First Trust Managed Municipal ETF (FMB)

Annual Report

October 31, 2023

Shareholder Letter	1
Fund Performance Overview	2
Portfolio Commentary	5
Understanding Your Fund Expenses	8
Portfolio of Investments	9
Statement of Assets and Liabilities	47
Statement of Operations	48
Statements of Changes in Net Assets	49
Financial Highlights	50
Notes to Financial Statements	51
Report of Independent Registered Public Accounting Firm	58
Additional Information	59
Board of Trustees and Officers	65
Privacy Policy	67

Caution Regarding Forward-Looking Statements

This report contains certain forward-looking statements within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding the goals, beliefs, plans or current expectations of First Trust Advisors L.P. (“First Trust” or the “Advisor”) and its representatives, taking into account the information currently available to them. Forward-looking statements include all statements that do not relate solely to current or historical fact. For example, forward-looking statements include the use of words such as “anticipate,” “estimate,” “intend,” “expect,” “believe,” “plan,” “may,” “should,” “would” or other words that convey uncertainty of future events or outcomes.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the series of First Trust Exchange-Traded Fund III (the “Trust”) described in this report (First Trust Managed Municipal ETF; hereinafter referred to as the “Fund”) to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. When evaluating the information included in this report, you are cautioned not to place undue reliance on these forward-looking statements, which reflect the judgment of the Advisor and its representatives only as of the date hereof. We undertake no obligation to publicly revise or update these forward-looking statements to reflect events and circumstances that arise after the date hereof.

Performance and Risk Disclosure

There is no assurance that the Fund will achieve its investment objectives. The Fund is subject to market risk, which is the possibility that the market values of securities owned by the Fund will decline and that the value of the Fund’s shares may therefore be less than what you paid for them. Accordingly, you can lose money by investing in the Fund. See “Risk Considerations” in the Additional Information section of this report for a discussion of certain other risks of investing in the Fund.

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent month-end performance figures, please visit www.ftportfolios.com or speak with your financial advisor. Investment returns, net asset value and share price will fluctuate and Fund shares, when sold, may be worth more or less than their original cost.

The Advisor may also periodically provide additional information on Fund performance on the Fund’s web page at www.ftportfolios.com.

How to Read This Report

This report contains information that may help you evaluate your investment in the Fund. It includes details about the Fund and presents data and analysis that provide insight into the Fund’s performance and investment approach.

By reading the portfolio commentary by the portfolio management team of the Fund, you may obtain an understanding of how the market environment affected the Fund’s performance. The statistical information that follows may help you understand the Fund’s performance compared to that of a relevant market benchmark.

It is important to keep in mind that the opinions expressed by personnel of the Advisor are just that: informed opinions. They should not be considered to be promises or advice. The opinions, like the statistics, cover the period through the date on the cover of this report. The material risks of investing in the Fund are spelled out in the prospectus, the statement of additional information, and other Fund regulatory filings.

First Trust Managed Municipal ETF (FMB)

Annual Letter from the Chairman and CEO

October 31, 2023

Dear Shareholders,

First Trust is pleased to provide you with the annual report for the First Trust Managed Municipal ETF (the “Fund”), which contains detailed information about the Fund for the twelve months ended October 31, 2023.

The Bureau of Economic Analysis recently announced that U.S. real gross domestic product (“GDP”) grew by a staggering 4.9% in the third quarter of 2023 and is now up 2.9% on a year-over-year basis from where it stood in the third quarter of 2022. The most recent quarter’s GDP data represents the fastest growth rate for any quarter since 2014. Consumer spending, which rose by 4.0% over the period, was responsible for 2.7 percentage points of the total increase in GDP. Whether the consumer can keep up this pace of spending remains to be seen, especially given recent news that excess savings from the pandemic-era stimulus have likely been depleted. From a global perspective, the International Monetary Fund (“IMF”) notes that progress in fighting inflation has led to lower economic growth. In their October 2023 publication of the World Economic Outlook, the IMF projected that the growth in world economic output is expected to slow from 3.5% in 2022 to 2.9% in 2024. The economic growth in advanced economies is projected to plummet from 2.6% in 2022 to 1.4% in 2024.

In the notes to their September 2023 meeting, the Federal Open Market Committee revealed that they may need to keep interest rates “higher for longer” as they continue to battle stubbornly high inflation. As many investors are likely aware, a higher Federal Funds target rate can have deep implications for consumers, such as driving up the cost of borrowing for homes, automobiles, and other large purchases. The American consumer has yet to feel the full weight of those burdens, in my opinion. That said, the data reveals a different story among corporate America. S&P Global Market Intelligence reported that a total of 516 U.S. corporations filed for bankruptcy protection on a year-to-date basis through September 30, 2023, up from a total of 263 corporate bankruptcy filings over the same period last year. Higher interest rates and Treasury bond yields have also sapped demand for commercial property loans. Data from Trepp, LLC, a leading provider of data and analytics to the commercial real estate and banking markets, revealed that just $28.2 billion of loans converted into commercial mortgage-backed securities have been issued in 2023, the lowest figure since 2011.

The financial markets battled a myriad of headwinds over the past year, from geopolitical uncertainty resulting from war (the conflicts between Israel and Hamas and Russia and Ukraine), to slowing global economic growth and sticky inflation. Brian Wesbury, Chief Economist at First Trust, notes that a U.S. economic recession is likely to begin at some point early next year. While calls for a recession may concern some investors, the following may offer solace. Data from Bloomberg reveals that the S&P 500^® Index has posted positive total returns over the 3-year period following every recession since 1948.

Thank you for giving First Trust the opportunity to play a role in your financial future. We value our relationship with you and will report on the Fund again in six months.

Sincerely,

James A. Bowen

Chairman of the Board of Trustees

Chief Executive Officer of First Trust Advisors L.P.

Page 1

First Trust Managed Municipal ETF (FMB)

The First Trust Managed Municipal ETF’s (the “Fund”) primary investment objective is to generate current income that is exempt from regular federal income taxes and its secondary objective is long term capital appreciation. The Fund lists and principally trades its shares on Nasdaq, Inc. under the ticker symbol “FMB.” Under normal market conditions, the Fund seeks to achieve its investment objectives by investing at least 80% of its net assets (including investment borrowings) in municipal debt securities that pay interest that is exempt from regular federal income taxes.

Performance
		Average Annual Total Returns			Cumulative Total Returns
	1 Year Ended 10/31/23	5 Years Ended 10/31/23	Inception (5/13/14) to 10/31/23		5 Years Ended 10/31/23	Inception (5/13/14) to 10/31/23
Fund Performance
NAV	2.73%	1.01%	2.22%		5.13%	23.08%
Market Price	2.62%	0.94%	2.19%		4.80%	22.81%
Index Performance
Bloomberg Revenue 10 Year (8-12) Index	3.03%	1.49%	2.07%		7.70%	21.41%

Total returns for the period since inception are calculated from the inception date of the Fund. “Average Annual Total Returns” represent the average annual change in value of an investment over the periods indicated. “Cumulative Total Returns” represent the total change in value of an investment over the periods indicated. The total returns would have been lower if certain fees had not been waived by the Advisor.

The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is computed by dividing the value of all assets of the Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of outstanding shares. The price used to calculate market return (“Market Price”) is determined by using the midpoint of the national best bid and offer price (“NBBO”) as of the time that the Fund’s NAV is calculated. Under SEC rules, the NBBO consists of the highest displayed buy and lowest sell prices among the various exchanges trading the Fund at the time the Fund’s NAV is calculated.  Prior to January 1, 2019, the price used was the midpoint between the highest bid and the lowest offer on the stock exchange on which shares of the Fund were listed for trading as of the time that the Fund’s NAV was calculated. Since shares of the Fund did not trade in the secondary market until after its inception, for the period from inception to the first day of secondary market trading in shares of the Fund, the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that all distributions have been reinvested in the Fund at NAV and Market Price, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. The total returns presented reflect the reinvestment of dividends on securities in the index. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. The investment return and principal value of shares of the Fund will vary with changes in market conditions. Shares of the Fund may be worth more or less than their original cost when they are redeemed or sold in the market. The Fund’s past performance is no guarantee of future performance.

Page 2

First Trust Managed Municipal ETF (FMB) (Continued)

Sector Allocation	% of Total Investments (including cash)
Hospital	11.0%
Government Obligation Bond - Unlimited Tax	9.4
Insured	9.0
Airport	8.4
Gas	6.8
Dedicated Tax	6.5
Utility	5.8
Industrial Development Bond	5.1
Certificates of Participation	4.8
Continuing Care Retirement Communities	4.0
Education	4.0
Special Assessment	3.6
Government Obligation Bond - Limited Tax	3.3
Water & Sewer	3.2
Higher Education	3.2
Toll Road	2.6
Pre-refunded/Escrowed-to-maturity	2.4
Tobacco	1.7
Mass Transit	1.1
Housing	1.0
Tax Increment	0.6
Local Housing	0.5
Student Housing	0.5
Hotel	0.3
Port	0.1
Pool	0.1
Other Health	0.1
Stadium	0.0*
Cash	0.9
Total	100.0%

    

*	Amount is less than 0.1%.

    

Credit Quality(1)	% of Total Investments (including cash)
AAA	7.9%
AA	35.3
A	31.4
BBB	11.0
BB	2.7
B	0.7
Not Rated	9.8
Short Rated Only	0.3
Cash	0.9
Total	100.0%

    

Fund Allocation	% of Net Assets
Municipal Bonds	98.3%
Net Other Assets and Liabilities**	1.7
Total	100.0%

    

**	Includes variation margin on futures contracts.

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Page 3

First Trust Managed Municipal ETF (FMB) (Continued)

Frequency Distribution of Discounts and Premiums

Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter), is available at https://www.ftportfolios.com/Retail/etf/home.aspx.

Page 4

Portfolio Commentary

First Trust Managed Municipal ETF (FMB)

Annual Report

October 31, 2023 (Unaudited)

Advisor

First Trust Advisors L.P. (“First Trust” or the “Advisor”) serves as the investment advisor to the First Trust Managed Municipal ETF (the “Fund”). First Trust is responsible for the ongoing monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain administrative services necessary for the management of the Fund.

Portfolio Management Team

Johnathan N. Wilhelm, Senior Vice President, Senior Portfolio Manager

Tom Byron, Senior Vice President, Senior Portfolio Manager

The portfolio managers are primarily and jointly responsible for the day-to-day management of the Fund. Johnathan N. Wilhelm has served as portfolio manager since 2014 and Tom Byron has served as portfolio manager since 2022. 

Commentary

The Fund is an actively managed exchange-traded fund (“ETF”). The Fund’s primary investment objective is to generate current income that is exempt from regular federal income taxes and its secondary objective is long-term capital appreciation. Under normal market conditions, the Fund seeks to achieve its investment objectives by investing at least 80% of its net assets (including investment borrowings) in municipal debt securities that pay interest that is exempt from regular federal income taxes. The Fund invests at least 65% of its net assets in securities that are investment grade rated at the time of purchase or that are unrated but deemed by the Fund’s advisor to be of comparable quality. This commentary discusses the market performance and the Fund’s performance for the 12-month period ended October 31, 2023.

Market Recap

For the 12-month period ended October 31, 2023, municipal bonds generated a total return of 2.64% as measured by the Bloomberg Municipal Bond Index. During the same period, the Bloomberg Revenue 10 Year (8-12 years) Index and Bloomberg High Yield 10-Year (8-12 years) Index produced returns of 3.03% and 4.97%, respectively. By comparison, the Bloomberg U.S. Treasury Index generated a -0.63% return during the period. The following have been major factors in explaining the municipal bond market’s performance for the period:

•	U.S. Treasury Rate Trends: Over the 12-month period ended October 31, 2023, U.S. Treasury rates increased all along the yield curve. During the same period, 10-Year and 30-Year U.S. Treasury yields increased by approximately 88 basis points (“bps”) and 94 bps, respectively, to 4.93% and 5.10%. As a reminder, the price of a bond moves inversely to a given change in yield, so higher yields resulted in lower U.S. Treasury bond prices.
•	Industry Fund Inflows/Outflows: Industry-wide mutual fund and ETF outflows resulted in funds selling municipal bonds to meet redemptions which put pressure on municipal bond prices. According to data provided by the Investment Company Institute, for the 12-month period ended October 31, 2023, municipal fund outflows totaled approximately $38.4 billion.
•	Primary Market Supply: New issue municipal bond supply has been lower year-to-date compared to figures from a year ago. Through October 31, 2023, year-to-date issuance was approximately $313.7 billion, down approximately 8.9% year-over-year.
•	Credits Spreads and Trends: According to data from Bloomberg, municipal credit spreads tightened year-to-date. From December 30, 2022 through October 31, 2023, municipal bonds rated AA, A, and BBB credit spreads decreased approximately 7 bps, 14 bps, and 27 bps, respectively.
•	Changes in Municipal Bond Yields: Looking at the AAA municipal yield curve as prepared by Refinitiv Lipper, during the 12-month period October 31, 2023, 10-Year and 30-Year municipal yields increased by approximately 22 bps and 45 bps, respectively, to 3.61% and 4.57%.

Fund Performance

The Fund’s net asset value (“NAV”) and market performance for the 12-month period ended October 31, 2023, was 2.73% and 2.62%, respectively, versus the Bloomberg Revenue 10 Year (8-12) Index (the “Benchmark”) return of 3.03% during the same period. As of October 31, 2023, the Fund’s market price of $48.08 represented a discount of 0.25% to its NAV of $48.20. The market value of the Fund’s shares fluctuates from time to time and may be higher or lower than the Fund’s NAV. The Fund’s use of Treasury futures was a

Page 5

Portfolio Commentary (Continued)

First Trust Managed Municipal ETF (FMB)

Annual Report

October 31, 2023 (Unaudited)

positive contributor to the Fund’s performance for the 12-month period ended October 31, 2023.  Key factors impacting the Fund’s performance over the period were:

•	Years to Maturity: During the 12-month period ended October 31, 2023, portfolio yield curve positions were significant reasons the Fund underperformed relative to the Benchmark. In terms of the Fund’s allocation in years to a bond’s final maturity date, the Fund’s allocation to bonds with a stated maturity date of 0-2 years, 10-12 years and cash were the primary negative contributors to the Fund’s underperformance relative to the Benchmark. The Fund’s allocation to bonds in 14-16 years to maturity was the primary positive contributor to the Fund’s performance relative to the Benchmark. In addition, the Fund’s allocation to bonds in 6-8 years to maturity and 8-10 years to maturity were secondary contributors to the Fund’s performance.
•	Effective Duration: Focusing on the Fund’s effective duration allocations, the Fund’s selection of bonds with an effective duration of 10+ years and 0-1 years were the largest single contributors to the Fund’s underperformance relative to the Benchmark. The Fund’s selection and allocation of bonds with an effective duration 7-10 years, 3-5 years and 5-7 years were the largest positive contributors to the Fund’s performance relative to the Benchmark.
•	Credit Rating: Regarding the Fund’s credit rating allocation relative to the Benchmark, the Fund’s selection of non-rated high yield bonds was the largest single contributor to the Fund’s underperformance. The Fund’s selection of bonds in the AA and A credit rating categories were positive contributors to the Fund’s performance.
•	Sector/Industry: In terms of the Fund’s allocation to municipal bonds sectors, the Fund’s selection of bonds in the Heath Care sector was the largest detractor to the Fund’s performance relative to the Benchmark. The Fund’s allocation and selection of bonds in the Industrial Development and Special Tax sector were positive contributors to the Fund’s performance relative to the Benchmark.
•	Distribution Rate: The distribution paid on October 31, 2023, of $0.1275, represented a tax-exempt annualized distribution rate of 3.18% based on the Fund’s closing market price of $48.08 on October 31, 2023. During the 12-month period ended October 31, 2023, the Fund’s distribution rate increased four times before declining in May. The Fund’s distribution rate is not constant and is subject to change over time based on the performance of the Fund and general market conditions.

Market Outlook

According to the Federal Reserve’s (the “Fed”) “Dot Plot,” the Federal Funds target rate is expected to reach approximately 5.625% by December 31, 2023. We expect the Fed to raise interest rates one final time by 25 bps at its December 13, 2023 meeting. We then expect the Fed to hold the Federal Funds target rate steady until mid-2024 and then begin gradually cutting this benchmark rate. During the final months of 2023, we expect longer U.S. Treasury rates to become range-bound. For example, regarding the 10-Year U.S. Treasury yield, we forecast that 10-Year bonds will trade within a range of 4.37%-4.87% and would not be surprised if the yield curve inverts more significantly whereby 2-Year yields are significantly higher than 10-Year yields. During the first half of 2024, given that we forecast that U.S. gross domestic product will grow very slowly or turn negative, we would expect the 10-Year U.S. Treasury yield to gradually decline to a range of 3.75%-4.25%, in our view.

Due to our belief that the Fed will only have one more 25 bps interest rate increase before hitting the Federal Funds terminal rate of 5.50%-5.75%, we expect municipal bond price trends to become more dependent on new issue supply and municipal mutual fund/ETF fund flows, rather than U.S. Treasury price and Fed moves. Since the municipal market has experienced significantly lower new issue supply year-to-date and forecast revisions for all of 2023, the key variable going forward will likely be mutual fund/ETF flows. We forecast that fund flows will turn consistently positive at some point during the fourth quarter of 2023 and fund inflows will continue during the first half of 2024. In a $4 trillion market dominated by retail investors, mutual fund, ETF, and separately managed account fund flows are a key determinant to municipal market total returns. Along with U.S. Treasury yields becoming range-bound and then gradually declining during the fourth quarter of 2023 and first half of 2024, respectively, fund flows are the other key variable to our forecast for distinctly positive total returns over the next twelve months.

As measured by municipal bond defaults and credit rating upgrade to downgrade ratios, municipal bond credit quality is currently healthy. Certain sectors have seen significant credit quality recovery including airports, toll roads, and select general obligation bonds. However, for five of the past six months, negative outlook revisions exceeded positive revisions by Standard & Poor’s. We expect certain sectors of the municipal universe will remain under margin pressure including hospitals and senior living facilities as well as municipal bonds dependent on office and retail mall occupancy levels and tax receipts. Given an expected slowdown in the U.S. economy, we will focus on municipal credits we believe possess leading market positions, growing utilization statistics, and healthy

Page 6

Portfolio Commentary (Continued)

First Trust Managed Municipal ETF (FMB)

Annual Report

October 31, 2023 (Unaudited)

balance sheets. For the Fund, this has translated into portfolio changes including adding exposure to AA rated municipal securities while modestly decreasing exposure to non-rated municipal bonds.

With this in mind, we continue to practice the discipline of our investment process where we perform fundamental credit analysis and quantitative total return scenario analysis on individual bonds and the portfolio as a whole, looking for bonds that can provide both high income and attractive total return potential over time.

Page 7

First Trust Managed Municipal ETF (FMB)

Understanding Your Fund Expenses

October 31, 2023 (Unaudited)

As a shareholder of the First Trust Managed Municipal ETF (the “Fund”), you incur two types of costs: (1) transaction costs; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, if any, and other Fund expenses. This Example is intended to help you understand your ongoing costs of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended October 31, 2023.

Actual Expenses

The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this six-month period.

Hypothetical Example for Comparison Purposes

The second line in the following table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value May 1, 2023	Ending Account Value October 31, 2023	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period (a)
First Trust Managed Municipal ETF (FMB)
Actual	$1,000.00	$964.20	0.65%	$3.22
Hypothetical (5% return before expenses)	$1,000.00	$1,021.93	0.65%	$3.31

    

(a)	Expenses are equal to the annualized expense ratios as indicated in the table multiplied by the average account value over the period (May 1, 2023 through October 31, 2023), multiplied by 184/365 (to reflect the six-month period).

Page 8

First Trust Managed Municipal ETF (FMB)

Portfolio of Investments

October 31, 2023

Principal Value		Description		Stated Coupon		Stated Maturity		Value
MUNICIPAL BONDS – 98.3%
		Alabama – 4.4%
$225,000		AL Cmnty Clg Sys Brd of Trustees Rev Bishop St Cmnty Clg, BAM		4.00%		01/01/35		$212,697
5,000,000		AL Fed Aid Hwy Fin Auth Spl Oblig Rev GARVEE (Pre-refunded maturity 09/01/24)		3.10%		09/01/29		4,966,888
500,000		AL St Port Auth Docks Facs Rev Ref Docks Facs Rev, Ser A, AGM, AMT		5.00%		10/01/25		503,908
7,695,000		Black Belt Energy Gas Dist AL Gas Proj Rev Bonds, Proj No. 7, Ser C-1 (Mandatory put 12/01/26)		4.00%		10/01/52		7,413,951
10,070,000		Black Belt Energy Gas Dist AL Gas Proj Rev Proj No. 6, Ser B (Mandatory put 12/01/26)		4.00%		10/01/52		9,702,207
5,300,000		Black Belt Energy Gas Dist AL Gas Proj Rev, Ser C-1 (Mandatory put 6/01/29)		5.25%		02/01/53		5,312,092
1,000,000		Black Belt Energy Gas Dist AL Gas Proj Rev, Ser E		5.00%		06/01/26		1,006,051
1,250,000		Black Belt Energy Gas Dist AL Gas Proj Rev, Ser F (Mandatory put 12/01/28)		5.50%		11/01/53		1,265,305
8,600,000		Energy SE AL A Cooperative Dist Energy Sply Rev, Ser A-1 (Mandatory put 01/01/31)		5.50%		11/01/53		8,751,277
2,250,000		Energy SE AL A Cooperative Dist Energy Sply Rev, Ser B-1 (Mandatory put 11/01/31)		5.75%		04/01/54		2,328,842
415,000		Gulf Shores AL Ref Warrants, Ser A		5.00%		12/15/35		429,299
310,000		Gulf Shores AL Ref Warrants, Ser A		5.00%		12/15/38		316,596
400,000		Homewood AL Eductnl Bldg Auth Rev Ref Samford Univ Proj, Ser A		4.00%		12/01/33		367,328
950,000		Homewood AL Eductnl Bldg Auth Rev Ref Samford Univ Proj, Ser A		4.00%		12/01/34		862,113
450,000		Infirmary Hlth Sys AL Spl Care Facs Fing Auth Rev Infirmary Hlth Sys Inc, Ser A		5.00%		02/01/36		450,294
930,000		Leeds AL Pub Eductnl Bldg Auth Eductnl Facs Rev Ref Edu, AGM		4.00%		04/01/29		911,431
695,000		Leeds AL Pub Eductnl Bldg Auth Eductnl Facs Rev Ref Edu, AGM		4.00%		04/01/30		673,408
4,000,000		Lower AL Gas Dist Gas Proj Rev Bonds Proj 2 (Mandatory put 12/01/25)		4.00%		12/01/50		3,910,629
1,000,000		Midcity Impt Dist AL Spl Assmnt Rev		4.50%		11/01/42		755,844
255,000		Mobile AL Impt Dist Sales Tax Rev McGowin Park Proj, Ser A		5.00%		08/01/25		250,105
500,000		Mobile Cnty AL Impt Warrants (Pre-refunded maturity 08/01/25)		5.00%		08/01/30		509,513
1,605,000		Prichard AL Wtrwks & Swr Brd Wtr & Swr Rev Ref (a)		4.00%		11/01/32		1,294,033
1,765,000		Prichard AL Wtrwks & Swr Brd Wtr & Swr Rev Ref (a)		4.00%		11/01/34		1,371,537
1,840,000		Prichard AL Wtrwks & Swr Brd Wtr & Swr Rev Ref (a)		4.00%		11/01/35		1,405,597
3,000,000		SE AL St Gas Sply Dist Gas Sply Rev Proj #2, Ser A (Mandatory put 06/01/24)		4.00%		06/01/49		2,980,420
8,050,000		SE Energy Auth AL Cmdy Sply Rev Proj #1, Ser A (Mandatory put 10/01/28)		4.00%		11/01/51		7,569,588
4,500,000		SE Energy Auth AL Cmdy Sply Rev Proj #6, Ser B (Mandatory put 06/01/30)		5.00%		01/01/54		4,472,086
1,500,000		SE Energy Auth AL Cmdy Sply Rev Var Proj No 3 (Mandatory put 12/01/29)		5.50%		01/01/53		1,523,021
1,040,000		Troy AL Ref Warrants, BAM		4.00%		07/01/35		959,586
105,000		UAB Medicine Fin Auth AL Rev Ref UAB Medicine, Ser B		5.00%		09/01/34		106,495
7,000,000		W Jefferson AL Indl Dev Brd Sol Wst Disp Rev Var AL Pwr Miller Plt Var Remk (b)		4.33%		12/01/38		7,000,000
								79,582,141

See Notes to Financial Statements

Page 9

First Trust Managed Municipal ETF (FMB)

Portfolio of Investments (Continued)

October 31, 2023

Principal Value		Description		Stated Coupon		Stated Maturity		Value
MUNICIPAL BONDS (Continued)
		Alaska – 0.2%
$1,880,000		AK St Indl Dev & Export Auth Pwr Rev Ref Snettisham Hydroelectric Proj, AMT		4.00%		01/01/28		$1,802,709
450,000		Nthrn AK Tobacco Securitization Corp Tobacco Stlmt Rev Ref Sr, Ser A, Class 1		4.00%		06/01/39		399,438
1,500,000		Nthrn AK Tobacco Securitization Corp Tobacco Stlmt Rev Ref Sr, Ser A, Class 1		4.00%		06/01/40		1,315,385
								3,517,532
		Arizona – 2.2%
2,000,000		AZ St Indl Dev Auth Edu Rev Acads of Math & Science Proj (c)		5.00%		07/01/49		1,642,688
530,000		AZ St Indl Dev Auth Edu Rev Cadence Cmps Proj, Ser A (c)		4.00%		07/15/30		492,369
925,000		AZ St Indl Dev Auth Edu Rev Cadence Cmps Proj, Ser A (c)		4.00%		07/15/40		730,634
175,000		AZ St Indl Dev Auth Edu Rev Doral Acdmy NV Fire Mesa & Red Rock Cmps Proj, Ser A		5.00%		07/15/39		157,386
500,000		AZ St Indl Dev Auth Edu Rev Doral Acdmy NV Pebble, Ser A (c)		4.00%		07/15/30		457,899
500,000		AZ St Indl Dev Auth Edu Rev Macombs Fac Proj Social Bonds, Ser A		4.00%		07/01/41		413,570
375,000		AZ St Indl Dev Auth Edu Rev Ref Basis Sch Projs, Ser D (c)		5.00%		07/01/37		344,602
680,000		AZ St Indl Dev Auth Edu Rev Ref Basis Schs Projs, Ser A (c)		5.00%		07/01/26		672,457
1,030,000		AZ St Indl Dev Auth Edu Rev Ref Basis Schs Projs, Ser G (c)		5.00%		07/01/37		946,507
500,000		AZ St Indl Dev Auth Edu Rev Ref Doral Acdmy of Northern NV Proj, Ser A (c)		4.00%		07/15/51		335,117
1,100,000		AZ St Indl Dev Auth Edu Rev Ref Doral Acdmy of Northern NV Proj, Ser A (c)		4.00%		07/15/56		710,061
800,000		AZ St Indl Dev Auth Edu Rev Somerset Acdmy of LV Aliante & Skye Canyon Cmps Proj, Ser A (c)		4.00%		12/15/51		534,056
415,000		AZ St Indl Dev Auth Natl Chrt Sch Revolving Loan Fd Social Bonds Equitable Sch Revolving Fund, Ser A		5.00%		11/01/31		425,728
465,000		AZ St Indl Dev Auth Natl Chrt Sch Revolving Loan Fd Social Bonds Equitable Sch Revolving Fund, Ser A		5.00%		11/01/37		465,190
595,000		AZ St Indl Dev Auth Natl Chrt Sch Revolving Loan Fd Social Bonds Equitable Sch Revolving Fund, Ser A		4.00%		11/01/38		520,260
750,000		AZ St Indl Dev Auth Natl Chrt Sch Revolving Loan Fd Social Bonds Equitable Sch Revolving Fund, Ser A		4.00%		11/01/39		647,355
3,800,000		AZ St Indl Dev Auth Natl Chrt Sch Revolving Loan Fd Social Bonds Equitable Sch Revolving Fund, Ser A		4.00%		11/01/46		3,018,564
2,000,000		Chandler AZ Indl Dev Auth Indl Dev Rev Var Intel Corp Proj, Ser 2022-2, AMT (Mandatory put 09/01/27)		5.00%		09/01/52		2,014,824
4,000,000		Glendale AZ Indl Dev Auth Sr Living Facs Rev Ref Sun Hlth Svcs, Ser A		5.00%		11/15/42		3,594,629
200,000		Maricopa Cnty AZ Indl Dev Auth Edu Rev Greathearts AZ Projs, Ser C		5.00%		07/01/25		203,431
830,000		Maricopa Cnty AZ Indl Dev Auth Edu Rev Legacy Trad Schs Proj		4.00%		07/01/30		800,335
435,000		Maricopa Cnty AZ Indl Dev Auth Edu Rev Legacy Trad Schs Proj		4.00%		07/01/31		416,509
450,000		Maricopa Cnty AZ Indl Dev Auth Edu Rev Legacy Trad Schs Proj		4.00%		07/01/32		427,795
700,000		Maricopa Cnty AZ Indl Dev Auth Edu Rev Legacy Trad Schs Proj		4.00%		07/01/33		660,328
985,000		Maricopa Cnty AZ Indl Dev Auth Edu Rev Legacy Trad Schs Proj		4.00%		07/01/34		918,938
1,025,000		Maricopa Cnty AZ Indl Dev Auth Edu Rev Legacy Trad Schs Proj		4.00%		07/01/35		945,088
500,000		Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Horizon Cmnty Learning Ctr Proj		5.00%		07/01/35		456,161
500,000		Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Legacy Trad Sch Proj		4.00%		07/01/34		466,466
1,000,000		Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Legacy Trad Schs Proj Auth, Ser B (c)		5.00%		07/01/39		903,041

Page 10

See Notes to Financial Statements

First Trust Managed Municipal ETF (FMB)

Portfolio of Investments (Continued)

October 31, 2023

Principal Value		Description		Stated Coupon		Stated Maturity		Value
MUNICIPAL BONDS (Continued)
		Arizona (Continued)
$2,100,000		Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Legacy Trad Schs Proj Auth, Ser B (c)		5.00%		07/01/49		$1,762,556
300,000		Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Paradise Schs Projs Paragon Mgmt Inc (c)		4.00%		07/01/26		290,122
1,475,000		Maricopa Cnty AZ Indl Dev Auth Ref Banner Hlth Oblig Grp, Ser A		4.00%		01/01/38		1,344,214
1,475,000		Maricopa Cnty AZ Spl Hlthcare Dist Aka Maricopa Integrated Hlth Sys, Ser C		5.00%		07/01/27		1,535,663
225,000		Phoenix AZ Indl Dev Auth Edu Rev Fac Legacy Trad Schs Projs, Ser A (c)		4.00%		07/01/26		216,944
3,655,000		Phoenix AZ Indl Dev Auth Edu Rev Ref Basis Schs Projs, Ser A (c)		5.00%		07/01/35		3,468,740
5,000,000		Phoenix AZ Indl Dev Auth Hotel Rev Sr Falcon Properties LLC Proj, Ser A (c)		4.00%		12/01/41		3,695,866
300,000		Phoenix AZ Indl Dev Auth Stdt Hsg Rev Downtown Phoenix Stdt Hsg II LLC AZ St Univ Proj, Ser A		5.00%		07/01/32		302,777
300,000		Phoenix AZ Indl Dev Auth Stdt Hsg Rev Downtown Phoenix Stdt Hsg II LLC AZ St Univ Proj, Ser A		5.00%		07/01/33		302,186
300,000		Phoenix AZ Indl Dev Auth Stdt Hsg Rev Downtown Phoenix Stdt Hsg II LLC AZ St Univ Proj, Ser A		5.00%		07/01/34		301,301
850,000		Phoenix AZ Indl Dev Auth Stdt Hsg Rev Downtown Phoenix Stdt Hsg II LLC AZ St Univ Proj, Ser A		5.00%		07/01/35		850,357
700,000		Phoenix AZ Indl Dev Auth Stdt Hsg Rev Downtown Phoenix Stdt Hsg II LLC AZ St Univ Proj, Ser A		5.00%		07/01/44		648,903
200,000		Phoenix AZ Indl Dev Auth Stdt Hsg Rev Ref Downtown Phoenix Stdt Hsg LLC AZ St Univ Proj, Ser A		5.00%		07/01/26		200,976
1,000,000		Tempe AZ Indl Dev Auth Rev Ref Friendship Vlg of Tempe Proj, Ser A		4.00%		12/01/38		774,048
								40,016,641
		Arkansas – 0.0%
350,000		Univ of Central Arkansas AR Rev, Ser A, AGM		5.00%		11/01/34		359,027
		California – 7.1%
1,245,000		Burbank CA Wtr & Pwr Elec Rev		5.00%		06/01/43		1,277,338
3,000,000		CA Cmnty Choice Fing Auth Clean Energy Proj Rev Green Bond Clean Energy Proj, Ser B-1 (Mandatory put 08/01/29)		5.00%		07/01/53		2,992,154
4,500,000		CA Cmnty Choice Fing Auth Clean Energy Proj Rev Green Bond, Ser A-1 (Mandatory put 08/01/28)		4.00%		05/01/53		4,282,132
2,400,000		CA Cmnty Choice Fing Auth Clean Energy Proj Rev Green Bond, Ser B-1 (Mandatory put 08/01/31)		4.00%		02/01/52		2,223,992
225,000		CA Cnty CA Tobacco Securitization Agy Tobacco Settle Ref Sonoma Cnty Securitization Corp, Ser A		5.00%		06/01/31		233,684
200,000		CA Cnty CA Tobacco Securitization Agy Tobacco Settle Ref Sonoma Cnty Securitization Corp, Ser A		5.00%		06/01/32		207,540
230,000		CA Cnty CA Tobacco Securitization Agy Tobacco Settle Ref Sonoma Cnty Securitization Corp, Ser A		5.00%		06/01/33		238,497
150,000		CA Cnty CA Tobacco Securitization Agy Tobacco Settle Ref Sonoma Cnty Securitization Corp, Ser A		4.00%		06/01/34		144,132
250,000		CA Cnty CA Tobacco Securitization Agy Tobacco Settle Ref Sonoma Cnty Securitization Corp, Ser A		4.00%		06/01/36		234,516
450,000		CA Cnty CA Tobacco Securitization Agy Tobacco Stlmt Sr Ref, Ser A		5.00%		06/01/32		465,929
800,000		CA Sch Fin Auth Sch Fac Rev Alliance Clg Ready Pub Schs Proj, Ser C (c)		4.50%		07/01/26		791,078

See Notes to Financial Statements

Page 11

First Trust Managed Municipal ETF (FMB)

Portfolio of Investments (Continued)

October 31, 2023

Principal Value		Description		Stated Coupon		Stated Maturity		Value
MUNICIPAL BONDS (Continued)
		California (Continued)
$460,000		CA Sch Fin Auth Sch Fac Rev Granada Hills Chrt Oblig Grp (c)		5.00%		07/01/32		$457,760
480,000		CA Sch Fin Auth Sch Fac Rev Granada Hills Chrt Oblig Grp (c)		5.00%		07/01/33		476,087
2,000,000		CA Sch Fin Auth Sch Fac Rev Granada Hills Chrt Oblig Grp (c)		5.00%		07/01/43		1,810,976
455,000		CA Sch Fin Auth Sch Fac Rev Ref HTH Learning Proj, Ser A (c)		4.00%		07/01/26		438,818
800,000		CA Sch Fin Auth Sch Fac Rev Ref HTH Learning Proj, Ser A (c)		5.00%		07/01/32		750,607
655,000		CA Sch Fin Auth Sch Fac Rev, Ser A (c)		5.00%		07/01/40		597,939
225,000		CA St Ent Dev Auth Lease Rev Riverside Cnty Library Fac Proj		4.00%		11/01/37		201,515
480,000		CA St Hlth Facs Fing Auth Rev Adventist Hlth Sys W, Ser A		4.00%		03/01/33		431,435
400,000		CA St Hlth Facs Fing Auth Rev Ref Sutter Hlth, Ser B		5.00%		11/15/33		411,404
600,000		CA St Hlth Facs Fing Auth Rev Sutter Hlth, Ser A		5.00%		11/15/33		621,618
445,000		CA St Muni Fin Auth Chrt Sch Lease Rev Vista Chrt Middle Sch Proj (a)		5.38%		07/01/34		445,410
300,000		CA St Muni Fin Auth Chrt Sch Rev Palmdale Aerospace Acdmy Proj (c)		4.00%		07/01/26		288,255
500,000		CA St Muni Fin Auth Chrt Sch Rev Palmdale Aerospace Acdmy Proj, Ser A (c)		5.00%		07/01/38		457,580
1,515,000		CA St Muni Fin Auth Mobile Home Park Rev Sr Caritas Affordable Hsg Inc Projs, Ser A		5.25%		08/15/39		1,518,604
1,805,000		CA St Muni Fin Auth Mobile Home Park Rev Sr Caritas Affordable Hsg Inc Projs, Ser A		5.25%		08/15/49		1,782,385
1,000,000		CA St Muni Fin Auth Ref Palomar Hlth, Ser A, AGM, COPS		5.25%		11/01/35		1,080,849
200,000		CA St Muni Fin Auth Rev Channing House Proj, Ser B		5.00%		05/15/37		204,831
900,000		CA St Muni Fin Auth Rev Cmnty Hlth Sys, Ser A		4.00%		02/01/40		776,070
1,000,000		CA St Muni Fin Auth Rev Cmnty Hlth Sys, Ser A		4.00%		02/01/41		853,476
500,000		CA St Muni Fin Auth Rev Ref Eisenhower Med Ctr, Ser A		5.00%		07/01/34		503,780
1,250,000		CA St Muni Fin Auth Rev Ref HumanGood Oblig Grp, Ser A		4.00%		10/01/33		1,178,433
600,000		CA St Muni Fin Auth Rev Ref HumanGood Oblig Grp, Ser A		4.00%		10/01/34		560,929
1,000,000		CA St Muni Fin Auth Rev Ref HumanGood Oblig Grp, Ser A		4.00%		10/01/35		922,368
1,000,000		CA St Muni Fin Auth Rev Ref HumanGood Oblig Grp, Ser A		4.00%		10/01/36		904,030
2,130,000		CA St Muni Fin Auth Rev Ref HumanGood Oblig Grp, Ser A		4.00%		10/01/39		1,835,247
3,420,000		CA St Muni Fin Auth Rev Ref HumanGood Oblig Grp, Ser A		5.00%		10/01/44		3,299,459
680,000		CA St Muni Fin Auth Rev Ref Retmnt Hsg Fdtn Oblig Grp, Ser A		5.00%		11/15/27		716,431
650,000		CA St Muni Fin Auth Rev Sr Lien Linxs APM Proj, Ser A, AMT		5.00%		06/30/28		659,667
2,000,000		CA St Muni Fin Auth Spl Fac Rev United Airls Inc Proj, AMT		4.00%		07/15/29		1,872,405
1,000,000		CA St Muni Fin Auth Stdt Hsg Rev Green Bond Orchard Park Stdt Hsg Proj, BAM		4.00%		05/15/40		868,654
1,000,000		CA St Poll Control Fin Auth Sol Wst Disp Rev Ref Wst Mgmt Inc, Ser A1, AMT		3.38%		07/01/25		973,386
5,990,000		CA St Poll Control Fing Auth Wtr Furnishing Rev Plant Bonds, AMT (c)		5.00%		07/01/37		5,879,172
1,000,000		CA St Pub Wks Brd Lease Rev Various Capital Proj, Ser B		4.00%		05/01/37		970,447
4,015,000		CA St Ref, AGM		5.25%		08/01/32		4,397,834
500,000		CA St Ref, Ser C		5.00%		09/01/32		507,217
350,000		CA Stwd Cmntys Dev Auth Rev Loma Linda Univ Med Ctr, Ser A (c)		5.00%		12/01/30		348,526
450,000		CA Stwd Cmntys Dev Auth Rev Loma Linda Univ Med Ctr, Ser A (c)		5.00%		12/01/33		434,958
500,000		CA Stwd Cmntys Dev Auth Rev Ref CA Baptist Univ, Ser A (c)		5.00%		11/01/32		489,724
100,000		CA Stwd Cmntys Dev Auth Rev Ref Front Porch Cmntys & Svcs, Ser A		5.00%		04/01/30		101,003
195,000		CA Stwd Cmntys Dev Auth Rev Ref Front Porch Cmntys & Svcs, Ser A		5.00%		04/01/31		196,980
370,000		Chino CA Cmnty Facs Dist Spl Tax #2003-3 Impt Area #7		5.00%		09/01/30		376,172
300,000		Chino Vly CA Unif Sch Dist, Ser B		5.00%		08/01/38		313,842
250,000		Chino Vly CA Unif Sch Dist, Ser B		5.00%		08/01/39		260,171

Page 12

See Notes to Financial Statements

First Trust Managed Municipal ETF (FMB)

Portfolio of Investments (Continued)

October 31, 2023

Principal Value		Description		Stated Coupon		Stated Maturity		Value
MUNICIPAL BONDS (Continued)
		California (Continued)
$1,000,000		CSCDA Cmnty Impt Auth CA Essential Hsg Rev the Link Glendale Social Bonds, Ser A-2 (c)		4.00%		07/01/56		$639,109
1,000,000		CSCDA Cmnty Impt Auth CA Essential Hsg Rev Union S Bay Social Bonds, Ser A-2 (c)		4.00%		07/01/56		657,075
2,160,000		Etiwanda CA Sch Dist Cmnty Facs Dist #9 Spl Tax Ref		5.00%		09/01/35		2,191,327
130,000		Folsom Ranch CA Fing Auth Spl Tax Rev Cmnty Facs Dist No 19 Mangini		4.00%		09/01/24		129,256
155,000		Folsom Ranch CA Fing Auth Spl Tax Rev Cmnty Facs Dist No 19 Mangini		4.00%		09/01/25		153,008
165,000		Folsom Ranch CA Fing Auth Spl Tax Rev White Rock Springs Ranch		4.00%		09/01/39		138,011
170,000		Folsom Ranch CA Fing Auth Spl Tax Rev White Rock Springs Ranch		4.00%		09/01/40		140,216
175,000		Folsom Ranch CA Fing Auth Spl Tax Rev White Rock Springs Ranch		4.00%		09/01/41		142,006
250,000		Fontana CA Spl Tax Spl Tax the Meadows		4.00%		09/01/27		244,224
265,000		Fontana CA Spl Tax Spl Tax the Meadows		4.00%		09/01/28		257,674
280,000		Fontana CA Spl Tax Spl Tax the Meadows		4.00%		09/01/29		270,493
535,000		Fontana CA Spl Tax Spl Tax the Meadows		4.00%		09/01/36		478,366
500,000		Foothill-De Anza CA Cmnty Clg Dist Ref, COPS (Pre-refunded maturity 10/01/24)		5.00%		04/01/32		505,638
300,000		Gilroy CA Unif Sch Dist Election 2016		4.00%		08/01/39		278,399
1,360,000		Hawthorne CA Cmnty Redev Agy Successor Agy Tax Allocation Ref Sub, AGM		5.00%		09/01/32		1,380,429
2,000,000		Irvine CA Facs Fing Auth Lease Rev Gateway Preserve Land Acq Proj, Ser A		5.25%		05/01/43		2,028,344
175,000		Irvine CA Unif Sch Dist Spl Tax Cmnty Facs Dist No 09-1, Ser A		5.00%		09/01/31		180,733
365,000		Irvine CA Unif Sch Dist Spl Tax Cmnty Facs Dist No 09-1, Ser A		5.00%		09/01/32		376,901
125,000		Irvine CA Unif Sch Dist Spl Tax Cmnty Facs Dist No 09-1, Ser A		5.00%		09/01/34		128,759
1,000,000		Kern CA Cmnty Clg Dist, Ser D		5.25%		08/01/40		1,080,938
825,000		Lammersville CA Jt Unif Sch Dist Spl Tax Cmnty Facs Dist #2014-1 Mountain House Sch Facs		5.00%		09/01/42		803,109
1,045,000		Lammersville CA Jt Unif Sch Dist Spl Tax Cmnty Facs Dist #2014-1 Mountain House Sch Facs		4.00%		09/01/49		785,003
835,000		Live Oak CA Sch Dist Santa Cruz Cnty Ref (Pre-refunded maturity 08/01/26)		5.00%		08/01/30		864,108
45,000		Long Beach CA Bond Fin Auth Nat Gas Pur Rev, Ser A		5.25%		11/15/23		45,009
2,000,000		Los Angeles CA Dept of Arpts Arpt Rev Green Bond Ref Subord Priv Activity, Ser A, AMT		5.25%		05/15/42		2,007,031
190,000		Los Angeles CA Dept of Arpts Arpt Rev Prerefunded Subord Ref, Ser D, AMT (Pre-refunded maturity 11/15/31)		5.00%		05/15/33		199,641
4,000,000		Los Angeles CA Dept of Arpts Arpt Rev Ref Sub Priv Activity, Ser A, AMT		5.00%		05/15/39		3,941,549
1,500,000		Los Angeles CA Dept of Arpts Arpt Rev Sr Bonds Green Bond Priv Activity, Ser G, AMT		5.00%		05/15/34		1,544,469
1,500,000		Los Angeles CA Dept of Arpts Arpt Rev Sr Bonds Green Bond Priv Activity, Ser G, AMT		5.50%		05/15/35		1,605,088
1,340,000		Los Angeles CA Dept of Arpts Arpt Rev Sr Bonds Priv Activity, Ser H, AMT		5.00%		05/15/41		1,312,843
400,000		Los Angeles CA Dept of Arpts Arpt Rev Sub Los Angeles Intl Arpt, Ser B, AMT		5.00%		05/15/31		402,030
2,000,000		Los Angeles CA Dept of Arpts Arpt Rev Subord Los Angeles Intl Arpt, Ser F, AMT		5.00%		05/15/36		2,016,019
3,000,000		Los Angeles CA Dept of Arpts Arpt Rev Unrefunded Subord Ref, Ser D, AMT		5.00%		05/15/36		3,032,986

See Notes to Financial Statements

Page 13

First Trust Managed Municipal ETF (FMB)

Portfolio of Investments (Continued)

October 31, 2023

Principal Value		Description		Stated Coupon		Stated Maturity		Value
MUNICIPAL BONDS (Continued)
		California (Continued)
$3,645,000		Los Angeles CA Dept of Arpts Rev Unref Subord Ref, Ser D, AMT		5.00%		05/15/31		$3,756,965
100,000		Marina CA Redev Agy Successor Agy Tax Allocation Hsg, Ser B		5.00%		09/01/33		101,757
1,260,000		Marina Coast CA Wtr Dist Enterprise Rev, COPS		4.00%		06/01/44		1,109,455
325,000		Menifee CA Union Sch Dist Pub Fing Auth Spl Tax Rev Ref, Ser A		5.00%		09/01/28		329,548
175,000		Menifee CA Union Sch Dist Spl Tax Cmnty Facs Dist #2011-1		5.00%		09/01/30		178,629
150,000		Menifee CA Union Sch Dist Spl Tax Cmnty Facs Dist #2011-1		5.00%		09/01/31		152,901
145,000		Menifee CA Union Sch Dist Spl Tax Cmnty Facs Dist #2011-1		5.00%		09/01/32		147,560
165,000		Menifee CA Union Sch Dist Spl Tax Cmnty Facs Dist #2011-1		5.00%		09/01/33		167,667
2,350,000		Met Wtr Dist of Sthrn CA Wtrwks Rev, Ser A		5.00%		04/01/48		2,446,601
110,000		Rancho Cordova CA Cmnty Facs Dist Spl Tax #2018 1 Grantline 208		5.00%		09/01/26		111,335
200,000		Rancho Cordova CA Cmnty Facs Dist Spl Tax Rev Grantline 208 Cmnty Fac Dt #2018 1		4.00%		09/01/50		150,987
500,000		River Islands CA Pub Fing Auth Spl Tax Cmnty Facs Dist #2003-1, Ser A		5.00%		09/01/43		455,268
500,000		River Islands CA Pub Fing Auth Spl Tax Cmnty Facs Dist #2019-1 Phase 2 Pub Impts		4.00%		09/01/33		457,542
215,000		Riverside CA Unif Sch Dist Cmnty Facs Dt #33 Citrus Heights II Spl Tax		4.00%		09/01/27		209,371
225,000		Riverside CA Unif Sch Dist Cmnty Facs Dt #33 Citrus Heights II Spl Tax		4.00%		09/01/28		217,645
110,000		Roseville CA Spl Tax		5.00%		09/01/30		112,960
100,000		Roseville CA Spl Tax		5.00%		09/01/31		102,448
350,000		Roseville CA Spl Tax Svsp Westpark Federico Cmnty Facs Dt No 1		4.00%		09/01/37		307,108
640,000		Roseville CA Spl Tax Svsp Westpark Federico Cmnty Facs Dt No 1		4.00%		09/01/46		497,116
205,000		Roseville CA Spl Tax Vlg CFD #1		4.00%		09/01/32		190,643
310,000		Roseville CA Spl Tax Vlg CFD #1		4.00%		09/01/41		253,973
520,000		Roseville CA Spl Tax Vlg CFD #1		4.00%		09/01/46		401,166
710,000		Roseville CA Spl Tax Vlg CFD #1		4.00%		09/01/51		525,241
260,000		Sacramento CA Spl Tax		4.00%		09/01/30		246,839
220,000		Sacramento CA Spl Tax		4.00%		09/01/31		207,423
315,000		Sacramento CA Spl Tax		4.00%		09/01/32		295,083
515,000		Sacramento CA Spl Tax		4.00%		09/01/33		478,817
615,000		Sacramento CA Spl Tax		4.00%		09/01/35		557,021
500,000		Sacramento CA Transient Occupancy Tax Rev Sub Convention Ctr Complex, Ser C		5.00%		06/01/35		516,735
2,000,000		San Diego Cnty CA Regl Arpt Auth Arpt Rev Subord, Ser B, AMT		5.00%		07/01/46		1,900,655
1,250,000		San Diego Cnty CA Regl Transprtn Commn Sales Tax Rev, Ser A		5.00%		04/01/35		1,288,549
7,000,000		San Francisco CA City & Cnty Arpts Commn Intl Arpt Rev, Ser A, AMT		5.00%		05/01/39		6,898,016
2,000,000		San Francisco CA City & Cnty Arpts Commn Intl Arpt Rev, Ser E, AMT		5.00%		05/01/40		1,955,388
700,000		San Francisco CA City & Cnty Dcnty Dev Spl Tax Dist No Mission Rock Fac & Svcs, Ser A (c)		4.00%		09/01/41		549,426
185,000		San Francisco City & Cnty CA Cmnty Facs Dist #2016-1		4.00%		09/01/29		177,350
145,000		San Francisco City & Cnty CA Cmnty Facs Dist #2016-1		4.00%		09/01/30		137,660
335,000		San Francisco City & Cnty CA Cmnty Facs Dist #2016-1		4.00%		09/01/31		315,432
245,000		San Francisco City & Cnty CA Cmnty Facs Dist #2016-1		4.00%		09/01/32		229,175
300,000		San Francisco City & Cnty CA Cmnty Facs Dist #2016-1		4.00%		09/01/33		278,701
525,000		San Francisco City & Cnty CA Cmnty Facs Dist #2016-1		4.00%		09/01/42		425,741

Page 14

See Notes to Financial Statements

First Trust Managed Municipal ETF (FMB)

Portfolio of Investments (Continued)

October 31, 2023

Principal Value		Description		Stated Coupon		Stated Maturity		Value
MUNICIPAL BONDS (Continued)
		California (Continued)
$1,000,000		San Francisco City & Cnty CA Cmnty Facs Dist #2016-1, Ser 2021		4.00%		09/01/46		$775,685
280,000		San Francisco City & Cnty CA Redev Agy Successor Agy Tax Ref Mission Bay N Redev Proj, Ser A		5.00%		08/01/35		287,409
800,000		San Luis Obispo CA Cmnty Facs Dist #2019-1 Spl Tax		4.00%		09/01/36		711,845
2,110,000		San Luis Obispo Cnty CA Fing Auth Lease Rev Multiple Capital Projs Ref, Ser A		5.25%		11/15/40		2,170,195
1,665,000		San Luis Obispo Cnty CA Fing Auth Lease Rev Multiple Capital Projs Ref, Ser A		5.25%		11/15/41		1,711,894
1,000,000		Santa Margarita CA Wtr Dist Spl Tax Ref, Ser A, BAM		5.00%		09/01/43		1,007,499
150,000		Simi Vly CA Unif Sch Dist, Ser B		4.00%		08/01/32		149,643
375,000		Simi Vly CA Unif Sch Dist, Ser B		4.00%		08/01/39		348,478
160,000		Tahoe Truckee CA Unif Sch Dist, COPS, BAM		4.00%		06/01/35		155,900
255,000		Tahoe Truckee CA Unif Sch Dist, COPS, BAM		4.00%		06/01/36		240,068
100,000		Temecula Vly Unif Sch Dist Fing Auth CA Spl Tax Rev, BAM		5.00%		09/01/34		100,985
1,000,000		Tobacco Securitization Auth Nthrn CA Tobacco Stlmt Rev Ref Sr Bonds Sacramento Co Tobacco Secur Corp Class 1, Ser A		4.00%		06/01/37		933,146
1,000,000		Tobacco Securitization Auth Sthrn CA Tobacco Stlmt Rev Ref San Diego Co Asset Securitization Corp Class 1, Ser A		5.00%		06/01/34		1,044,140
1,500,000		Tobacco Securitization Auth Sthrn CA Tobacco Stlmt Rev Ref San Diego Co Tobacco Securitization Corp, Ser A, Class 1		5.00%		06/01/35		1,557,232
865,000		Tustin CA Cmnty Fac Dist Spl Tax Ref #06-1 Legacy Columbus Vlgs, Ser A		5.00%		09/01/35		874,760
300,000		Vacaville CA Unif Sch Dist, Ser D		4.00%		08/01/35		292,118
600,000		Vacaville CA Unif Sch Dist, Ser D		4.00%		08/01/37		564,224
500,000		Vacaville CA Unif Sch Dist, Ser D		4.00%		08/01/38		467,372
1,050,000		Victor CA Elem Sch Dist Cmnty Facs Dist Spl Tax Ref 2005-1, BAM		5.00%		09/01/46		1,057,927
								128,519,654
		Colorado – 6.5%
5,000,000		Adams & Weld Cntys CO Sch Dist #27J Brighton		5.00%		12/01/40		5,048,809
1,125,000		Allison Vly Met Dist #2 CO Ref		4.70%		12/01/47		843,710
1,000,000		Bennett Ranch Met Dist #1 CO, Ser A (a)		5.00%		12/01/51		781,914
225,000		Breckenridge CO Ref, Ser B, COPS		5.00%		12/01/32		239,855
1,340,000		Brighton Crossing Met Dist #6 CO, Ser A		5.00%		12/01/50		1,051,451
455,000		Buffalo Ridge CO Met Dist Ref & Impt Sr, Ser A, BAM		5.00%		12/01/25		463,455
250,000		Buffalo Ridge CO Met Dist Ref & Impt Sr, Ser A, BAM		5.00%		12/01/26		257,344
750,000		Cascade Ridge Met Dist CO		5.00%		12/01/51		570,775
1,010,000		Cathedral Pines CO Met Dist Ref		5.00%		12/01/37		953,616
880,000		Centrl Weld Cnty CO Wtr Dist Rev, AGM		4.00%		12/01/38		795,863
400,000		CO Eductnl & Cultural Auth Rev Ref W Ridge Acdmy Chrt Sch Proj, Ser A		5.00%		06/01/49		369,117
1,920,000		CO St Eductnl & Cultural Facs Auth Rev Chrt Sch Loveland Classical Schs Proj (c)		5.00%		07/01/36		1,806,129
660,000		CO St Eductnl & Cultural Facs Auth Rev Ref & Impt Chrt Sch Univ Lab Bldg Corp (c)		5.00%		12/15/28		660,461
2,245,000		CO St Eductnl & Cultural Facs Auth Rev Ref & Impt Chrt Sch Univ Lab Bldg Corp (c)		5.00%		12/15/35		2,222,444
4,000,000		CO St Eductnl & Cultural Facs Auth Rev Ref & Impt Chrt Sch Univ Lab Bldg Corp (c)		5.00%		12/15/45		3,628,907
1,020,000		CO St Eductnl & Cultural Facs Auth Rev Univ Denver Proj, Ser A		4.00%		03/01/35		939,974
4,215,000		CO St Hlth Facs Auth Rev Ref Adventhealth Oblig, Ser A		4.00%		11/15/38		3,797,699
1,245,000		CO St Hlth Facs Auth Rev Ref Christian Living Neighborhoods Proj		5.00%		01/01/31		1,189,998

See Notes to Financial Statements

Page 15

First Trust Managed Municipal ETF (FMB)

Portfolio of Investments (Continued)

October 31, 2023

Principal Value		Description		Stated Coupon		Stated Maturity		Value
MUNICIPAL BONDS (Continued)
		Colorado (Continued)
$250,000		CO St Hlth Facs Auth Rev Ref Commonspirit Hlth, Ser A-1		5.00%		08/01/35		$251,887
4,630,000		CO St Hlth Facs Auth Rev Ref Commonspirit Hlth, Ser A-1		4.00%		08/01/39		3,968,882
1,500,000		CO St Hlth Facs Auth Rev Ref Commonspirit Hlth, Ser A-2		5.00%		08/01/34		1,524,627
3,025,000		CO St Hlth Facs Auth Rev Ref Commonspirit Hlth, Ser A-2		5.00%		08/01/44		2,860,197
1,750,000		CO St Hlth Facs Auth Rev Ref Commonspirit Hlth, Ser A-2		4.00%		08/01/49		1,353,748
300,000		CO St Hlth Facs Auth Rev Ref Frasier Meadows Retmnt Cmnty Proj, Ser A		5.00%		05/15/25		296,039
350,000		CO St Hlth Facs Auth Rev Ref Frasier Meadows Retmnt Cmnty Proj, Ser A		5.00%		05/15/26		342,752
7,580,000		CO St Hlth Facs Auth Rev Ref Scl Hlth Sys, Ser B		4.00%		01/01/40		6,732,886
625,000		CO St Hlth Facs Auth Rev Sr Living Ralston Creek Arvada Proj, Ser A (a) (d)		5.25%		11/01/32		300,000
325,000		CO St Ref, COPS		4.00%		06/15/37		302,598
2,500,000		CO St, Ser A, COPS		5.00%		12/15/34		2,666,996
1,085,000		CO St, Ser A, COPS		4.00%		12/15/37		1,001,438
495,000		Colorado Springs CO Pikes Peak Americas Mountain Enterprise Pikes Peak		5.00%		12/01/25		502,716
1,585,000		Colorado Springs CO Pikes Peak Americas Mountain Enterprise Pikes Peak		5.25%		12/01/48		1,603,107
180,000		Crystal Vly CO Met Dist #2 Ref, Ser A, AGM		4.00%		12/01/32		179,531
325,000		Crystal Vly CO Met Dist #2 Ref, Ser A, AGM		4.00%		12/01/33		321,901
500,000		Crystal Vly CO Met Dist #2 Ref, Ser A, AGM		4.00%		12/01/34		493,204
330,000		Crystal Vly CO Met Dist #2 Ref, Ser A, AGM		4.00%		12/01/35		321,399
500,000		Crystal Vly CO Met Dist #2 Ref, Ser A, AGM		4.00%		12/01/36		469,902
5,000,000		Denver City & Cnty CO Arpt Rev Ref Sub Sys, Ser A, AMT		5.00%		12/01/32		5,050,977
5,000,000		Denver City & Cnty CO Arpt Rev Ref Sub Sys, Ser A, AMT		5.00%		12/01/34		5,025,808
900,000		Denver City & Cnty CO Arpt Rev Ref, Ser D, AMT		5.50%		11/15/33		967,406
1,300,000		Denver City & Cnty CO Arpt Rev Ref, Ser D, AMT		5.75%		11/15/41		1,378,208
4,465,000		Denver City & Cnty CO Arpt Rev, Ser A, AMT		5.00%		11/15/41		4,332,206
1,500,000		Denver City & Cnty CO Arpt Rev, Ser A, AMT		5.50%		11/15/42		1,545,992
3,190,000		Denver City & Cnty CO Sch Dist 1 Ref, Ser B		3.50%		12/01/28		3,057,467
1,000,000		Denver CO City & Cnty Dedicated Tax Rev, Ser A-1		5.00%		08/01/41		1,008,017
600,000		Denver CO Hlth & Hosp Auth 550 Acoma Inc, COPS		5.00%		12/01/26		605,833
1,790,000		Denver CO Intl Busn Ctr CO Met Dist #1 Subord, Ser B		6.00%		12/01/48		1,650,520
2,000,000		Elbert & Hwy 86 CO Comml Spl Rev & Tax Supported Ref Sr Bonds, Ser A (c)		5.00%		12/01/51		1,525,217
525,000		Firestone CO Wtr Enterprise Rev Ref, BAM		4.00%		12/01/37		477,438
375,000		Flying Horse CO Met Dist #2 Ref, Ser A, AGM		5.00%		12/01/33		398,024
225,000		Flying Horse CO Met Dist #2 Ref, Ser A, AGM		4.00%		12/01/38		199,656
200,000		Flying Horse CO Met Dist #2 Ref, Ser A, AGM		4.00%		12/01/39		172,502
3,235,000		Hunters Overlook Metro Dist #5 CO Sr Bonds, Ser A		5.00%		12/01/49		2,675,434
1,000,000		Jefferson Ctr CO Met Dist # 1 Spl Rev, Ser A-2		4.38%		12/01/47		753,859
860,000		Lakes at Centerra Met Dist No 2 CO Impt, Ser A		4.63%		12/01/27		818,911
2,250,000		Lanterns Met Dist #1 CO Sr, Ser A		5.00%		12/01/39		2,024,115
1,000,000		Lanterns Met Dist #1 CO Sr, Ser A		5.00%		12/01/49		844,639
300,000		Larimer Weld & Boulder Cnty CO Sch Dist #R-2J Thompson		5.00%		12/15/30		317,131
100,000		Lorson Ranch Met Dist #2 CO		4.00%		12/01/24		99,182
170,000		Lorson Ranch Met Dist #2 CO		5.00%		12/01/27		170,522
2,260,000		Mirabelle Met Dist #2 CO Sr, Ser A		5.00%		12/01/39		2,013,629
1,170,000		Mirabelle Met Dist #2 CO Sr, Ser A		5.00%		12/01/49		960,118
1,700,000		Nexus N at DIA Met Dist CO		5.00%		12/01/51		1,339,828
150,000		Park Creek CO Met Dist Rev Ref Sr Ltd Property Tax Supported, Ser A		5.00%		12/01/31		151,610
150,000		Park Creek CO Met Dist Rev Ref Sr Ltd Property Tax Supported, Ser A		5.00%		12/01/34		150,988

Page 16

See Notes to Financial Statements

First Trust Managed Municipal ETF (FMB)

Portfolio of Investments (Continued)

October 31, 2023

Principal Value		Description		Stated Coupon		Stated Maturity		Value
MUNICIPAL BONDS (Continued)
		Colorado (Continued)
$155,000		Park Creek CO Met Dist Rev Ref Sr Ltd Property Tax Supported, Ser A		5.00%		12/01/35		$155,624
2,950,000		Park Creek CO Met Dist Rev Sr Lien, Ser A, AGM		4.00%		12/01/34		2,839,733
1,040,000		Park Creek CO Met Dist Rev Sr Lien, Ser A, AGM		4.00%		12/01/36		955,952
420,000		Park Creek CO Met Dist Rev Sr, Ser A		5.00%		12/01/30		433,984
30,000		Park Creek CO Met Dist Rev Sr, Ser A, NATL-RE		5.00%		12/01/24		30,281
1,150,000		Peak Met Dist #1 CO, Ser A (c)		5.00%		12/01/51		904,975
920,000		Pinon Pines Met Dist #2 CO MDD		5.00%		12/01/40		810,229
1,195,000		Pinon Pines Met Dist #2 CO MDD		5.00%		12/01/50		966,475
500,000		Prairie Ctr CO Met Dist #3 Ltd Property Tax Supported Pri Ref, Ser A (c)		4.13%		12/15/27		481,170
2,500,000		Prairie Ctr CO Met Dist #3 Ltd Property Tax Supported Pri Ref, Ser A (c)		5.00%		12/15/41		2,271,383
700,000		Prairie Ctr Met Dist #7 CO		4.88%		12/15/44		554,883
5,235,000		Rampart Range CO Met Dist #1 Ltd Tax Supported & Spl Rev Ref & Impt, AGM		5.00%		12/01/42		5,261,146
1,000,000		Ridgeline Vista Met Dist CO, Ser A		5.25%		12/01/60		773,686
2,500,000		Riverwalk Metro Dist #2 CO, Ser A		5.00%		12/01/42		2,088,509
1,000,000		Sagebrush Farm Met Dist #1 CO Sr Bonds, Ser A		6.38%		12/01/42		934,664
550,000		Serenity Ridge CO Met Dist #2 Ref, Ser A (Pre-refunded maturity 12/01/23)		5.13%		12/01/37		566,878
1,500,000		Sky Ranch Cmnty Auth Brd CO Sr Bonds, Ser A		5.75%		12/01/52		1,284,670
175,000		Sterling Hills CO W Met Dist Ref		5.00%		12/01/32		179,331
1,800,000		Takoda CO Met Dist Ref		6.00%		12/01/36		1,860,860
825,000		Third Creek Met Dist #1 CO, Ser A-1		4.50%		12/01/37		662,930
825,000		Third Creek Met Dist #1 CO, Ser A-1		4.50%		12/01/42		611,325
1,400,000		Thompson Crossing Met Dist #4 CO Ref		5.00%		12/01/39		1,236,573
500,000		Trails at Crowfoot Met Dist #3 CO Sr Ser, Ser A		5.00%		12/01/39		433,484
1,500,000		Westerly Met Dist #4 CO Sr, Ser A		5.00%		12/01/50		1,176,997
								118,306,310
		Connecticut – 2.9%
2,000,000		CT St Hlth & Eductnl Facs Auth Rev Covenant Home Inc, Ser B		5.00%		12/01/40		1,803,221
1,000,000		CT St Hlth & Eductnl Facs Auth Rev Quinnipiac Univ Ref, Ser M		5.00%		07/01/36		1,001,044
5,130,000		CT St Hlth & Eductnl Facs Auth Rev Ref Fairfield Univ, Ser R		4.00%		07/01/42		4,327,370
1,030,000		CT St Hlth & Eductnl Facs Auth Rev Ref Fairfield Univ, Ser R		4.00%		07/01/47		827,963
1,000,000		CT St Hlth & Eductnl Facs Auth Rev Ref Fairfield Univ, Ser S		5.00%		07/01/26		1,023,211
2,250,000		CT St Hlth & Eductnl Facs Auth Rev Ref Quinnipiac Univ, Ser L		5.00%		07/01/31		2,259,393
200,000		CT St Hlth & Eductnl Facs Auth Rev Ref Quinnipiac Univ, Ser L		4.00%		07/01/33		195,074
445,000		CT St Hlth & Eductnl Facs Auth Rev, Ser A		5.00%		07/01/34		457,217
4,700,000		CT St Hlth & Eductnl Facs Auth Rev, Ser A		4.00%		07/01/37		4,186,567
300,000		CT St Hsg Fin Auth Hsg Fin Mtge Prog Ref, Subser A-1		3.65%		11/15/32		278,025
1,765,000		CT St Muni Elec Energy Coop Pwr Sply Sys Rev Ref, Ser A		5.00%		01/01/38		1,774,521
5,490,000		CT St Spl Tax Oblig Rev, Ser A		5.00%		05/01/41		5,657,029
1,680,000		CT St Spl Tax Oblig Rev, Ser A		5.25%		07/01/43		1,770,257
1,445,000		CT St, Ser A		5.00%		04/15/29		1,502,440
500,000		CT St, Ser A		4.00%		01/15/36		485,206
5,000,000		CT St, Ser A		4.00%		01/15/37		4,758,423
5,145,000		CT St, Ser A		4.00%		04/15/37		4,872,040
5,695,000		CT St, Ser A		4.00%		01/15/38		5,276,789
4,000,000		CT St, Ser B		5.00%		06/15/25		4,073,121
625,000		Hamden CT, BAM		6.00%		08/15/33		677,263
500,000		Harbor Point CT Infra Impt Dist Spl Oblig Rev Ref Harbor Point Proj Ltd (c)		5.00%		04/01/39		473,719
1,500,000		Univ of Connecticut CT, Ser A		5.00%		11/01/36		1,542,644

See Notes to Financial Statements

Page 17

First Trust Managed Municipal ETF (FMB)

Portfolio of Investments (Continued)

October 31, 2023

Principal Value		Description		Stated Coupon		Stated Maturity		Value
MUNICIPAL BONDS (Continued)
		Connecticut (Continued)
$3,730,000		Univ of Connecticut CT, Ser A		5.00%		02/15/41		$3,776,031
								52,998,568
		Delaware – 0.5%
325,000		DE St Hlth Facs Auth Rev Beebe Med Ctr		5.00%		06/01/26		329,091
4,335,000		DE St Hlth Facs Auth Rev Ref Christiana Hlth Care Sys Oblig Grp, Ser A		5.00%		10/01/35		4,513,606
3,000,000		DE St Hlth Facs Auth Rev Ref Christiana Hlth Care Sys Oblig Grp, Ser A		5.00%		10/01/38		3,038,013
1,821,000		Millsboro DE Spl Oblig Ref Plantation Lakes Spl Dev Dist (c)		5.00%		07/01/28		1,784,707
								9,665,417
		District of Columbia – 0.6%
1,745,000		Dist of Columbia Wtr & Swr Auth Pub Util Rev Green Bond, Ser A		5.00%		10/01/39		1,785,574
1,640,000		Met WA DC Arpts Auth Arpt Sys Rev Ref, AMT		5.00%		10/01/35		1,639,062
3,175,000		Met WA DC Arpts Auth Arpt Sys Rev Ref, Ser A, AMT		5.00%		10/01/33		3,258,872
700,000		Met WA DC Arpts Auth Arpt Sys Rev Ref, Ser A, AMT		5.25%		10/01/42		702,316
2,100,000		Met WA DC Arpts Auth Arpt Sys Rev Ref, Ser A, NATL-RE, AMT		5.00%		10/01/34		2,087,356
885,000		Washington DC Met Area Transit Auth Gross Rev Ref, Ser A-1		5.00%		07/01/29		910,786
								10,383,966
		Florida – 6.0%
255,000		Academical Vlg CDD FL Spl Assmnt Rev CDD		2.88%		05/01/25		246,256
1,000,000		Academical Vlg CDD FL Spl Assmnt Rev CDD		3.63%		05/01/40		748,722
545,000		Alachua Cnty FL Hlth Facs Auth CCRC Ref Oak Hammock at The Univ of FL Inc Proj		4.00%		10/01/40		418,059
2,945,000		Alachua Cnty FL Hlth Facs Auth Ref Shands Teaching Hosp & Clinics Inc, Ser B-1		5.00%		12/01/37		2,901,369
955,000		Berry Bay CDD FL Spl Assmnt Rev Assmnt Area One		3.63%		05/01/41		704,599
1,250,000		Berry Bay CDD FL Spl Assmnt Rev Assmnt Area One		4.00%		05/01/51		882,843
200,000		Bexley CDD FL Spl Assmnt Rev		4.10%		05/01/26		195,178
95,000		Brookstone CDD FL Spl Assmnt Rev CDD (e)		3.88%		11/01/23		95,000
2,725,000		Broward Cnty FL Arpt Sys Rev, Ser A, AMT		5.00%		10/01/38		2,666,609
1,450,000		Broward Cnty FL Convention Ctr Hotel Rev First Tier		5.00%		01/01/32		1,564,934
1,840,000		Coco Palms FL CDD Spl Assmnt		4.50%		05/01/32		1,733,773
500,000		Creekview CDD FL Spl Assmnt Rev Phase I Proj		3.88%		05/01/27		479,679
1,000,000		Cross Creek N CDD FL Spl Assmnt, Ser 2022		4.50%		05/01/52		796,374
930,000		Cypress Mill CDD FL Spl Assmnt CDD Assmnt Area Two Proj		4.00%		06/15/40		745,243
320,000		Edgewater E CDD FL Spl Assmnt Rev Assmnt Area One		2.50%		05/01/26		298,872
1,000,000		Edgewater E CDD FL Spl Assmnt Rev Assmnt Area One		4.00%		05/01/51		717,530
1,000,000		Edgewater E CDD FL Spl Assmnt Rev Assmnt Area Two		4.00%		05/01/52		704,361
130,000		Epperson N CDD FL Capital Impt Rev Assmnt Area #2		2.50%		05/01/26		121,618
1,790,000		Epperson N CDD FL Capital Impt Rev Assmnt Area 1, Ser A-1 (c)		5.50%		11/01/39		1,719,196
1,065,000		Epperson N CDD FL Capital Impt Rev Assmnt Area Three, Ser A		3.40%		11/01/41		747,953
1,250,000		Fallschase Cmnty Dev Dist FL Spl Assmnt		3.38%		05/01/41		892,099
200,000		FL St Dev Fin Corp Eductnl Facs Rev River City Science Acdmy Projs, Ser A		4.00%		07/01/26		194,575
155,000		FL St Dev Fin Corp Eductnl Facs Rev River City Science Acdmy Projs, Ser A		4.00%		07/01/29		146,867
310,000		FL St Dev Fin Corp Eductnl Facs Rev River City Science Acdmy Projs, Ser A		4.00%		07/01/35		274,408

Page 18

See Notes to Financial Statements

First Trust Managed Municipal ETF (FMB)

Portfolio of Investments (Continued)

October 31, 2023

Principal Value		Description		Stated Coupon		Stated Maturity		Value
MUNICIPAL BONDS (Continued)
		Florida (Continued)
$450,000		FL St Dev Fin Corp Eductnl Facs Rev River City Science Acdmy Projs, Ser A		4.00%		07/01/45		$338,716
750,000		FL St Dev Fin Corp Eductnl Facs Rev River City Science Acdmy Projs, Ser A		4.00%		07/01/55		516,754
725,000		FL St Govtl Util Auth Rev Ref, AGM		4.00%		10/01/37		653,017
825,000		FL St Govtl Util Auth Rev Ref, AGM		4.00%		10/01/38		745,422
1,000,000		Fort Pierce FL Utils Auth Ref, Ser A, AGM		5.00%		10/01/35		1,056,200
1,900,000		Gainesville FL Utils Sys Rev Var Ref Remk, Ser B (b)		3.90%		10/01/42		1,900,000
105,000		Harmony FL CDD Capital Impt Rev Ref, Ser 2015		4.75%		05/01/25		104,194
365,000		Heritage Harbour FL N CDD Capital Impt Rev Ref Sr Lien, Ser A-1, AGM		5.00%		05/01/25		369,327
1,000,000		Jacksonville FL Hlthcare Facs Rev Ref Baptist Hlth		5.00%		08/15/35		1,008,056
1,000,000		Jacksonville FL Spl Rev Ref Spl Rev, Ser B		5.00%		10/01/28		1,028,166
6,000,000		Jea FL Elec Sys Rev Ref Subord, Ser A		4.00%		10/01/35		5,528,403
1,000,000		Lakeland FL Energy Sys Rev Ref		5.00%		10/01/42		1,019,348
1,230,000		Lakeland FL Hosp Sys Rev Lakeland Regl Hlth (Pre-refunded maturity 11/15/24)		5.00%		11/15/33		1,244,529
155,000		Lakewood Ranch FL Stewardship Dist Spl Assmnt Rev Ref Country Club E Proj, AGM		4.50%		05/01/26		155,824
1,500,000		Lakewood Ranch FL Stewardship Dist Util Rev Sys Acq Proj, AGM		5.25%		10/01/48		1,520,769
460,000		Lee Cnty FL Indl Dev Auth Hlthcr Facs Rev Shell Point Oblig Grp		4.00%		11/15/30		433,248
300,000		Lee Cnty FL Loc Optional Gas Tax Rev		5.00%		08/01/40		297,982
1,250,000		Lee Cnty FL Loc Optional Gas Tax Rev		5.00%		08/01/41		1,242,096
4,225,000		Lee Memorial Hlth Sys Fl Hosp Rev Ref, Ser A-1		5.00%		04/01/44		4,043,491
1,265,000		Miami FL Spl Oblg Ref Street & Sidewalk Impt Prog, Ser A, AGM (c)		5.00%		01/01/35		1,306,045
95,000		Miami World Ctr CDD FL Spl Assmnt		4.00%		11/01/23		95,000
275,000		Miami World Ctr CDD FL Spl Assmnt		4.75%		11/01/27		272,450
2,000,000		Miami World Ctr CDD FL Spl Assmnt		5.13%		11/01/39		1,864,444
6,000,000		Miami-Dade Cnty FL Aviation Rev Ref		5.00%		10/01/41		5,801,867
2,575,000		Miami-Dade Cnty FL Aviation Rev Ref, Ser A, AMT		5.00%		10/01/38		2,517,214
2,625,000		Miami-Dade Cnty FL Aviation Rev Ref, Ser B, AMT		5.00%		10/01/40		2,536,756
445,000		Miami-Dade Cnty FL Indl Dev Auth Doral Acdmy Proj		5.00%		01/15/25		442,915
550,000		Miami-Dade Cnty FL Indl Dev Auth Doral Acdmy Proj		5.00%		01/15/32		537,373
1,210,000		Miami-Dade Cnty FL Indl Dev Auth Doral Acdmy Proj		5.00%		01/15/37		1,128,898
2,000,000		Miami-Dade Cnty FL Seaport Rev Ref Sr Bonds, Ser A, AMT		5.00%		10/01/42		1,931,757
1,080,000		Miami-Dade Cnty FL Spl Oblig Sub Ref		5.00%		10/01/35		1,090,005
115,000		N Park Isle Cmnty Dev Dist FL Spl Assmnt Rev Assmnt Area One		3.63%		05/01/24		114,142
800,000		N Park Isle Cmnty Dev Dist FL Spl Assmnt Rev Assmnt Area One		4.00%		05/01/30		743,340
1,545,000		N Park Isle Cmnty Dev Dist FL Spl Assmnt Rev Assmnt Area One		4.50%		05/01/40		1,311,504
780,000		N Sumter Cnty FL Util Dependent Dist Util Rev Sumter Wtr Conservation Auth Proj, AGM		4.00%		10/01/41		687,218
355,000		Nthrn Palm Beach Cnty FL Impt Dist		5.00%		08/01/37		331,505
145,000		Orange Cnty FL Hlth Facs Auth Rev Orlando Hlth Oblig Grp, Ser A		5.00%		10/01/36		149,542
500,000		Orange Cnty FL Hlth Facs Auth Rev Orlando Hlth Oblig Grp, Ser A		5.00%		10/01/37		511,381
1,500,000		Orange Cnty FL Hlth Facs Auth Rev Orlando Hlth Oblig Grp, Ser A		5.00%		10/01/41		1,485,596

See Notes to Financial Statements

Page 19

First Trust Managed Municipal ETF (FMB)

Portfolio of Investments (Continued)

October 31, 2023

Principal Value		Description		Stated Coupon		Stated Maturity		Value
MUNICIPAL BONDS (Continued)
		Florida (Continued)
$680,000		Orange Cnty FL Hlth Facs Auth Rev Presbyterian Retmnt Cmntys Proj		5.00%		08/01/29		$673,306
345,000		Orange Cnty FL Hlth Facs Auth Rev Presbyterian Retmnt Cmntys Proj		5.00%		08/01/34		335,625
200,000		Panama City Beach FL Capital Impt Rev Front Beach Road Proj		5.00%		11/01/32		212,604
685,000		Panama City Beach FL Capital Impt Rev Front Beach Road Proj		5.00%		11/01/33		727,275
1,880,000		Pasco Cnty FL Sch Brd, Ser C, AGM, COPS		5.00%		08/01/34		1,960,493
4,500,000		Polk Cnty FL Indl Dev Auth Mineral Dev LLC Secondary Phosphate Tailings Recovery Proj (c)		5.88%		01/01/33		4,319,593
605,000		Pompano Beach FL Rev John Knox Vlg Proj, Ser A		4.00%		09/01/41		456,634
45,000		Rhodine Road N CDD FL Spl Assmnt 2019 Assmnt Area		3.50%		05/01/24		44,653
815,000		Rhodine Road N CDD FL Spl Assmnt 2019 Assmnt Area		4.50%		05/01/40		703,399
500,000		Ridge at Apopka CDD Fl Spl Assmnt		5.38%		05/01/42		459,609
285,000		Rivington CDD FL Spl Assmnt Rev 2022 Assmnt Area		3.25%		05/01/27		267,123
210,000		Rivington CDD FL Spl Assmnt Rev Assmnt Area		2.88%		05/01/25		202,654
2,000,000		S Broward FL Hosp Dist Ref		4.00%		05/01/33		1,921,858
205,000		Saint Johns Cnty FL Indl Dev Auth Sr Living Rev Ref Vicar’s Landing Proj, Ser A		4.00%		12/15/31		180,025
500,000		Saint Johns Cnty FL Indl Dev Auth Sr Living Rev Ref Vicar’s Landing Proj, Ser A		4.00%		12/15/36		399,868
1,175,000		Saint Johns Cnty FL Indl Dev Auth Sr Living Rev Ref Vicar’s Landing Proj, Ser A		4.00%		12/15/41		856,769
6,000,000		Saint Lucie Cnty FL Sol Wst Disp Ref FL Pwr & Light Co Pj (b)		4.25%		05/01/24		6,000,000
335,000		San Simeon Cmnty Dev Dist FL Spl Assmnt (c)		4.13%		06/15/39		273,054
500,000		Sarasota Natl FL CDD Spl Assmnt Ref		3.50%		05/01/31		439,234
1,745,000		Sarasota Natl FL CDD Spl Assmnt Ref		4.00%		05/01/39		1,428,273
1,615,000		Sawyers Landing CDD FL Spl Assmnt Rev		4.13%		05/01/41		1,250,066
3,635,000		Sawyers Landing CDD FL Spl Assmnt Rev		4.25%		05/01/53		2,556,512
2,250,000		SE Overtown Park W Cmnty Redev Agy FL Tax, Ser A-1 (c)		5.00%		03/01/30		2,250,525
210,000		Shell Point Cmnty Dev Dist FL Spl Assmnt (c)		4.00%		11/01/24		207,657
2,730,000		Stoneybrook FL S CDD Spl Assmnt Rev Assmnt Area Two, A Proj		5.13%		11/01/34		2,687,013
1,250,000		Summer Woods CDD FL Spl Assmnt Area Two 2020 Proj		4.00%		05/01/50		888,384
500,000		Tallahassee FL Energy Sys Rev Energy Sys		5.00%		10/01/29		502,885
125,000		Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B		5.00%		07/01/27		127,565
120,000		Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B		5.00%		07/01/31		122,684
200,000		Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B		5.00%		07/01/32		204,736
250,000		Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B		5.00%		07/01/33		255,806
250,000		Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B		5.00%		07/01/34		255,609
400,000		Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B		4.00%		07/01/38		348,824
300,000		Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B		4.00%		07/01/39		258,314
230,000		Tampa FL Rev Ref The Univ of Tampa Proj, Ser A		5.00%		04/01/34		235,592
810,000		Tern Bay CDD FL Spl Assmnt		3.13%		06/15/27		749,360
1,250,000		Tern Bay CDD FL Spl Assmnt		4.00%		06/15/42		967,312
90,000		Timber Creek CDD FL Spl Assmnt Rev (c)		4.13%		11/01/24		89,114
775,000		Tolomato FL CDD Ref 2022A Assmnt Area, Ser A, AGM		3.00%		05/01/26		745,890
825,000		Tolomato FL CDD Ref 2022A Assmnt Area, Ser A, AGM		3.00%		05/01/28		775,361
100,000		UCF Stadium Corp FL Rev Ref, Ser A		5.00%		03/01/24		100,127
40,000		Villamar CDD FL Spl Assmnt		3.75%		05/01/24		39,732
70,000		Vlg FL CDD #6 Spl Assmnt Rev Ref		4.00%		05/01/25		69,634
500,000		Volusia Cnty FL Eductnl Fac Auth Ref Embry Riddle Aeronautical Univ Inc Proj, Ser A		4.00%		10/15/37		443,764
835,000		Westside FL CDD Spl Assmnt Rev Ref (c)		4.10%		05/01/37		706,942
1,500,000		Westview S CDD FL Spl Assmnt Area One 2023 Proj Area		5.38%		05/01/43		1,361,145

Page 20

See Notes to Financial Statements

First Trust Managed Municipal ETF (FMB)

Portfolio of Investments (Continued)

October 31, 2023

Principal Value		Description		Stated Coupon		Stated Maturity		Value
MUNICIPAL BONDS (Continued)
		Florida (Continued)
$110,000		WildBlue CDD FL Spl Assmnt (c)		3.50%		06/15/24		$108,933
								108,232,146
		Georgia – 4.4%
8,980,000		Atlanta GA Arpt Passenger Fac Charge Rev Arpt Rev Subord, Ser D, AMT		4.00%		07/01/37		8,070,030
3,000,000		Atlanta GA Arpt Rev Ref, Ser C, AMT		5.00%		01/01/25		3,003,971
1,000,000		Atlanta GA Arpt Rev Ref, Ser C, AMT		4.00%		07/01/39		872,686
3,000,000		Atlanta GA Arpt Rev, Ser A		5.00%		07/01/42		3,064,872
650,000		Atlanta GA Tax Allocation Ref Eastside Proj (Pre-refunded maturity 01/01/26)		5.00%		01/01/30		666,827
3,500,000		Bartow Cnty GA Dev Auth Var Ref GA Pwr Co Plt Bowen Proj First Series Remk (Mandatory put 03/08/28)		3.95%		12/01/32		3,339,215
1,300,000		Brookhaven Dev Auth GA Children’s Hlthcare of Atlanta, Ser A		5.00%		07/01/35		1,357,142
4,400,000		Burke Cnty GA Dev Auth Poll Control Rev GA Pwr Co Plant Vogtle Proj Remk, Ser 1 (b)		4.30%		11/01/48		4,400,000
8,700,000		Burke Cnty GA Dev Auth Poll Control Rev Var Ref GA Pwr Co Plant Vogtle Proj (b)		4.37%		11/01/52		8,700,000
5,000,000		Burke Cnty GA Dev Auth Poll Ctrl Rev Adjustable GA Pwr Co Plant Vogtle Proj Remk (b)		4.25%		11/01/52		5,000,000
600,000		Columbia Cnty GA Hosp Auth Ref Rev Anticipation Ctfs Wellstar Hlth Sys Inc Proj, Ser B (f)		5.00%		04/01/31		641,586
250,000		Columbia Cnty GA Hosp Auth Ref Rev Anticipation Ctfs Wellstar Hlth Sys Inc Proj, Ser B (f)		5.00%		04/01/36		265,715
250,000		Columbia Cnty GA Hosp Auth Ref Rev Anticipation Ctfs Wellstar Hlth Sys Inc Proj, Ser B (f)		5.00%		04/01/37		262,848
250,000		Columbia Cnty GA Hosp Auth Ref Rev Anticipation Ctfs Wellstar Hlth Sys Inc Proj, Ser B (f)		5.00%		04/01/38		259,731
625,000		De Kalb GA Priv Hosp Auth Children’s Hlthcare of Atlanta, Ser B		4.00%		07/01/37		586,588
500,000		Etowah GA Wtr & Swr Auth Rev Ref, BAM		4.00%		03/01/34		476,441
350,000		Etowah GA Wtr & Swr Auth Rev Ref, BAM		4.00%		03/01/35		330,263
400,000		Etowah GA Wtr & Swr Auth Rev Ref, BAM		4.00%		03/01/36		371,435
2,775,000		Fulton Cnty GA Rsdl Care Facs Elderly Auth Retmnt Fac Rev Ref Lenbrook Sq Fdtn Inc		5.00%		07/01/31		2,700,794
750,000		GA St Hgr Edu Facs Auth Rev Ref USG Real Estate Fdtn II LLC Projs		5.00%		06/15/34		777,485
890,000		GA St Hgr Edu Facs Auth Rev Ref USG Real Estate Fdtn II LLC Projs		5.00%		06/15/35		919,399
2,525,000		GA St Hsg & Fin Auth Rev SF Mtge, Ser C		3.25%		12/01/33		2,241,673
40,000		Gainesville & Hall Cnty GA Hosp Auth Ref NE GA Hlth Sys Inc Proj, Ser A		5.00%		02/15/26		40,557
250,000		Geo L Smith II GA Congress Ctr Auth Convention Ctr Hotel First Tier, Ser A		4.00%		01/01/36		223,443
1,000,000		Geo L Smith II GA Congress Ctr Auth Convention Ctr Hotel First Tier, Ser A		4.00%		01/01/54		749,324
1,000,000		Main Street Nat Gas Inc GA Gas Sply Rev, Ser A		5.00%		05/15/27		995,042
2,500,000		Main Street Nat Gas Inc GA Gas Sply Rev, Ser A (Mandatory put 06/01/30)		5.00%		06/01/53		2,459,845
3,625,000		Main Street Nat Gas Inc GA Gas Sply Rev, Ser A (Mandatory put 09/01/27)		4.00%		07/01/52		3,488,920
14,500,000		Main Street Nat Gas Inc GA Gas Sply Rev, Ser A (Mandatory put 12/01/29)		4.00%		09/01/52		13,488,062
2,795,000		Main Street Nat Gas Inc GA Gas Sply Rev, Ser B (Mandatory put 03/01/30)		5.00%		07/01/53		2,778,140

See Notes to Financial Statements

Page 21

First Trust Managed Municipal ETF (FMB)

Portfolio of Investments (Continued)

October 31, 2023

Principal Value		Description		Stated Coupon		Stated Maturity		Value
MUNICIPAL BONDS (Continued)
		Georgia (Continued)
$2,265,000		Main Street Nat Gas Inc GA Gas Sply Rev, Ser D (Mandatory put 12/01/30)		5.00%		05/01/54		$2,226,339
2,500,000		Monroe Cnty GA Dev Auth Poll Control Rev Var Ref GA Pwr Co Plant Scherer Proj Remk, Ser 2 (Mandatory put 03/06/26)		3.88%		12/01/41		2,435,370
600,000		Muni Elec Auth of GA Plant Vogtle Units 3 & 4 Proj J Bonds, Ser A, AGM		5.00%		07/01/38		611,987
350,000		Muni Elec Auth of GA Ref Plant Vogtle Units 3 & 4 Proj J, Ser A, AGM		4.00%		01/01/39		316,525
320,000		Muni Elec Auth of GA Ref Plant Vogtle Units 3 & 4 Proj J, Ser A, AGM		4.00%		01/01/40		286,149
275,000		Priv Clgs & Univs Auth GA Ref Mercer Univ Proj		5.00%		10/01/29		285,339
1,175,000		Priv Clgs & Univs Auth GA Savannah Clg of Art & Design Proj (Pre-refunded maturity 04/01/24)		5.00%		04/01/33		1,180,628
								79,874,371
		Guam – 0.1%
1,000,000		Guam Govt Wtrwks Auth Wtr & Wstwtr Sys Rev, Ser A		5.00%		01/01/50		898,543
300,000		Guam Port Auth Port Rev, Ser B, AMT		5.00%		07/01/32		303,722
								1,202,265
		Hawaii – 0.3%
3,460,000		HI St Arpts Sys Rev, Ser A, AMT		5.00%		07/01/43		3,353,604
455,000		Honolulu City & Cnty HI Wstwtr Sys Rev Ref First Bond Resolution, Ser B		5.00%		07/01/40		465,215
2,450,000		Honolulu City & Cnty HI Wstwtr Sys Rev Ref Sr First Bd Resolution, Ser B		4.00%		07/01/32		2,411,244
								6,230,063
		Idaho – 0.3%
1,000,000		ID St Hlth Facs Auth Rev Ref Madison Memorial Hosp		5.00%		09/01/25		988,352
1,265,000		ID St Hlth Facs Auth Rev Ref Madison Memorial Hosp		5.00%		09/01/30		1,220,726
1,000,000		ID St Hlth Facs Auth Rev Ref Madison Memorial Hosp		5.00%		09/01/37		901,257
2,000,000		ID St Hlth Facs Auth Rev Ref St Lukes Hlth Sys Proj, Ser A		5.00%		03/01/34		2,015,865
								5,126,200
		Illinois – 4.6%
1,210,000		Bolingbrook IL Ref, Ser A		4.00%		01/01/35		1,028,939
1,000,000		Bolingbrook IL Ref, Ser A, AGM		5.00%		01/01/30		1,040,698
1,000,000		Bolingbrook IL Ref, Ser A, AGM		5.00%		01/01/31		1,040,166
1,000,000		Chicago IL Brd of Edu Dedicated Capital Impt Tax		5.25%		04/01/36		1,012,665
1,250,000		Chicago IL Brd of Edu Dedicated Capital Impt Tax		5.25%		04/01/37		1,253,075
500,000		Chicago IL Brd of Edu Ref Dedicated, Ser C		5.00%		12/01/30		493,772
3,435,000		Chicago IL Brd of Edu Ref, Ser B		5.00%		12/01/30		3,402,597
500,000		Chicago IL Brd of Edu, Ser A (f)		5.50%		12/01/37		496,667
500,000		Chicago IL Brd of Edu, Ser A (f)		5.50%		12/01/38		492,466
2,600,000		Chicago IL Chicago Wks, Ser A		5.00%		01/01/35		2,637,614
2,000,000		Chicago IL Chicago Wks, Ser A		5.50%		01/01/41		2,007,887
560,000		Chicago IL Etm, Ser A		5.00%		01/01/27		580,497
1,375,000		Chicago IL Midway Arpt Rev Ref 2nd Lien, Ser A, AMT		5.00%		01/01/34		1,348,282
200,000		Chicago IL Midway Arpt Rev Sr Lien Ref, Ser A, AMT, BAM (f)		5.50%		01/01/37		208,836
500,000		Chicago IL Midway Arpt Rev Sr Lien Ref, Ser A, AMT, BAM (f)		5.75%		01/01/42		524,133
305,000		Chicago IL O’Hare Intl Arpt Rev Ref Gen Sr Lien, Ser A, AMT		5.00%		01/01/30		305,251
325,000		Chicago IL O’Hare Intl Arpt Rev Ref Sr Lien O’hare Intl Arpt, Ser C, AMT		5.00%		01/01/34		330,905
3,320,000		Chicago IL O’Hare Intl Arpt Rev Ref Sr Lien, Ser A, AMT		5.00%		01/01/36		3,317,397

Page 22

See Notes to Financial Statements

First Trust Managed Municipal ETF (FMB)

Portfolio of Investments (Continued)

October 31, 2023

Principal Value		Description		Stated Coupon		Stated Maturity		Value
MUNICIPAL BONDS (Continued)
		Illinois (Continued)
$600,000		Chicago IL O’Hare Intl Arpt Rev Ref Sr Lien, Ser A, AMT		5.00%		01/01/37		$588,397
1,500,000		Chicago IL O’Hare Intl Arpt Rev Ref, Ser A, AMT		5.00%		01/01/33		1,484,522
2,675,000		Chicago IL O’Hare Intl Arpt Rev, Ser C, AMT		5.00%		01/01/31		2,660,282
610,000		Chicago IL O’Hare Intl Arpt Rev, Ser C, AMT		5.00%		01/01/34		601,450
2,155,000		Chicago IL Park Dist Ref, Ser A, BAM		4.00%		01/01/37		1,929,727
450,000		Chicago IL Ref 2003B Remk		5.25%		01/01/29		452,114
185,000		Chicago IL Ref Proj, Ser A (Forward refunding maturity 01/01/24)		5.00%		01/01/27		185,276
1,155,000		Chicago IL Ref Proj, Ser A (Forward refunding maturity 01/01/24)		5.00%		01/01/35		1,156,720
500,000		Chicago IL Ref, Ser A		5.63%		01/01/29		514,062
500,000		Chicago IL Ref, Ser C		5.00%		01/01/25		502,661
645,000		Chicago IL Ref, Ser C		5.00%		01/01/26		652,468
270,000		Chicago IL Ref, Ser C		5.00%		01/01/38		257,671
145,000		Chicago IL Ref, Ser C, CABS		(g)		01/01/24		143,876
125,000		Chicago IL Ref, Ser C, CABS		(g)		01/01/25		118,257
1,500,000		Chicago IL Unref, Ser A		5.00%		01/01/27		1,524,020
2,425,000		DuPage & Cook Cntys IL Twp High Sch Dist #86 Hinsdale		4.00%		01/15/36		2,361,762
505,000		Hampshire IL Spl Svc Area #14 Spl Tax Ref Lakewood Crossing, BAM		4.00%		03/01/25		504,990
170,000		Hillside IL Tax Incr Rev Ref		5.00%		01/01/24		169,921
240,000		IL St		5.00%		05/01/24		240,712
125,000		IL St		5.00%		06/01/27		127,000
325,000		IL St Fin Auth Acad Facs Lease Rev Univ of Illinois at Urbana-Champaign Proj, Ser A		5.00%		10/01/33		332,204
850,000		IL St Fin Auth Acad Facs Lease Rev Univ of Illinois at Urbana-Champaign Proj, Ser A		5.00%		10/01/34		867,785
970,000		IL St Fin Auth Acad Facs Lease Rev Univ of Illinois at Urbana-Champaign Proj, Ser A		5.00%		10/01/35		983,577
300,000		IL St Fin Auth Acad Facs Lease Rev Univ of Illinois at Urbana-Champaign Proj, Ser A		5.00%		10/01/36		301,102
1,000,000		IL St Fin Auth Rev Centegra Hlth Sys, Ser A (Pre-refunded maturity 09/01/24)		5.00%		09/01/39		1,008,165
500,000		IL St Fin Auth Rev Loc Govt Prog E Prairie Sch Dist #73 Proj, BAM		5.00%		12/01/30		527,463
845,000		IL St Fin Auth Rev Ref Mercy Hlth Sys Oblig Grp		5.00%		12/01/33		848,914
35,000		IL St Fin Auth Rev Ref Presbyterian Homes Oblig Grp, Ser A		5.00%		11/01/24		35,012
4,350,000		IL St Fin Auth Rev Twp High Sch Dist #207 Proj		4.00%		12/01/38		3,860,453
500,000		IL St Fin Auth Stdt Hsg & Acad Fac Rev Chf Chicago LLC Univ IL Chicago Proj, Ser A		5.00%		02/15/27		498,466
95,000		IL St Fin Auth Stdt Hsg & Acad Fac Rev Chf Chicago LLC Univ IL Chicago Proj, Ser A		5.00%		02/15/31		94,535
465,000		IL St Fin Auth Stdt Hsg & Acad Fac Rev Chf Chicago LLC Univ IL Chicago Proj, Ser A		5.00%		02/15/32		461,544
115,000		IL St Ref, Ser B		5.00%		10/01/24		115,638
3,175,000		IL St Sales Tax Rev Junior Oblig, Ser A, BAM		3.00%		06/15/34		2,621,219
100,000		IL St Sales Tax Rev Ref Junior Oblig Build IL Bonds, Ser C		5.00%		06/15/29		103,045
1,500,000		IL St, Ser A		5.00%		12/01/26		1,529,127
2,500,000		IL St, Ser A		5.50%		03/01/42		2,542,590
2,000,000		IL St, Ser B		4.00%		12/01/37		1,764,589
750,000		IL St, Ser B		5.25%		05/01/38		758,056
1,000,000		IL St, Ser B		5.25%		05/01/39		1,006,000
6,200,000		IL St, Ser C		5.00%		11/01/29		6,327,819
1,250,000		IL St, Ser D		5.00%		11/01/23		1,250,000
1,005,000		IL St, Ser D		5.00%		11/01/24		1,011,020
325,000		IL St, Ser D		5.00%		11/01/26		331,158