# EDGAR Filing Document

**Accession Number:** 0001424212
**File Stem:** 0000940400-25-014252
**Filing Date:** 2025-12
**Character Count:** 181465
**Document Hash:** 77f7da8d1d09d5d7f69722e468c41c24
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-014252.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0000940400-25-014252

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251223

**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:** 251597870

**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 California Municipal High Income ETF (Series ID: S000057894)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000187865 | First Trust California Municipal High Income ETF | FCAL            |

## Nport-Ex

**First Trust California Municipal High Income ETF (FCAL)**

**Portfolio of Investments**

**October 31, 2025 (Unaudited)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Stated** <br>**Coupon**<br>| **Stated** <br>**Maturity**<br>| **Value** |
| **MUNICIPAL BONDS — 98.5%** | **MUNICIPAL BONDS — 98.5%** | **MUNICIPAL BONDS — 98.5%** | **MUNICIPAL BONDS — 98.5%** | **MUNICIPAL BONDS — 98.5%** |
|  | **California — 94.4%** | **California — 94.4%** | **California — 94.4%** |  |
| $2000000 | &nbsp;&nbsp;&nbsp; Anaheim CA Hsg & Pub Impt Auth Rev Var Wtr Sys Proj Second <br> Lien, Ser A (a) | 3.10% | 10/01/54 | $2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Atascadero CA Fing Auth Lease Rev, Ser A | 5.00% | 05/01/44 | 271587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Atascadero CA Fing Auth Lease Rev, Ser A | 5.00% | 05/01/45 | 270259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | Azusa CA Spl Tax Cmnty Facs Dist No 2005-1 Impt, AG | 5.00% | 09/01/44 | 1228959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Bay Area CA Toll Auth Toll Bridge Rev Sustainable Bond, Ser F-2 | 5.00% | 04/01/44 | 1072801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | Bay Area CA Toll Auth Toll Bridge Rev Var, Ser H (a) | 3.05% | 04/01/59 | 1400000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Beaumont CA Spl Tax Cmnty Facs Dist No 93-1 Impt Area No 8F | 4.00% | 09/01/33 | 101667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | Burbank CA Wtr & Pwr Elec Rev | 5.00% | 06/01/43 | 1326856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Burbank Glendale Pasadena CA Arpt Auth Arpt Rev Sr, Ser B, <br> AMT | 5.25% | 07/01/40 | 1093304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; Burbank Glendale Pasadena CA Arpt Auth Arpt Rev Sr, Ser B, <br> AMT | 5.25% | 07/01/44 | 792529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp; Burbank Glendale Pasadena CA Arpt Auth Arpt Rev Sr, Ser B, <br> AMT | 5.25% | 07/01/49 | 654748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp; CA Cmnty Choice Fing Auth Clean Energy Proj Rev Sustainable <br> Bond, Ser A (Mandatory put 12/01/27) | 4.00% | 10/01/52 | 20306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; CA Cmnty Choice Fing Auth Clean Energy Proj Rev Sustainable <br> Bond, Ser A-1 (Mandatory put 04/01/32) | 5.00% | 05/01/54 | 1089812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 585000 | &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 | 634471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 925000 | &nbsp;&nbsp;&nbsp; CA Cmnty Choice Fing Auth Clean Energy Proj Rev Var <br> Sustainable Bond, Ser A-1 (Mandatory put 08/01/29) | 5.00% | 12/01/53 | 986185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; CA Cmnty Choice Fing Auth Clean Energy Proj Rev Var <br> Sustainable Bonds, Ser C (Mandatory put 10/01/31) | 5.25% | 01/01/54 | 1072919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405500 | CA Hsg Fin Agy Muni Ctfs, Ser A | 4.25% | 01/15/35 | 420486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; CA Pub Fin Auth Sr Living Rev Enso Vlg Proj Sustainable <br> Bond, Ser A (b) | 5.00% | 11/15/56 | 220015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp; CA Sch Fin Auth Sch Fac Rev Alliance Clg Ready Pub Schs <br> Proj, Ser C (b) | 4.50% | 07/01/26 | 311225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | CA Sch Fin Auth Sch Fac Rev Granada Hills Chrt Oblig Grp (b) | 5.00% | 07/01/43 | 1001693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 455000 | &nbsp;&nbsp;&nbsp; CA Sch Fin Auth Sch Fac Rev Granada Hills Chrt Oblig Grp, <br>Ser A (b) | 5.00% | 07/01/40 | 472082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; CA Sch Fin Auth Sch Fac Rev Granada Hills Chrt Oblig Grp, <br>Ser A (b) | 5.00% | 07/01/42 | 255486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp; CA Sch Fin Auth Sch Fac Rev Granada Hills Chrt Oblig Grp, <br>Ser A (b) | 5.00% | 07/01/43 | 177773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp; CA Sch Fin Auth Sch Fac Rev Granada Hills Chrt Oblig Grp, <br>Ser A (b) | 5.00% | 07/01/44 | 186960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105000 | CA Sch Fin Auth Sch Fac Rev Kipp SoCal Pub Schs, Ser A (b) | 5.00% | 07/01/27 | 107576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | CA Sch Fin Auth Sch Fac Rev Ref Hth Learning Proj, Ser A (b) | 5.00% | 07/01/32 | 202824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 545000 | CA Sch Fin Auth Sch Fac Rev Ref Value Schs, Ser A (b) | 5.00% | 07/01/40 | 558293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | CA Sch Fin Auth Sch Fac Rev Ref Value Schs, Ser A (b) | 5.25% | 07/01/48 | 456960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 | CA Sch Fin Auth Sch Fac Rev, Ser A (b) | 5.00% | 07/01/40 | 659595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | CA St Eductnl Facs Auth Rev Art Ctr Clg of Design, Ser A | 5.00% | 12/01/31 | 490670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp; CA St Enterprise Dev Auth Chrt Sch Rev Ref The Rocklin Acdmy <br> Proj, Ser A (b) | 4.00% | 06/01/36 | 357308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; CA St Enterprise Dev Auth Chrt Sch Rev The Rocklin Acdmy <br> Proj (b) | 5.00% | 06/01/34 | 524452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; CA St Enterprise Dev Auth Chrt Sch Rev The Rocklin Acdmy <br> Proj (b) | 5.00% | 06/01/44 | 734947 |

---

------

**First Trust California Municipal High Income ETF (FCAL)**

**Portfolio of Investments (Continued)**

**October 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **California (Continued)** | **California (Continued)** | **California (Continued)** |  |
| $2500000 | &nbsp;&nbsp;&nbsp; CA St Enterprise Dev Auth Lease Rev Riverside Cnty Mead Vly <br> Wellness Vlg Proj, Ser A | 5.25% | 11/01/49 | $2681925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | CA St Enterprise Dev Auth Rev Ref Sage Hill Sch Proj | 5.00% | 12/01/41 | 659469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; CA St Enterprise Dev Auth Stdt Hsg Rev Ref Pomona <br> Properties LLC Proj, Ser A | 5.00% | 01/15/39 | 697935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | CA St Hlth Facs Fing Auth Rev Adventist Hlth Sys W, Ser A | 5.25% | 12/01/40 | 544011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | CA St Hlth Facs Fing Auth Rev Adventist Hlth Sys W, Ser A | 5.25% | 12/01/41 | 538902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | CA St Hlth Facs Fing Auth Rev Adventist Hlth Sys W, Ser A | 5.25% | 12/01/42 | 533957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | CA St Hlth Facs Fing Auth Rev Commonspirit Hlth, Ser A | 5.00% | 12/01/44 | 2114412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | CA St Hlth Facs Fing Auth Rev Commonspirit Hlth, Ser A | 5.25% | 12/01/49 | 1066026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 520000 | CA St Hlth Facs Fing Auth Rev Episcopal Cmntys & Svcs, Ser B | 5.00% | 11/15/33 | 575131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | CA St Hlth Facs Fing Auth Rev Episcopal Cmntys & Svcs, Ser B | 5.25% | 11/15/48 | 1029544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | CA St Hlth Facs Fing Auth Rev Kaiser Permanente, Subser A-2 | 4.00% | 11/01/44 | 955942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1240000 | CA St Hlth Facs Fing Auth Rev Ref El Camino Hlth, Ser A | 5.00% | 02/01/43 | 1340252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1025000 | CA St Hlth Facs Fing Auth Rev Ref Scripps Hlth, Ser A | 5.00% | 11/15/42 | 1131810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | CA St Hlth Facs Fing Auth Rev Ref Stanford Hlth Care, Ser A | 5.00% | 08/15/43 | 547463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | CA St Hlth Facs Fing Auth Rev Ref Stanford Hlth Care, Ser A | 5.00% | 08/15/44 | 543378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1410000 | &nbsp;&nbsp;&nbsp; CA St Infra & Econ Dev Bank Rev Adventist Hlth Energy Proj, <br>Ser A | 5.00% | 07/01/40 | 1506089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Chrt Sch Lease Rev Sycamore Acdmy <br> Proj (c) | 5.38% | 07/01/34 | 250152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Chrt Sch Lease Rev Vista Chrt Middle Sch <br> Proj (d) | 5.38% | 07/01/34 | 250104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Chrt Sch Rev Palmdale Aerospace Acdmy <br> Proj, Ser A (b) | 5.00% | 07/01/38 | 448076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Mf Hsg Rev Gibson Drive Apartments <br> Proj, Ser A | 4.45% | 12/01/42 | 2027703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Mf Hsg Rev Var Oaks on Balboa, Ser A-1 <br> (Mandatory put 10/01/27) | 3.15% | 08/01/59 | 500525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 785000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Mobile Home Park Rev Ref Sr Caritas <br> Projs, Ser A | 5.00% | 08/15/27 | 814897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Mobile Home Park Rev Ref Sr Caritas <br> Projs, Ser A | 3.00% | 08/15/32 | 82613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Mobile Home Park Rev Sub Ref Caritas <br> Proj, Ser B | 3.00% | 08/15/31 | 166219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Mobile Home Park Rev Sub Ref Caritas <br> Proj, Ser B | 4.00% | 08/15/41 | 278392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Mobile Home Park Rev Sub Ref Caritas <br> Proj, Ser B | 4.00% | 08/15/51 | 372794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Mobile Home Park Rev Sustainable Bond <br> Ref Caritas Projs, Ser A | 5.00% | 08/15/49 | 1029496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | CA St Muni Fin Auth Ref Palomar Hlth, Ser A, AG, COPS | 5.25% | 11/01/34 | 550754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | CA St Muni Fin Auth Ref Palomar Hlth, Ser A, AG, COPS | 5.25% | 11/01/36 | 543086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | CA St Muni Fin Auth Rev Aldersly Proj, Ser A | 5.00% | 05/15/43 | 1068036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | CA St Muni Fin Auth Rev Bethany Home Proj | 5.00% | 11/15/42 | 1612974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Rev Cmnty Hlth Ctr of the Centrl Coast <br> Inc, Ser A | 5.50% | 12/01/45 | 1041793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | CA St Muni Fin Auth Rev Ref CA Baptist Univ, Ser A (b) | 5.13% | 11/01/40 | 1037847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | CA St Muni Fin Auth Rev Ref Eisenhower Med Ctr, Ser A | 5.00% | 07/01/32 | 204298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1345000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Rev Ref Eskaton Properties Incorporated <br> Oblig Grp | 5.00% | 11/15/40 | 1420747 |

---

------

**First Trust California Municipal High Income ETF (FCAL)**

**Portfolio of Investments (Continued)**

**October 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **California (Continued)** | **California (Continued)** | **California (Continued)** |  |
| $380000 | CA St Muni Fin Auth Rev Ref HumanGood Oblig Grp, Ser A | 4.00% | 10/01/34 | $381789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | CA St Muni Fin Auth Rev Ref HumanGood Oblig Grp, Ser A | 4.00% | 10/01/36 | 802010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | CA St Muni Fin Auth Rev Ref HumanGood Oblig Grp, Ser A | 5.00% | 10/01/44 | 501731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | CA St Muni Fin Auth Rev Ref S Central Los Angeles Regl Ctr Proj | 5.00% | 12/01/40 | 666133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 675000 | CA St Muni Fin Auth Rev St Ignatius Clg Prep, Ser A | 5.00% | 09/01/44 | 722528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Sch Fac Rev St Mary's Sch Aliso Viejo, <br>Ser A (b) | 5.75% | 05/01/54 | 438116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1040000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Sch Fac Rev Temps St Mary's Sch Aliso <br> Viejo, Ser B | 4.65% | 05/01/30 | 1063879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Sol Wst Disp Rev Var Draw Down Wst <br> Mgmt Proj Remk, Ser B, AMT (Mandatory put 06/01/26) | 3.85% | 11/01/41 | 1997849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &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 04/01/26) | 3.45% | 07/01/41 | 999215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Sol Wst Disp Rev Var Wst Mgmt Inc Proj <br> Remk, Ser A, AMT (Mandatory put 12/01/25) | 3.80% | 11/01/46 | 999707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1550000 | CA St Muni Fin Auth Spl Fac Rev United Airls Inc Proj, AMT | 4.00% | 07/15/29 | 1567238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | CA St Muni Fin Auth Spl Tax Rev Bold Prog, Ser B | 5.50% | 09/01/43 | 634436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 | CA St Muni Fin Auth Spl Tax Rev Bold Prog, Ser B | 5.75% | 09/01/53 | 584393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | CA St Muni Fin Auth Spl Tax Rev Wildhawk N | 5.00% | 09/01/39 | 417650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | CA St Muni Fin Auth Spl Tax Rev Wildhawk N | 5.00% | 09/01/44 | 770263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | CA St Muni Fin Auth Spl Tax Rev Wildhawk N | 5.00% | 09/01/49 | 1271585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Stdt Hsg Rev CHF Davis I LLC W Vlg Stdt <br> Hsg Proj | 5.00% | 05/15/27 | 564975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Stdt Hsg Rev CHF Davis I LLC W Vlg Stdt <br> Hsg Proj | 5.00% | 05/15/39 | 514189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Stdt Hsg Rev CHF Davis I LLC W Vlg Stdt <br> Hsg Proj | 5.00% | 05/15/40 | 358133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; CA St Poll Control Fin Auth Sol Wst Disp Rev Ref Wst Mgmt <br> Inc, Ser B-1, AMT | 3.00% | 11/01/25 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; CA St Poll Control Fin Auth Sol Wst Disp Rev Var Ref Rep Svcs <br> Inc Proj Remk, AMT (Mandatory put 02/17/26) (b) | 3.80% | 07/01/43 | 1498349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; CA St Poll Control Fing Auth Wtr Furnishing Rev Poseidon Res LP <br> Desalination Proj, AMT (b) | 5.00% | 07/01/36 | 1621874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | CA St Prerefunded Various Purp (Pre-refunded maturity 04/01/26) | 5.00% | 10/01/35 | 5049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | CA St Pub Wks Brd Lease Rev Judicial Council CA, Ser B | 5.00% | 06/01/34 | 15016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1090000 | CA St Pub Wks Brd Lease Rev Various Capital Projs, Ser D | 5.00% | 11/01/46 | 1148695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; CA St Sch Fin Auth Chrt Sch Rev Ref Alliance for Clg Ready Pub <br> Schs Proj (b) | 5.00% | 07/01/39 | 268297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; CA St Sch Fin Auth Chrt Sch Rev Ref Alliance for Clg Ready Pub <br> Schs Proj (b) | 5.00% | 07/01/49 | 1023423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; CA St Sch Fin Auth Chrt Sch Rev Ref Classical Academies <br> Oceanside Proj, Ser A (b) | 5.00% | 10/01/32 | 742115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; CA St Sch Fin Auth Chrt Sch Rev Sustainable Bonds Ref Camino <br> Nuevo Chrt Acdmy, Ser A (b) | 5.00% | 06/01/43 | 601802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; CA St Sch Fin Auth Eductnl Facs Rev Ref New Designs Chrt <br> Sch, Ser A (b) | 5.00% | 06/01/54 | 606292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp; CA St Stwd Cmntys Dev Auth Rev Var Rady Childrens Hosp <br> Remk, Ser B (a) | 3.00% | 08/15/47 | 375000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | CA St Stwd Cmntys Dev Auth Spl Tax Rev Impt Area No 2 | 5.00% | 09/01/44 | 1029210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280000 | CA St Stwd Cmntys Dev Auth Stdt Hsg Rev Ref CHF Irvine LLC | 5.00% | 05/15/35 | 282461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | CA St Univ Rev Ref, Ser A | 5.00% | 11/01/43 | 1113365 |

---

------

**First Trust California Municipal High Income ETF (FCAL)**

**Portfolio of Investments (Continued)**

**October 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **California (Continued)** | **California (Continued)** | **California (Continued)** |  |
| $1340000 | CA St Unrefunded | 5.00% | 11/01/31 | $1504409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 770000 | CA St Unrefunded | 5.00% | 12/01/43 | 817876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; CA Stwd Cmntys Dev Auth Rev Loma Linda Univ Med Ctr, <br>Ser A (b) | 5.00% | 12/01/30 | 252254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; CA Stwd Cmntys Dev Auth Rev Loma Linda Univ Med Ctr, <br>Ser A (b) | 5.00% | 12/01/33 | 309871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | CA Stwd Cmntys Dev Auth Rev Ref CA Baptist Univ, Ser A (b) | 5.00% | 11/01/32 | 254997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | CA Stwd Cmntys Dev Auth Rev Ref CA Baptist Univ, Ser A (b) | 5.00% | 11/01/41 | 500355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; CA Stwd Cmntys Dev Auth Rev Ref Front Porch Cmntys & <br> Svcs, Ser A | 5.00% | 04/01/30 | 102259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; CA Stwd Cmntys Dev Auth Rev Ref Front Porch Cmntys & <br> Svcs, Ser A | 4.00% | 04/01/32 | 50409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; CA Stwd Cmntys Dev Auth Rev Ref Insd Enloe Med Ctr (Pre-<br> refunded maturity 02/15/26) | 5.00% | 08/15/33 | 50326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | CA Stwd Cmntys Dev Auth Rev Ref John Muir Hlth, Ser A | 5.25% | 12/01/44 | 1088902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 385000 | &nbsp;&nbsp;&nbsp; CA Stwd Cmntys Dev Auth Rev Var Adventist Hlth Sys W <br> Remk, Ser 2007-A (Mandatory put 03/01/27) | 5.00% | 03/01/37 | 390648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Centrl Vly CA Energy Auth Cmdy Sply Rev Var (Mandatory put <br> 08/01/35) | 5.00% | 12/01/55 | 2214001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | Chino CA Cmnty Facs Dist Spl Tax #2003-3 Impt Area #7 | 5.00% | 09/01/31 | 470382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 815000 | Clovis CA Unif Sch Dist, COPS | 5.00% | 06/01/41 | 892232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Clovis CA Unif Sch Dist, COPS | 5.00% | 06/01/43 | 537231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Corona CA Cmnty Facs Dist Spl Tax Bedford Impt Area No 2 | 5.00% | 09/01/39 | 537593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; CSCDA Cmnty Impt Auth CA Essential Hsg Rev Union S Bay <br> Sustainable Bonds, Ser A-2 (b) | 4.00% | 07/01/56 | 1633610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | E Bay CA Muni Util Dist Wtr Sys Rev Ref, Ser B | 5.00% | 06/01/43 | 1127490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1450000 | &nbsp;&nbsp;&nbsp; Elk Grove CA Fin Auth Spl Tax Rev Cmnty Facs Dt No 2005-1 <br> Laguna Ridge | 4.00% | 09/01/50 | 1271040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp; Estrn CA Muni Wtr Dist Cmnty Facs Dist Spl Tax Cmnty Facs Dist <br> #2018-80 Willow Springs | 5.00% | 09/01/34 | 190382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp; Estrn CA Muni Wtr Dist Cmnty Facs Dist Spl Tax Cmnty Facs Dist <br> #2018-80 Willow Springs | 5.00% | 09/01/35 | 189062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; Estrn CA Muni Wtr Dist Cmnty Facs Dist Spl Tax Cmnty Facs Dist <br> #2018-80 Willow Springs | 5.00% | 09/01/40 | 422899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; Folsom Ranch CA Fing Auth Spl Tax Rev Cmnty Facs Dist No <br> 19 Mangini | 5.00% | 09/01/32 | 360079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Fontana CA Pub Fin Auth Lease Rev Ref, Ser A | 5.00% | 11/01/50 | 1591966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155000 | Fontana CA Spl Tax Cmnty Facs Dist #80 Bella Strada | 5.00% | 09/01/29 | 159990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Fontana CA Spl Tax Cmnty Facs Dist #80 Bella Strada | 5.00% | 09/01/46 | 504909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | Fontana CA Spl Tax Cmnty Facs Dt #109 | 5.00% | 09/01/39 | 1284686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | Fontana CA Spl Tax Cmnty Facs Dt #111 | 5.00% | 09/01/39 | 642343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Fontana CA Spl Tax Cmnty Facs Dt #111 | 5.00% | 09/01/48 | 307248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Fontana CA Spl Tax The Gardens Phase One | 5.00% | 09/01/39 | 1070572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Fresno CA Jt Pwrs Fing Auth Lease Rev Pub Safety Projs, Ser A, <br> AG | 5.25% | 04/01/50 | 2156726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Garden Grove CA Pub Fing Auth Lease Rev, Ser A, BAM | 5.00% | 04/01/43 | 1082159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; Golden St Tobacco Securitization Corp CA Tobacco Stlmt Ref, <br>Ser A-1 (Pre-refunded maturity 06/01/28) | 5.00% | 06/01/34 | 802021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Imperial CA Cmnty Clg Dist Election of 2022, Ser A, AG | 5.25% | 08/01/53 | 1069985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575000 | Indio CA Elec Fing Auth Elec Rev | 5.25% | 01/01/41 | 643290 |

---

------

**First Trust California Municipal High Income ETF (FCAL)**

**Portfolio of Investments (Continued)**

**October 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **California (Continued)** | **California (Continued)** | **California (Continued)** |  |
| $775000 | &nbsp;&nbsp;&nbsp; Irvine CA Spl Tax Ref Cmnty Facs Dist #2013-3 Great Park Impt <br> Area#1, BAM | 5.00% | 09/01/44 | $837338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | Irvine CA Unif Sch Dist Spl Tax Cmnty Facs Dist #09-1, Ser C | 5.00% | 09/01/31 | 155298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Kern CA Cmnty Clg Dist, Ser D | 5.25% | 08/01/39 | 1129824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 485000 | &nbsp;&nbsp;&nbsp; King City CA Union Sch Dist CABS Election 1998-C, Ser C, <br> AMBAC | (e) | 08/01/29 | 436564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp; Lake Elsinore CA Unif Sch Dist Cmnty Facs Dist Cmnty Facs Dt <br> No 2017-2 | 5.00% | 09/01/39 | 260623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp; Lammersville CA Jt Unif Sch Dist Spl Tax Cmnty Facs Dist <br> #2014-1 Mountain House Sch Facs | 4.00% | 09/01/33 | 25595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp; Lammersville CA Jt Unif Sch Dist Spl Tax Cmnty Facs Dist <br> #2014-1 Mountain House Sch Facs | 4.00% | 09/01/34 | 25505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; Lammersville CA Jt Unif Sch Dist Spl Tax Cmnty Facs Dist <br> #2014-1 Mountain House Sch Facs | 4.00% | 09/01/40 | 195699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Long Beach CA Bond Fin Auth Nat Gas Pur Rev, Ser A | 5.00% | 11/15/35 | 1144895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Long Beach CA Cmnty Clg Dist, Ser E | 5.00% | 08/01/48 | 1082325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1010000 | Long Beach CA Marina Rev Ref Alamitos Bay Marina Proj | 5.00% | 05/15/40 | 1114162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Long Beach CA Marina Rev Ref Alamitos Bay Marina Proj | 5.00% | 05/15/41 | 545862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; Los Angeles CA Dept of Arpts Arpt Rev Prerefunded Subord <br> Ref, Ser D, AMT (Pre-refunded maturity 11/15/31) | 5.00% | 05/15/33 | 54845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 605000 | &nbsp;&nbsp;&nbsp; Los Angeles CA Dept of Arpts Arpt Rev Ref Sub Priv Activity, <br>Ser A, AMT | 5.00% | 05/15/35 | 661374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1125000 | &nbsp;&nbsp;&nbsp; Los Angeles CA Dept of Arpts Arpt Rev Ref Subord Bonds <br> Sustainable Bonds, Ser D | 5.00% | 05/15/42 | 1259360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Los Angeles CA Dept of Arpts Arpt Rev Sustainable Bond Ref <br> Subord Priv Activity, Ser A, AMT | 5.25% | 05/15/42 | 538796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; Los Angeles CA Dept of Arpts Arpt Rev Unrefunded Subord <br> Ref, Ser D, AMT | 5.00% | 05/15/31 | 1221877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 690000 | &nbsp;&nbsp;&nbsp; Los Angeles CA Dept of Arpts Arpt Rev Unrefunded Subord <br> Ref, Ser D, AMT | 5.00% | 05/15/36 | 752889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Los Angeles CA Unif Sch Dist Election 2008, Ser B-1, AG | 5.25% | 07/01/42 | 1041909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; Los Angeles Cnty CA Dev Auth Mf Hsg Rev Var W LA VA Bldg <br> 156 & 157 Apts, Ser C (Mandatory put 12/01/26) | 3.75% | 12/01/46 | 650766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | Mammoth Lakes CA, BAM, COPS | 5.00% | 06/01/41 | 498387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 940000 | Mammoth Lakes CA, BAM, COPS | 5.00% | 06/01/43 | 1021731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Mammoth Lakes CA, BAM, COPS | 5.00% | 06/01/44 | 540551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Marina CA Redev Agy Successor Agy Tax Allocation Hsg, Ser B | 5.00% | 09/01/27 | 102487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Marina CA Redev Agy Successor Agy Tax Allocation Hsg, Ser B | 5.00% | 09/01/33 | 257689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; Menifee CA Spl Tax Quartz Ranch Cmnty Facs Dist No 2022-<br> 1, Ser A | 5.00% | 09/01/43 | 624113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; Menifee CA Spl Tax Quartz Ranch Cmnty Facs Dist No 2022-<br> 1, Ser A | 5.00% | 09/01/48 | 719016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245000 | Menifee CA Union Sch Dist Spl Tax Cmnty Facs Dist #2011-1 | 5.00% | 09/01/34 | 255144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Menifee CA Union Sch Dist, Ser C, AG | 3.00% | 08/01/40 | 1328569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Met Wtr Dist of Sthrn CA Wtrwks Rev, Ser A | 5.00% | 04/01/48 | 1074697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530000 | &nbsp;&nbsp;&nbsp; Modesto CA Elem Sch Dist Stanislaus Cnty Election of 2018 <br> Measure D, Ser C | 5.00% | 08/01/41 | 581313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Modesto CA High Sch Dist Stanislaus Cnty Election Bonds of <br> 2022, Ser B | 5.00% | 08/01/40 | 572745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; Modesto CA High Sch Dist Stanislaus Cnty Election Bonds of <br> 2022, Ser B | 5.00% | 08/01/41 | 793344 |

---

------

**First Trust California Municipal High Income ETF (FCAL)**

**Portfolio of Investments (Continued)**

**October 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **California (Continued)** | **California (Continued)** | **California (Continued)** |  |
| $750000 | &nbsp;&nbsp;&nbsp; Modesto CA High Sch Dist Stanislaus Cnty Election Bonds of <br> 2022, Ser B | 5.00% | 08/01/42 | $841867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | Morongo Band of Mission Indians CA Rev Ref, Ser B (b) | 5.00% | 10/01/42 | 202458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Mountain House Cmnty Facs Dist CA Spl Tax Cmnty Facs Dt <br> #2024-1 Impt Area #1 | 5.00% | 09/01/40 | 521876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; Mountain House Cmnty Facs Dist CA Spl Tax Cmnty Facs Dt <br> #2024-1 Impt Area #1 | 5.00% | 09/01/45 | 810932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Oakdale CA Jt Unif Sch Dist Election of 2024, Ser A | 5.00% | 08/01/43 | 1092910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1375000 | Oakdale CA Jt Unif Sch Dist Election of 2024, Ser A | 5.00% | 08/01/44 | 1490421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Ontario CA Cmnty Facs Dist #40 Spl Tax Emeral Park Fac | 4.00% | 09/01/34 | 100871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | Ontario CA Cmnty Facs Dist #40 Spl Tax Emeral Park Fac | 4.00% | 09/01/35 | 65203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275000 | Ontario CA Cmnty Facs Dist #40 Spl Tax Emeral Park Fac | 4.00% | 09/01/39 | 262013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Ontario CA Spl TX Countryside Phase 2 S Facs | 5.00% | 09/01/39 | 527681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | Ontario Pub Fing Auth Lease Rev, Ser A | 5.00% | 11/01/41 | 902510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 610000 | Orange Ctr CA Sch Dist Election of 2022, Ser A, AG | 5.25% | 08/01/48 | 638996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Oxnard CA Sch Dist Election of 2022, Ser A, BAM | 5.00% | 08/01/42 | 1091767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 | Palm Desert CA Spl Tax Ref Univ Park | 4.00% | 09/01/51 | 565488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 925000 | Pittsburg CA Unif Sch Dist Ref | 3.00% | 08/01/40 | 794172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp; Rancho Cordova CA Cmnty Facs Dist Spl Tax No 2018-1 Grantline <br> 208 | 5.00% | 09/01/33 | 218713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp; Rancho Cordova CA Cmnty Facs Dist Spl Tax No 2018-1 Grantline <br> 208 | 5.00% | 09/01/34 | 228979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525000 | Ripon CA Redev Agy Successor Agy Tax Allocation Ref, BAM | 4.00% | 11/01/31 | 555178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; River Islands CA Pub Fing Auth Spl Tax Cmnty Facs Dist #2019-1 <br> Phase 2 Pub Impts | 5.00% | 09/01/40 | 508392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Riverside CA Swr Rev Ref, Ser A | 5.00% | 08/01/40 | 1723642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575000 | Riverside CA Unif Sch Dist Election of 2016, Ser B | 3.00% | 08/01/38 | 535123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375000 | Riverside CA Unif Sch Dist Impt Area No 1 | 5.00% | 09/01/39 | 394285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | Riverside CA Wtr Rev, Ser A | 5.00% | 10/01/47 | 800640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Riverside Cnty CA Transprtn Commn Toll Rev Ref Sr Lien Rctc <br> 91 Express Lanes, Ser B-1 | 4.00% | 06/01/41 | 979332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; Romoland CA Sch Dist Spl Tax Underwood Impt Area No 2 <br> Special Tax Bonds | 5.00% | 09/01/43 | 416076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 930000 | &nbsp;&nbsp;&nbsp; Roseville CA Spl Tax Amoruso Ranch Cmnty Facs Dist #1 Impt <br> Area #1 | 5.00% | 09/01/39 | 978687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185000 | Roseville CA Spl Tax Fiddyment Ranch Cmnty Facs | 5.00% | 09/01/32 | 192925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160000 | Roseville CA Spl Tax Fiddyment Ranch Cmnty Facs | 5.00% | 09/01/33 | 166693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170000 | Roseville CA Spl Tax Fiddyment Ranch Cmnty Facs | 4.00% | 09/01/34 | 173197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | Roseville CA Spl Tax Fiddyment Ranch Cmnty Facs | 4.00% | 09/01/35 | 151922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | Rowland CA Unif Sch Dist Ref, Ser B | 4.00% | 08/01/42 | 762456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | S Wstrn CA Cmnty Clg Dist Election of 2024, Ser A | 5.25% | 08/01/46 | 1105833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; Sacramento CA Spl Tax Natomas Meadows Cmnty Facs Dist <br> #2007-01 (b) | 5.00% | 09/01/32 | 204154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Sacramento Cnty CA Arpt Sys Rev Ref, Ser C, AMT | 5.00% | 07/01/37 | 1033894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1120000 | Sacramento Cnty CA Arpt Sys Rev, Ser A, AMT | 5.00% | 07/01/33 | 1262679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 775000 | Sacramento Cnty CA Arpt Sys Rev, Ser A, AMT | 5.25% | 07/01/41 | 844067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1355000 | &nbsp;&nbsp;&nbsp; San Clemente CA Spl Tax Ref Cmnty Facs Dist #2006-1 <br> Marblehead Coastal, BAM | 5.00% | 09/01/41 | 1530214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | San Diego CA Pub Facs Fing Auth Swr Rev Subord, Ser A | 5.00% | 05/15/47 | 530369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | San Diego CA Unif Sch Dist Sustainable Bond, Ser F2 | 5.00% | 07/01/42 | 1647109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130000 | San Diego Cnty CA Regl Arpt Auth Arpt Rev Subord Ref, Ser A | 5.00% | 07/01/39 | 138382 |

---

------

**First Trust California Municipal High Income ETF (FCAL)**

**Portfolio of Investments (Continued)**

**October 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **California (Continued)** | **California (Continued)** | **California (Continued)** |  |
| $1000000 | San Diego Cnty CA Regl Arpt Auth Arpt Rev Subord, Ser B, AMT | 5.00% | 07/01/34 | $1094961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp; San Diego Cnty CA Spl Tax Harmony Grove Vlg Impt Area <br> No 2, Ser A | 4.00% | 09/01/33 | 86386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp; San Francisco CA City & Cnty Arpts Commn Intl Arpt Rev Ref <br> Second Ser, Ser 2020A, AMT | 5.00% | 05/01/37 | 148778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3040000 | &nbsp;&nbsp;&nbsp; San Francisco CA City & Cnty Arpts Commn Intl Arpt Rev, Ser A, <br> AMT | 5.00% | 05/01/49 | 3077148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; San Francisco CA City & Cnty Dev Spl Tax Dist No 2020-1 <br> Mission Rock Facs and Svcs, Ser A (b) | 4.00% | 09/01/46 | 439778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; San Francisco CA City & Cnty Pub Utils Commn Wtr Rev Reg and <br> Loc Wtr Subord, Ser A | 5.25% | 11/01/48 | 1086083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; San Francisco City & Cnty CA Redev Agy Successor Agy Cmnty <br> Ref Cmnty Facs Dist #6 Mission Bay S Pub Impts, AG | 5.25% | 08/01/40 | 1416718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp; San Francisco City & Cnty CA Redev Agy Successor Agy Tax <br> Transbay Infra Projs Third Lien, Ser B, AG | 5.00% | 08/01/48 | 1426560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 935000 | San Francisco City & Cnty CA, Ser B | 2.00% | 06/15/29 | 891935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp; San Joaquin Hills CA Transprtn Corridor Agy Toll Road Rev <br> CABS Ref, Ser A, NATL-RE | (e) | 01/15/29 | 158458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; San Joaquin Vly Clean Energy Auth CA Clean Energy Rev Var <br> Sustainable Bonds Clean Energy Proj, Ser A (Mandatory put <br> 07/01/35) | 5.50% | 01/01/56 | 1157006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; San Luis Obispo Cnty CA Fing Auth Lease Rev Multiple Capital <br> Projs Ref, Ser A | 5.25% | 11/15/40 | 1122441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; San Luis Obispo Pub Fing Auth Lease Rev Ref Cultural Arts Dist <br> Parking Proj | 5.00% | 12/01/48 | 1078286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Santa Ana CA Pub Fing Auth Wtr Rev Ref | 5.00% | 09/01/42 | 1118291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Santa Barbara CA Fin Auth Lease Rev Pub Safety and Park Projs | 4.00% | 05/15/42 | 2029683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1590000 | Santa Clara CA Wstwtr Rev Sustainable Bonds, COPS | 4.25% | 02/01/41 | 1683652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Santa Clara Vly CA Wtr Dist Safe Clean Wtr Rev Sustainable <br> Bond, Ser A | 5.00% | 08/01/40 | 555279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Santa Clara Vly CA Wtr Dist Safe Clean Wtr Rev Sustainable <br> Bond, Ser A | 5.00% | 08/01/41 | 550944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1075000 | &nbsp;&nbsp;&nbsp; Santa Fe Springs CA Public Fin Auth Spl Parcel Tax Rev Santa Fe <br> Springs Road Impts, AG | 5.00% | 06/01/40 | 1202550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | Santa Margarita CA Wtr Dist Spl Tax Ref, Ser A, BAM | 5.00% | 09/01/43 | 1187420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Santa Rosa CA High Sch Dist, Ser B | 5.00% | 08/01/45 | 1081763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | Temecula Vly CA Unif Sch Dist Cmnty Facs Dist #2014-1 | 5.00% | 09/01/32 | 155189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Temescal Vly CA Wtr Dist Spl Tax Terramor Cmnty Facs Dist #4 <br> Impt Area #1 | 5.00% | 09/01/31 | 515648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Tracy CA Cmnty Facs Dist | 5.00% | 09/01/33 | 257771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 435000 | Univ of CA CA Rgts Med Ctr Pooled Rev Ref, Ser 0-1 (a) | 3.05% | 05/15/45 | 435000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Univ of CA Rev Var Ref Gen Remk, Ser AL-3 (a) | 3.25% | 05/15/48 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 365000 | Vacaville CA Spl Tax Lower Lagoon Vly Impt Area No 1, Ser A | 5.00% | 09/01/40 | 377122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp; Val Verde CA Unif Sch Dist Spl Tax Cmty Facs Dist No 2018-2 <br> (Stratford Ranch) | 5.00% | 09/01/38 | 350211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Val Verde CA Unif Sch Dist Spl Tax Cmty Facs Dist No 2018-2 <br> (Stratford Ranch) | 5.00% | 09/01/43 | 517291 |
|  |  |  |  | 179092219 |
|  | **Connecticut — 0.3%** | **Connecticut — 0.3%** | **Connecticut — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 490000 | Stamford CT Hsg Auth Ref Mozaic Concierge Living Proj, Ser A | 6.38% | 10/01/45 | 504139 |

---

------

**First Trust California Municipal High Income ETF (FCAL)**

**Portfolio of Investments (Continued)**

**October 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Florida — 0.1%** | **Florida — 0.1%** | **Florida — 0.1%** |  |
| $210000 | Rhodine Road N CDD FL Spl Assmnt 2019 Assmnt Area | 4.00% | 05/01/30 | $213045 |
|  | **Guam — 1.6%** | **Guam — 1.6%** | **Guam — 1.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Guam Govt Busn Privilege Tax Rev Ref, Ser D | 5.00% | 11/15/32 | 100069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Guam Govt Busn Privilege Tax Rev Ref, Ser G | 5.00% | 01/01/31 | 541066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Guam Govt Busn Privilege Tax Rev Ref, Ser G | 5.25% | 01/01/38 | 550512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Guam Govt Wtrwks Auth Wtr & Wstwtr Sys Rev, Ser A | 5.25% | 07/01/42 | 1067278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280000 | Guam Govt Wtrwks Auth Wtr & Wstwtr Sys Rev, Ser A | 5.00% | 01/01/50 | 282145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210000 | Guam Pwr Auth Rev Ref, Ser A | 5.00% | 10/01/41 | 220952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325000 | Guam Pwr Auth Rev Ref, Ser A | 5.00% | 10/01/42 | 339647 |
|  |  |  |  | 3101669 |
|  | **Louisiana — 0.4%** | **Louisiana — 0.4%** | **Louisiana — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; Saint James Parish LA Rev Var Nustar Logistics LP Proj Remk, Ser <br> 2008 (Mandatory put 06/01/30) (b) | 6.10% | 06/01/38 | 824947 |
|  | **Puerto Rico — 1.3%** | **Puerto Rico — 1.3%** | **Puerto Rico — 1.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | Puerto Rico Cmwlth Restructured, Ser A1 | 4.00% | 07/01/33 | 1088227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Puerto Rico Indl Tourist Eductnl Med & Envrnmntl Control Fac <br> San Juan Cruise Terminal Proj, Ser 2023-A-2-P3, AMT | 6.75% | 01/01/45 | 1130435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263000 | &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Fing Corp Sales Tax Rev Restructured, <br>Ser A-2 | 4.33% | 07/01/40 | 255332 |
|  |  |  |  | 2473994 |
|  | **Utah — 0.2%** | **Utah — 0.2%** | **Utah — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Military Installation Dev Auth UT Tax Allocation Rev, Ser A-2 | 4.00% | 06/01/52 | 412362 |
|  | **Wisconsin — 0.2%** | **Wisconsin — 0.2%** | **Wisconsin — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Student Hsg Rev Sr KSU Bixby Real Estate <br> Fdtn LLC Proj, Ser A | 5.25% | 06/15/45 | 260777 |
|  | **Total Investments — 98.5%** | **Total Investments — 98.5%** | **Total Investments — 98.5%** | 186883152 |
|  | (Cost $184,066,022) | (Cost $184,066,022) | (Cost $184,066,022) |  |
|  | **Net Other Assets and Liabilities — 1.5%** | **Net Other Assets and Liabilities — 1.5%** | **Net Other Assets and Liabilities — 1.5%** | 2920738 |
|  | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $189803890 |

---

**Futures Contracts at October 31, 2025:**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts Short** | **Number of** <br>**Contracts**<br>| **Expiration** <br>**Date**<br>| **Notional** <br>**Value**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)/** <br>**Value**<br>|
| Ultra U.S. 10-Year Treasury Notes | 16 | Dec-2025 | &nbsp;&nbsp; $(1847750)<br>| &nbsp;&nbsp; $(25250)<br>|

---

&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 (the "1933 Act"), and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Trust's Board of Trustees, this security has been determined to be liquid by First Trust Advisors L.P. (the "Advisor"). Although market instability can result in periods of increased overall market illiquidity, liquidity for each security is determined
 based on security specific factors and assumptions, which require subjective judgment. At October 31, 2025, securities noted
 as such amounted to $19,135,804 or 10.1% of net assets.

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

------

**First Trust California Municipal High Income ETF (FCAL)**

**Portfolio of Investments (Continued)**

**October 31, 2025 (Unaudited)**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) 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. |
| AMBAC | – American Municipal Bond Assurance Corp. |
| AMT | – Alternative Minimum Tax |
| BAM | – Build America Mutual |
| 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 October 31, 2025 is as follows (see Valuation Inputs in the Additional Information section):

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
|  | **Total** <br>**Value at** <br>**10/31/2025**<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; $186883152 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $186883152 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** |
|  | **Total** <br>**Value at** <br>**10/31/2025**<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>|
| Futures Contracts | &nbsp;&nbsp; $(25250)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(25250)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

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

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

------

**Restricted Securities**

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Security | Acquisition <br>Date<br>| Principal <br>Value<br>| Current <br>Price<br>| Carrying <br>Cost<br>| Value | % of <br>Net Assets<br>|
| &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Chrt Sch <br> Lease Rev Sycamore Acdmy Proj, <br> 5.38%, 07/01/34<br>| 06/14/18 | &nbsp;&nbsp; $250000 | &nbsp;&nbsp; $100.06 | &nbsp;&nbsp; $250000 | &nbsp;&nbsp; $250152 | 0.13<br> %<br>|

---

------

**First Trust New York Municipal High Income ETF (FMNY)**

**Portfolio of Investments**

**October 31, 2025 (Unaudited)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Stated** <br>**Coupon**<br>| **Stated** <br>**Maturity**<br>| **Value** |
| **MUNICIPAL BONDS — 95.5%** | **MUNICIPAL BONDS — 95.5%** | **MUNICIPAL BONDS — 95.5%** | **MUNICIPAL BONDS — 95.5%** | **MUNICIPAL BONDS — 95.5%** |
|  | **Florida — 1.3%** | **Florida — 1.3%** | **Florida — 1.3%** |  |
| $250000 | Ridge at Apopka CDD FL Spl Assmnt, Ser 22 | 5.38% | 05/01/42 | $256069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105000 | Shingle Creek at Bronson CDD FL Spl Assmnt | 3.50% | 06/15/41 | 96034 |
|  |  |  |  | 352103 |
|  | **Guam — 1.0%** | **Guam — 1.0%** | **Guam — 1.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Guam Govt Wtrwks Auth Wtr & Wstwtr Sys Rev, Ser A | 5.25% | 07/01/39 | 275918 |
|  | **New Jersey — 1.2%** | **New Jersey — 1.2%** | **New Jersey — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | NJ St Transprtn Trust Fund Auth Transprtn Prog, Ser AA | 5.00% | 06/15/45 | 320693 |
|  | **New York — 86.1%** | **New York — 86.1%** | **New York — 86.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Albany NY Capital Res Corp Ref Albany Med Ctr Hosp Proj, Ser A | 5.25% | 05/01/50 | 526969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275000 | Battery Park City NY Auth Sr Sustainable Bond, Ser A | 5.00% | 11/01/44 | 295350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Battery Park City NY Auth Sr Sustainable Bond, Ser A | 5.00% | 11/01/53 | 527558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Brewster NY Centrl Sch Dist | 3.00% | 10/01/26 | 299782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; Brookhaven NY Local Dev Corp Rev Ref Long Island Cmnty Hosp <br> Proj, Ser A | 5.00% | 10/01/50 | 407681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 365000 | Buffalo NY Swr Auth, Ser A | 5.00% | 06/15/43 | 396141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Build NYC Res Corp NY Rev Success Acdmy Chrt Schs Proj | 4.00% | 09/01/43 | 285020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; Build NYC Res Corp NY Rev Sustainable Bond Kipp NYC Pub <br> Sch Facs Canal W Proj | 5.00% | 07/01/42 | 307065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275000 | Carmel NY | 4.00% | 09/15/45 | 276108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &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 | 302452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Dutchess Cnty NY Loc Dev Corp Mf Mtebs Sustainable Bonds <br> Tomopkins Terrace Hsg LP Proj | 5.00% | 10/01/40 | 270015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Dutchess Cnty NY Loc Dev Corp Rev Marist Clg Proj | 5.00% | 07/01/52 | 255114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp; Dutchess Cnty NY Loc Dev Corp Rev Ref The Culinary Institute of <br> America Proj | 5.25% | 07/01/43 | 286645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 440000 | Erie Cnty NY Buffalo Bills Stadium Proj, Ser B | 5.25% | 09/15/42 | 491587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp; Hempstead Town NY Loc Dev Corp Rev Ref Hofstra Univ <br> Proj, Ser A | 4.00% | 07/01/36 | 341250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Hudson Yards Infra Corp NY 2nd Indenture Rev Ref, Ser A | 5.00% | 02/15/37 | 256055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Hudson Yards Infra Corp NY 2nd Indenture Rev Ref, Ser A | 5.00% | 02/15/42 | 253977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Long Beach NY, Ser B, BAM | 5.25% | 07/15/32 | 333210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Long Island NY Pwr Auth Elec Sys Rev Ref, Ser A | 5.00% | 09/01/49 | 262264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | Long Island NY Pwr Auth Elec Sys Rev Sustainable Bond, Ser E | 5.00% | 09/01/48 | 365931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Met Transprtn Auth NY Rev Ref Sustainable Bonds, Ser B | 5.00% | 11/15/43 | 265155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Met Transprtn Auth NY Rev Sustainable Bond Ref, Ser A | 5.50% | 11/15/47 | 324451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; Monroe Cnty NY Indl Dev Agy Mf Hsg Rev Var Andrews Terrace <br> Cmnty Partners LP Proj B-1 (Mandatory put 07/01/27) | 5.00% | 07/01/28 | 309420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Monroe Cnty NY Indl Dev Corp Rev Ref St John Fisher Univ Proj | 5.00% | 06/01/44 | 263738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Monroe Cnty NY Indl Dev Corp Rev Univ of Rochester Proj, Ser A | 5.00% | 07/01/53 | 259348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | N Babylon NY Union Free Sch Dist | 3.00% | 07/01/35 | 294543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; Nassau Cnty NY Indl Dev Agy Var Ref & Impt Cold Spring <br> Rmkt (a) | 3.85% | 01/01/34 | 200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Nassau Cnty NY Loc Econ Asst Corp Edl Rev Roosevelt Children <br> Acdmy Chrt Sch Proj, Ser A | 5.00% | 07/01/43 | 253367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; New York City NY Hsg Dev Corp Mf Hsg Rev Sustainable <br> Bond, Ser A-1 | 3.95% | 05/01/35 | 255440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; New York City NY Hsg Dev Corp Mf Hsg Rev Sustainable <br> Bond, Ser B-1 | 4.75% | 11/01/40 | 313927 |

---

------

**First Trust New York Municipal High Income ETF (FMNY)**

**Portfolio of Investments (Continued)**

**October 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **New York (Continued)** | **New York (Continued)** | **New York (Continued)** |  |
| $250000 | &nbsp;&nbsp;&nbsp; New York City NY Indl Dev Agy Rev Ref Queens Baseball <br> Stadium Proj, Ser A, AG | 3.00% | 01/01/37 | $233963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp; New York City NY Muni Wtr Fin Auth Wtr & Swr Sys Rev Ref <br> 2nd Gen Resolution, Ser AA | 4.00% | 06/15/40 | 265226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp; New York City NY Muni Wtr Fin Auth Wtr & Swr Sys Rev <br> Ref, Ser AA-3 | 5.00% | 06/15/47 | 319679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | New York City NY Transitional Fin Auth Rev Subord, Ser B-1 | 4.00% | 08/01/39 | 252790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | New York City NY Transitional Fin Auth Rev Subord, Subser F-3 | 3.00% | 02/01/39 | 224353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; New York City NY Trust For Cultural Res Ref American Museum <br> of Nat History, Ser A | 5.00% | 07/15/54 | 263713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | NY Energy Fin Dev Corp Var (Mandatory put 12/01/33) | 5.00% | 07/01/56 | 538196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | NY NY Fiscal 2021, Ser C | 4.00% | 08/01/41 | 248496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275000 | NY NY Fiscal 2025 Multi Modal, Ser E | 5.00% | 08/01/41 | 301819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; NY St Dorm Auth Revs Non St Supported Debt Memorial Sloan <br> Kettering Cancer Ctr, Ser 1 | 5.25% | 07/01/54 | 269389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; NY St Dorm Auth Revs Non St Supported Debt New York Institute <br> of Technology | 5.00% | 07/01/44 | 309061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; NY St Dorm Auth Revs Non St Supported Debt Orchard Park <br> CCRC Inc Obligated Grp (b) | 5.13% | 11/15/50 | 504015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | NY St Dorm Auth Revs Non St Supported Debt Pace Univ, Ser A | 5.25% | 05/01/43 | 260660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | NY St Dorm Auth Revs Non St Supported Debt Pratt Institute Ref | 5.00% | 07/01/39 | 251914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355000 | &nbsp;&nbsp;&nbsp; NY St Dorm Auth Revs Non St Supported Debt Ref Northwell Hlth <br> Oblig Grp, Ser A | 5.00% | 05/01/38 | 384601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; NY St Dorm Auth Revs Non St Supported Debt Roswell Park <br> Cancer Institute Obligated Grp, Ser A-1, AG | 5.00% | 07/01/39 | 275941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; NY St Dorm Auth Revs Non St Supported Debt White Plains Hosp <br> Obligated Grp, AG | 5.25% | 10/01/43 | 265953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290000 | NY St Dorm Auth St Personal Income Tax Rev Ref, Ser A-Grp 3 | 3.00% | 03/15/38 | 267600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | NY St Dorm Auth St Personal Income Tax Rev Ref, Ser C | 5.25% | 03/15/47 | 270250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; NY St Energy Rsrch & Dev Auth Poll Cntrl Rev Ref NY Elec & <br> Gas Remk, Ser C | 4.00% | 04/01/34 | 258070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; NY St Envrnmntl Facs Corp Sol Wst Disp Rev Var Draw Down <br> Casella Wst Sys Inc Proj, Ser R-2, AMT (Mandatory put <br> 09/03/30) (c) | 5.13% | 09/01/50 | 262246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; NY St Envrnmntl Facs Corp Sol Wst Disp Rev Var Ref Wst Mgmt <br> Inc Remk, AMT (Mandatory put 02/02/26) | 3.85% | 05/01/30 | 249993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; NY St Envrnmntl Facs Corp St Clean Wtr & Drinking Wtr Ref <br> NYC Muni Wtr Fin Auth Projs Subord Srf Bond, Ser C | 5.00% | 06/15/44 | 327677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; NY St Hsg Fin Agy Affordable Hsg Rev Var 320 W 38th St Hsg <br> Remk, Ser A (Mandatory put 11/01/31) | 3.57% | 05/01/42 | 253948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255000 | NY St Hsg Fin Agy Affordable Hsg, Ser B | 3.20% | 11/01/36 | 241407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; NY St Mtge Agy Homeowner Mtge Rev Sustainable Bonds, <br>Ser 266 | 4.55% | 10/01/45 | 303496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305000 | NY St Thruway Auth Gen Rev Jr Indebtedness Obl Subord, Ser B | 4.00% | 01/01/45 | 291571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360000 | &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 | 367070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; NY St Transprtn Dev Corp Spl Fac Rev Ref American Airls Inc <br> John F Kennedy Intl Arpt Proj, AMT | 5.00% | 08/01/31 | 250057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; NY St Transprtn Dev Corp Spl Fac Rev Sustainable Bond JFK Intl <br> Arpt New Terminal One Proj, AMT | 6.00% | 06/30/42 | 277487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp; NY St Transprtn Dev Corp Spl Fac Rev Terminal 4 JFK Intl Arpt <br> Proj, AMT | 5.00% | 12/01/30 | 470231 |

---

------

**First Trust New York Municipal High Income ETF (FMNY)**

**Portfolio of Investments (Continued)**

**October 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **New York (Continued)** | **New York (Continued)** | **New York (Continued)** |  |
| $280000 | NY St Urban Dev Corp Sales Tax Rev, Ser A | 5.00% | 03/15/45 | $298757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | Onondaga Cnty NY | 3.00% | 04/15/36 | 73124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Oyster Bay NY, Ser A, AG | 2.00% | 03/01/35 | 214409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305000 | Port Auth of NY & NJ NY Ref, Ser 246, AMT | 5.00% | 09/01/40 | 327344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Port Auth of NY & NJ NY Ref, Ser 246, AMT | 5.00% | 09/01/44 | 311855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Rockland Cnty NY Sol Wst Mgmt Auth Animal Shelter Proj, Ser A | 6.25% | 12/15/49 | 286693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290000 | Southampton Vlg NY Ambulance Bldg | 2.13% | 03/01/29 | 274299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Suffolk Regl Off Track Betting Corp NY Rev | 6.00% | 12/01/53 | 507466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Syracuse Regl Arpt Auth NY Sr Arpt Rev Ref, AMT | 4.00% | 07/01/36 | 249238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp; Triborough NY Bridge & Tunnel Auth Payroll Mobility Tax Ref <br> MTA Bridges & Tunnels, Ser A | 5.00% | 05/15/47 | 296159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Triborough NY Bridge & Tunnel Auth Revs, Ser A | 5.00% | 11/15/42 | 267556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Triborough NY Bridge & Tunnel Auth Revs, Ser A | 5.50% | 11/15/57 | 267702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315000 | Util Debt Securitization Auth NY Ref TE, Ser 1 | 5.00% | 12/15/41 | 352899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Westchester Cnty NY Loc Dev Corp Rev Westchester Med Ctr <br> Oblig Grp Proj, AG | 5.75% | 11/01/49 | 272412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Yonkers NY, Ser F, BAM | 5.00% | 11/15/41 | 271930 |
|  |  |  |  | 23012278 |
|  | **Puerto Rico — 4.0%** | **Puerto Rico — 4.0%** | **Puerto Rico — 4.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | Puerto Rico Cmwlth Restructured, Ser A1 | 4.00% | 07/01/33 | 395719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Puerto Rico Indl Tourist Eductnl Med & Envrnmntl Control Fac <br> San Juan Cruise Terminal Proj, Ser 2023-A-2-P3, AMT | 6.50% | 01/01/42 | 283487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Fing Corp Sales Tax Rev Restructured, <br>Ser A-2 | 4.33% | 07/01/40 | 388337 |
|  |  |  |  | 1067543 |
|  | **South Dakota — 1.9%** | **South Dakota — 1.9%** | **South Dakota — 1.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; SD St Hlth & Eductnl Facs Auth Ref Westhills Vlg Retmnt Comnty <br> Issue, Ser A | 5.00% | 09/01/50 | 501189 |
|  | **Total Investments — 95.5%** | **Total Investments — 95.5%** | **Total Investments — 95.5%** | 25529724 |
|  | (Cost $25,058,683) | (Cost $25,058,683) | (Cost $25,058,683) |  |
|  | **Net Other Assets and Liabilities — 4.5%** | **Net Other Assets and Liabilities — 4.5%** | **Net Other Assets and Liabilities — 4.5%** | 1202043 |
|  | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $26731767 |

---

&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) When-issued security. The interest rate shown reflects the rate in effect at October
 31, 2025. Interest will begin accruing on the security's first settlement date.

&nbsp;&nbsp;&nbsp;&nbsp;(c) 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 October 31, 2025, securities noted as such amounted to $262,246
 or 1.0% of net assets.

&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 |

---

------

**First Trust New York Municipal High Income ETF (FMNY)**

**Portfolio of Investments (Continued)**

**October 31, 2025 (Unaudited)**

------

**Valuation Inputs**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**10/31/2025**<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; $25529724 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $25529724 | &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**

**October 31, 2025 (Unaudited)**

**Valuation Inputs**

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

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

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

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

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

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Wheaton

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60187

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

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

- **a. Name of Series:** First Trust California Municipal High Income ETF

- **b. EDGAR series identifier (if any):** S000057894

- **c. LEI of Series:** 549300HQXBNWXGHCKR24

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

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

- **b. Date as of which information is reported:** 2025-10-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $189955382.14

**Total Liabilities:** $111889.38

**Net Assets:** $189843492.76

**Cash Not Reported:** $1923013.08

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 222.96304000 | **1-Year:** 2587.06955000 | **5-Year:** 32886.65199000 | **10-Year:** 98039.75004000 | **30-Year:** 1141.65776000

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

- **3-Month:** 8.60449000 | **1-Year:** 380.59845000 | **5-Year:** 1354.92717000 | **10-Year:** 1030.33510000 | **30-Year:** 14.48689000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000187865 | 0.66%                | 2.29%                | 1.40%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-636537.92              | $1506570.14                                |
| Month 2  | $-365107.81              | $4382096.27                                |
| Month 3  | $-64900.42               | $2181169.75                                |

**Designated Index Information**

- **Index Name:** The Fund's Designated Reference Portfolio is the Fund's Securities Portfolio.

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                        | Title                                                                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 10YR ULTRA                                                                   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -16 | NC      | $-25250.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| VAL VERDE CA UNIF SCH DIST SPL              | Val Verde Unified School District                                               | CUSIP: 91882PGP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $350210.59    | 0.18%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI STUDENT HSG              | Public Finance Authority                                                        | CUSIP: 74439YFT3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    250000 | PA      | $260777.15    | 0.14%             | 2045-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FONTANA CA SPL TAX                          | City of Fontana CA                                                              | CUSIP: 344630J33<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $642343.02    | 0.34%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN LUIS OBISPO CNTY CA FING A              | San Luis Obispo County Financing Authority                                      | CUSIP: 798712CZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1122441.10   | 0.59%             | 2040-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CA UNIF SCH DIST                  | Riverside Unified School District                                               | CUSIP: 769059ZT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $535122.60    | 0.28%             | 2038-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A              | City of Los Angeles Department of Airports                                      | CUSIP: 544445Y52<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $538795.55    | 0.28%             | 2042-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A              | California Health Facilities Financing Authority                                | CUSIP: 13032U2X5<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1340251.77   | 0.71%             | 2043-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ORANGE CENTER CA SCH DIST                   | Orange Center School District                                                   | CUSIP: 684167AN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    610000 | PA      | $638996.23    | 0.34%             | 2048-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CNTY CA REGL ARPT AU              | San Diego County Regional Airport Authority                                     | CUSIP: 79739GLD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $138381.79    | 0.07%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ESTRN CA MUNI WTR DIST CMNTY F              | Eastern Municipal Water District                                                | CUSIP: 27627M5P8<br>LEI: 549300ZCFVRFDIRWK089 | Long             | DBT              | MUN               | US        |    175000 | PA      | $189062.09    | 0.10%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FA              | California School Finance Authority                                             | CUSIP: 13059TED7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $202823.82    | 0.11%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT BUSINESS PRIVILEGE T              | Territory of Guam                                                               | CUSIP: 40065NCD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100068.88    | 0.05%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FA              | California School Finance Authority                                             | CUSIP: 13059TJN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $255486.38    | 0.13%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROSEVILLE CA SPL TAX                        | City of Roseville CA                                                            | CUSIP: 777870F68<br>LEI: 549300OH100KESVPND17 | Long             | DBT              | MUN               | US        |    150000 | PA      | $151922.18    | 0.08%             | 2035-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VACAVILLE CA SPL TAX                        | City of Vacaville CA                                                            | CUSIP: 918581CE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $377121.80    | 0.20%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRACY CA CMNTY FACS DIST SPL T              | Tracy Community Facilities District/CA                                          | CUSIP: 892376QX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $257770.55    | 0.14%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST ENTERPRISE DEV A              | California Enterprise Development Authority                                     | CUSIP: 13067RFD0<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |    600000 | PA      | $659469.00    | 0.35%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PALM DESERT CA SPL TAX                      | City of Palm Desert CA                                                          | CUSIP: 696627ES3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $565487.52    | 0.30%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MAMMOTH LAKES CA COPS                       | Town of Mammoth Lakes CA                                                        | CUSIP: 561550DE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $540550.55    | 0.28%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SP              | California Municipal Finance Authority                                          | CUSIP: 13051AJJ8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    750000 | PA      | $770263.28    | 0.41%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH CH              | California Municipal Finance Authority                                          | CUSIP: 13048DCP1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    450000 | PA      | $448076.12    | 0.24%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A              | California Health Facilities Financing Authority                                | CUSIP: 13032UMN5<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $955942.30    | 0.50%             | 2044-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SP              | California Municipal Finance Authority                                          | CUSIP: 13051AGB8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    550000 | PA      | $584393.26    | 0.31%             | 2053-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FOLSOM RANCH CA FING AUTH SPL               | Folsom Ranch Financing Authority                                                | CUSIP: 344414BE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $360078.78    | 0.19%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                               | State of California                                                             | CUSIP: 13063EKV7<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1504409.16   | 0.79%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ESTRN CA MUNI WTR DIST CMNTY F              | Eastern Municipal Water District                                                | CUSIP: 27627M5Q6<br>LEI: 549300ZCFVRFDIRWK089 | Long             | DBT              | MUN               | US        |    400000 | PA      | $422899.32    | 0.22%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CNTY CA SPL TAX                   | County of San Diego CA                                                          | CUSIP: 79743ABL6<br>LEI: 254900MKIGRAYVDUZ926 | Long             | DBT              | MUN               | US        |     85000 | PA      | $86386.21     | 0.05%             | 2033-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ANAHEIM CA HSG & PUBLIC IMPT A              | Anaheim Housing & Public Improvements Authority                                 | CUSIP: 032556NJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 1.05%             | 2054-10-01      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST PUBLIC WKS BRD L              | California State Public Works Board                                             | CUSIP: 13068LUW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15016.30     | 0.01%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A              | California Health Facilities Financing Authority                                | CUSIP: 13032UK98<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1029543.90   | 0.54%             | 2048-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SO              | California Municipal Finance Authority                                          | CUSIP: 13048RAR8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999707.40    | 0.53%             | 2046-11-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| OXNARD CA SCH DIST                          | Oxnard School District                                                          | CUSIP: 692020Z45<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1091766.90   | 0.58%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SACRAMENTO CNTY CA ARPT SYS RE              | County of Sacramento CA Airport System Revenue                                  | CUSIP: 786107WW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $844067.38    | 0.44%             | 2041-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LONG BEACH CA CMNTY CLG DIST                | Long Beach Community College District                                           | CUSIP: 542411QX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1082325.10   | 0.57%             | 2048-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAMMOTH LAKES CA COPS                       | Town of Mammoth Lakes CA                                                        | CUSIP: 561550DD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    940000 | PA      | $1021730.93   | 0.54%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROSEVILLE CA SPL TAX                        | City of Roseville CA                                                            | CUSIP: 777870F50<br>LEI: 549300OH100KESVPND17 | Long             | DBT              | MUN               | US        |    170000 | PA      | $173197.38    | 0.09%             | 2034-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SP              | California Municipal Finance Authority                                          | CUSIP: 13051AJK5<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1271585.13   | 0.67%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BEAUMONT CA SPL TAX                         | City of Beaumont CA                                                             | CUSIP: 074433GV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101666.69    | 0.05%             | 2033-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF CALIFORNIA REVENUES                 | University of California                                                        | CUSIP: 91412GSH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.53%             | 2048-05-15      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| FONTANA CA SPL TAX                          | City of Fontana CA                                                              | CUSIP: 344630J58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $307247.97    | 0.16%             | 2048-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MODESTO CA ELEM SCH DIST STANI              | Modesto Elementary School District/Stanislaus County                            | CUSIP: 607735DZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $581313.28    | 0.31%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ATASCADERO CA FING AUTH LEASE               | Atascadero Financing Authority                                                  | CUSIP: 046542AV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $270259.48    | 0.14%             | 2045-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MENIFEE CA SPL TAX                          | City of Menifee CA                                                              | CUSIP: 58680WDJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $719015.92    | 0.38%             | 2048-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ESTRN CA MUNI WTR DIST CMNTY F              | Eastern Municipal Water District                                                | CUSIP: 27627M5N3<br>LEI: 549300ZCFVRFDIRWK089 | Long             | DBT              | MUN               | US        |    175000 | PA      | $190382.38    | 0.10%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A              | California Health Facilities Financing Authority                                | CUSIP: 13032U3U0<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    500000 | PA      | $547463.00    | 0.29%             | 2043-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CA CITY & CNTY D              | City & County of San Francisco CA Special Tax District No 2020-1                | CUSIP: 79771HAE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $439777.55    | 0.23%             | 2046-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FA              | California School Finance Authority                                             | CUSIP: 13059TJL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $472081.75    | 0.25%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE              | California Municipal Finance Authority                                          | CUSIP: 13048VZ84<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1345000 | PA      | $1420747.31   | 0.75%             | 2040-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ONTARIO CA SPL TX                           | City of Ontario CA                                                              | CUSIP: 68304NFW4<br>LEI: 254900FN91TH1F225693 | Long             | DBT              | MUN               | US        |    500000 | PA      | $527681.35    | 0.28%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOUNTAIN HOUSE CMNTY FACS DIST              | Mountain House Community Facilities District                                    | CUSIP: 62412KAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $521875.75    | 0.27%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CA UNIF SCH DIST                  | San Diego Unified School District/CA                                            | CUSIP: 797356FS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1647108.60   | 0.87%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CA UNIF SCH DIST SPL              | Riverside Unified School District                                               | CUSIP: 769069U37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $394284.75    | 0.21%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A              | City of Los Angeles Department of Airports                                      | CUSIP: 544445P94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $54844.67     | 0.03%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT WTRWKS AUTH WTR & WS              | Guam Government Waterworks Authority                                            | CUSIP: 40065FDF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $282145.42    | 0.15%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN LUIS OBISPO PUBLIC FING AU              | San Luis Obispo Public Financing Authority                                      | CUSIP: 798641CP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1078286.40   | 0.57%             | 2048-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A              | City of Los Angeles Department of Airports                                      | CUSIP: 544445R68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1221876.59   | 0.64%             | 2031-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF CALIFORNIA CA RGTS MED              | Regents of the University of California Medical Center Pooled Revenue           | CUSIP: 913366KA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    435000 | PA      | $435000.00    | 0.23%             | 2045-05-15      | Variable      | 3.05%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST STWD CMNTYS DEVA              | California Statewide Communities Development Authority                          | CUSIP: 13078RGH7<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    280000 | PA      | $282460.70    | 0.15%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT              | California Statewide Communities Development Authority                          | CUSIP: 13080SMF8<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    250000 | PA      | $252253.93    | 0.13%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN JOAQUIN VLY CLEAN ENERGY A              | San Joaquin Valley Clean Energy Authority                                       | CUSIP: 79811YAK4<br>LEI: 254900VA5DFN33OVGH87 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1157006.30   | 0.61%             | 2056-01-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A              | City of Los Angeles Department of Airports                                      | CUSIP: 544445SQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    605000 | PA      | $661374.02    | 0.35%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CNTY CA DEV AUTH M              | Los Angeles County Development Authority                                        | CUSIP: 54467WAH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $650765.57    | 0.34%             | 2046-12-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CA PUBLIC FACS FING               | San Diego Public Facilities Financing Authority                                 | CUSIP: 79730AKX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $530368.65    | 0.28%             | 2047-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLOVIS CA UNIF SCH DIST COPS                | Clovis Unified School District                                                  | CUSIP: 189344GM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $537231.50    | 0.28%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH MF              | California Municipal Finance Authority                                          | CUSIP: 130483JB7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500525.35    | 0.26%             | 2059-08-01      | Variable      | 3.15%                 | No            |                  2 | On Loan: No      |
| LAMMERSVILLE CA JT UNIF SCH DI              | Lammersville Joint Unified School District                                      | CUSIP: 513533EX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25505.31     | 0.01%             | 2034-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT              | California Statewide Communities Development Authority                          | CUSIP: 13080SSJ4<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500354.55    | 0.26%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BURBANK GLENDALE PASADENA CA A              | Burbank-Glendale-Pasadena Airport Authority Brick Campaign                      | CUSIP: 120827DY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1093304.40   | 0.58%             | 2040-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A              | California Community Choice Financing Authority                                 | CUSIP: 13013JBL9<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    925000 | PA      | $986184.59    | 0.52%             | 2053-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH CO              | California Municipal Finance Authority                                          | CUSIP: 130493CH0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    500000 | PA      | $550753.75    | 0.29%             | 2034-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH CH              | California Municipal Finance Authority                                          | CUSIP: 130486AH6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250151.53    | 0.13%             | 2034-07-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| SACRAMENTO CA SPL TAX                       | City of Sacramento CA                                                           | CUSIP: 786071LZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $204154.08    | 0.11%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE              | California Municipal Finance Authority                                          | CUSIP: 13048VG51<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1612974.30   | 0.85%             | 2042-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOUNTAIN HOUSE CMNTY FACS DIST              | Mountain House Community Facilities District                                    | CUSIP: 62412KAD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $810931.92    | 0.43%             | 2045-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CA SWR REVENUE                    | City of Riverside CA Sewer Revenue                                              | CUSIP: 769047KL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1723641.75   | 0.91%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH ST              | California Municipal Finance Authority                                          | CUSIP: 13049YAV3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    550000 | PA      | $564974.91    | 0.30%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A              | City of Los Angeles Department of Airports                                      | CUSIP: 5444456D6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1259360.21   | 0.66%             | 2042-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH MO              | California Municipal Finance Authority                                          | CUSIP: 13049SCP7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |     85000 | PA      | $82612.53     | 0.04%             | 2032-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FRESNO CA JT PWRS FING AUTH LE              | Fresno Joint Powers Financing Authority                                         | CUSIP: 358184SA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2156726.00   | 1.14%             | 2050-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TEMESCAL VLY CA WTR DIST SPL T              | Temescal Valley Water District                                                  | CUSIP: 87975CAM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $515648.15    | 0.27%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR              | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    263000 | PA      | $255331.84    | 0.13%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| OAKDALE CA JT UNIF SCH DIST                 | Oakdale Joint Unified School District/CA                                        | CUSIP: 672006EC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1490420.53   | 0.79%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAMMERSVILLE CA JT UNIF SCH DI              | Lammersville Joint Unified School District                                      | CUSIP: 513533EW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25595.02     | 0.01%             | 2033-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A              | California Community Choice Financing Authority                                 | CUSIP: 13013JDR4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1089812.50   | 0.57%             | 2054-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN CLEMENTE CA SPL TAX                     | City of San Clemente CA                                                         | CUSIP: 797214DH3<br>LEI: 254900UTAMSIX5XRDK86 | Long             | DBT              | MUN               | US        |   1355000 | PA      | $1530213.70   | 0.81%             | 2041-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HSG FIN AGY MUNI CT              | California Housing Finance Agency                                               | CUSIP: 13033DAA3<br>LEI: 549300BOPCVLBA552Z14 | Long             | ABS-MBS          | MUN               | US        |    405500 | PA      | $420485.60    | 0.22%             | 2035-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH MO              | California Municipal Finance Authority                                          | CUSIP: 13049SCJ1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    785000 | PA      | $814896.65    | 0.43%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STAMFORD CT HSG AUTH                        | Stamford Housing Authority                                                      | CUSIP: 852640AJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $504138.56    | 0.27%             | 2045-10-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| SANTA ANA CA PUBLIC FING AUTH               | Santa Ana Public Financing Authority                                            | CUSIP: 801144AU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1118290.70   | 0.59%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROWLAND CA UNIF SCH DIST                    | Rowland Unified School District                                                 | CUSIP: 779631LW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $762456.00    | 0.40%             | 2042-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHINO CA CMNTY FACS DIST SPL T              | Chino Community Facilities District                                             | CUSIP: 169511TE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $470381.63    | 0.25%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE &              | California Infrastructure & Economic Development Bank                           | CUSIP: 13034A5E6<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1506088.68   | 0.79%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ONTARIO CA CMNTY FACS DIST #40              | City of Ontario CA Community Facilities District No 40                          | CUSIP: 68305EAP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100870.58    | 0.05%             | 2034-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GARDEN GROVE CA PUBLIC FING AU              | Garden Grove Public Financing Authority                                         | CUSIP: 36527RBM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1082158.60   | 0.57%             | 2043-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE              | California Municipal Finance Authority                                          | CUSIP: 13048T4F7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    200000 | PA      | $204297.96    | 0.11%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OAKDALE CA JT UNIF SCH DIST                 | Oakdale Joint Unified School District/CA                                        | CUSIP: 672006EB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1092910.50   | 0.58%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MENIFEE CA SPL TAX                          | City of Menifee CA                                                              | CUSIP: 58680WDH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $624113.46    | 0.33%             | 2043-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH MO              | California Municipal Finance Authority                                          | CUSIP: 13049SGB4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1029496.40   | 0.54%             | 2049-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT              | California Statewide Communities Development Authority                          | CUSIP: 13080SYC2<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    385000 | PA      | $390648.18    | 0.21%             | 2037-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                          | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1088226.92   | 0.57%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CSCDA CMNTY IMPT AUTH CA ESSEN              | CSCDA Community Improvement Authority                                           | CUSIP: 126292AP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1633610.40   | 0.86%             | 2056-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH MO              | California Municipal Finance Authority                                          | CUSIP: 13049SEQ3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    295000 | PA      | $278392.06    | 0.15%             | 2041-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY              | San Francisco City & County Airport Comm-San Francisco International Airport    | CUSIP: 79766DMB2<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   3040000 | PA      | $3077147.58   | 1.62%             | 2049-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FONTANA CA SPL TAX                          | City of Fontana CA                                                              | CUSIP: 344630P51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1070571.70   | 0.56%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RANCHO CORDOVA CA CMNTY FACS D              | City of Rancho Cordova CA                                                       | CUSIP: 75211RLC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $228979.39    | 0.12%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN JOAQUIN HILLS CA TRANSPRTN              | San Joaquin Hills Transportation Corridor Agency                                | CUSIP: 798111DD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $158457.64    | 0.08%             | 2029-01-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A              | California Health Facilities Financing Authority                                | CUSIP: 13032UN46<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1131809.82   | 0.60%             | 2042-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST ENTERPRISE DEV A              | California Enterprise Development Authority                                     | CUSIP: 13069AAX6<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |    500000 | PA      | $524452.15    | 0.28%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN              | California Pollution Control Financing Authority                                | CUSIP: 130536RN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1498348.95   | 0.79%             | 2043-07-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A              | City of Los Angeles Department of Airports                                      | CUSIP: 544445S34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    690000 | PA      | $752888.88    | 0.40%             | 2036-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST ENTERPRISE DEV A              | California Enterprise Development Authority                                     | CUSIP: 13069BBB1<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |    650000 | PA      | $697934.64    | 0.37%             | 2039-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET WTR DIST OF STHRN CA WTRWK              | Metropolitan Water District of Southern California                              | CUSIP: 59266TWN7<br>LEI: 5493003GD0S0P56RLT45 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1074696.60   | 0.57%             | 2048-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KERN CA CMNTY CLG DIST                      | Kern Community College District                                                 | CUSIP: 492244GR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1129823.80   | 0.60%             | 2039-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GUAM PWR AUTH REVENUE                       | Guam Power Authority                                                            | CUSIP: 400653LC3<br>LEI: 549300IPOV320QCKW060 | Long             | DBT              | MUN               | US        |    210000 | PA      | $220952.07    | 0.12%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA PUBLIC FIN AUTH SEN              | California Public Finance Authority                                             | CUSIP: 13057GAD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $220014.70    | 0.12%             | 2056-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FONTANA CA PUBLIC FIN AUTH LEA              | Fontana Public Facilities Financing Authority                                   | CUSIP: 34461BCN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1591965.90   | 0.84%             | 2050-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKE ELSINORE CA UNIF SCH DIST              | Lake Elsinore Unified School District Community Facilities District             | CUSIP: 509640A99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $260622.55    | 0.14%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MORONGO BAND OF MISSION INDIAN              | Morongo Band of Mission Indians/The                                             | CUSIP: 61773RAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $202457.54    | 0.11%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROSEVILLE CA SPL TAX                        | City of Roseville CA                                                            | CUSIP: 7778706M3<br>LEI: 549300OH100KESVPND17 | Long             | DBT              | MUN               | US        |    930000 | PA      | $978687.27    | 0.52%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT              | California Statewide Communities Development Authority                          | CUSIP: 13080SRU0<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102258.91    | 0.05%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH CO              | California Municipal Finance Authority                                          | CUSIP: 130493CK3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    500000 | PA      | $543086.40    | 0.29%             | 2036-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST ENTERPRISE DEV A              | California Enterprise Development Authority                                     | CUSIP: 13069AAH1<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |    375000 | PA      | $357308.33    | 0.19%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SANTA BARBARA CA FIN AUTH LEAS              | Santa Barbara Finance Authority                                                 | CUSIP: 801260AQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2029683.40   | 1.07%             | 2042-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RIPON CA REDEV AGY SUCCESSOR A              | Ripon Redevelopment Agency Successor Agency                                     | CUSIP: 767491AG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $555178.10    | 0.29%             | 2031-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SANTA FE SPRINGS CA PUBLIC FIN              | Santa Fe Springs Public Financing Authority                                     | CUSIP: 80218FAQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1202550.47   | 0.63%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT              | California Statewide Communities Development Authority                          | CUSIP: 13080SKW3<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50325.99     | 0.03%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE              | California Municipal Finance Authority                                          | CUSIP: 13048VLB2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501731.25    | 0.26%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SANTA CLARA VLY CA WTR DIST SA              | Santa Clara Valley Water District Safe Clean Water Revenue                      | CUSIP: 80168EAT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $555279.20    | 0.29%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARINA CA REDEV AGY SUCCESSOR               | Marina Redevelopment Agency Successor Agency                                    | CUSIP: 568061AY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102486.67    | 0.05%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A              | California Health Facilities Financing Authority                                | CUSIP: 13032UU30<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    500000 | PA      | $544010.65    | 0.29%             | 2040-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CENTRL VLY CA ENERGY AUTH COMM              | Central Valley Energy Authority                                                 | CUSIP: 15569DAA0<br>LEI: 254900G5IPQ9MA3FRJ55 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2214001.20   | 1.17%             | 2055-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST ENTERPRISE DEV A              | California Enterprise Development Authority                                     | CUSIP: 13069AAY4<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |    750000 | PA      | $734946.75    | 0.39%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH MO              | California Municipal Finance Authority                                          | CUSIP: 13049SEP5<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    170000 | PA      | $166218.54    | 0.09%             | 2031-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST PUBLIC WKS BRD L              | California State Public Works Board                                             | CUSIP: 13068XED7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1148694.76   | 0.61%             | 2046-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SACRAMENTO CNTY CA ARPT SYS RE              | County of Sacramento CA Airport System Revenue                                  | CUSIP: 786107RW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1033893.70   | 0.54%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CA WTR REVENUE                    | City of Riverside CA Water Revenue                                              | CUSIP: 769076WC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $800640.23    | 0.42%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH ST              | California Municipal Finance Authority                                          | CUSIP: 13049YBH3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    500000 | PA      | $514188.75    | 0.27%             | 2039-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GOLDEN ST TOBACCO SECURITIZATI              | Golden State Tobacco Securitization Corp                                        | CUSIP: 38122NZR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $802020.98    | 0.42%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FA              | California School Finance Authority                                             | CUSIP: 13059TFQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $107575.80    | 0.06%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FONTANA CA SPL TAX                          | City of Fontana CA                                                              | CUSIP: 344630SK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $159990.47    | 0.08%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST UNIV REVENUE                  | California State University                                                     | CUSIP: 13077DWA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1113365.20   | 0.59%             | 2043-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AZUSA CA SPL TAX                            | City of Azusa CA                                                                | CUSIP: 055032FF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1228958.76   | 0.65%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH EDU              | California School Finance Authority                                             | CUSIP: 130591BN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $606292.38    | 0.32%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH MF              | California Municipal Finance Authority                                          | CUSIP: 130483GQ7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2027702.60   | 1.07%             | 2042-12-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| LONG BEACH CA MARINA REVENUE                | City of Long Beach CA Marina System Revenue                                     | CUSIP: 542426DS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $545862.25    | 0.29%             | 2041-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SANTA CLARA VLY CA WTR DIST SA              | Santa Clara Valley Water District Safe Clean Water Revenue                      | CUSIP: 80168EAU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $550943.75    | 0.29%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY              | San Francisco City & County Airport Comm-San Francisco International Airport    | CUSIP: 79766DTB5<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    140000 | PA      | $148777.80    | 0.08%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PITTSBURG CA UNIF SCH DIST                  | Pittsburg Unified School District                                               | CUSIP: 724581SP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    925000 | PA      | $794171.52    | 0.42%             | 2040-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| RIVER ISLANDS CA PUBLIC FING A              | River Islands Public Financing Authority                                        | CUSIP: 76827QEM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $508391.80    | 0.27%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BAY AREA CA TOLL AUTH TOLL BRI              | Bay Area Toll Authority                                                         | CUSIP: 072024A93<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1072801.50   | 0.57%             | 2044-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ATASCADERO CA FING AUTH LEASE               | Atascadero Financing Authority                                                  | CUSIP: 046542AU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $271586.78    | 0.14%             | 2044-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RANCHO CORDOVA CA CMNTY FACS D              | City of Rancho Cordova CA                                                       | CUSIP: 75211RLB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $218713.34    | 0.12%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR              | California School Finance Authority                                             | CUSIP: 13058TRR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $601802.16    | 0.32%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A              | California Community Choice Financing Authority                                 | CUSIP: 13013JCM6<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1072919.50   | 0.57%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A              | California Health Facilities Financing Authority                                | CUSIP: 13032UU48<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    500000 | PA      | $538902.20    | 0.28%             | 2041-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| IRVINE CA UNIF SCH DIST SPL TA              | Irvine Unified School District                                                  | CUSIP: 463612KM2<br>LEI: 549300BNIP4XNVC0X742 | Long             | DBT              | MUN               | US        |    150000 | PA      | $155298.15    | 0.08%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH MO              | California Municipal Finance Authority                                          | CUSIP: 13049SER1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    435000 | PA      | $372794.04    | 0.20%             | 2051-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A              | California Health Facilities Financing Authority                                | CUSIP: 13032UU55<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    500000 | PA      | $533956.75    | 0.28%             | 2042-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH ST              | California Municipal Finance Authority                                          | CUSIP: 13049YBJ9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    350000 | PA      | $358133.51    | 0.19%             | 2040-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A              | California Community Choice Financing Authority                                 | CUSIP: 13013JAX4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20305.99     | 0.01%             | 2052-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH CH              | California Municipal Finance Authority                                          | CUSIP: 130486AM5<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250103.95    | 0.13%             | 2034-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| KING CITY CA UNION SCH DIST                 | King City Union School District                                                 | CUSIP: 494710CK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    485000 | PA      | $436564.36    | 0.23%             | 2029-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT              | California Statewide Communities Development Authority                          | CUSIP: 13080SVJ0<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    300000 | PA      | $309870.99    | 0.16%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLOVIS CA UNIF SCH DIST COPS                | Clovis Unified School District                                                  | CUSIP: 189344GK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    815000 | PA      | $892232.25    | 0.47%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY & CNTY CA R              | San Francisco City & County Redevelopment Agency Successor Agency               | CUSIP: 79772ADL8<br>LEI: 5493001TPOZL3UK8DX25 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1416717.75   | 0.75%             | 2040-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SO              | California Municipal Finance Authority                                          | CUSIP: 13048RAJ6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999214.60    | 0.53%             | 2041-07-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| MENIFEE CA UNION SCH DIST SPL               | Menifee Union School District                                                   | CUSIP: 586810Q30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $255144.15    | 0.13%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE              | California Municipal Finance Authority                                          | CUSIP: 13048VL30<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1068035.80   | 0.56%             | 2043-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A              | California Community Choice Financing Authority                                 | CUSIP: 13013JEP7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    585000 | PA      | $634470.99    | 0.33%             | 2055-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT              | California Statewide Communities Development Authority                          | CUSIP: 13080ST53<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1088902.00   | 0.57%             | 2044-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MILITARY INSTALLATION DEV AUTH              | Military Installation Development Authority                                     | CUSIP: 599772AF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $412362.40    | 0.22%             | 2052-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAMMERSVILLE CA JT UNIF SCH DI              | Lammersville Joint Unified School District                                      | CUSIP: 513533EZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $195699.44    | 0.10%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LONG BEACH CA BOND FIN AUTH NA              | Long Beach Bond Finance Authority                                               | CUSIP: 54241AAY9<br>LEI: 549300BKBZ5U7OZH3S21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1144894.70   | 0.60%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SP              | California Municipal Finance Authority                                          | CUSIP: 13050RAA0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1567238.33   | 0.83%             | 2029-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A              | California Health Facilities Financing Authority                                | CUSIP: 13032U3V8<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    500000 | PA      | $543378.40    | 0.29%             | 2044-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT JAMES PARISH LA REVENUE               | Parish of St James LA                                                           | CUSIP: 790103AU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $824946.68    | 0.43%             | 2038-06-01      | Variable      | 6.10%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FA              | California School Finance Authority                                             | CUSIP: 13059TDH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $311224.84    | 0.16%             | 2026-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| IMPERIAL CA CMNTY CLG DIST                  | Imperial Community College District                                             | CUSIP: 452641LM3<br>LEI: 549300VO268A8SG7J029 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1069985.20   | 0.56%             | 2053-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT BUSINESS PRIVILEGE T              | Territory of Guam                                                               | CUSIP: 40065NDE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $550511.95    | 0.29%             | 2038-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR              | California School Finance Authority                                             | CUSIP: 13058TPZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $742115.08    | 0.39%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CA CITY & CNTY P              | City of San Francisco CA Public Utilities Commission Water Revenue              | CUSIP: 79771FCU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1086082.60   | 0.57%             | 2048-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                               | State of California                                                             | CUSIP: 13063ELD6<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |    770000 | PA      | $817875.60    | 0.43%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LONG BEACH CA MARINA REVENUE                | City of Long Beach CA Marina System Revenue                                     | CUSIP: 542426DR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1114162.31   | 0.59%             | 2040-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR              | California School Finance Authority                                             | CUSIP: 13058TUD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $268297.15    | 0.14%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SC              | California Municipal Finance Authority                                          | CUSIP: 13051BAC0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    435000 | PA      | $438116.17    | 0.23%             | 2054-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CNTY CA REGL ARPT AU              | San Diego County Regional Airport Authority                                     | CUSIP: 79739GNL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1094961.10   | 0.58%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE              | California Municipal Finance Authority                                          | CUSIP: 13048VS41<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    600000 | PA      | $666133.50    | 0.35%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR              | California School Finance Authority                                             | CUSIP: 13058TUE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023422.80   | 0.54%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEMECULA VLY CA UNIF SCH DISTC              | Temecula Valley Unified School District Community Facilities District           | CUSIP: 87970HMF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $155188.92    | 0.08%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| S WSTRN CA CMNTY CLG DIST                   | Southwestern Community College District                                         | CUSIP: 845389QN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1105833.50   | 0.58%             | 2046-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE              | California Municipal Finance Authority                                          | CUSIP: 13048V3E6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037846.80   | 0.55%             | 2040-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE              | California Municipal Finance Authority                                          | CUSIP: 13048VKU1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    380000 | PA      | $381789.12    | 0.20%             | 2034-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT              | California Statewide Communities Development Authority                          | CUSIP: 13080SRW6<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50408.83     | 0.03%             | 2032-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SP              | California Municipal Finance Authority                                          | CUSIP: 13051AJH2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    400000 | PA      | $417649.96    | 0.22%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SANTA MARGARITA CA WTR DIST SP              | Santa Margarita Water District                                                  | CUSIP: 802242GY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1187419.75   | 0.63%             | 2043-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A              | California Health Facilities Financing Authority                                | CUSIP: 13032US58<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2114411.80   | 1.11%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BURBANK GLENDALE PASADENA CA A              | Burbank-Glendale-Pasadena Airport Authority Brick Campaign                      | CUSIP: 120827ED8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $654748.31    | 0.34%             | 2049-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO INDL TOURIST EDUCT              | Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth | CUSIP: 74528LAC5<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1130435.10   | 0.60%             | 2045-01-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ONTARIO CA CMNTY FACS DIST #40              | City of Ontario CA Community Facilities District No 40                          | CUSIP: 68305EAU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $262013.29    | 0.14%             | 2039-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CNTY CA TRANSPRTN CO              | Riverside County Transportation Commission                                      | CUSIP: 76912DAY4<br>LEI: 5493003G0IESJS57M350 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $979332.20    | 0.52%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SANTA ROSA CA HIGH SCH DIST                 | Santa Rosa High School District                                                 | CUSIP: 802615S21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1081763.10   | 0.57%             | 2045-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM PWR AUTH REVENUE                       | Guam Power Authority                                                            | CUSIP: 400653LD1<br>LEI: 549300IPOV320QCKW060 | Long             | DBT              | MUN               | US        |    325000 | PA      | $339646.78    | 0.18%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EAST BAY CA MUNI UTILITY DIST               | East Bay Municipal Utility District Water System Revenue                        | CUSIP: 271014V66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1127489.90   | 0.59%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT              | California Statewide Communities Development Authority                          | CUSIP: 13080SSH8<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    250000 | PA      | $254997.00    | 0.13%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BURBANK CA WTR & PWR ELEC REVE              | City of Burbank CA Electric Revenue                                             | CUSIP: 12082TCJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1326855.63   | 0.70%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IRVINE CA SPL TAX                           | City of Irvine CA                                                               | CUSIP: 46360THP1<br>LEI: 549300PJ9FL2XGFR8J79 | Long             | DBT              | MUN               | US        |    775000 | PA      | $837337.75    | 0.44%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE              | California Municipal Finance Authority                                          | CUSIP: 13048VU97<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    675000 | PA      | $722527.76    | 0.38%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST STWD CMNTYS DEV               | California Statewide Communities Development Authority                          | CUSIP: 13077EQY9<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1029210.10   | 0.54%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VAL VERDE CA UNIF SCH DIST SPL              | Val Verde Unified School District                                               | CUSIP: 91882PGQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $517291.50    | 0.27%             | 2043-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BURBANK GLENDALE PASADENA CA A              | Burbank-Glendale-Pasadena Airport Authority Brick Campaign                      | CUSIP: 120827EC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $792528.60    | 0.42%             | 2044-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SP              | California Municipal Finance Authority                                          | CUSIP: 13051AGA0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    600000 | PA      | $634436.46    | 0.33%             | 2043-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SO              | California Municipal Finance Authority                                          | CUSIP: 13048RAN7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1997849.40   | 1.05%             | 2041-11-01      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY & CNTY CA                | City & County of San Francisco CA                                               | CUSIP: 7976467Q3<br>LEI: 549300RA28ZEFOB6M782 | Long             | DBT              | MUN               | US        |    935000 | PA      | $891935.02    | 0.47%             | 2029-06-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MARINA CA REDEV AGY SUCCESSOR               | Marina Redevelopment Agency Successor Agency                                    | CUSIP: 568061BA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $257688.95    | 0.14%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FONTANA CA SPL TAX                          | City of Fontana CA                                                              | CUSIP: 344630M70<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1284686.04   | 0.68%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY & CNTY CA R              | San Francisco City & County Redevelopment Agency Successor Agency               | CUSIP: 79770GJZ0<br>LEI: 5493001TPOZL3UK8DX25 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1426560.12   | 0.75%             | 2048-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FA              | California School Finance Authority                                             | CUSIP: 13059THL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $558293.26    | 0.29%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RHODINE ROAD NORTH CDD FL SPL               | Rhodine Road North Community Development District                               | CUSIP: 762402AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $213045.27    | 0.11%             | 2030-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A              | California Health Facilities Financing Authority                                | CUSIP: 13032UK64<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    520000 | PA      | $575130.56    | 0.30%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CORONA CA CMNTY FACS DIST SPL               | Corona Community Facilities District                                            | CUSIP: 219680HC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $537592.60    | 0.28%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FA              | California School Finance Authority                                             | CUSIP: 13059TGN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $659595.37    | 0.35%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ONTARIO CA CMNTY FACS DIST #40              | City of Ontario CA Community Facilities District No 40                          | CUSIP: 68305EAQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65203.42     | 0.03%             | 2035-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ROSEVILLE CA SPL TAX                        | City of Roseville CA                                                            | CUSIP: 777870F43<br>LEI: 549300OH100KESVPND17 | Long             | DBT              | MUN               | US        |    160000 | PA      | $166692.66    | 0.09%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FA              | California School Finance Authority                                             | CUSIP: 13059TJP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $177772.79    | 0.09%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FA              | California School Finance Authority                                             | CUSIP: 13059TGJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001693.30   | 0.53%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROMOLAND CA SCH DIST SPL TAX                | Romoland School District                                                        | CUSIP: 776192VM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $416075.64    | 0.22%             | 2043-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MODESTO CA HIGH SCH DIST STANI              | Modesto High School District                                                    | CUSIP: 607743LX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $841867.50    | 0.44%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE              | California Municipal Finance Authority                                          | CUSIP: 13048VKW7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    800000 | PA      | $802009.76    | 0.42%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                               | State of California                                                             | CUSIP: 13063D3H9<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5049.13      | 0.00%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ELK GROVE CA FIN AUTH SPL TAX               | Elk Grove Finance Authority                                                     | CUSIP: 287254GS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1271040.13   | 0.67%             | 2050-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA UNIF SCH DIST                | Los Angeles Unified School District/CA                                          | CUSIP: 544647FG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041909.10   | 0.55%             | 2042-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SC              | California Municipal Finance Authority                                          | CUSIP: 13051BAE6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1063879.13   | 0.56%             | 2030-05-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| SANTA CLARA CA WSTWTR REV COPS              | City of Santa Clara CA Sewer Revenue                                            | CUSIP: 801517AT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1590000 | PA      | $1683651.95   | 0.89%             | 2041-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ONTARIO PUB FING AUTH LEASE RE              | Ontario Public Financing Authority                                              | CUSIP: 68304RED8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $902509.84    | 0.48%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A              | California Health Facilities Financing Authority                                | CUSIP: 13032US74<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1066026.40   | 0.56%             | 2049-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST ENTERPRISE DEV A              | California Enterprise Development Authority                                     | CUSIP: 13067VBR4<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2681925.00   | 1.41%             | 2049-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST STWD CMNTYS DEV               | California Statewide Communities Development Authority                          | CUSIP: 130795VL8<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    375000 | PA      | $375000.00    | 0.20%             | 2047-08-15      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| BAY AREA CA TOLL AUTH TOLL BRI              | Bay Area Toll Authority                                                         | CUSIP: 072024C59<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1400000.00   | 0.74%             | 2059-04-01      | Variable      | 3.05%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE              | California Municipal Finance Authority                                          | CUSIP: 13048V4K1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041793.40   | 0.55%             | 2045-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FA              | California School Finance Authority                                             | CUSIP: 13059TJQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $186959.59    | 0.10%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROSEVILLE CA SPL TAX                        | City of Roseville CA                                                            | CUSIP: 777870F35<br>LEI: 549300OH100KESVPND17 | Long             | DBT              | MUN               | US        |    185000 | PA      | $192925.31    | 0.10%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MENIFEE CA UNION SCH DIST                   | Menifee Union School District                                                   | CUSIP: 586807JR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1328569.35   | 0.70%             | 2040-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SACRAMENTO CNTY CA ARPT SYS RE              | County of Sacramento CA Airport System Revenue                                  | CUSIP: 786107WN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1262679.38   | 0.67%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FA              | California School Finance Authority                                             | CUSIP: 13059THM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $456960.06    | 0.24%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MAMMOTH LAKES CA COPS                       | Town of Mammoth Lakes CA                                                        | CUSIP: 561550DB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $498387.02    | 0.26%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST EDUCTNL FACS AUT              | California Educational Facilities Authority                                     | CUSIP: 130179TY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $490670.24    | 0.26%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MODESTO CA HIGH SCH DIST STANI              | Modesto High School District                                                    | CUSIP: 607743LW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $793344.23    | 0.42%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIO CA ELEC FING AUTH ELEC R              | Indio Electric Financing Authority                                              | CUSIP: 455701AR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $643289.53    | 0.34%             | 2041-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT BUSINESS PRIVILEGE T              | Territory of Guam                                                               | CUSIP: 40065NCX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $541066.10    | 0.29%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT WTRWKS AUTH WTR & WS              | Guam Government Waterworks Authority                                            | CUSIP: 40065FFE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1067277.70   | 0.56%             | 2042-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN              | California Pollution Control Financing Authority                                | CUSIP: 13054WBB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1621874.10   | 0.85%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MODESTO CA HIGH SCH DIST STANI              | Modesto High School District                                                    | CUSIP: 607743LV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $572744.75    | 0.30%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FONTANA CA SPL TAX                          | City of Fontana CA                                                              | CUSIP: 344630SV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504908.95    | 0.27%             | 2046-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-22

**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