sch Brd Ref, Ser A, COPS (c) | 5.00% | 08/01/27 | 1027493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | Polk Cnty FL Pub Facs Rev Ref | 5.00% | 12/01/26 | 760386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Seminole Cnty FL Sch Dist Sales Tax Rev, AG | 5.00% | 10/01/26 | 504919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130000 | Triple Creek FL CDD Spl Assmnt Vlgs N&P Proj | 2.50% | 11/01/26 | 128942 |
|  |  |  |  | 18877955 |
|  | **Georgia — 1.6%** | **Georgia — 1.6%** | **Georgia — 1.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | Atlanta GA Arpt Rev, Ser C, AMT | 5.00% | 07/01/27 | 409832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Columbus GA Med Ctr Hosp Auth Var Piedmont Hlthcare Inc <br> Proj, Ser A (Mandatory put 07/01/26) | 5.00% | 07/01/54 | 1502487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135000 | Main Street Nat Gas Inc GA Gas Rev, Ser A | 5.50% | 09/15/26 | 135996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Main Street Nat Gas Inc GA Gas Sply Rev, Ser C (Mandatory put <br> 09/01/26) | 4.00% | 03/01/50 | 1504082 |
|  |  |  |  | 3552397 |
|  | **Idaho — 0.4%** | **Idaho — 0.4%** | **Idaho — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; ID St Hlth Facs Auth Hosp Rev Var Che Trinity Hlth Credit Grp <br> Remk, Ser ID (Mandatory put 08/03/26) | 2.63% | 12/01/48 | 1000000 |

---

------

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

**Portfolio of Investments (Continued)**

**April 30, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Illinois — 5.7%** | **Illinois — 5.7%** | **Illinois — 5.7%** |  |
| $1000000 | Chicago IL O'Hare Intl Arpt Rev Ref, Ser C, AMT | 5.00% | 01/01/27 | $1013807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | Cook Cnty IL High Sch Dist #207 Maine Twp, Ser A | 5.00% | 12/01/26 | 1417347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | Cook Cnty IL Sales Tax Rev Ref | 5.00% | 11/15/27 | 828440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1175000 | DuPage Cnty IL Forest Preserve Dist | 5.00% | 11/01/26 | 1187978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; IL St Fin Auth Rev Prerefunded Ref Ascension Hlth Credit Grp, <br>Ser C (Pre-refunded maturity 02/15/27) | 4.00% | 02/15/36 | 1514749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | IL St Sales Tax Rev, Subser A | 5.00% | 06/15/27 | 1532973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | IL St, Ser A | 5.00% | 12/01/26 | 1012419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | IL St, Ser B | 5.00% | 12/01/26 | 1518628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | IL St, Ser B | 5.25% | 09/01/27 | 1546893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1115000 | Lemont IL Fire Prot Dist | 5.00% | 12/30/26 | 1131364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425000 | Plainfield IL Wtr & Swr Sys Rev Ref | 5.00% | 05/01/26 | 425000 |
|  |  |  |  | 13129598 |
|  | **Indiana — 4.6%** | **Indiana — 4.6%** | **Indiana — 4.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1575000 | Fort Wayne IN Cmnty Schs | 5.00% | 01/15/27 | 1598500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | IN Fin Auth Eductnl Facs Rev Taylor Univ Proj | 5.00% | 09/01/26 | 352161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1565000 | &nbsp;&nbsp;&nbsp; IN St Fin Auth Econ Dev Rev Var Ref Rep Svcs Inc Proj Remk, Ser <br> A, AMT (Mandatory put 06/01/26) | 2.90% | 05/01/28 | 1564629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | IN St Fin Auth Rev Ref Ascension Sr Credit Grp, Ser A-1 | 5.00% | 11/15/27 | 516320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | IN St Muni Pwr Agy Ref, Ser A, AG | 5.00% | 01/01/27 | 1015606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | Indianapolis IN Loc Pub Impt Bond Bank Ref, Ser A | 5.00% | 06/01/26 | 1252016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | N W Allen Cnty IN Schs | 5.00% | 07/15/26 | 502040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 625000 | N W Allen Cnty IN Schs | 5.00% | 01/15/27 | 634193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Perry Twp IN Schs Marion Cnty | 5.00% | 01/15/27 | 1524390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Whiting IN Envrnmntl Facs Rev Ref BP Products N America Inc <br> Proj, Ser A, AMT (Mandatory put 06/05/26) | 5.00% | 12/01/44 | 1502813 |
|  |  |  |  | 10462668 |
|  | **Iowa — 0.8%** | **Iowa — 0.8%** | **Iowa — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1735000 | Pefa Inc IA Gas Proj Rev (Mandatory put 09/01/26) | 5.00% | 09/01/49 | 1745075 |
|  | **Kansas — 0.7%** | **Kansas — 0.7%** | **Kansas — 0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Olathe KS Temp Nts, Ser A | 5.00% | 09/01/26 | 1511263 |
|  | **Kentucky — 1.3%** | **Kentucky — 1.3%** | **Kentucky — 1.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375000 | KY St Property & Bldgs Commn Rev Proj #133, Ser A | 5.00% | 09/01/26 | 377755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275000 | KY St Property & Bldgs Commn Rev Ref Proj #133, Ser B | 5.00% | 09/01/26 | 277021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 615000 | KY St Pub Energy Auth Gas Sply Rev Ref, Ser B | 5.00% | 08/01/26 | 617307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; Trimble Cnty KY Envrnmntl Facs Rev Var Louisville Gas & Elec <br> Co Proj, Ser A, AMT (Mandatory put 06/01/27) | 4.70% | 06/01/54 | 1768059 |
|  |  |  |  | 3040142 |
|  | **Louisiana — 0.5%** | **Louisiana — 0.5%** | **Louisiana — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1110000 | Regl Transit Auth LA Sales Tax Rev Ref, Ser A, AG | 5.00% | 01/01/27 | 1126804 |
|  | **Maryland — 2.4%** | **Maryland — 2.4%** | **Maryland — 2.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; MD St Hlth & Hgr Eductnl Facs Auth Rev Ref Medstar Hlth <br> Issue, Ser A | 5.00% | 08/15/26 | 603840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 535000 | &nbsp;&nbsp;&nbsp; MD St Hlth & Hgr Eductnl Facs Auth Rev Ref Medstar Hlth <br> Issue, Ser A | 5.00% | 08/15/27 | 550929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; MD St Hlth & Hgr Eductnl Facs Auth Rev Ref Medstar Hlth <br> Issue, Ser C | 5.00% | 08/15/27 | 1029774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1780000 | MD St Hlth & Hgr Eductnl Facs Auth Rev Ref Meritus Hlth Issue | 5.00% | 07/01/27 | 1825408 |

---

------

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

**Portfolio of Investments (Continued)**

**April 30, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Maryland (Continued)** | **Maryland (Continued)** | **Maryland (Continued)** |  |
| $400000 | &nbsp;&nbsp;&nbsp; MD St Hlth & Hgr Eductnl Facs Auth Rev Ref The Johns Hopkins <br> Hlth Sys Issue, Ser A | 5.00% | 05/15/26 | $400343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; MD St Hlth & Hgr Eductnl Facs Auth Rev Ref The Johns Hopkins <br> Hlth Sys Issue, Ser A | 5.00% | 05/15/27 | 307245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; MD St Hlth & Hgr Eductnl Facs Auth Rev Ref Univ of MD Med <br> Sys Issue, Ser A | 5.00% | 07/01/26 | 752609 |
|  |  |  |  | 5470148 |
|  | **Massachusetts — 4.4%** | **Massachusetts — 4.4%** | **Massachusetts — 4.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Fall River MA, BANS | 4.00% | 01/29/27 | 1513501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Hudson MA, BANS | 5.00% | 06/11/26 | 1001086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | MA St Dev Fin Agy Rev Lasell Vlg Inc | 5.00% | 07/01/26 | 1002413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; MA St Dev Fin Agy Rev Ref Beth Israel Lahey Hlth Issue, Ser N, <br> AG | 5.00% | 07/01/27 | 1026324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | MA St Dev Fin Agy Rev Ref Emerson Clg Issue | 5.00% | 01/01/27 | 454127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | MA St Port Auth Ref, Ser A, AMT | 5.00% | 07/01/27 | 2047304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Peabody MA, BANS | 4.00% | 07/10/26 | 1503318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Quincy MA, BANS | 5.00% | 07/24/26 | 1507513 |
|  |  |  |  | 10055586 |
|  | **Michigan — 4.0%** | **Michigan — 4.0%** | **Michigan — 4.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | Grand Rapids MI Wtr Sply Sys Rev Ref | 5.00% | 01/01/27 | 761454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | MI St Fin Auth Rev Nts, Ser A-2 | 5.00% | 08/20/26 | 1258134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; MI St Fin Auth Rev Ref Pub Lighting Auth Ref Loc Proj, Ser A, <br> BAM | 5.00% | 07/01/27 | 1025743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; MI St Fin Auth Rev Var Hosp Che Trinity Hlth Cr Grp Remk, Ser <br> MI-1 (Mandatory put 06/01/26) | 2.40% | 12/01/34 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1115000 | MI St Hosp Fin Auth Ref Bronson Hlthcare Grp Inc, Ser A | 5.00% | 05/15/27 | 1140770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 680000 | MI St Hosp Fin Auth Ref Bronson Hlthcare Grp Inc, Ser B | 5.00% | 05/15/27 | 695716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; MI St Hsg Dev Auth Mf Hsg Rev Var Countryside Townhouses <br> (Mandatory put 05/01/27) | 2.92% | 05/01/29 | 997658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | MI St Hsg Dev Auth Sf Mtge Rev, Ser A | 2.80% | 12/01/27 | 1498723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 655000 | Stockbridge MI Cmnty Schs Ref, Ser I (c) | 5.00% | 05/01/27 | 671304 |
|  |  |  |  | 9049502 |
|  | **Minnesota — 0.8%** | **Minnesota — 0.8%** | **Minnesota — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 385000 | &nbsp;&nbsp;&nbsp; MN St Agric & Econ Dev Brd Hlth Care Sys Rev Ref Fairview <br> Hlth Svcs, Ser A (c) | 5.00% | 11/15/27 | 396505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | MN St Hsg Fin Agy, Ser C | 4.00% | 02/01/27 | 501053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Saint Cloud MN Hlth Care Rev Ref Centracare Hlth Sys (c) | 5.00% | 05/01/27 | 1020993 |
|  |  |  |  | 1918551 |
|  | **Missouri — 3.2%** | **Missouri — 3.2%** | **Missouri — 3.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 855000 | &nbsp;&nbsp;&nbsp; MO St Hlth & Eductnl Facs Auth Hlth Facs Rev Ref Coxhealth <br> Obligated Grp, Ser B | 5.00% | 11/15/26 | 864270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; MO St Hlth & Eductnl Facs Auth Hlth Facs Rev Ref Coxhealth <br> Obligated Grp, Ser B | 5.00% | 11/15/27 | 1031570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; MO St Hlth & Eductnl Facs Auth Hlth Facs Rev Var Ref BJC Hlth <br> Sys, Ser B (Mandatory put 05/01/26) | 4.00% | 05/01/51 | 1200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; MO St Hwy & Transprtn Commn St Road Rev Third Lien St Road <br> Bonds, Ser A | 5.00% | 05/01/26 | 1750000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | MO St Pub Utils Commn Rev Ref Interim Constr Nts | 4.00% | 10/01/27 | 1517147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Saint Louis MO Arpt Rev Ref St Louis Lambert Intl Arpt, Ser C | 5.00% | 07/01/26 | 1003343 |
|  |  |  |  | 7366330 |

---

------

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

**Portfolio of Investments (Continued)**

**April 30, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Nebraska — 0.9%** | **Nebraska — 0.9%** | **Nebraska — 0.9%** |  |
| $1000000 | McCook NE, BANS | 4.50% | 09/01/27 | $1005948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Omaha NE Pub Facs Corp Lease Rev Ref, Ser B | 5.00% | 04/15/27 | 1023506 |
|  |  |  |  | 2029454 |
|  | **Nevada — 0.5%** | **Nevada — 0.5%** | **Nevada — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | Clark Cnty NV Arpt Rev Ref Subord, Ser A | 5.00% | 07/01/26 | 1103547 |
|  | **New Hampshire — 1.5%** | **New Hampshire — 1.5%** | **New Hampshire — 1.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; Natl Fin Auth NH Sol Wst Disp Rev Var Ref Wst Mgmt Inc Proj <br> Remk, Ser A- 3, AMT (Mandatory put 07/01/26) | 4.00% | 07/01/33 | 3501788 |
|  | **New Jersey — 5.1%** | **New Jersey — 5.1%** | **New Jersey — 5.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Bergen Cnty NJ Impt Auth Nts Cnty Guaranteed Governmental <br> Pooled Proj, Ser A | 4.00% | 05/21/26 | 1000672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Hudson Cnty NJ Impt Auth Nts Loc Unit Loan Prog, Ser B-1 | 4.00% | 06/24/26 | 1001489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Jersey City NJ Muni Utils Auth Wtr Proj Nts Ser A | 4.00% | 04/30/27 | 1013783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Jersey City NJ Redev Agy Nts Bayfront Redev Proj, Ser A | 5.00% | 12/09/26 | 1520725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | Metuchen NJ, Ser A, BANS | 4.00% | 07/07/26 | 1252845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1205000 | Newark NJ Ref, Ser A | 5.00% | 07/15/27 | 1233745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | NJ St Covid-19 GO Emergency Bonds, Ser A | 5.00% | 06/01/26 | 1001851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | NJ St Econ Dev Auth Rev Ref Sch Facs Constr, Ser GGG (b) | 5.25% | 09/01/26 | 2015400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Voorhees Twp NJ, Ser A, BANS | 4.00% | 09/17/26 | 1506727 |
|  |  |  |  | 11547237 |
|  | **New Mexico — 0.7%** | **New Mexico — 0.7%** | **New Mexico — 0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | NM Fin Auth Rev Subord Pub Proj, Ser C | 5.00% | 12/15/26 | 1015040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 475000 | NM St Muni Energy Acq Auth Gas Sply Ref | 5.00% | 05/01/26 | 475000 |
|  |  |  |  | 1490040 |
|  | **New York — 5.3%** | **New York — 5.3%** | **New York — 5.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1008317 | Amherst NY Centrl Sch Dist, BANS | 4.00% | 08/05/26 | 1011813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Heuvelton NY Centrl Sch Dist, BANS | 4.00% | 06/18/26 | 1502119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1030000 | &nbsp;&nbsp;&nbsp; Met Transprtn Auth NY Rev Ref Climate Bond Certified <br> Sustainable, Ser B | 5.00% | 11/15/26 | 1042939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1357020 | N Syracuse NY Centrl Sch Dist, Ser A, BANS | 4.00% | 07/31/26 | 1360898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; NY St Dorm Auth Revs Non St Supported Debt Northwell Hlth <br> Obligated Grp, Ser B-3 (Mandatory put 05/01/26) | 5.00% | 05/01/48 | 1250000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; NY St Dorm Auth Revs Non St Supported Debt Sch Districts Rev <br> Bond Fing Prog, Ser A | 5.00% | 10/01/26 | 1262715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375000 | Port Auth of NY & NJ NY Ref, Ser 242, AMT | 5.00% | 12/01/26 | 379974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Selkirk Fire Dist NY, BANS | 4.25% | 08/28/26 | 1507188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Triborough NY Bridge & Tunnel Auth Payroll Mobility Tax, <br>Ser B-1, BANS | 5.00% | 03/15/27 | 1530766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | Waterloo NY Centrl Sch Dist, BANS | 3.75% | 07/30/26 | 1253137 |
|  |  |  |  | 12101549 |
|  | **North Carolina — 2.6%** | **North Carolina — 2.6%** | **North Carolina — 2.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Charlotte Mecklenburg NC Hosp Auth Hlth Care Sys Rev Var <br> Atrium Hlth Remk, Ser B (Mandatory put 06/15/27) | 3.25% | 01/15/50 | 1003682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Cumberland Cnty NC Indl Facs & Poll Control Fing Auth Sol WS <br> Var Proj Aero Remk, AMT (Mandatory put 12/01/26) | 3.13% | 12/01/27 | 1497705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | NC St Grant Anticipation Rev Ref, GARVEE | 5.00% | 03/01/27 | 1529471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1490000 | Raleigh Durham NC Arpt Auth Arpt Rev Ref, Ser A, AMT | 5.00% | 05/01/26 | 1490000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | Sampson Cnty NC Ltd Oblig Ref | 5.00% | 12/01/27 | 413688 |
|  |  |  |  | 5934546 |

---

------

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

**Portfolio of Investments (Continued)**

**April 30, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Ohio — 6.7%** | **Ohio — 6.7%** | **Ohio — 6.7%** |  |
| $1810000 | Allen Cnty OH Hosp Facs Rev Ref, Ser A | 5.00% | 08/01/26 | $1819026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 385000 | &nbsp;&nbsp;&nbsp; Franklin Cnty OH Hosp Facs Rev Nationwide Childrens Hosp <br> Ref, Ser A | 5.00% | 11/01/26 | 389310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; Franklin Cnty OH Hosp Facs Rev Nationwide Childrens Hosp <br> Ref, Ser A | 5.00% | 11/01/27 | 310258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280000 | Hamilton Cnty OH Hlth Care Rev Ref Life Enriching Cmntys Proj | 5.00% | 01/01/27 | 282565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Hamilton Cnty OH Hlth Care Rev Ref Life Enriching Cmntys Proj | 5.00% | 01/01/28 | 306899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Hamilton Cnty OH Sales Tax Paycor Stadium Impt Proj Subord, <br> BANS | 5.00% | 12/01/26 | 1519622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | Huber Heights OH, BANS | 5.00% | 06/25/26 | 1754631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1440000 | Lakewood OH Nts | 4.00% | 04/07/27 | 1450790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | Milford OH Exempt Vlg Sch Dist Ref | 5.00% | 12/01/26 | 607784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340000 | Montgomery Cnty OH Hlth Care Facs Rev Ref Solvita Proj | 5.00% | 09/01/26 | 342020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; OH St Air Quality Dev Auth American Elec Pwr Co Proj Ref <br> Remk, Ser 2014-D | 3.20% | 05/01/26 | 1500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; OH St Air Quality Dev Auth Var Ref Duke Energy Corp Proj, <br>Ser A, AMT (Mandatory put 06/01/27) | 4.25% | 11/01/39 | 2017146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | OH St Hosp Rev Ref Var Univ Hosps Hlth Sys Inc, Ser C (a) | 3.35% | 01/15/51 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; OH St Hsg Fin Agy Mf Hsg Rev Var Shevchenko Manor Proj, Ser <br> B (Mandatory put 06/01/26) | 5.00% | 06/01/27 | 1001698 |
|  |  |  |  | 15301749 |
|  | **Oklahoma — 0.4%** | **Oklahoma — 0.4%** | **Oklahoma — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; Tulsa Cnty OK Indl Auth Eductnl Facs Lease Rev Owasso Pub Sch <br> Proj | 5.00% | 09/01/26 | 754883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Tulsa Cnty OK Indl Auth Eductnl Facs Lease Rev Owasso Pub Sch <br> Proj | 5.00% | 09/01/27 | 256776 |
|  |  |  |  | 1011659 |
|  | **Oregon — 0.5%** | **Oregon — 0.5%** | **Oregon — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Medford OR Hosp Facs Auth Rev Ref Asante Proj, Ser A | 5.00% | 08/15/27 | 1027975 |
|  | **Pennsylvania — 3.3%** | **Pennsylvania — 3.3%** | **Pennsylvania — 3.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1310000 | Cmwlth Fing Auth PA Tobacco Master Stlmt Payment Rev Bonds | 5.00% | 06/01/26 | 1312469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; PA St Econ Dev Fing Auth Solid Wst Disposal Rev Var Rep Svcs <br> Inc Proj Remk, Ser B-1, AMT (Mandatory put 07/15/26) | 2.95% | 04/01/49 | 499781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; PA St Econ Dev Fing Auth Solid Wst Disposal Rev Var Wst Mgmt <br> Inc Proj Remk, AMT (Mandatory put 08/03/26) | 3.00% | 08/01/45 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1115000 | &nbsp;&nbsp;&nbsp; PA St Econ Dev Fing Auth UPMC Rev Ref UPMC Obligated <br> Grp, Ser A | 5.00% | 12/15/27 | 1151592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; PA St Econ Dev Fing Auth UPMC Rev Ref UPMC Obligated <br> Grp, Ser B | 5.00% | 03/15/27 | 406952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1045000 | Philadelphia PA Arpt Rev Ref, Ser B, AMT | 5.00% | 07/01/27 | 1068990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Tender Option Bond Trust Recpts / Ctfs Various States JPM Putters <br> Xm1120, AG (a) (b) | 3.47% | 10/01/26 | 2000000 |
|  |  |  |  | 7439784 |
|  | **Rhode Island — 1.2%** | **Rhode Island — 1.2%** | **Rhode Island — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Bristol Warren RI Regl Sch Dist, Ser 1, BANS | 5.00% | 06/04/26 | 1502804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | S Kingstown RI, Ser 1, BANS | 4.00% | 06/25/26 | 1252206 |
|  |  |  |  | 2755010 |
|  | **South Carolina — 1.0%** | **South Carolina — 1.0%** | **South Carolina — 1.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | Rock Hill SC Util Sys Rev Ref | 5.00% | 01/01/27 | 405816 |

---

------

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

**Portfolio of Investments (Continued)**

**April 30, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **South Carolina (Continued)** | **South Carolina (Continued)** | **South Carolina (Continued)** |  |
| $375000 | Rock Hill SC Util Sys Rev Ref | 5.00% | 01/01/28 | $388954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; SC St Jobs Econ Dev Auth Hosp Rev Ref Prisma Hlth Obligated <br> Grp, Ser A | 5.00% | 05/01/26 | 1500000 |
|  |  |  |  | 2294770 |
|  | **South Dakota — 0.7%** | **South Dakota — 0.7%** | **South Dakota — 0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1045000 | SD St Hlth & Eductnl Facs Auth Ref Vocational Edu Prog | 5.00% | 08/01/26 | 1050660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp; SD St Hlth & Eductnl Facs Auth Ref Westhills Vlg Retmnt Cmnty <br> Issue, Ser A | 5.00% | 09/01/26 | 477885 |
|  |  |  |  | 1528545 |
|  | **Tennessee — 1.3%** | **Tennessee — 1.3%** | **Tennessee — 1.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1570000 | &nbsp;&nbsp;&nbsp; Chattanooga TN Hlth Eductnl & Hsg Fac Brd Rev Ref <br> Commonspirit Hlth, Ser A-1 | 5.00% | 08/01/26 | 1577869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Met Govt Nashville & Davidson Cnty TN Hlth & Eductnl Fac Brd <br> Var Parkwood Villa Apts (Mandatory put 12/01/27) | 3.15% | 12/01/42 | 1502349 |
|  |  |  |  | 3080218 |
|  | **Texas — 10.5%** | **Texas — 10.5%** | **Texas — 10.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255000 | Austin TX Arpt Sys Rev Ref, AMT | 5.00% | 11/15/26 | 257614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380000 | Austin TX Arpt Sys Rev Ref, AMT | 5.00% | 11/15/27 | 391475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Centrl TX Regl Mobility Auth Rev, Ser C, BANS | 5.00% | 01/01/27 | 1501246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Dallas Fort Worth TX Intl Arpt Rev, Ser A-1, AMT | 5.00% | 11/01/27 | 2059447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 895000 | Eagle Mountain & Saginaw TX Indep Sch Dist Ref, Ser A | 5.00% | 08/15/26 | 901119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 | El Paso TX Indep Sch Dist Ref, Ser B | 5.00% | 08/15/26 | 553472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Harris Cnty Houston TX Sports Auth Rev Ref Sr Lien, Ser A, AG | 5.00% | 11/15/26 | 1011433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Harris Cnty TX Cultural Edu Facs Fin Corp Rev Var Ref Memorial <br> Hermann Hlth Sys, Ser C-3 (Mandatory put 12/01/26) | 5.00% | 06/01/32 | 1012973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Houston TX Arpt Sys Rev Ref United Airls Inc Arpt Impt Proj, <br>Ser C, AMT | 5.00% | 07/15/27 | 1015914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | Kyle TX, AG | 5.00% | 08/15/26 | 704582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Legacy Denton Pub Fac Corp Mf Hsg Rev Var Vintage Ranch <br> Remk (Mandatory put 04/01/27) | 2.96% | 04/01/43 | 998369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | Lower CO River TX Auth Rev Ref, Ser A | 5.00% | 05/15/26 | 750653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | Lower CO River TX Auth Rev Ref, Ser A | 5.00% | 05/15/27 | 614800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Lower CO River TX Auth Trans Contract Rev Ref LCRA Trans <br> Svcs Corp Proj, Ser A | 5.00% | 05/15/27 | 512334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Mission TX Econ Dev Corp Sol Wst Disp Rev Var Ref Wst Mgmt <br> Inc Proj Remk, Ser B, AMT (Mandatory put 06/01/26) | 2.88% | 07/01/40 | 1999113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; Mission TX Econ Dev Corp Sol Wst Disp Rev Var Rep Svcs Inc <br> Proj Remk, Ser A, AMT (Mandatory put 08/03/26) | 3.00% | 05/01/50 | 850000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | N TX Tollway Auth Rev Ref Second Tier Bond Subord, Ser B | 5.00% | 01/01/27 | 2029345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; New Hope Cultural Ed Facs Fin Corp TX Retmnt Fac Rev Ref <br> Brazos Presbyterian Homes Inc Proj | 5.00% | 01/01/27 | 605101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; New Hope Cultural Ed Facs Fin Corp TX Retmnt Fac Rev Ref <br> Brazos Presbyterian Homes Inc Proj | 5.00% | 01/01/28 | 511091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 460000 | San Antonio TX Elec & Gas Rev Ref, Ser B | 5.00% | 02/01/27 | 468276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1745000 | &nbsp;&nbsp;&nbsp; Tarrant Cnty TX Cultural Edu Facs Fin Corp Hosp Rev Methodist <br> Hosps of Dallas | 5.00% | 10/01/27 | 1800759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; TX St Affordable Hsg Corp Mf Hsg Rev La Vista De Lopez <br> Apartment Remk | 2.80% | 02/01/27 | 997978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; TX St Dept of Hsg & Cmnty Affairs Mf Hsg Rev Var Gulfway <br> Manor (Mandatory put 08/01/26) | 3.25% | 08/01/28 | 1000272 |

---

------

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

**Portfolio of Investments (Continued)**

**April 30, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Texas (Continued)** | **Texas (Continued)** | **Texas (Continued)** |  |
| $415000 | TX St Muni Gas Acq & Sply Corp V Gas Sply Rev (c) | 5.00% | 04/01/27 | $421088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Upper Trinity TX Regl Wtr Dist Wtr Rev Ref, BAM | 5.00% | 08/01/26 | 502695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530000 | Upper Trinity TX Regl Wtr Dist Wtr Rev Ref, BAM | 5.00% | 08/01/27 | 544964 |
|  |  |  |  | 24016113 |
|  | **Utah — 1.0%** | **Utah — 1.0%** | **Utah — 1.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; Downtown Revitalization Pub Infra Dist UT Sales First Lien Seg <br> Redev Proj, Ser A, AG | 5.00% | 06/01/27 | 307166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Salt Lake City UT Arpt Rev, Ser A, AMT | 5.00% | 07/01/26 | 2006720 |
|  |  |  |  | 2313886 |
|  | **Virginia — 1.6%** | **Virginia — 1.6%** | **Virginia — 1.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Arlington Cnty VA Indl Dev Auth Mf Rev Var Barcroft Charlie 2 <br> and Barcroft Bravo 5 (Mandatory put 02/01/27) | 3.10% | 12/01/55 | 1000004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; Richmond VA Redev & Hsg Auth Mf Rev Var Joyfield at German <br> Sch Road (Mandatory put 12/01/26) | 3.10% | 12/01/55 | 1500027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1085000 | VA Hsg Dev Auth Var, Ser G (Mandatory put 04/01/27) | 3.13% | 07/01/56 | 1084972 |
|  |  |  |  | 3585003 |
|  | **Washington — 0.9%** | **Washington — 0.9%** | **Washington — 0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | King Cnty WA Pub Hosp Dist #2 Evergreen Hlth | 5.00% | 12/01/27 | 413562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Port of Seattle WA Rev, Ser A, AMT | 5.00% | 05/01/27 | 1020455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 | WA St Hlth Care Facs Auth Ref Commonspirit Hlth, Ser A | 5.00% | 09/01/26 | 654384 |
|  |  |  |  | 2088401 |
|  | **West Virginia — 0.7%** | **West Virginia — 0.7%** | **West Virginia — 0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1650000 | &nbsp;&nbsp;&nbsp; WV St Hsg Dev Fund Mf Hsg Rev Var Highlawn Place (Mandatory <br> put 02/01/28) | 2.88% | 11/01/28 | 1646343 |
|  | **Wisconsin — 2.5%** | **Wisconsin — 2.5%** | **Wisconsin — 2.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1520000 | &nbsp;&nbsp;&nbsp; PMA Levy & Aid Antic Nts Prog WI Nts Anticipation Notes <br> Prog, Ser B | 5.00% | 09/24/26 | 1531635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Edu Rev Prerefunded NC Chrt Eductnl Fdtn <br> Proj, Ser A (Pre-refunded maturity 06/15/26) (b) | 5.00% | 06/15/36 | 1001935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | Pub Fin Auth WI Eductnl Fac Rev Ref Lindenwood Edu Sys | 5.00% | 06/01/27 | 202677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | Pub Fin Auth WI Hosp Rev Ref Renown Regl Med Ctr Proj, Ser A | 5.00% | 06/01/27 | 767430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Racine WI Prom Nts | 4.50% | 03/15/27 | 1001158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | W Bend WI Jt Sch Dist #1 Prom Nts | 4.00% | 10/01/26 | 703600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | W Bend WI Jt Sch Dist #1 Prom Nts | 4.00% | 04/01/27 | 607232 |
|  |  |  |  | 5815667 |
|  | **Total Investments — 102.5%** | **Total Investments — 102.5%** | **Total Investments — 102.5%** | 234233109 |
|  | (Cost $234,366,789) | (Cost $234,366,789) | (Cost $234,366,789) |  |
|  | **Net Other Assets and Liabilities — (2.5)%** | **Net Other Assets and Liabilities — (2.5)%** | **Net Other Assets and Liabilities — (2.5)%** | (5702788)<br>|
|  | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $228530321 |

---

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

------

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

**Portfolio of Investments (Continued)**

**April 30, 2026 (Unaudited)**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) This security, sold within the terms of a private placement memorandum, is exempt
 from registration upon resale under Rule 144A of the Securities Act of 1933, as amended, and may be resold in transactions
 exempt from registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Trust's Board of Trustees, this security has been determined to be liquid by First Trust Advisors L.P., the Fund's advisor. Although market instability can result in periods of increased overall market illiquidity, liquidity for each security is determined based on security specific
 factors and assumptions, which require subjective judgment. At April 30, 2026, securities noted as such amounted to $6,765,981
 or 3.0% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) When-issued security. The interest rate shown reflects the rate in effect at April
 30, 2026. Interest will begin accruing on the security's first settlement date.

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

---

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

---

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of April 30, 2026 is as follows (see Valuation Inputs in the Additional Information section):

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**4/30/2026**<br>| &nbsp;&nbsp;&nbsp; **Level 1** <br>**Quoted** <br>**Prices**<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Municipal Bonds\* | &nbsp;&nbsp; $234233109 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $234233109 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

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

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

------

**First Trust Exchange-Traded Fund III**

**Additional Information**

**April 30, 2026 (Unaudited)**

**Valuation Inputs**

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

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

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

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

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

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Wheaton

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60187

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

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

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

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

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

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

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

- **b. Date as of which information is reported:** 2026-04-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $238024675.35

**Total Liabilities:** $9494354.30

**Net Assets:** $228530321.05

**Cash Not Reported:** $137767.47

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 3847.23712000 | **1-Year:** 8818.26524000 | **5-Year:** 478.39892000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** 17.86559000 | **1-Year:** 206.25250000 | **5-Year:** 17.61167000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000205579 | 0.23%                | -0.02%               | 0.18%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.01                    | $73175.84                                  |
| Month 2  | $237.23                  | $-546295.79                                |
| Month 3  | $-10877.42               | $-143563.17                                |

### Schedule of Portfolio Investments

| Name                                                                               | Title                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| SALT LAKE CITY (UT), CITY OF                                                       | UT SALAPT 5 07/01/2026    | CUSIP: 795576FK8<br>LEI: 549300CRGKV67DRSGT85 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2006719.40   | 0.88%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FORT WAYNE IND CMNTY SCHS                                                          | IN FORSCD 5 01/15/2027    | CUSIP: 349244HB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1598500.10   | 0.70%             | 2027-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FINANCE AUTHORITY (IL)                                                    | IL ILSGEN 4 02/15/2036    | CUSIP: 45204FP33<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1514748.75   | 0.66%             | 2036-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| POLK CNTY FLA                                                                      | FL POKFAC 5 12/01/2026    | CUSIP: 731124CD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $760386.00    | 0.33%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTHWEST ALLEN CNTY IND SCHS                                                      | IN NWASCD 5 01/15/2027    | CUSIP: 667301CQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $634193.44    | 0.28%             | 2027-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO AIR QUALITY DEVELOPMENT AUTHORITY (OH)                                        | OH OHSDEV 3.2 05/01/2026  | CUSIP: 677525WY9<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500000.00   | 0.66%             | 2026-05-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| OMAHA NEB PUB FACS CORP                                                            | NE OMAFAC 5 04/15/2027    | CUSIP: 681785SR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023505.70   | 0.45%             | 2027-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BERGEN COUNTY IMPROVEMENT AUTHORITY (THE) (NJ)                                     | NJ BERGEN 4 05/21/2026    | CUSIP: 083773EC1<br>LEI: 549300GA3U8F8Z1HOS09 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000672.00   | 0.44%             | 2026-05-21      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH COUNTY HOUSING FINANCE AUTHORITY (FL)                                   | FL PALMFH 2.8 02/01/2027  | CUSIP: 696513AV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $996415.40    | 0.44%             | 2027-02-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| BROWARD COUNTY SCHOOL DISTRICT (FL)                                                | FL BROSCD 4 06/25/2026    | CUSIP: 115067MT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1677770.28   | 0.73%             | 2026-06-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS DEVELOPMENT FINANCE AGENCY (MA)                                      | MA MASDEV 5 07/01/2026    | CUSIP: 57585BJG4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002412.70   | 0.44%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC ENERGY AUTHORITY OF KENTUCKY (KY)                                           | KY KYSPWR 5 08/01/2026    | CUSIP: 74440DEP5<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    615000 | PA      | $617306.80    | 0.27%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JERSEY CITY N J MUN UTILS AUTH                                                     | NJ JERUTL 4 04/30/2027    | CUSIP: 476624EP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013782.60   | 0.44%             | 2027-04-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS (IL), STATE OF                                                            | IL ILS 5 12/01/2026       | CUSIP: 452152S51<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012418.60   | 0.44%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO FIN AUTH                                                                | NM NMSGEN 5 12/15/2026    | CUSIP: 64711PSZ4<br>LEI: 549300L6217Y7X40SP94 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015040.20   | 0.44%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI STATE HEALTH AND EDUCATIONAL FACILITIES AUTHORITY (MO)                    | MO MOSMED 05/01/2051      | CUSIP: 60637ATQ5<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1200000.00   | 0.53%             | 2051-05-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DISTRICT (THE) (AL)                                          | AL BBEUTL 5 08/01/2026    | CUSIP: 09182TEY9<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    850000 | PA      | $853445.22    | 0.37%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HUDSON MASS                                                                        | MA HUD 5 06/11/2026       | CUSIP: 443852XA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001085.70   | 0.44%             | 2026-06-11      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECONOMIC DEVELOPMENT FINANCING AUTHORITY (PA)                         | PA PASDEV 04/01/2049      | CUSIP: 708692BM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $499781.05    | 0.22%             | 2049-04-01      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| RICHMOND REDEVELOPMENT AND HOUSING AUTHORITY (VA)                                  | VA RICHSG 12/01/2055      | CUSIP: 76543PBC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500026.70   | 0.66%             | 2055-12-01      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| FLORIDA STATE MID-BAY BRIDGE AUTHORITY REVENUE                                     | FL FLSTRN 5 10/01/2026    | CUSIP: 342814EC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008168.20   | 0.44%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY AND COUNTY SCHOOL DISTRICT N.1 (CO)                                    | CO DENSCD 5 12/01/2026    | CUSIP: 249174YT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507040.70    | 0.22%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REGIONAL TRAN AUTHORITY (LA)                                                       | LA REGGEN 5 01/01/2027    | CUSIP: 75912RCD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1126804.18   | 0.49%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI HIGHWAYS AND TRANSPORTATION COMMISSION (MO)                               | MO MOSTRN 5 05/01/2026    | CUSIP: 60636WSY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1750000.00   | 0.77%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSION TEX ECONOMIC DEVELOPMENT CORP                                              | TX MISPOL 05/01/2050      | CUSIP: 605155BQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $850000.00    | 0.37%             | 2050-05-01      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTHORITY (AL)                                                    | AL SEEPWR 5 10/01/2027    | CUSIP: 84136HCQ4<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    685000 | PA      | $702937.75    | 0.31%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TULSA CNTY OKLA INDL AUTH                                                          | OK TULEDU 5 09/01/2027    | CUSIP: 89952PHX6<br>LEI: 549300WEYXBXLGN1E271 | Long             | DBT              | MUN               | US        |    250000 | PA      | $256776.33    | 0.11%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE-MECKLENBURG HOSPITAL AUTHORITY (NC)                                      | NC CHAMED 01/15/2050      | CUSIP: 160853VF1<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003681.70   | 0.44%             | 2050-01-15      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| GRAND RAPIDS MICH                                                                  | MI GRAWTR 5 01/01/2027    | CUSIP: 386316PX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $761454.15    | 0.33%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HEALTH & HIGHER EDL FACS AUTH                                          | MD MDSMED 5 08/15/2027    | CUSIP: 57421CNW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1029774.40   | 0.45%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HEALTH & HIGHER EDL FACS AUTH                                          | MD MDSMED 5 05/15/2026    | CUSIP: 57421CLB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400343.40    | 0.18%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS DEPARTMENT OF HOUSING & COMMUNITY AFFAIRS (TX)                               | TX TXSMFH 08/01/2028      | CUSIP: 88275AET3<br>LEI: 549300J3RRLLZZN4WP77 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000272.30   | 0.44%             | 2028-08-01      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| NEWARK (NJ), CITY OF                                                               | NJ NWK 5 07/15/2027       | CUSIP: 650367TJ4<br>LEI: 5493008RBPM01QHRYX34 | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1233745.15   | 0.54%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLUMBUS GA MED CTR HOSP AUTH                                                      | GA COLMED 07/01/2054      | CUSIP: 199124BQ0<br>LEI: 254900D1I6W7J0DSAY11 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1502486.55   | 0.66%             | 2054-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDUCATION FACILITIES FINANCE CORP (TX)                           | TX NHPFAC 5 01/01/2028    | CUSIP: 64542UHR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $511090.70    | 0.22%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FINANCE AUTHORITY (MI)                                                    | MI MISFIN 5 08/20/2026    | CUSIP: 59447UAC4<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1258133.75   | 0.55%             | 2026-08-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PEABODY (MA), CITY OF                                                              | MA PEA 4 07/10/2026       | CUSIP: 70457PHD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1503318.15   | 0.66%             | 2026-07-10      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH DAKOTA ST HEALTH & EDL FACS AUTH                                             | SD SDSMED 5 09/01/2026    | CUSIP: 83755VX33<br>LEI: 549300ZW6LKR8UI2C378 | Long             | DBT              | MUN               | US        |    475000 | PA      | $477885.53    | 0.21%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOWER COLORADO RIVER AUTHORITY (TX)                                                | TX LWCGEN 5 05/15/2027    | CUSIP: 54811GQ37<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |    600000 | PA      | $614800.26    | 0.27%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE (WA)                                                               | WA PTSGEN 5 05/01/2027    | CUSIP: 735389C63<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020455.20   | 0.45%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PASCO CNTY FLA                                                                     | FL PASGEN 5.25 09/01/2026 | CUSIP: 70252AAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    865000 | PA      | $871834.71    | 0.38%             | 2026-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| OHIO (OH), STATE OF                                                                | OH OHSMED 01/15/2051      | CUSIP: 67756CFH6<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.88%             | 2051-01-15      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| SEMINOLE CNTY FLA SCH DIST                                                         | FL SEMEDU 5 10/01/2026    | CUSIP: 816696AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504918.65    | 0.22%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HEUVELTON N Y CENT SCH DIST                                                        | NY HEUSCD 4 06/18/2026    | CUSIP: 428218EW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1502118.90   | 0.66%             | 2026-06-18      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ST CLOUD MINN                                                                      | MN SUDMED 5 05/01/2027    | CUSIP: 78916VEX4<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020993.50   | 0.45%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST ALA                                                     | AL BBEUTL 5 12/01/2027    | CUSIP: 09182TGN1<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    800000 | PA      | $820735.36    | 0.36%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JERSEY CITY N J REDEV AGY                                                          | NJ JERDEV 5 12/09/2026    | CUSIP: 476637BM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1520724.90   | 0.67%             | 2026-12-09      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST HOSP FIN AUTH                                                          | MI MISMED 5 05/15/2027    | CUSIP: 59465HXQ4<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |    680000 | PA      | $695716.30    | 0.30%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TEX CULTURAL ED FACS FIN CORP                                         | TX TAREDU 5 10/01/2027    | CUSIP: 87638QUJ6<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1745000 | PA      | $1800758.51   | 0.79%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ADAMS AND ARAPAHOE COUNTIES JOINT DISTRICT N.28-J (CO)                             | CO ADASCD 5.5 12/01/2026  | CUSIP: 0054824G6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017131.80   | 0.45%             | 2026-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECONOMIC DEVELOPMENT FINANCING AUTHORITY (PA)                         | PA PASDEV 08/01/2045      | CUSIP: 708692BG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.44%             | 2045-08-01      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| AUSTIN TEX                                                                         | TX AUSAPT 5 11/15/2027    | CUSIP: 052398HZ0<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |    380000 | PA      | $391474.97    | 0.17%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS COUNTY-HOUSTON SPORTS AUTHORITY (TX)                                        | TX HARGEN 5 11/15/2026    | CUSIP: 413890GP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011433.00   | 0.44%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TEX                                                                        | TX HOUAPT 5 07/15/2027    | CUSIP: 442349DJ2<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015914.10   | 0.44%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOWER COLORADO RIVER AUTHORITY (TX)                                                | TX LWCGEN 5 05/15/2026    | CUSIP: 54811GQ29<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |    750000 | PA      | $750652.80    | 0.33%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY (VA)                             | VA ARLMFH 12/01/2055      | CUSIP: 04144PDY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000003.70   | 0.44%             | 2055-12-01      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTHORITY (AL)                                                    | AL SEEPWR 5 08/01/2026    | CUSIP: 84136HBV4<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    330000 | PA      | $331504.01    | 0.15%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES (CA), CITY OF                                                          | CA LOS 5 06/25/2026       | CUSIP: 544351SF7<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1505220.45   | 0.66%             | 2026-06-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PPTY & BLDGS COMMN                                                     | KY KYSFAC 5 09/01/2026    | CUSIP: 49151F6U9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $277020.73    | 0.12%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COOK ILL HIGH SCH DIST NO 207 MAINE TWP                                            | IL COOSCD 5 12/01/2026    | CUSIP: 215543LZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1417347.54   | 0.62%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS DEVELOPMENT FINANCE AGENCY (MA)                                      | MA MASDEV 5 07/01/2027    | CUSIP: 57585BNJ3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026324.30   | 0.45%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN WASH D C ARPTS AUTH                                                   | DC METAPT 5 10/01/2026    | CUSIP: 592647LJ8<br>LEI: 7HERAVJJLN8J1DZ6AZ19 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1210201.92   | 0.53%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO (TX), CITY OF                                                          | TX SANUTL 5 02/01/2027    | CUSIP: 79625GMG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $468275.91    | 0.20%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA                                                                         | GA ATLAPT 5 07/01/2027    | CUSIP: 04780MN39<br>LEI: 549300GHLQ0J51NUBM84 | Long             | DBT              | MUN               | US        |    400000 | PA      | $409832.16    | 0.18%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MC COOK NEB                                                                        | NE MCC 4.5 09/01/2027     | CUSIP: 579729EW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005948.00   | 0.44%             | 2027-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND COUNTY FINANCE CORP (NC)                                                | NC CUMPOL 12/01/2027      | CUSIP: 230589AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1497705.30   | 0.66%             | 2027-12-01      | Variable      | 3.12%                 | No            |                  2 | On Loan: No      |
| WEST BEND WIS JT SCH DIST NO 1                                                     | WI WTBSCD 4 04/01/2027    | CUSIP: 951393PY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $607231.56    | 0.27%             | 2027-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HARRIS COUNTY CULTURAL EDUCATION FACILITIES FINANCE CORP (TX)                      | TX HAREDU 06/01/2032      | CUSIP: 414009PP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012973.40   | 0.44%             | 2032-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| STOCKBRIDGE MICH CMNTY SCHS                                                        | MI STOSCD 5 05/01/2027    | CUSIP: 861130GR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    655000 | PA      | $671303.74    | 0.29%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST HSG DEV AUTH                                                           | MI MISHSG 2.8 12/01/2027  | CUSIP: 594654N84<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1498723.50   | 0.66%             | 2027-12-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| NORTH TEX TWY AUTH                                                                 | TX NRTTRN 5 01/01/2027    | CUSIP: 66285WU95<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2029345.20   | 0.89%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VOORHEES TWP N J                                                                   | NJ VOR 4 09/17/2026       | CUSIP: 928895RQ6<br>LEI: 5493006HU7IJTEPI8B67 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1506727.35   | 0.66%             | 2026-09-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DALLAS-FORT WORTH TEX INTL ARPT                                                    | TX DALAPT 5 11/01/2027    | CUSIP: 23503CFN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2059447.20   | 0.90%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PERRY TWP IND SCHS MARION CNTY                                                     | IN PRYSCD 5 01/15/2027    | CUSIP: 715000CG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1524389.85   | 0.67%             | 2027-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREATER ORLANDO AVIATION AUTHORITY (FL)                                            | FL GREAPT 5 10/01/2041    | CUSIP: 392274R73<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008918.60   | 0.44%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS MUNICIPAL GAS ACQUISITION AND SUPPLY CORP V (TX)                             | TX TXSUTL 5 04/01/2027    | CUSIP: 88256RAL0<br>LEI: 254900XZ4J30QIJO9G03 | Long             | DBT              | MUN               | US        |    415000 | PA      | $421088.05    | 0.18%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                                        | IL ILS 5.25 09/01/2027    | CUSIP: 452153NM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1546893.00   | 0.68%             | 2027-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FRANKLIN CNTY OHIO                                                                 | OH FRAMED 5 11/01/2027    | CUSIP: 353187EZ6<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |    300000 | PA      | $310258.26    | 0.14%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPAL FINANCE AUTHORITY (CA)                                        | CA CASPOL 07/01/2051      | CUSIP: 13048RAK3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1499469.00   | 0.66%             | 2051-07-01      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| HUBER HEIGHTS (OH)                                                                 | OH HBH 5 06/25/2026       | CUSIP: 443524XD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1754631.20   | 0.77%             | 2026-06-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH DAKOTA ST HEALTH & EDL FACS AUTH                                             | SD SDSMED 5 08/01/2026    | CUSIP: 83755VZ64<br>LEI: 549300ZW6LKR8UI2C378 | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1050659.82   | 0.46%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WEST BEND WIS JT SCH DIST NO 1                                                     | WI WTBSCD 4 10/01/2026    | CUSIP: 951393PX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $703599.61    | 0.31%             | 2026-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST                                                                  | NC NCSGEN 5 03/01/2027    | CUSIP: 658268EY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1529471.40   | 0.67%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DISTRICT (THE) (AL)                                          | AL BBEUTL 10/01/2052      | CUSIP: 09182TAM9<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1733180.30   | 0.76%             | 2052-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| DOWNTOWN REVITALIZATION PUB INFRASTRUCTURE DIST UTAH                               | UT DTRFAC 5 06/01/2027    | CUSIP: 26118TAB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $307166.34    | 0.13%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA JOBS-ECONOMIC DEVELOPMENT AUTHORITY (SC)                            | SC SCSMED 5 05/01/2026    | CUSIP: 83703FKY7<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500000.00   | 0.66%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY (NJ)                                     | NJ NJSDEV 5.25 09/01/2026 | CUSIP: 64577B6K5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2015400.00   | 0.88%             | 2026-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DISTRICT (THE) (AL)                                          | AL BBEUTL 10/01/2049      | CUSIP: 09182RBE0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    550000 | PA      | $551915.87    | 0.24%             | 2049-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| PMA LEVY & AID ANTIC NTS PROGRAM WIS                                               | WI PMANTS 5 09/24/2026    | CUSIP: 730146DQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1531635.30   | 0.67%             | 2026-09-24      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS                                                                | WI PUBFIN 5 06/01/2027    | CUSIP: 74443DMQ1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    200000 | PA      | $202677.32    | 0.09%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MEDFORD ORE HOSPITAL FACS AUTHORITY REVENUE                                        | OR MFDMED 5 08/15/2027    | CUSIP: 584283GK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027975.00   | 0.45%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH                                                                   | IN INSHGR 5 09/01/2026    | CUSIP: 45470EEX9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    350000 | PA      | $352161.32    | 0.15%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DISTRICT (THE) (AL)                                          | AL BBEUTL 5 07/01/2027    | CUSIP: 09182THC4<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    350000 | PA      | $356096.13    | 0.16%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA POLLUTION CONTROL FINANCING AUTHORITY (CA)                              | CA CASPOL 07/01/2043      | CUSIP: 130536RN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $748843.43    | 0.33%             | 2043-07-01      | Variable      | 2.88%                 | No            |                  2 | On Loan: No      |
| FRANKLIN CNTY OHIO                                                                 | OH FRAMED 5 11/01/2026    | CUSIP: 353187EY9<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |    385000 | PA      | $389310.04    | 0.17%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HEALTH & HIGHER EDL FACS AUTH                                          | MD MDSMED 5 08/15/2026    | CUSIP: 57421CMY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $603839.94    | 0.26%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HEALTH & EDL FACS AUTH                                                 | MO MOSMED 5 11/15/2026    | CUSIP: 60637AXT4<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    855000 | PA      | $864270.17    | 0.38%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA AGRIC & ECONOMIC DEV BRD                                                 | MN MSNMED 5 11/15/2027    | CUSIP: 60389WAB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $396504.88    | 0.17%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WATERLOO N Y CENT SCH DIST                                                         | NY WTLSCD 3.75 07/30/2026 | CUSIP: 941774MT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1253136.88   | 0.55%             | 2026-07-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DISTRICT (THE) (AL)                                          | AL BBEUTL 5 06/01/2027    | CUSIP: 09182THT7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    700000 | PA      | $709966.53    | 0.31%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA HOUSING DEVELOPMENT FUND (WV)                                        | WV WVSMFH 11/01/2028      | CUSIP: 956629AK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1646343.11   | 0.72%             | 2028-11-01      | Variable      | 2.88%                 | No            |                  2 | On Loan: No      |
| RALEIGH-DURHAM AIRPORT AUTHORITY (NC)                                              | NC RALAPT 5 05/01/2026    | CUSIP: 751073KZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1490000 | PA      | $1490000.00   | 0.65%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FLA SCH BRD                                                        | FL MIAEDU 5 02/01/2027    | CUSIP: 59333MX59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1269251.50   | 0.56%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WHITING (IN), CITY OF                                                              | IN WHGFAC 12/01/2044      | CUSIP: 96634RAU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1502813.40   | 0.66%             | 2044-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DISTRICT (THE) (AL)                                          | AL BBEUTL 10/01/2052      | CUSIP: 09182TAF4<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004799.90   | 0.44%             | 2052-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| FALL RIVER MASS                                                                    | MA FAL 4 01/29/2027       | CUSIP: 3062977Y2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1513501.05   | 0.66%             | 2027-01-29      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH KINGSTOWN R I                                                                | RI SOU 4 06/25/2026       | CUSIP: 838566S40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1252205.75   | 0.55%             | 2026-06-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OLATHE (KS), CITY OF                                                               | KS OLA 5 09/01/2026       | CUSIP: 679384RC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1511262.60   | 0.66%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS                                                                | WI PUBMED 5 06/01/2027    | CUSIP: 74442CET7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    750000 | PA      | $767430.23    | 0.34%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS DEVELOPMENT FINANCE AGENCY (MA)                                      | MA MASDEV 5 01/01/2027    | CUSIP: 57585BDF2<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    450000 | PA      | $454127.18    | 0.20%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK & NEW JERSEY PORT AUTHORITY (THE) (NY)                                    | NY PORTRN 5 12/01/2026    | CUSIP: 73358XJU7<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    375000 | PA      | $379974.26    | 0.17%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PLAINFIELD ILL                                                                     | IL PLAUTL 5 05/01/2026    | CUSIP: 726273CY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $425000.00    | 0.19%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HERITAGE HARBOUR NORTH COMMUNITY DEVELOPMENT DISTRICT (FL)                         | FL HRHDEV 5 05/01/2027    | CUSIP: 42726UAL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    695000 | PA      | $708250.45    | 0.31%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD OHIO                                                                      | OH LKW 4 04/07/2027       | CUSIP: 512606W59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1440000 | PA      | $1450790.35   | 0.63%             | 2027-04-07      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PASCO CNTY FLA SCH BRD                                                             | FL PASEDU 5 08/01/2027    | CUSIP: 702528NJ5<br>LEI: 549300NYEDMC7IDJPE68 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027492.80   | 0.45%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FLA SCH BRD                                                        | FL PALEDU 5 08/01/2026    | CUSIP: 696550L75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $753872.55    | 0.33%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EAGLE MTN & SAGINAW TEX INDPT SCH DIST                                             | TX EAMSCD 5 08/15/2026    | CUSIP: 269696TH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    895000 | PA      | $901119.38    | 0.39%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DISTRICT (THE) (AL)                                          | AL BBEUTL 5 08/01/2027    | CUSIP: 09182TFA0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019926.50   | 0.45%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY (NJ), STATE OF                                                          | NJ NJS 5 06/01/2026       | CUSIP: 646039YK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001851.10   | 0.44%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PPTY & BLDGS COMMN                                                     | KY KYSFAC 5 09/01/2026    | CUSIP: 49151F5W6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $377755.54    | 0.17%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN WASHINGTON AIRPORTS AUTHORITY (DC)                                    | DC METAPT 5 10/01/2026    | CUSIP: 592647HF1<br>LEI: 7HERAVJJLN8J1DZ6AZ19 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1512752.40   | 0.66%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST HOSP FIN AUTH                                                          | MI MISMED 5 05/15/2027    | CUSIP: 59465HYD2<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1140770.10   | 0.50%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHATTANOOGA HEALTH EDUCATIONAL AND HOUSING (TN)                                    | TN CHAMED 5 08/01/2026    | CUSIP: 162410DX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1570000 | PA      | $1577868.68   | 0.69%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PARK CREEK MET DIST COLO                                                           | CO PKCGEN 5 12/01/2027    | CUSIP: 700385BP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035006.90   | 0.45%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH                                                                | IN INSFIN 5 11/15/2027    | CUSIP: 45506EQD8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    500000 | PA      | $516319.80    | 0.23%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS LOCAL PUBLIC IMPROVEMENT BOND BANK (IN)                               | IN INPGEN 5 06/01/2026    | CUSIP: 45528UR86<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1252016.38   | 0.55%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TEX                                                                         | TX AUSAPT 5 11/15/2026    | CUSIP: 052398HY3<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |    255000 | PA      | $257614.31    | 0.11%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DORMITORY AUTHORITY OF THE STATE OF NEW YORK (NY)                                  | NY NYSHGR 05/01/2048      | CUSIP: 64990GTD4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1250000.00   | 0.55%             | 2048-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CLARK (NV), COUNTY OF                                                              | NV CLAAPT 5 07/01/2026    | CUSIP: 18085PTC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1103546.84   | 0.48%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACS AUTH                                                          | CO COSMED 5 05/15/2027    | CUSIP: 19648FZU1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    255000 | PA      | $258861.36    | 0.11%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST HSG DEV AUTH                                                           | VA VASHSG 07/01/2056      | CUSIP: 92812XRF1<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   1085000 | PA      | $1084972.55   | 0.47%             | 2056-07-01      | Variable      | 3.12%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTHORITY (AL)                                                    | AL SEEPWR 5 02/01/2027    | CUSIP: 84136HBW2<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    555000 | PA      | $562576.64    | 0.25%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FLA                                                                   | FL BROTRN 5 09/01/2027    | CUSIP: 11506KHE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $537426.75    | 0.24%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO HEALTH FACILITIES AUTHORITY (ID)                                             | ID IDSMED 12/01/2048      | CUSIP: 45129UCB8<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.44%             | 2048-12-01      | Variable      | 2.45%                 | No            |                  2 | On Loan: No      |
| TEXAS STATE AFFORDABLE HOUSING CORP (TX)                                           | TX TXSMFH 2.8 02/01/2027  | CUSIP: 88271FFN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $997977.50    | 0.44%             | 2027-02-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH FINANCING AUTHORITY (PA)                                              | PA CMNGEN 5 06/01/2026    | CUSIP: 20282EAG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1312469.48   | 0.57%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HUDSON COUNTY IMPROVEMENT AUTHORITY (NJ)                                           | NJ HUDGEN 4 06/24/2026    | CUSIP: 443728GN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001488.60   | 0.44%             | 2026-06-24      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOWER COLORADO RIVER AUTHORITY (TX)                                                | TX LWCGEN 5 05/15/2027    | CUSIP: 54811BS36<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |    500000 | PA      | $512333.55    | 0.22%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HEALTH & HIGHER EDL FACS AUTH                                          | MD MDSMED 5 05/15/2027    | CUSIP: 57421CLC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $307244.52    | 0.13%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPAL FINANCE AUTHORITY (CA)                                        | CA CASPOL 07/01/2041      | CUSIP: 13048RAJ6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1498947.00   | 0.66%             | 2041-07-01      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEV FIN CORP                                                               | FL FLSMED 5 08/01/2027    | CUSIP: 34061QCY1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    250000 | PA      | $256840.45    | 0.11%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO MUNICIPAL ENERGY ACQUISITION AUTHORITY (NM)                             | NM NMSPWR 5 05/01/2026    | CUSIP: 647207BD0<br>LEI: 549300KZGG2YNDKKCE92 | Long             | DBT              | MUN               | US        |    475000 | PA      | $475000.00    | 0.21%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER (CO), CITY AND COUNTY OF                                                    | CO DENAPT 5 12/01/2026    | CUSIP: 249182KZ8<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |   1460000 | PA      | $1476138.99   | 0.65%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTHORITY (AL)                                                    | AL SEEPWR 5 07/01/2026    | CUSIP: 84136HBD4<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500599.40    | 0.22%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| QUINCY MASS                                                                        | MA QUI 5 07/24/2026       | CUSIP: 748508Y93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1507513.20   | 0.66%             | 2026-07-24      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COOK CNTY ILL                                                                      | IL COOGEN 5 11/15/2027    | CUSIP: 213248FA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $828439.92    | 0.36%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTHORITY (AL)                                                    | AL SEEPWR 5 01/01/2027    | CUSIP: 84136HBE2<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    500000 | PA      | $502548.15    | 0.22%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DISTRICT OF COLUMBIA HOUSING FINANCE AGENCY (DC)                                   | DC DISMFH 09/01/2041      | CUSIP: 25477PQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1145000 | PA      | $1143932.29   | 0.50%             | 2041-09-01      | Variable      | 2.88%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HEALTH & HIGHER EDL FACS AUTH                                          | MD MDSMED 5 07/01/2027    | CUSIP: 57421CJE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1780000 | PA      | $1825407.62   | 0.80%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN CORP                                                 | TX NHPFAC 5 01/01/2027    | CUSIP: 64542UHQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $605101.02    | 0.26%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FOREST PRESERVE DISTRICT OF DUPAGE COUNTY (IL)                                     | IL DUPFAC 5 11/01/2026    | CUSIP: 262651VG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1187978.23   | 0.52%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE COUNTY SCHOOL BOARD (FL)                                                | FL MIAEDU 5 05/01/2026    | CUSIP: 59333MW68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2690000 | PA      | $2690000.00   | 1.18%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS (IL), STATE OF                                                            | IL ILS 5 12/01/2026       | CUSIP: 452152V65<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1518627.90   | 0.66%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC (GA)                                                   | GA MAIUTL 03/01/2050      | CUSIP: 56035DCR1<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1504082.10   | 0.66%             | 2050-03-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| HAMILTON (OH), COUNTY OF                                                           | OH HAMMED 5 01/01/2027    | CUSIP: 40727RCN6<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |    280000 | PA      | $282565.08    | 0.12%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACS AUTH                                                          | CO COSMED 5 01/01/2028    | CUSIP: 19648FE75<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    465000 | PA      | $479041.56    | 0.21%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS                                                                | WI PUBEDU 5 06/15/2036    | CUSIP: 74442EMV9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001935.10   | 0.44%             | 2036-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                                        | IL ILSGEN 5 06/15/2027    | CUSIP: 452227VT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1532973.15   | 0.67%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH BRDG & TUNL AUTH N Y                                                    | NY TRBTRN 5 03/15/2027    | CUSIP: 89602HJA6<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1530765.75   | 0.67%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH SYRACUSE N Y CENT SCH DIST                                                   | NY NSYSCD 4 07/31/2026    | CUSIP: 662735PJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1357020 | PA      | $1360898.09   | 0.60%             | 2026-07-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LEMONT ILL FIRE PROTN DIST                                                         | IL LEMFAC 5 12/30/2026    | CUSIP: 525680BH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1131363.85   | 0.50%             | 2026-12-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROCK HILL S C                                                                      | SC ROCUTL 5 01/01/2028    | CUSIP: 772249SM1<br>LEI: 549300IDMJM5N10TI384 | Long             | DBT              | MUN               | US        |    375000 | PA      | $388954.09    | 0.17%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CITY DEPARTMENT OF AIRPORTS (CA)                                       | CA LOSAPT 5 05/15/2027    | CUSIP: 544445XQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1790000 | PA      | $1832112.44   | 0.80%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIMBLE (KY), COUNTY OF                                                            | KY TRMENV 06/01/2054      | CUSIP: 896221AF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1768058.95   | 0.77%             | 2054-06-01      | Variable      | 4.70%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECONOMIC DEV FING AUTH                                                | PA PASMED 5 03/15/2027    | CUSIP: 70870JHB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $406951.64    | 0.18%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HEALTH & HIGHER EDL FACS AUTH                                          | MD MDSMED 5 08/15/2027    | CUSIP: 57421CMZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $550929.30    | 0.24%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UPPER TRINITY REGL WTR DIST TEX                                                    | TX UPTWTR 5 08/01/2026    | CUSIP: 916672Y69<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502695.40    | 0.22%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KYLE TEX                                                                           | TX KYL 5 08/15/2026       | CUSIP: 501552NZ2<br>LEI: 549300K0SYODYQ0ANN48 | Long             | DBT              | MUN               | US        |    700000 | PA      | $704581.92    | 0.31%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROCK HILL S C                                                                      | SC ROCUTL 5 01/01/2027    | CUSIP: 772249SL3<br>LEI: 549300IDMJM5N10TI384 | Long             | DBT              | MUN               | US        |    400000 | PA      | $405815.76    | 0.18%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKELAND FLA                                                                       | FL LKLGEN 5 10/01/2026    | CUSIP: 511662ES3<br>LEI: XRPK4ZALF4437WO3JQ94 | Long             | DBT              | MUN               | US        |    500000 | PA      | $504688.90    | 0.22%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SELKIRK FIRE DIST N Y                                                              | NY SFRFAC 4.25 08/28/2026 | CUSIP: 81640AAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1507188.30   | 0.66%             | 2026-08-28      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| UPPER TRINITY REGL WTR DIST TEX                                                    | TX UPTWTR 5 08/01/2027    | CUSIP: 916672W20<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $544964.13    | 0.24%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA FINANCE AUTHORITY (IN)                                                     | IN INSGEN 05/01/2028      | CUSIP: 45505RBN4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1565000 | PA      | $1564628.94   | 0.68%             | 2028-05-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACS AUTH                                                          | CO COSMED 5 01/01/2027    | CUSIP: 19648FE67<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    245000 | PA      | $247714.48    | 0.11%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIPLE CREEK COMMUNITY DEVELOPMENT DISTRICT (FL)                                   | FL TRIDEV 2.5 11/01/2026  | CUSIP: 89677RAY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $128941.92    | 0.06%             | 2026-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| DELAWARE ST HEALTH FACS AUTH                                                       | DE DESMED 5 10/01/2026    | CUSIP: 246388UV2<br>LEI: 549300RXU7M05ZYSJG42 | Long             | DBT              | MUN               | US        |    400000 | PA      | $403734.40    | 0.18%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EL PASO TEX INDPT SCH DIST                                                         | TX ELPSCD 5 08/15/2026    | CUSIP: 283770PZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $553471.82    | 0.24%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA MUNICIPAL POWER AGENCY (IN)                                                | IN INSPWR 5 01/01/2027    | CUSIP: 454898YD3<br>LEI: AX0ZCCVOQ71Z4RXBL233 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015605.60   | 0.44%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN GOVT NASHVILLE & DAVIDSON CNTY TENN HEALTH & EDL FACS BRD MULTIFAMILY | TN METHSG 12/01/2042      | CUSIP: 592113CW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1502349.00   | 0.66%             | 2042-12-01      | Variable      | 3.15%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC (GA)                                                   | GA MAIUTL 5.5 09/15/2026  | CUSIP: 56036YDH5<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    135000 | PA      | $135996.22    | 0.06%             | 2026-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HEALTH & EDL FACS AUTH                                                 | MO MOSMED 5 11/15/2027    | CUSIP: 60637AXU1<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031570.10   | 0.45%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALABAMA POWER COMPANY                                                              | AL WALPOL 08/01/2063      | CUSIP: 931542AB0<br>LEI: 0RL818ELFOHP5JHOFU19 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.88%             | 2063-08-01      | Variable      | 3.53%                 | No            |                  2 | On Loan: No      |
| PARK CREEK MET DIST COLO                                                           | CO PKCGEN 5 12/01/2026    | CUSIP: 700385BN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    660000 | PA      | $667909.31    | 0.29%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ST. LOUIS (MO), CITY OF                                                            | MO STLAPT 5 07/01/2026    | CUSIP: 791638L31<br>LEI: 5493004O38W8EYGEZ656 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003342.80   | 0.44%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KING CNTY WASH PUB HOSP DIST NO 2                                                  | WA KINMED 5 12/01/2027    | CUSIP: 494791UB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $413561.76    | 0.18%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DISTRICT (THE) (AL)                                          | AL BBEUTL 5 12/01/2027    | CUSIP: 09182THK6<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    500000 | PA      | $511095.00    | 0.22%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY OHIO                                                                 | OH HAMGEN 5 12/01/2026    | CUSIP: 407287MX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1519621.80   | 0.66%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FINANCE AUTHORITY (NH)                                                    | NH NFADEV 07/01/2033      | CUSIP: 63608RAF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3501788.15   | 1.53%             | 2033-07-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| OHIO AIR QUALITY DEVELOPMENT AUTHORITY (OH)                                        | OH OHSDEV 11/01/2039      | CUSIP: 677525WV5<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2017145.40   | 0.88%             | 2039-11-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                              | PA TENGEN 10/01/2026      | CUSIP: 88035FW71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.88%             | 2026-10-01      | Floating      | 3.47%                 | No            |                  2 | On Loan: No      |
| NORTHWEST ALLEN CNTY IND SCHS                                                      | IN NWASCD 5 07/15/2026    | CUSIP: 667301CP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502039.65    | 0.22%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BRISTOL-WARREN R I REGL SCH DIST                                                   | RI BRISCD 5 06/04/2026    | CUSIP: 110377DP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1502804.25   | 0.66%             | 2026-06-04      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAMILTON (OH), COUNTY OF                                                           | OH HAMMED 5 01/01/2028    | CUSIP: 40727RCP1<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |    300000 | PA      | $306898.80    | 0.13%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA (PA), CITY OF                                                         | PA PHIAPT 5 07/01/2027    | CUSIP: 717817TZ3<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1068989.65   | 0.47%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO HOUSING FINANCE AGENCY (OH)                                                   | OH OHSMFH 06/01/2027      | CUSIP: 676900WV1<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001698.10   | 0.44%             | 2027-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| RACINE WIS                                                                         | WI RAC 4.5 03/15/2027     | CUSIP: 750022KQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001157.60   | 0.44%             | 2027-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ALLEN (OH), COUNTY OF                                                              | OH ALLMED 5 08/01/2026    | CUSIP: 01757LFR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1810000 | PA      | $1819025.93   | 0.80%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TULSA CNTY OKLA INDL AUTH                                                          | OK TULEDU 5 09/01/2026    | CUSIP: 89952PHW8<br>LEI: 549300WEYXBXLGN1E271 | Long             | DBT              | MUN               | US        |    750000 | PA      | $754882.50    | 0.33%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA HOUSING FINANCE AGENCY (MN)                                              | MN MNSHSG 4 02/01/2027    | CUSIP: 60416URD9<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501052.90    | 0.22%             | 2027-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MISSION TEX ECONOMIC DEV CORP                                                      | TX MISPOL 07/01/2040      | CUSIP: 605155BS8<br>LEI: 549300YX8JIID70NFS41 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1999112.60   | 0.87%             | 2040-07-01      | Variable      | 2.88%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FINANCE AUTHORITY (MI)                                                    | MI MISFIN 5 07/01/2027    | CUSIP: 59447UAF7<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025742.50   | 0.45%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARTFORD CONN                                                                      | CT HAR 5 07/15/2026       | CUSIP: 416464AM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1256166.88   | 0.55%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECONOMIC DEV FING AUTH                                                | PA PASMED 5 12/15/2027    | CUSIP: 70870JJD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1151591.85   | 0.50%             | 2027-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HEALTH CARE FACS AUTH                                                | WA WASMED 5 09/01/2026    | CUSIP: 93978HD28<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    650000 | PA      | $654383.93    | 0.29%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DISTRICT OF COLUMBIA HOUSING FINANCE AGENCY (DC)                                   | DC DISMFH 09/01/2040      | CUSIP: 25477PPQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000526.20   | 0.44%             | 2040-09-01      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| AMHERST N Y CENT SCH DIST                                                          | NY AMHSCD 4 08/05/2026    | CUSIP: 031321LS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1008317 | PA      | $1011812.63   | 0.44%             | 2026-08-05      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PEFA INC                                                                           | IA PEFUTL 09/01/2049      | CUSIP: 70556CAB0<br>LEI: 549300RSE249DJNRHY07 | Long             | DBT              | MUN               | US        |   1735000 | PA      | $1745074.62   | 0.76%             | 2049-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST                                                                        | MO MOSUTL 4 10/01/2027    | CUSIP: 606374AU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1517147.10   | 0.66%             | 2027-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CENTRAL TEXAS REGIONAL MOBILITY AUTHORITY (TX)                                     | TX CTXGEN 5 01/01/2027    | CUSIP: 155498LY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1501245.90   | 0.66%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN STATE HOUSING DEVELOPMENT AUTHORITY (MI)                                  | MI MISMFH 05/01/2029      | CUSIP: 59465FAF7<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $997658.30    | 0.44%             | 2029-05-01      | Variable      | 2.92%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH                                                              | NY NYSHGR 5 10/01/2026    | CUSIP: 64985SCX9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1262714.75   | 0.55%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST MUN PWR AGY                                                             | FL FLSPWR 5 10/01/2026    | CUSIP: 342816T88<br>LEI: 549300M3I10QJUPNU131 | Long             | DBT              | MUN               | US        |    645000 | PA      | $650725.60    | 0.28%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL O HARE INTL ARPT                                                       | IL CHITRN 5 01/01/2027    | CUSIP: 1675935K4<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013807.50   | 0.44%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACS AUTH                                                          | CO COSMED 5 12/01/2026    | CUSIP: 19648FYX6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    250000 | PA      | $252169.75    | 0.11%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BREVARD CNTY FLA HSG FIN AUTH                                                      | FL BREMFH 02/01/2028      | CUSIP: 106904FY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1502962.95   | 0.66%             | 2028-02-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN TRANSN AUTH N Y                                                       | NY MTATRN 5 11/15/2026    | CUSIP: 59261A5R4<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1042939.58   | 0.46%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HEALTH & HIGHER EDL FACS AUTH                                          | MD MDSMED 5 07/01/2026    | CUSIP: 57421CHB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $752608.65    | 0.33%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY OHIO                                                               | OH MONMED 5 09/01/2026    | CUSIP: 613518CN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $342019.94    | 0.15%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS PORT AUTHORITY (MA)                                                  | MA MASTRN 5 07/01/2027    | CUSIP: 575896SZ9<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2047304.20   | 0.90%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAMPSON CNTY N C                                                                   | NC SAM 5 12/01/2027       | CUSIP: 79588VBV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $413687.72    | 0.18%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA INFRASTRUCTURE ECONOMIC DEVELOPMENT BANK (CA)                           | CA CASDEV 01/01/2065      | CUSIP: 13034A7F1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999803.20    | 0.44%             | 2065-01-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| METUCHEN N J                                                                       | NJ MET 4 07/07/2026       | CUSIP: 592693PL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1252845.38   | 0.55%             | 2026-07-07      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FLA                                                                | FL MIAUTL 5 10/01/2026    | CUSIP: 59334DQQ0<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2019089.60   | 0.88%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ADAMS COUNTY HOUSING AUTHORITY (CO)                                                | CO MHPHSG 05/01/2042      | CUSIP: 56031AAE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1599754.08   | 0.70%             | 2042-05-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FINANCE AUTHORITY (MI)                                                    | MI MISFIN 12/01/2034      | CUSIP: 59447PXQ9<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.44%             | 2034-12-01      | Variable      | 2.40%                 | No            |                  2 | On Loan: No      |
| MILFORD OHIO EXMP VLG SCH DIST                                                     | OH MLFSCD 5 12/01/2026    | CUSIP: 599632LX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $607784.04    | 0.27%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEGACY DENTON PUB FAC CORP TEX                                                     | TX LDPMFH 04/01/2043      | CUSIP: 52474GAD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $998369.50    | 0.44%             | 2043-04-01      | Variable      | 2.96%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-06-23

**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