# EDGAR Filing Document

**Accession Number:** 0001424212
**File Stem:** 0000940400-26-024888
**Filing Date:** 2026-6
**Character Count:** 81084
**Document Hash:** d0b9ac0ca77cedab071cdc7ca739a827
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-024888.hdr.sgml**: 20260622

**ACCESSION NUMBER**: 0000940400-26-024888

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260622

**DATE AS OF CHANGE**: 20260622

**PERIOD START**: 20261031

**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:** 261107124

**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 Institutional Preferred Securities and Income ETF (Series ID: S000058182)

| Class ID   | Class Name                                                    | Ticker Symbol   |
|:---|:---|:---|
| C000190801 | First Trust Institutional Preferred Securities and Income ETF | FPEI            |

## 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 Institutional Preferred Securities and Income ETF

- **b. EDGAR series identifier (if any):** S000058182

- **c. LEI of Series:** 549300D7ZFDT8O4VUH39

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

- **a. Date of fiscal year-end:** 2026-10-31

- **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:** $1907752382.86

**Total Liabilities:** $19116695.39

**Net Assets:** $1888635687.47

**Cash Not Reported:** $7343542.13

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 70669.90810000 | **5-Year:** 494114.60280000 | **10-Year:** 242690.27279000 | **30-Year:** 10927.61423000

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

- **3-Month:** 57.63358000 | **1-Year:** 25418.73615000 | **5-Year:** 104222.45391000 | **10-Year:** 22892.59656000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000190801 | 0.65%                | -2.15%               | 2.00%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $272545.58               | $2834538.06                                |
| Month 2  | $3071833.60              | $-53918562.82                              |
| Month 3  | $5571717.29              | $23610436.03                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BNP PARIBAS SA                                     | BNP V7.375 PERP 144A                                                                              | CUSIP: 05602XJC3<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   2300000 | PA      | $2392080.50   | 0.13%             | N/A             | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| METLIFE INC                                        | MET 9.25 04/08/38                                                                                 | CUSIP: 59156RBS6<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |   2900000 | PA      | $3420993.70   | 0.18%             | 2038-04-08      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                               | JPMorgan Chase & Co. FXD-FRN PERP USD (SEC REGD) (PP)                                             | CUSIP: 48128BAR2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   6450000 | PA      | $6450000.00   | 0.34%             | N/A             | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS INC                          | RCICN V7.125 04/15/55                                                                             | CUSIP: 775109DH1<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |  10552000 | PA      | $10892337.14  | 0.58%             | 2055-04-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                     | MS V5.875 PERP M                                                                                  | CUSIP: 61762VAA9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    811000 | PA      | $809049.79    | 0.04%             | N/A             | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| REINSURANCE GROUP OF AMERICA INC                   | RGA V6.375 09/15/56                                                                               | CUSIP: 759351AV1<br>LEI: LORM1GNEU1DKEW527V90 | Long             | DBT              | CORP              | US        |   2800000 | PA      | $2743469.96   | 0.15%             | 2056-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DEL NORTE SA CAYMAN ISLANDS BRANCH | BANORT V8.75 PERP 144A                                                                            | CUSIP: 05971PAE8<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   4200000 | PA      | $4547487.00   | 0.24%             | N/A             | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                      | C V6.95 PERP FF                                                                                   | CUSIP: 17327CAV5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   6700000 | PA      | $6822931.60   | 0.36%             | N/A             | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| CITIZENS FINANCIAL GROUP INC                       | CFG V4 PERP G                                                                                     | CUSIP: 174610BD6<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |   7513000 | PA      | $7433361.45   | 0.39%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ENTERGY CORP                                       | ETR V6.1 06/15/56                                                                                 | CUSIP: 29364GAS2<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |   7050000 | PA      | $7029172.19   | 0.37%             | 2056-06-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| ASSURED GUARANTY MUNICIPAL HOLDINGS INC            | AGO V6.4 12/15/66 144A                                                                            | CUSIP: 31769PAB6<br>LEI: 549300WKHOG7BKB8MS12 | Long             | DBT              | CORP              | US        |   2300000 | PA      | $2188442.41   | 0.12%             | 2066-12-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| EVERSOURCE ENERGY                                  | ES V6.35 08/15/56 B                                                                               | CUSIP: 30040WBD9<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |  17610000 | PA      | $17611007.29  | 0.93%             | 2056-08-15      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                                 | SANTAN V9.625 PERP *                                                                              | CUSIP: 05971KAP4<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   7000000 | PA      | $7690928.00   | 0.41%             | N/A             | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC (THE)                      | GS V6.125 PERP Y                                                                                  | CUSIP: 38141GB52<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   8000000 | PA      | $8064264.00   | 0.43%             | N/A             | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DEL NORTE SA CAYMAN ISLANDS BRANCH | BANORT V7.625 PERP 144A                                                                           | CUSIP: 05962GAJ8<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   3592000 | PA      | $3674357.38   | 0.19%             | N/A             | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC (FIN) COMPANY                      | GBLATL V7.95 10/15/54 144A                                                                        | CUSIP: 37959GAG2<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |  13758000 | PA      | $13830642.24  | 0.73%             | 2054-10-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES GROUP INC (THE)             | PNC V6.2 PERP V                                                                                   | CUSIP: 693475BF1<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |  12525000 | PA      | $12615192.53  | 0.67%             | N/A             | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                                       | INTNED V8 PERP                                                                                    | CUSIP: 000000000<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |   8885000 | PA      | $9497257.09   | 0.50%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER COMPANY INC                | AEP V6.05 03/15/56 D                                                                              | CUSIP: 02557TAF6<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |  20272000 | PA      | $20217129.78  | 1.07%             | 2056-03-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                              | WELLS FARGO & COMPANY 7.5% NON-CUMULATIVE PERPETUAL CONVERTIBLE CLASS A PREFERRED STOCK, SERIES L | CUSIP: 949746804<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |     17492 | NS      | $20829648.52  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS GROUP INC (THE)                      | GS V7.5 PERP W                                                                                    | CUSIP: 38141GA38<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   3984000 | PA      | $4190797.49   | 0.22%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                                       | INTNED V7 PERP .                                                                                  | CUSIP: 456837BT9<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |  31775000 | PA      | $32952200.20  | 1.74%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| VOYA FINANCIAL INC                                 | VOYA V7.758 PERP A                                                                                | CUSIP: 929089AG5<br>LEI: 549300T065Z4KJ686G75 | Long             | DBT              | CORP              | US        |    755000 | PA      | $790315.13    | 0.04%             | N/A             | Floating      | 7.76%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC (THE)                      | GS V6.85 PERP Z                                                                                   | CUSIP: 38141GC28<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   4150000 | PA      | $4278197.65   | 0.23%             | N/A             | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| BBVA MEXICO SA TEXAS BRANCH                        | BBVASM V8.45 06/29/38 144A                                                                        | CUSIP: 07336UAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10700000 | PA      | $11787699.08  | 0.62%             | 2038-06-29      | Fixed         | 8.45%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP                                   | DUK V6.45 09/01/54                                                                                | CUSIP: 26441CCG8<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |  10850000 | PA      | $11341081.85  | 0.60%             | 2054-09-01      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| SPIRE INC (US)                                     | SR V6.45 06/01/56                                                                                 | CUSIP: 84857LAE1<br>LEI: 549300NXSY15DRY2R511 | Long             | DBT              | CORP              | US        |  12240000 | PA      | $12322877.04  | 0.65%             | 2056-06-01      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| ASSURANT INC                                       | AIZ V7 03/27/48                                                                                   | CUSIP: 04621XAK4<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | DBT              | CORP              | US        |   4288000 | PA      | $4346007.55   | 0.23%             | 2048-03-27      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                                       | INTNED V7.5 PERP                                                                                  | CUSIP: 000000000<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |   1004000 | PA      | $1040535.58   | 0.06%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA                                     | BNP V9.25 PERP 144A                                                                               | CUSIP: 05565AS20<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   1000000 | PA      | $1057071.00   | 0.06%             | N/A             | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| SOUTHERN COMPANY (THE)                             | SO V6.375 03/15/55 2025                                                                           | CUSIP: 842587EB9<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |   8500000 | PA      | $8760023.50   | 0.46%             | 2055-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL HOLDINGS INC                | NEE V6.5 08/15/55 .                                                                               | CUSIP: 65339KDF4<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   4300000 | PA      | $4484341.00   | 0.24%             | 2055-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FARM CREDIT BANK OF TEXAS INC                      | FARMCB V6.2 PERP 3                                                                                | CUSIP: 30767EAC3<br>LEI: V1EBJIOLRNYDHDF63Z33 | Long             | DBT              | USGSE             | US        |    800000 | PA      | $793332.00    | 0.04%             | N/A             | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| SWEDBANK AB                                        | SWEDA V7.75 PERP                                                                                  | CUSIP: 000000000<br>LEI: M312WZV08Y7LYUC71685 | Long             | DBT              | CORP              | SE        |   7800000 | PA      | $8296899.00   | 0.44%             | N/A             | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                                  | NWG V7.3 PERP                                                                                     | CUSIP: 639057AT5<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |   5000000 | PA      | $5206135.00   | 0.28%             | N/A             | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| BBVA MEXICO SA TEXAS BRANCH                        | BBVASM V7.625 02/11/35 144A                                                                       | CUSIP: 072912AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3350000 | PA      | $3498070.00   | 0.19%             | 2035-02-11      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINANCIAL GROUP INC                | SUMIBK V6.6 PERP                                                                                  | CUSIP: 86562MDK3<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |   6200000 | PA      | $6279062.40   | 0.33%             | N/A             | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER COMPANY INC                | AEP V6.95 12/15/54                                                                                | CUSIP: 025537BA8<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |  17060000 | PA      | $18181848.54  | 0.96%             | 2054-12-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| FIRST CITIZENS BANCSHARES INC                      | FCNCA V7 PERP D                                                                                   | CUSIP: 31959XAG8<br>LEI: 549300N3Z00ZHE2XC526 | Long             | DBT              | CORP              | US        |  12800000 | PA      | $12913088.00  | 0.68%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                      | C V6.625 PERP                                                                                     | CUSIP: 172967QJ3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |  31236000 | PA      | $31637284.21  | 1.68%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                       | CS 9.75 PERP 144A                                                                                 | CUSIP: 225401AX6<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |  18000000 | PA      | $6368400.00   | 0.34%             | N/A             | Fixed         | 9.75%                 | No            |                  3 | On Loan: No      |
| CENTERPOINT ENERGY INC                             | CNP V6.85 02/15/55 B                                                                              | CUSIP: 15189TBJ5<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | DBT              | CORP              | US        |  13575000 | PA      | $14342706.98  | 0.76%             | 2055-02-15      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DEL NORTE SA CAYMAN ISLANDS BRANCH | BANORT V8.375 PERP 144A                                                                           | CUSIP: 05971PAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   5400000 | PA      | $5746437.00   | 0.30%             | N/A             | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| LIBERTY MUTUAL GROUP INC                           | LIBMUT V4.125 12/15/51 144A                                                                       | CUSIP: 53079EBM5<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |   7078000 | PA      | $7001575.86   | 0.37%             | 2051-12-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| LAND O'LAKES INC                                   | LLAKES 7 PERP 144A                                                                                | CUSIP: 514666AN6<br>LEI: 4ONCJWH5BBCYSJIJYX61 | Long             | DBT              | CORP              | US        |   9646000 | PA      | $8533368.63   | 0.45%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MEIJI YASUDA LIFE INSURANCE COMPANY                | MYLIFE V6.1 06/11/55 144A                                                                         | CUSIP: 585270AE1<br>LEI: 549300SLU4LP6YMRLK07 | Long             | DBT              | CORP              | JP        |  10100000 | PA      | $10298869.00  | 0.55%             | 2055-06-11      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| MITSUBISHI UFJ FINANCIAL GROUP INC                 | MUFG V6.35 PERP                                                                                   | CUSIP: 606822DP6<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |  11050000 | PA      | $11138786.75  | 0.59%             | N/A             | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| BANCO DE CREDITO E INVERSIONES SA                  | BCICI V8.75 PERP 144A                                                                             | CUSIP: 05890MAC7<br>LEI: 549300E9E5Y3PKW24142 | Long             | DBT              | CORP              | CL        |   3000000 | PA      | $3223740.00   | 0.17%             | N/A             | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA                                     | BNP V7.75 PERP 144A                                                                               | CUSIP: 05565AM34<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   9590000 | PA      | $10087097.65  | 0.53%             | N/A             | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| EUSHI FINANCE INC                                  | EMACN V6.25 04/01/56                                                                              | CUSIP: 29882DAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  26000000 | PA      | $25765854.40  | 1.36%             | 2056-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                       | BACR V4.375 PERP                                                                                  | CUSIP: 06738EBT1<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   4170000 | PA      | $4043415.48   | 0.21%             | N/A             | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| LAND O'LAKES CAPITAL TRUST I                       | LLAKES 7.45 03/15/28                                                                              | CUSIP: 514665AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2131000 | PA      | $2192472.96   | 0.12%             | 2028-03-15      | Fixed         | 7.45%                 | Yes           |                  2 | On Loan: No      |
| ARES FINANCE CO III LLC                            | ARES V4.125 06/30/51 144A                                                                         | CUSIP: 04018VAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8435000 | PA      | $8409340.56   | 0.45%             | 2051-06-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| EMERA US FINANCE LLC                               | EMACN V6.85 10/01/56 B                                                                            | CUSIP: 29103HAB3<br>LEI: NQZVQT2P5IUF2PGA1Q48 | Long             | DBT              | CORP              | US        |   6800000 | PA      | $6823568.80   | 0.36%             | 2056-10-01      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                       | BACR V9.625 PERP                                                                                  | CUSIP: 06738ECN3<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   6650000 | PA      | $7425489.75   | 0.39%             | N/A             | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA                                     | BNP V7.2 PERP 144A                                                                                | CUSIP: 05602XQS0<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |  21300000 | PA      | $21435915.30  | 1.13%             | N/A             | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                      | C V6.875 PERP GG                                                                                  | CUSIP: 17327CBC6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   8650000 | PA      | $8787984.80   | 0.47%             | N/A             | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                                  | STT V6.7 PERP I                                                                                   | CUSIP: 857477CH4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |   9887000 | PA      | $10194881.18  | 0.54%             | N/A             | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| ALLIANZ SE                                         | ALVGR V6.55 PERP 144a                                                                             | CUSIP: 018820AE0<br>LEI: 529900K9B0N5BT694847 | Long             | DBT              | CORP              | DE        |   6800000 | PA      | $6884007.20   | 0.36%             | N/A             | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| ATHENE HOLDING LTD                                 | ATH V6.875 06/28/55                                                                               | CUSIP: 04686JAM3<br>LEI: 549300H316CT32FQXI76 | Long             | DBT              | CORP              | US        |  19794000 | PA      | $19219552.39  | 1.02%             | 2055-06-28      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                                 | SANTAN V9.625 PERP _                                                                              | CUSIP: 05971KAQ2<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |  24200000 | PA      | $28811455.20  | 1.53%             | N/A             | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG                                   | DB V8.13011 PERP                                                                                  | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |  13000000 | PA      | $13809223.48  | 0.73%             | N/A             | Floating      | 8.13%                 | No            |                  2 | On Loan: No      |
| TELUS CORP                                         | TCN V6.625 06/09/56 ...                                                                           | CUSIP: 87971MCR2<br>LEI: 894500TX134IMF6NW757 | Long             | DBT              | CORP              | CA        |  13372000 | PA      | $13304817.73  | 0.70%             | 2056-06-09      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| BANCO BILBAO VIZCAYA ARGENTARIA SA                 | BBVASM V7.75 PERP                                                                                 | CUSIP: 05946KAS0<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |  30200000 | PA      | $32046881.00  | 1.70%             | N/A             | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| BELL CANADA                                        | BCECN V7 09/15/55                                                                                 | CUSIP: 0778FPAQ2<br>LEI: 5493000G3EFX9S7TDE29 | Long             | DBT              | CORP              | CA        |  21286000 | PA      | $22099891.50  | 1.17%             | 2055-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                               | RY V6.5 11/24/85                                                                                  | CUSIP: 780082AY9<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |  10230000 | PA      | $10089426.50  | 0.53%             | 2085-11-24      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| EMERA US FINANCE LLC                               | EMACN V6.65 10/01/56 A                                                                            | CUSIP: 29103HAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2800000 | PA      | $2808153.60   | 0.15%             | 2056-10-01      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| TORONTO DOMINION BANK (THE)                        | TD V6.35 10/31/85                                                                                 | CUSIP: 89116C4H7<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |  12740000 | PA      | $12833677.22  | 0.68%             | 2085-10-31      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                       | ENBCN V7.625 01/15/83                                                                             | CUSIP: 29250NBP9<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |  11955000 | PA      | $12986788.23  | 0.69%             | 2083-01-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                              | WFC V6.125 PERP GG                                                                                | CUSIP: 95002YAE3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |  19200000 | PA      | $19272691.20  | 1.02%             | N/A             | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE & COMPANY                          | JPM V6.875 PERP NN                                                                                | CUSIP: 48128BAQ4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |  22200000 | PA      | $23141391.00  | 1.23%             | N/A             | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| FARM CREDIT BANK OF TEXAS INC                      | FARMCB V7.75 PERP                                                                                 | CUSIP: 30767EAE9<br>LEI: V1EBJIOLRNYDHDF63Z33 | Long             | EP               | USGSE             | US        |   1500000 | NS      | $1564861.70   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS Group AG                                       | CS 6.25 PERP 144A                                                                                 | CUSIP: 225436AA2<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   2057000 | PA      | $727766.60    | 0.04%             | N/A             | Floating      | 6.25%                 | No            |                  3 | On Loan: No      |
| BANCO DE CREDITO E INVERSIONES SA                  | BCICI V8.75 PERP REGS                                                                             | CUSIP: 05890PAC0<br>LEI: 549300E9E5Y3PKW24142 | Long             | DBT              | CORP              | CL        |    840000 | PA      | $902647.20    | 0.05%             | N/A             | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE SA                                | SOCGEN V9.375 PERP 144A                                                                           | CUSIP: 83370RAC2<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |  17200000 | PA      | $18149577.60  | 0.96%             | N/A             | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| CNP ASSURANCES SA                                  | CNPFP V4.875 PERP                                                                                 | CUSIP: 000000000<br>LEI: 969500QKVPV2H8UXM738 | Long             | DBT              | CORP              | FR        |  13200000 | PA      | $12384441.56  | 0.66%             | N/A             | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DEL NORTE SA CAYMAN ISLANDS BRANCH | BANORT V7.5 PERP 144A                                                                             | CUSIP: 05971PAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |  10101000 | PA      | $10343605.82  | 0.55%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| COBANK ACB                                         | COBKAC V7.25 PERP                                                                                 | CUSIP: 19075QAF9<br>LEI: P0J8I7M2E0A77CKF1705 | Long             | DBT              | USGSE             | US        |   3000000 | PA      | $3040026.78   | 0.16%             | N/A             | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| FARM CREDIT BANK OF TEXAS INC                      | FARMCB V7 PERP 6                                                                                  | CUSIP: 30767EAF6<br>LEI: V1EBJIOLRNYDHDF63Z33 | Long             | EP               | USGSE             | US        |   2040000 | NS      | $2091689.52   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA                                     | BNP V8 PERP 144A                                                                                  | CUSIP: 05602XDJ4<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |  11980000 | PA      | $12848861.48  | 0.68%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL FARM CREDIT ACA                            | CFCFCS V8.393 PERP 1                                                                              | CUSIP: 14019TAA4<br>LEI: 254900S6K5I3OISPS518 | Long             | DBT              | CORP              | US        |   4200000 | PA      | $4183452.00   | 0.22%             | N/A             | Floating      | 8.40%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES GROUP INC (THE)             | PNC V6 PERP U                                                                                     | CUSIP: 693475BD6<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |  11084000 | PA      | $11092922.62  | 0.59%             | N/A             | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                  | HSBC V6.95 PERP                                                                                   | CUSIP: 404280EJ4<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |  23150000 | PA      | $23986015.95  | 1.27%             | N/A             | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP (THE)                          | SCHW V6.1 PERP L                                                                                  | CUSIP: 808513CM5<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |   7500000 | PA      | $7505725.58   | 0.40%             | N/A             | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                               | BAC V6.125 PERP TT                                                                                | CUSIP: 06055HAB9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   5492000 | PA      | $5533129.59   | 0.29%             | N/A             | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| AES CORP (THE)                                     | AES V6.95 07/15/55                                                                                | CUSIP: 00130HCL7<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |  19491000 | PA      | $19028540.94  | 1.01%             | 2055-07-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| NISOURCE INC                                       | NI V6.375 03/31/55                                                                                | CUSIP: 65473PAT2<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |   8037000 | PA      | $8279612.92   | 0.44%             | 2055-03-31      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC (THE)                      | GS V7.5 PERP X                                                                                    | CUSIP: 38141GA79<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |  16890000 | PA      | $17662768.17  | 0.94%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                                 | SANTAN V8 PERP                                                                                    | CUSIP: 05964HBH7<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |  16200000 | PA      | $17602741.80  | 0.93%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| NIPPON LIFE INSURANCE COMPANY                      | NIPLIF V6.5 04/30/55 144a                                                                         | CUSIP: 654579AP6<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |   4144000 | PA      | $4369818.99   | 0.23%             | 2055-04-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ALLIANZ SE                                         | ALVGR V6.5 PERP 144A                                                                              | CUSIP: 018820AF7<br>LEI: 529900K9B0N5BT694847 | Long             | DBT              | CORP              | DE        |   2800000 | PA      | $2802962.40   | 0.15%             | N/A             | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                  | HSBC V6.875 PERP ***                                                                              | CUSIP: 404280EH8<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   3620000 | PA      | $3720759.08   | 0.20%             | N/A             | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ASSURED GUARANTY MUNICIPAL HOLDINGS INC            | AGO V6.4 12/15/66 REGS                                                                            | CUSIP: 000000000<br>LEI: 549300WKHOG7BKB8MS12 | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1617544.39   | 0.09%             | 2066-12-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                                  | STT V6.7 PERP J                                                                                   | CUSIP: 857477CM3<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |  12570000 | PA      | $13034549.49  | 0.69%             | N/A             | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                              | WFC V6.85 PERP                                                                                    | CUSIP: 95002YAC7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |  22645000 | PA      | $23570682.31  | 1.25%             | N/A             | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                       | ENBCN V8.5 01/15/84                                                                               | CUSIP: 29250NBT1<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |  25881000 | PA      | $29493230.58  | 1.56%             | 2084-01-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| LIBERTY MUTUAL GROUP INC                           | LIBMUT 4.3 02/01/61 144A                                                                          | CUSIP: 53079EBL7<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |   6585000 | PA      | $4200539.96   | 0.22%             | 2061-02-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| LAND O'LAKES INC                                   | LLAKES 7.25 PERP 144a                                                                             | CUSIP: 514666AM8<br>LEI: 4ONCJWH5BBCYSJIJYX61 | Long             | DBT              | CORP              | US        |  11115000 | PA      | $10253587.50  | 0.54%             | N/A             | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| EUSHI FINANCE INC                                  | EMACN V7.625 12/15/54                                                                             | CUSIP: 29882DAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7930000 | PA      | $8214658.93   | 0.43%             | 2054-12-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| TORONTO DOMINION BANK (THE)                        | TD V8.125 10/31/82                                                                                | CUSIP: 89117F8Z5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |  31080000 | PA      | $32348530.20  | 1.71%             | 2082-10-31      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DEL NORTE SA CAYMAN ISLANDS BRANCH | BANORT V6.625 PERP 144A                                                                           | CUSIP: 05973KAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   2000000 | PA      | $1964878.00   | 0.10%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                                | D V6.2 02/15/56                                                                                   | CUSIP: 25746UEA3<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |  11109000 | PA      | $11135072.82  | 0.59%             | 2056-02-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA (THE)                          | BNS V8 01/27/84                                                                                   | CUSIP: 0641598V1<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |  14600000 | PA      | $15491446.80  | 0.82%             | 2084-01-27      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| HARTFORD INSURANCE GROUP INC (THE)                 | HIG F 02/12/47 ICON                                                                               | CUSIP: 416515BC7<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | DBT              | CORP              | US        |  23021000 | PA      | $22209119.31  | 1.18%             | 2047-02-12      | Floating      | 6.04%                 | No            |                  2 | On Loan: No      |
| BANCO BILBAO VIZCAYA ARGENTARIA SA                 | BBVASM V9.375 PERP                                                                                | CUSIP: 05946KAM3<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |  13800000 | PA      | $15201086.40  | 0.80%             | N/A             | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                       | CS 6.375 PERP 144A                                                                                | CUSIP: 225401AL2<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   7770000 | PA      | $2749026.00   | 0.15%             | N/A             | Fixed         | 6.38%                 | No            |                  3 | On Loan: No      |
| ALGONQUIN POWER & UTILITIES CORP                   | AQNCN V4.75 01/18/82                                                                              | CUSIP: 015857AH8<br>LEI: 549300K5VIUTJXQL7X75 | Long             | DBT              | CORP              | CA        |   2129000 | PA      | $2103648.51   | 0.11%             | 2082-01-18      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL HOLDINGS INC                | NEE V6.75 06/15/54                                                                                | CUSIP: 65339KDB3<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |  10794000 | PA      | $11308377.28  | 0.60%             | 2054-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                                       | INTNED V7.25 PERP                                                                                 | CUSIP: 000000000<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |   5440000 | PA      | $5721658.72   | 0.30%             | N/A             | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                  | HSBC V7.05 PERP                                                                                   | CUSIP: 404280FA2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   8500000 | PA      | $8750563.00   | 0.46%             | N/A             | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL                                   | BMO V7.7 05/26/84                                                                                 | CUSIP: 06368LQ58<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |  25956000 | PA      | $27343477.98  | 1.45%             | 2084-05-26      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| ALTAGAS LTD                                        | ALACN V7.2 10/15/54 144A                                                                          | CUSIP: 021361AD2<br>LEI: 2549008X5V70MOS4HM10 | Long             | DBT              | CORP              | CA        |   5800000 | PA      | $6028618.60   | 0.32%             | 2054-10-15      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| KUVARE UNITED STATES HOLDINGS INC                  | KUVARE V7 02/17/51 144A                                                                           | CUSIP: 50149XAA2<br>LEI: 254900MGBERNLZXF7O58 | Long             | DBT              | CORP              | US        |   2464000 | PA      | $2452899.88   | 0.13%             | 2051-02-17      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                       | BACR V8 PERP                                                                                      | CUSIP: 06738EBX2<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |  20050000 | PA      | $21103166.35  | 1.12%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                                | D V6.875 02/01/55 A                                                                               | CUSIP: 25746UDT3<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    198000 | PA      | $205717.25    | 0.01%             | 2055-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| COMPEER FINANCIAL ACA                              | CMPFIN V4.875 PERP QIB                                                                            | CUSIP: 20453QAA0<br>LEI: 54930020HTACTODKHT04 | Long             | DBT              | CORP              | US        |    650000 | PA      | $640893.50    | 0.03%             | N/A             | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                               | BAC V6.625 PERP                                                                                   | CUSIP: 06055HAH6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |  54821000 | PA      | $56577135.91  | 3.00%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                                | D V6.625 05/15/55                                                                                 | CUSIP: 25746UDV8<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |  11578000 | PA      | $11847211.66  | 0.63%             | 2055-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                           | LLOYDS V8 PERP                                                                                    | CUSIP: 53944YAV5<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |  18780000 | PA      | $20094299.52  | 1.06%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                       | BACR V7.625 PERP                                                                                  | CUSIP: 06738EDC6<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |  14600000 | PA      | $15385042.00  | 0.81%             | N/A             | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                               | RY V6.75 08/24/85                                                                                 | CUSIP: 780082AV5<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |  15550000 | PA      | $15834487.25  | 0.84%             | 2085-08-24      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| COMMERZBANK AG                                     | CMZB V7.5 PERP EMTN                                                                               | CUSIP: 000000000<br>LEI: 851WYGNLUQLFZBSYGB56 | Long             | DBT              | CORP              | DE        |  23400000 | PA      | $24452066.11  | 1.29%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| LINCOLN NATIONAL CORP                              | LNC V9.25 PERP C                                                                                  | CUSIP: 534187BR9<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4237968.00   | 0.22%             | N/A             | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                  | HSBC V7 PERP .                                                                                    | CUSIP: 404280FJ3<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   4600000 | PA      | $4695519.00   | 0.25%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| TELUS CORP                                         | TCN V7 10/15/55                                                                                   | CUSIP: 87971MCM3<br>LEI: 894500TX134IMF6NW757 | Long             | DBT              | CORP              | CA        |  12275000 | PA      | $12702268.20  | 0.67%             | 2055-10-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                           | LLOYDS V6.625 PERP                                                                                | CUSIP: 539439BF5<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |   2600000 | PA      | $2554222.32   | 0.14%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| SUMISHO AIR LEASE CORP                             | SUMIAL V6 PERP D                                                                                  | CUSIP: 00912XBQ6<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |  11526000 | PA      | $11233439.00  | 0.59%             | N/A             | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SEMPRA                                             | SRE V6.4 10/01/54                                                                                 | CUSIP: 816851BT5<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |  18364000 | PA      | $18515392.82  | 0.98%             | 2054-10-01      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| NOMURA HOLDINGS INC                                | NOMURA V7 PERP                                                                                    | CUSIP: 65535HCC1<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |   8400000 | PA      | $8677351.20   | 0.46%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                  | HSBC V6.75 PERP                                                                                   | CUSIP: 404280FH7<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   4600000 | PA      | $4661252.73   | 0.25%             | N/A             | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                      | C V7 PERP DD                                                                                      | CUSIP: 172967PM7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   4993000 | PA      | $5189409.64   | 0.27%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES GROUP INC (THE)             | PNC V6.25 PERP W                                                                                  | CUSIP: 693475BP9<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   8499000 | PA      | $8642437.62   | 0.46%             | N/A             | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| AMERICAN NATIONAL GROUP INC                        | ANGINC V7 12/01/55                                                                                | CUSIP: 025676AR8<br>LEI: 549300RK5RZQ740FPL83 | Long             | DBT              | CORP              | US        |   5090000 | PA      | $4979108.24   | 0.26%             | 2055-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL                                   | BMO V6.875 11/26/85 6                                                                             | CUSIP: 06368L8V1<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |   1065000 | PA      | $1090448.18   | 0.06%             | 2085-11-26      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK OF COMMERCE                 | CM V7 10/28/85                                                                                    | CUSIP: 13607P7Y4<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |  23300000 | PA      | $23922506.10  | 1.27%             | 2085-10-28      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC                           | PRU V6 09/01/52                                                                                   | CUSIP: 744320BK7<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |   4175000 | PA      | $4244071.20   | 0.22%             | 2052-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria SA                 | Banco Bilbao Vizcaya Argentaria SA FXD-FRN ALT TIER I COCO PERP USD (SEC REGD) (16)               | CUSIP: 05946KAW1<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |   4600000 | PA      | $4600000.00   | 0.24%             | N/A             | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| LAND O'LAKES INC                                   | LLAKES 8 PERP 144A                                                                                | CUSIP: 514666AK2<br>LEI: 4ONCJWH5BBCYSJIJYX61 | Long             | DBT              | CORP              | US        |   9185000 | PA      | $9157354.99   | 0.48%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA (THE)                          | BNS V7.35 04/27/85                                                                                | CUSIP: 0641598X7<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |  14130000 | PA      | $14634836.64  | 0.77%             | 2085-04-27      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA                                 | ACAFP V7.125 PERP 144A                                                                            | CUSIP: 225313AT2<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |  33354000 | PA      | $34684457.71  | 1.84%             | N/A             | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| ENTERGY CORP                                       | ETR V7.125 12/01/54                                                                               | CUSIP: 29364GAQ6<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |  10110000 | PA      | $10414442.43  | 0.55%             | 2054-12-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| LAND O'LAKES INC                                   | LLAKES 7.25 PERP REGS                                                                             | CUSIP: 000000000<br>LEI: 4ONCJWH5BBCYSJIJYX61 | Long             | DBT              | CORP              | US        |    400000 | PA      | $369000.00    | 0.02%             | N/A             | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| DAIRY FARMERS OF AMERICA INC                       | DFAINC 7.125 PERP                                                                                 | CUSIP: 23385HAA7<br>LEI: 1LTUIZEFFT7MUIERI838 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1204260.00   | 0.06%             | N/A             | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES INC                          | HBAN V6.25 PERP K                                                                                 | CUSIP: 446150BG8<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |  17998000 | PA      | $18034895.90  | 0.95%             | N/A             | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| LANCASHIRE HOLDINGS LTD                            | LRELN V5.625 09/18/41                                                                             | CUSIP: 000000000<br>LEI: 5493002UNUYXLHOWF752 | Long             | DBT              | CORP              | BM        |   6850000 | PA      | $6736752.72   | 0.36%             | 2041-09-18      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                                | D V7 06/01/54 B                                                                                   | CUSIP: 25746UDU0<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |  15859000 | PA      | $16958092.14  | 0.90%             | 2054-06-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA                                 | ACAFP V6.7 PERP 144A                                                                              | CUSIP: 225313AR6<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |  16996000 | PA      | $17207226.29  | 0.91%             | N/A             | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                       | CS 5.25 PERP 144A                                                                                 | CUSIP: 225401AR9<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   6243000 | PA      | $2208773.40   | 0.12%             | N/A             | Fixed         | 5.25%                 | No            |                  3 | On Loan: No      |
| UBS GROUP AG                                       | CS 7.5 PERP 144a                                                                                  | CUSIP: 225401AJ7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   4150000 | PA      | $1468270.00   | 0.08%             | N/A             | Floating      | 7.50%                 | No            |                  3 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                           | CRBG V6.375 09/15/54                                                                              | CUSIP: 21871XAT6<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |  12355000 | PA      | $12291564.49  | 0.65%             | 2054-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA                                     | BNP V8.5 PERP 144A                                                                                | CUSIP: 05565A5R0<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |  23450000 | PA      | $24848909.75  | 1.32%             | N/A             | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                              | WFC V7.625 PERP                                                                                   | CUSIP: 95002YAA1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |  11640000 | PA      | $12230136.36  | 0.65%             | N/A             | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| AMERICAN AGCREDIT ACA                              | AAGACA V5.25 PERP QIB                                                                             | CUSIP: 02369GAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  18000000 | PA      | $17839620.00  | 0.94%             | N/A             | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                                  | NWG V8.125 PERP                                                                                   | CUSIP: 639057AQ1<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |  15200000 | PA      | $16788977.60  | 0.89%             | N/A             | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA (THE)                          | BNS V6.875 10/27/85                                                                               | CUSIP: 06419GEE2<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |   6060000 | PA      | $6135038.56   | 0.32%             | 2085-10-27      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| SEMPRA                                             | SRE V6.875 10/01/54                                                                               | CUSIP: 816851BS7<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |   3522000 | PA      | $3586526.56   | 0.19%             | 2054-10-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP (THE)                          | SCHW V4 PERP H                                                                                    | CUSIP: 808513BJ3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |  30150000 | PA      | $28120066.83  | 1.49%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC (FIN) COMPANY                      | GBLATL V7.25 03/01/56 144A                                                                        | CUSIP: 37959GAH0<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |  15450000 | PA      | $15240309.51  | 0.81%             | 2056-03-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| TRANSCANADA PIPELINES LTD                          | TRPCN V6.375 10/17/56 .                                                                           | CUSIP: 89352HBL2<br>LEI: 5BV01I6231JPDAPMGH09 | Long             | DBT              | CORP              | CA        |   7000000 | PA      | $7056448.00   | 0.37%             | 2056-10-17      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE SA                                | SOCGEN V10 PERP 144A                                                                              | CUSIP: 83371GAA9<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |  18413000 | PA      | $20182673.43  | 1.07%             | N/A             | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                      | C V7.2 PERP BB                                                                                    | CUSIP: 172967PJ4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4083200.00   | 0.22%             | N/A             | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| NORDEA BANK ABP                                    | NDAFH V6.75 PERP 144A                                                                             | CUSIP: 65558RAQ2<br>LEI: 529900ODI3047E2LIV03 | Long             | DBT              | CORP              | FI        |  14980000 | PA      | $15309350.28  | 0.81%             | N/A             | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| EVERSOURCE ENERGY                                  | ES V6.1 08/15/56 A                                                                                | CUSIP: 30040WBC1<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |   2800000 | PA      | $2789713.64   | 0.15%             | 2056-08-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| METLIFE INC                                        | MET V6.35 03/15/55 G                                                                              | CUSIP: 59156RCQ9<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |   4732000 | PA      | $4846282.53   | 0.26%             | 2055-03-15      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| COMPEER FINANCIAL ACA                              | CMPFIN V7.875 PERP QIB                                                                            | CUSIP: 20453QAC6<br>LEI: 54930020HTACTODKHT04 | Long             | DBT              | CORP              | US        |   7400000 | PA      | $7555809.37   | 0.40%             | N/A             | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| METLIFE CAPITAL TRUST IV                           | MET 7.875 12/15/37                                                                                | CUSIP: 591560AA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6514000 | PA      | $7133754.99   | 0.38%             | 2037-12-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL                                   | BMO V7.3 11/26/84                                                                                 | CUSIP: 06368L5Q5<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |  12500000 | PA      | $13175150.00  | 0.70%             | 2084-11-26      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA (THE)                          | BNS V8.625 10/27/82                                                                               | CUSIP: 0641598S8<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |  17200000 | PA      | $18066960.15  | 0.96%             | 2082-10-27      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                           | CRBG V6.875 PERP                                                                                  | CUSIP: 21871XAU3<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |   5280000 | PA      | $5433938.40   | 0.29%             | N/A             | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                  | HSBC V8 PERP                                                                                      | CUSIP: 404280DT3<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |  13800000 | PA      | $14437297.80  | 0.76%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK OF COMMERCE                 | CM V6.95 01/28/85                                                                                 | CUSIP: 13607PNF7<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |   5719000 | PA      | $5834072.00   | 0.31%             | 2085-01-28      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| BBVA MEXICO SA TEXAS BRANCH                        | BBVASM V5.875 09/13/34 144A                                                                       | CUSIP: 05533UAG3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    700000 | PA      | $698940.70    | 0.04%             | 2034-09-13      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-06-22

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

**Signature:** Derek Maltbie

**Name of Signer:** Derek Maltbie

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