First Trust Managed Municipal ETF (FMB)

Annual Report

October 31, 2021

Shareholder Letter	1
Fund Performance Overview	2
Portfolio Commentary	5
Understanding Your Fund Expenses	7
Portfolio of Investments	8
Statement of Assets and Liabilities	50
Statement of Operations	51
Statements of Changes in Net Assets	52
Financial Highlights	53
Notes to Financial Statements	54
Report of Independent Registered Public Accounting Firm	61
Additional Information	62
Board of Trustees and Officers	67
Privacy Policy	69

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, 2021

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, 2021.

Inflation has arrived, and its entrance was grand, to say the least. The Consumer Price Index came in at 6.2% year-over-year in October 2021, according to data from the U.S. Bureau of Labor Statistics. The last time it topped the 6.0% mark was in December 1990 (6.1%), over 30 years ago. As is often the case with major shifts in the economy and markets, there is debate over what is truly behind them. For many months, as inflation was trending higher, Federal Reserve (the “Fed”) Chairman Jerome Powell held the view that the rising inflationary pressures largely stemmed from global supply chain bottlenecks induced by the coronavirus (“COVID-19”) pandemic. Perhaps the best example of this is the unprecedented backlog of container ships that have dropped anchor outside the California ports of Los Angeles and Long Beach. Together, these ports service 40% of all the container ships bound for the U.S. In normal times, no ships are anchored waiting to unload their goods. Shortages of trucks and drivers have also contributed to the slowdown at the ports.

The takeaway is that goods are not being delivered to warehouses and store shelves in a timely fashion and that is helping to drive prices higher for consumers. Simply put, inflation is the byproduct of too much money chasing too few goods. We’ll return to this axiom shortly. Chairman Powell originally believed the bottlenecks would be remedied relatively quickly as the global economy reopened and people went back to work. That, in turn, would allow inflationary pressures to dissipate, which has not happened. Around the end of October, Chairman Powell finally acknowledged that inflation will likely remain elevated through mid-2022. This realization is what motivated the Fed to announce that it would begin to taper its monthly bond buying program (quantitative easing) starting in November 2021. It has been purchasing roughly $80 billion of Treasuries and $40 billion of mortgage-backed securities in the open market every month since June 2020. The Fed will shave $15 billion off that combined total every month until the buying has ceased, which should be around mid-2022. If all goes to plan, the next stage in the evolution of the Fed’s monetary policy would involve initiating interest rate hikes.

While the supply chain bottlenecks have clearly played a role in the spike in inflation by limiting the amount of goods available to consume, the biggest contributing factor is likely the surge in the U.S. money supply, according to Brian Wesbury, Chief Economist at First Trust. M2 is a measure of the money supply that includes cash, checking deposits and liquid assets easily convertible to cash. The M2 measure of money has exploded by 36% since February 2020, well above the 6% pre-COVID-19 annualized norm. The trillions of dollars of stimulus distributed by the U.S. government to help backstop the economy during the pandemic has contributed to higher inflation. On Wednesday, November 10, 2021, President Joe Biden admitted that his $1.9 trillion COVID-19 stimulus package has done just that. Remember, too much money chasing too few goods leads to inflation. Keep in mind, President Biden has recently successfully navigated a $1.2 trillion bipartisan infrastructure bill through Congress and has another roughly $1.75 trillion Build Back Better Act (social spending) piece of legislation pending. That means there is at least another $1.2 trillion dollars flowing into the economy over the next few years, and maybe more.

Data from FactSet indicates that the number of S&P 500^® Index companies mentioning inflation on their 2021 third quarter earnings call hit a 10-year high, according to Business Insider. To date, 285 of the 461 companies that have reported their results have cited concerns over rising inflation. The Materials, Consumer Staples and Energy sectors had the highest percentage of companies mentioned on these earnings calls at 90%, 88% and 86%, respectively. Suffice it to say, investors should add inflation to the list of criteria to assist them in positioning their portfolios moving forward.

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 primary investment objective of First Trust Managed Municipal ETF (the “Fund”) 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 The Nasdaq Stock Market, LLC 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 10/31/21	5 Years Ended 10/31/21	Inception (5/13/14) to 10/31/21		5 Years Ended 10/31/21	Inception (5/13/14) to 10/31/21
Fund Performance
NAV	4.06%	3.68%	4.29%		19.79%	36.89%
Market Price	4.08%	3.68%	4.30%		19.80%	36.94%
Index Performance
Bloomberg Revenue 10 Year (8-12) Index	2.45%	3.45%	3.75%		18.45%	31.61%

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	14.5%
Insured	9.8
Government Obligation Bond - Unlimited Tax	9.2
Water & Sewer	6.4
Certificates of Participation	5.2
Higher Education	5.0
Airport	5.0
Gas	5.0
Dedicated Tax	4.9
Continuing Care Retirement Communities	4.3
Government Obligation Bond - Limited Tax	4.1
Education	4.0
Special Assessment	3.6
Utility	3.5
Tobacco	2.9
Industrial Development Bond	2.8
Toll Road	2.7
Mass Transit	1.1
Tax Increment	0.8
Pre-refunded/Escrowed-to-maturity	0.8
Housing	0.8
Student Housing	0.7
Local Housing	0.4
Other Health	0.1
Port	0.1
Hotel	0.1
Pool	0.1
Stadium	0.0*
Cash	2.1
Total	100.0%

    

*	Amount is less than 0.1%.

    

Credit Quality(1)	% of Total Investments (including cash)
AAA	6.5%
AA	37.3
A	30.1
BBB	9.5
BB	2.9
B	0.7
CCC	0.4
Not Rated	10.3
Short Rated only	0.2
Cash	2.1
Total	100.0%

    

Fund Allocation	% of Net Assets
Municipal Bonds	97.5%
Net Other Assets and Liabilities**	2.5
Total	100.0%

    

**	Includes variation margin on futures contracts.

---

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, 2021 (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

Tom Futrell, CFA, Senior Vice President, Senior Portfolio Manager

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

The First Trust Municipal Securities Team was formed in September of 2013 and is headed by Tom Futrell, CFA, and Johnathan N. Wilhelm who serve as senior portfolio managers of the Fund. Messrs. Futrell and Wilhelm have a combined 50+ years of investment experience and prior to joining First Trust, served as portfolio managers of municipal bonds at Nuveen Investments and Performance Trust Investment Advisors. In addition to the Fund, the team manages/consults for a variety of First Trust investment portfolios and separately managed accounts.

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 objective 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 12-month market performance and the Fund’s performance for the 12-month period ended October 31, 2021.

Market Recap

For the 12-month period ended October 31, 2021, 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) Index and Bloomberg High Yield 10-Year (8-12 years) Index produced returns of 2.45% and 10.39%, respectively. By comparison, the Bloomberg U.S. Treasury Index generated a -2.45% return during the 12-month period. The following have been major factors in explaining the municipal bond market’s performance:

•	Robust mutual fund and ETF inflows helped support municipal bond prices. According to Refinitiv, Lipper and J.P. Morgan data, year-to-date fund flows through October 31, 2021 totaled approximately $91.4 billion. Over the same period, high yield municipal fund flows totaled approximately $19.1 billion. Fund inflows have also been consistent, with municipal bond funds having experienced inflows in 75 of the past 76 weeks, totaling a record $152.9 billion.
•	New issue municipal bond supply has been down year-to-date. During the first ten months of 2021, new issue supply decreased approximately 7.9% to $394.5 billion compared with $428.4 billion a year ago. Of note, when looking at municipal taxable new issue supply as a percentage of total new issue supply, approximately 25% of municipal bond supply has been brought to market as a taxable municipal bond over the trailing 12 months through October 31, 2021 compared to the previous five years when taxable municipals comprised less than 10% of total new issue municipal supply.
•	According to data from Municipal Market Analytics, Inc., municipal bond defaults and the par value of defaults are lower year-to-date compared to the same period last year. Approximately 51 municipal bonds have defaulted year-to-date through October 31, 2021 compared to 70 defaults for year-to-date 2020. Defaulting municipal securities have been especially centered in the senior living sector which has been particularly hard hit by the coronavirus (“COVID-19”) pandemic with many facilities experiencing lower occupancy and debt service coverage.
•	The CARES Act and American Rescue Plan Act legislation helped stabilize many municipal bond issuing borrowers, with tens of billions of dollars made available to states, cities, K-12 education, hospitals, mass transportation, and universities, among the many benefitted sectors.
•	As a result of these factors, municipal bond credit spreads have tightened dramatically from April 2021 for all credit rating categories. In particular, credit spreads tightened substantially for BBB and high yield municipal securities whereby in many cases spreads are now tighter than pre-COVID-19 levels.

Page 5

Portfolio Commentary (Continued)

First Trust Managed Municipal ETF (FMB)

Annual Report

October 31, 2021 (Unaudited)

Performance Analysis

The Fund’s net asset value (“NAV”) and market performance for the 12-month period ended October 31, 2021 was 4.06% and 4.08%, respectively, versus the Bloomberg Revenue 10 Year (8-12) Index (the “Benchmark”) return of 2.45% during the same time period. As of October 31, 2021, the Fund’s market price of $56.55 represented a premium of 0.01% to its NAV of $56.51. 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 monthly distribution of $0.09 on October 29, 2021 represented a tax-exempt annualized distribution rate of 1.91% based on the Fund’s closing market price of $56.55. 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. For the 12-month period ended October 31, 2021, 98.44% of the distributions were characterized as tax-exempt income and 1.56% of the distributions were characterized as return of capital. The final determination of the source and tax status of all 2021 distributions will be made after the end of 2021 and will be provided on Form 1099-DIV. Not to be construed as tax advice. Please consult your tax advisor for further information regarding tax matters.

From a portfolio construction perspective, the Fund maintains an underweight position in the highest quality issuers (“AA” rated and higher) versus its Benchmark and is overweight the Benchmark in terms of “BBB,” as well as below investment grade and non-rated bonds. The Fund may allocate up to 35% of its net assets to credits that are either rated below investment grade or are non-rated and deemed to be of comparable quality at the time of purchase. The Fund’s investments in “BBB” rated, sub-investment grade, and non-rated municipal securities were positive contributors to relative Fund performance for the period, as well as its underweight to the Benchmark for “AA” and “AAA” rated bonds. Additionally, the Fund’s investments in “A” rated bonds positively contributed to relative performance over the trailing 12-months ended October 31, 2021. Sectors within the municipal market that positively contributed to Fund performance versus the Benchmark over the reporting period included education, health care, including senior living facilities, industrial development bonds, special tax, and transportation. The one sector that detracted from relative performance over the period were municipal leases. The Fund’s modified duration on October 31, 2021 was 4.74 years versus 5.11 years for the Benchmark. The Fund’s effective duration on October 31, 2021 was 5.20 years. The Fund’s allocation to municipal securities with effective durations of 0 to 1 year was a detractor to performance versus the Benchmark over the period. The Fund’s exposure to municipal securities with effective durations between 5 to 10 years were significant positive contributors over the period. The Fund’s use of Treasury futures was a positive contributor to relative Fund performance during the 12-month period ended October 31, 2021.

Market Outlook

As mentioned above, municipal market technical and fundamental factors have been favorable year-to-date. Record setting year-to-date inflows coupled with manageable new issue supply have been positive factors to the Fund’s performance. Additionally, the relatively unprecedented level of fiscal stimulus coupled with higher vaccination rates and robust U.S. gross domestic product growth (“GDP”) has helped improve overall municipal bond credit quality, as demonstrated by lower year-to-date defaults and many sectors outlook changes to stable. We believe these factors have driven credit spreads to considerably tighter levels. Looking ahead, given credit spread compression in “A” and “BBB” credit rating categories, we don’t expect much, if any, additional credit spread compression. While we do believe that high yield credit spreads could continue to tighten a bit further, we believe that municipal bonds are more in a “coupon clipping” environment. Thus, unlike the beginning of 2021 when we had a high degree of confidence that credit spreads would tighten thus supporting total returns for lower investment grade and high yield municipals, we believe municipal bonds are now, in general, more vulnerable to changes in U.S. Treasury rates that could occur due to the passage of new multi-trillion spending programs by Congress, changes in commentary coming from the Federal Reserve (the “Fed”) regarding the tapering of its $120 billion monthly purchases of mortgage-backed securities and Treasuries, and any changes in the U.S. economic recovery trajectory, such as the COVID-19 Delta variant causing portions of the U.S. to curtail economic activity.

We believe yield curve positioning could also be a significant driver of total return by year-end 2021 and as we move into 2022. We expect the U.S. Treasury curve to steepen, with the 10-year and 30-year portions of the Treasury curve underperforming the 1–5-year part of the curve. We believe that widespread vaccination rates in the U.S. coupled with incredible amounts of monetary and fiscal stimulus will lead to above trend GDP growth in the fourth quarter of 2021 and the first half of 2022. Key factors leading us to believe that the yield curve will steepen include continued progress in vaccination rates thus leading to an even more “open” U.S. and global economy, K-12 students returning to full time, in-person education, and the elimination of Federal supplemental unemployment benefits. We believe this will lead to greater gains in the labor market (higher monthly payrolls), while inflation remains well above the Fed’s long-term average goal of 2%.

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 6

First Trust Managed Municipal ETF (FMB)

Understanding Your Fund Expenses

October 31, 2021 (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, 2021.

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, 2021	Ending Account Value October 31, 2021	Annualized Expense Ratio Based on the Six-Month Period (a)	Expenses Paid During the Six-Month Period (b)
First Trust Managed Municipal ETF (FMB)
Actual	$1,000.00	$1,003.40	0.50%	$2.52
Hypothetical (5% return before expenses)	$1,000.00	$1,022.68	0.50%	$2.55

    

(a)	These expense ratios reflect expense waivers. See Note 3 in the Notes to Financial Statements.
(b)	Expenses are equal to the annualized expense ratios as indicated in the table multiplied by the average account value over the period (May 1, 2021 through October 31, 2021), multiplied by 184/365 (to reflect the six-month period).

Page 7

First Trust Managed Municipal ETF (FMB)

Portfolio of Investments

October 31, 2021

Principal Value		Description		Stated Coupon		Stated Maturity		Value
MUNICIPAL BONDS – 97.5%
		Alabama – 2.6%
$225,000		AL Cmnty Clg Sys Brd of Trustees Rev Bishop St Cmnty Clg, BAM		4.00%		01/01/35		$258,196
2,045,000		AL Federal Aid Hwy Fin Auth Spl Oblig Rev, GARVEE		5.00%		09/01/30		2,310,470
775,000		AL Federal Aid Hwy Fin Auth Spl Oblig Rev, GARVEE, Ser A		5.00%		09/01/32		961,062
500,000		AL St Port Auth Docks Facs Rev Ref Docks Facs Rev, Ser A, AGM, AMT		5.00%		10/01/25		579,934
2,380,000		AL St Port Auth Docks Facs Rev Ref Docks Facs Rev, Ser A, AGM, AMT		5.00%		10/01/29		2,868,947
1,100,000		Birmingham AL Wtrwks Brd Wtr Rev Ref Sr, Ser A		5.00%		01/01/32		1,341,124
940,000		Birmingham AL Wtrwks Brd Wtr Rev Ref Sr, Ser A		4.00%		01/01/34		1,098,426
2,325,000		Birmingham AL Wtrwks Brd Wtr Rev Ref, Subser B		5.00%		01/01/43		2,834,648
370,000		Black Belt Energy Gas Dist AL Gas Prepay Rev Proj #5, Ser A-1		4.00%		04/01/26		420,410
7,070,000		Black Belt Energy Gas Dist AL Gas Prepay Rev Proj #5, Ser A-1 (Mandatory put 10/01/26)		4.00%		10/01/49		8,056,947
1,945,000		Black Belt Energy Gas Dist AL Gas Prepay Rev, Ser A (Mandatory put 12/01/23)		4.00%		12/01/48		2,073,472
415,000		Gulf Shores AL Ref Warrants, Ser A		5.00%		12/15/35		510,386
310,000		Gulf Shores AL Ref Warrants, Ser A		5.00%		12/15/38		381,375
400,000		Homewood AL Eductnl Bldg Auth Rev Ref Samford Univ Proj, Ser A		4.00%		12/01/33		465,685
950,000		Homewood AL Eductnl Bldg Auth Rev Ref Samford Univ Proj, Ser A		4.00%		12/01/34		1,099,221
450,000		Infirmary Hlth Sys AL Spl Care Facs Fing Auth Rev Infirmary Hlth Sys Inc, Ser A		5.00%		02/01/36		514,283
930,000		Leeds AL Pub Eductnl Bldg Auth Eductnl Facs Rev Ref Edu, AGM		4.00%		04/01/29		1,037,552
695,000		Leeds AL Pub Eductnl Bldg Auth Eductnl Facs Rev Ref Edu, AGM		4.00%		04/01/30		775,350
1,500,000		Lower AL Gas Dist Gas Proj Rev Gas Proj Rev Bonds Proj 2 (Mandatory put 12/01/25)		4.00%		12/01/50		1,682,968
1,445,000		Lower AL Gas Dist Gas Proj Rev, Ser A		5.00%		09/01/31		1,832,726
490,000		Mobile AL Impt Dist Sales Tax Rev Mcgowin Park Proj, Ser A		5.00%		08/01/25		505,764
500,000		Mobile Cnty AL Impt Warrants		5.00%		08/01/30		583,986
1,105,000		Prichard AL Wtrwks & Swr Brd Wtr & Swr Rev Ref		4.00%		11/01/30		1,252,917
1,565,000		Prichard AL Wtrwks & Swr Brd Wtr & Swr Rev Ref		4.00%		11/01/31		1,767,976
1,605,000		Prichard AL Wtrwks & Swr Brd Wtr & Swr Rev Ref		4.00%		11/01/32		1,808,658
1,395,000		Prichard AL Wtrwks & Swr Brd Wtr & Swr Rev Ref		4.00%		11/01/33		1,569,149
1,765,000		Prichard AL Wtrwks & Swr Brd Wtr & Swr Rev Ref		4.00%		11/01/34		1,979,926
1,840,000		Prichard AL Wtrwks & Swr Brd Wtr & Swr Rev Ref		4.00%		11/01/35		2,058,618
110,000		SE AL St Gas Sply Dist Gas Sply Rev Proj #1, Ser A (Mandatory put 04/01/24)		4.00%		04/01/49		118,255
6,475,000		SE AL St Gas Sply Dist Gas Sply Rev Proj #2, Ser A (Mandatory put 06/01/24)		4.00%		06/01/49		6,993,949
3,000,000		SE Energy Auth AL Cmdy Sply Rev Proj #1, Ser A (Mandatory put 10/01/28)		4.00%		11/01/51		3,503,260
1,040,000		Troy AL Ref Warrants, BAM		4.00%		07/01/35		1,117,888
105,000		UAB Medicine Fin Auth AL Rev Ref UAB Medicine, Ser B		5.00%		09/01/34		124,777
1,000,000		UAB Medicine Fin Auth AL Rev Ref UAB Medicine, Ser B2		5.00%		09/01/30		1,204,126
5,000,000		UAB Medicine Fin Auth AL Rev Ref UAB Medicine, Ser B2		5.00%		09/01/41		5,941,056
1,000,000		UAB Medicine Fin Auth AL Rev UAB Medicine Oblig Grp, Ser B		4.00%		09/01/38		1,164,036
								62,797,523
		Alaska – 0.2%
1,880,000		AK St Indl Dev & Export Auth Pwr Rev Ref Snettisham Hydroelectric Proj, AMT		4.00%		01/01/28		1,985,857

Page 8

See Notes to Financial Statements

First Trust Managed Municipal ETF (FMB)

Portfolio of Investments (Continued)

October 31, 2021

Principal Value		Description		Stated Coupon		Stated Maturity		Value
MUNICIPAL BONDS (Continued)
		Alaska (Continued)
$450,000		Nthrn AK Tobacco Securitization Corp Tobacco Stlmt Rev Ref Sr, Ser A, Class 1		4.00%		06/01/39		$524,701
1,500,000		Nthrn AK Tobacco Securitization Corp Tobacco Stlmt Rev Ref Sr, Ser A, Class 1		4.00%		06/01/40		1,744,732
								4,255,290
		Arizona – 2.5%
1,205,000		AZ Brd of Rgts Univ AZ Sys Rev Green Bond, Ser B		5.00%		06/01/28		1,434,405
1,000,000		AZ St Indl Dev Auth Edu Rev Acads of Math & Science Proj (a)		5.00%		07/01/49		1,135,254
625,000		AZ St Indl Dev Auth Edu Rev Cadence Cmps Proj, Ser A (a)		4.00%		07/15/30		682,871
925,000		AZ St Indl Dev Auth Edu Rev Cadence Cmps Proj, Ser A (a)		4.00%		07/15/40		990,040
175,000		AZ St Indl Dev Auth Edu Rev Doral Acdmy NV Fire Mesa & Red Rock Cmps Proj, Ser A (a)		5.00%		07/15/39		198,013
500,000		AZ St Indl Dev Auth Edu Rev Macombs Fac Proj Social Bonds, Ser A		4.00%		07/01/41		553,248
375,000		AZ St Indl Dev Auth Edu Rev Ref Basis Sch Projs, Ser D (a)		5.00%		07/01/37		434,079
1,055,000		AZ St Indl Dev Auth Edu Rev Ref Basis Schs Projs, Ser A (a)		5.00%		07/01/26		1,160,312
1,030,000		AZ St Indl Dev Auth Edu Rev Ref Basis Schs Projs, Ser G (a)		5.00%		07/01/37		1,192,270
500,000		AZ St Indl Dev Auth Edu Rev Ref Doral Acdmy of Northern NV Proj, Ser A (a)		4.00%		07/15/51		540,217
950,000		AZ St Indl Dev Auth Edu Rev Ref Doral Acdmy of Northern NV Proj, Ser A (a)		4.00%		07/15/56		1,018,927
800,000		AZ St Indl Dev Auth Edu Rev Somerset Acdmy of Lv Aliante & Skye Canyon Cmps Proj, Ser A (a)		4.00%		12/15/51		854,275
500,000		AZ St Indl Dev Auth Edu Rev, Ser A (a)		4.00%		07/15/30		551,078
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		511,111
1,005,000		AZ St Indl Dev Auth Natl Chrt Sch Revolving Loan Fd Social Bonds Equitable Sch Revolving Fund, Ser A		5.00%		11/01/33		1,231,594
1,100,000		AZ St Indl Dev Auth Natl Chrt Sch Revolving Loan Fd Social Bonds Equitable Sch Revolving Fund, Ser A		4.00%		11/01/36		1,276,004
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		563,442
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		687,293
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		864,263
3,850,000		AZ St Indl Dev Auth Natl Chrt Sch Revolving Loan Fd Social Bonds Equitable Sch Revolving Fund, Ser A		4.00%		11/01/45		4,373,657
1,000,000		AZ St Indl Dev Auth Rev Lincoln S Beltway Proj		5.00%		08/01/27		1,222,728
1,985,000		AZ St Indl Dev Auth Rev Lincoln S Beltway Proj		5.00%		11/01/27		2,440,644
1,000,000		AZ St Indl Dev Auth Rev Lincoln S Beltway Proj		5.00%		05/01/28		1,243,998
1,000,000		AZ St Indl Dev Auth Rev Lincoln S Beltway Proj		5.00%		08/01/28		1,250,944
4,000,000		Glendale AZ Indl Dev Auth Sr Living Facs Rev Ref Sun Hlth Svcs, Ser A		5.00%		11/15/42		4,597,751
1,300,000		Maricopa Cnty AZ Elem Sch Dist #25 Liberty, Ser A, AGM		5.00%		07/01/31		1,642,907
1,350,000		Maricopa Cnty AZ Elem Sch Dist #25 Liberty, Ser A, AGM		5.00%		07/01/32		1,701,432
200,000		Maricopa Cnty AZ Indl Dev Auth Edu Rev Greathearts AZ Projs, Ser C		5.00%		07/01/25		230,044
830,000		Maricopa Cnty AZ Indl Dev Auth Edu Rev Legacy Trad Schs Proj		4.00%		07/01/30		964,298
435,000		Maricopa Cnty AZ Indl Dev Auth Edu Rev Legacy Trad Schs Proj		4.00%		07/01/31		502,766
450,000		Maricopa Cnty AZ Indl Dev Auth Edu Rev Legacy Trad Schs Proj		4.00%		07/01/32		517,613
700,000		Maricopa Cnty AZ Indl Dev Auth Edu Rev Legacy Trad Schs Proj		4.00%		07/01/33		804,128
985,000		Maricopa Cnty AZ Indl Dev Auth Edu Rev Legacy Trad Schs Proj		4.00%		07/01/34		1,128,859
1,025,000		Maricopa Cnty AZ Indl Dev Auth Edu Rev Legacy Trad Schs Proj		4.00%		07/01/35		1,171,943

See Notes to Financial Statements

Page 9

First Trust Managed Municipal ETF (FMB)

Portfolio of Investments (Continued)

October 31, 2021

Principal Value		Description		Stated Coupon		Stated Maturity		Value
MUNICIPAL BONDS (Continued)
		Arizona (Continued)
$750,000		Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Greathearts AZ Projs, Ser A		5.00%		07/01/37		$874,273
500,000		Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Horizon Cmnty Learning Ctr Proj		5.00%		07/01/35		545,705
500,000		Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Legacy Trad Sch Proj		4.00%		07/01/34		573,025
1,100,000		Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Legacy Trad Schs Proj Auth, Ser B (a)		5.00%		07/01/39		1,281,504
1,000,000		Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Legacy Trad Schs Proj Auth, Ser B (a)		5.00%		07/01/49		1,142,607
500,000		Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Paradise Schs Projs Paragon Mgmt Inc (a)		4.00%		07/01/26		533,907
1,475,000		Maricopa Cnty AZ Spl Hlthcare Dist Aka Maricopa Integrated Hlth Sys, Ser C		5.00%		07/01/27		1,808,808
1,450,000		Maricopa Cnty AZ Unif Sch Dist #48 Scottsdale, Ser D		4.00%		07/01/34		1,747,427
350,000		Phoenix AZ Indl Dev Auth Edu Rev Fac Legacy Trad Schs Projs, Ser A (a)		4.00%		07/01/26		371,370
3,655,000		Phoenix AZ Indl Dev Auth Edu Rev Ref Basis Schs Projs, Ser A (a)		5.00%		07/01/35		4,051,355
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		362,462
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		361,754
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		361,047
350,000		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		420,399
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		826,692
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		233,972
140,000		Pima Cnty AZ Indl Dev Auth Edu Rev Fac American Leadership Acdmy Proj (a)		4.00%		06/15/22		141,531
250,000		Pima Cnty AZ Indl Dev Auth Edu Rev Ref Fac American Leadership Acdmy Proj (a)		4.60%		06/15/25		261,595
1,230,000		Salt River AZ Proj Agric Impt & Pwr Dist Elec Sys Rev Ref, Ser A		5.00%		12/01/31		1,264,348
1,000,000		Tempe AZ Indl Dev Auth Rev Ref Friendship Vlg of Tempe Proj, Ser A		4.00%		12/01/38		1,096,086
1,435,000		Yavapai Cnty AZ Jail Dist Rev, BAM		5.00%		07/01/31		1,783,999
1,030,000		Yavapai Cnty AZ Jail Dist Rev, BAM		4.00%		07/01/32		1,195,122
								60,911,396
		Arkansas – 0.1%
610,000		AR Dev Fin Auth Hlthcare Rev Baptist Hlth		4.00%		12/01/44		696,073
750,000		AR St Dev Fin Auth Hlthcare Facs Rev Carti Surgery Ctr Proj, Ser B		4.25%		07/01/41		813,274
350,000		Univ of Central Arkansas AR Rev, Ser A, AGM		5.00%		11/01/34		403,037
								1,912,384
		California – 9.5%
790,000		Anaheim CA Pub Fin Auth Lease Rev Pub Imps Proj, Ser A		5.00%		09/01/28		946,098
1,000,000		Bakersfield CA Wstwtr Rev Ref, Ser A		5.00%		09/15/30		1,164,594
450,000		CA Cnty CA Tobacco Securitization Agy Tobacco Stlmt Sr Ref, Ser A		5.00%		06/01/32		574,066

Page 10

See Notes to Financial Statements

First Trust Managed Municipal ETF (FMB)

Portfolio of Investments (Continued)

October 31, 2021

Principal Value		Description		Stated Coupon		Stated Maturity		Value
MUNICIPAL BONDS (Continued)
		California (Continued)
$3,000,000		CA Pub Fin Auth Sr Living Rev Enso Vlg Proj Temps 50 Green Bond, Ser B-3 (a)		2.13%		11/15/27		$3,020,152
1,000,000		CA Sch Fin Auth Sch Fac Rev Alliance Clg Ready Pub Schs Proj, Ser C		4.50%		07/01/26		1,110,563
460,000		CA Sch Fin Auth Sch Fac Rev Granada Hills Chrt Oblig Grp (a)		5.00%		07/01/32		528,334
480,000		CA Sch Fin Auth Sch Fac Rev Granada Hills Chrt Oblig Grp (a)		5.00%		07/01/33		550,853
1,950,000		CA Sch Fin Auth Sch Fac Rev Granada Hills Chrt Oblig Grp (a)		5.00%		07/01/49		2,194,339
1,325,000		CA Sch Fin Auth Sch Fac Rev Kipp Socal Pub Schs, Ser A (a)		5.00%		07/01/39		1,601,893
455,000		CA Sch Fin Auth Sch Fac Rev Ref Hlth Learning Proj, Ser A (a)		4.00%		07/01/26		507,352
800,000		CA Sch Fin Auth Sch Fac Rev Ref Hlth Learning Proj, Ser A (a)		5.00%		07/01/32		923,719
655,000		CA Sch Fin Auth Sch Fac Rev, Ser A (a)		5.00%		07/01/40		746,650
1,000,000		CA St		5.00%		11/01/31		1,261,887
750,000		CA St		5.00%		08/01/32		922,416
1,250,000		CA St		4.00%		11/01/35		1,506,160
225,000		CA St Ent Dev Auth Lease Rev Riverside Cnty Library Fac Proj		4.00%		11/01/37		255,764
1,865,000		CA St Ent Dev Auth Lease Rev Riverside Cnty Library Fac Proj		4.00%		11/01/49		2,098,325
480,000		CA St Hlth Facs Fing Auth Rev Adventist Hlth Sys W, Ser A		4.00%		03/01/33		501,621
400,000		CA St Hlth Facs Fing Auth Rev Ref Sutter Hlth, Ser B		5.00%		11/15/33		481,805
600,000		CA St Hlth Facs Fing Auth Rev Sutter Hlth, Ser A		5.00%		11/15/33		738,859
8,100,000		CA St Infra & Econ Dev Bank Lease Rev Green Bond		5.00%		08/01/44		9,990,895
445,000		CA St Muni Fin Auth Chrt Sch Lease Rev Vista Chrt Middle Sch Proj (b)		5.38%		07/01/34		485,214
600,000		CA St Muni Fin Auth Chrt Sch Rev Palmdale Aerospace Acdmy Proj (a)		4.00%		07/01/26		639,003
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		1,637,866
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		1,941,224
200,000		CA St Muni Fin Auth Rev Channing House Proj, Ser B		5.00%		05/15/37		232,212
500,000		CA St Muni Fin Auth Rev Ref Eisenhower Med Ctr, Ser A		5.00%		07/01/34		597,987
1,250,000		CA St Muni Fin Auth Rev Ref HumanGood Oblig Grp, Ser A		4.00%		10/01/33		1,411,352
600,000		CA St Muni Fin Auth Rev Ref HumanGood Oblig Grp, Ser A		4.00%		10/01/34		676,882
1,000,000		CA St Muni Fin Auth Rev Ref HumanGood Oblig Grp, Ser A		4.00%		10/01/35		1,126,624
1,000,000		CA St Muni Fin Auth Rev Ref HumanGood Oblig Grp, Ser A		4.00%		10/01/36		1,125,369
2,130,000		CA St Muni Fin Auth Rev Ref HumanGood Oblig Grp, Ser A		4.00%		10/01/39		2,386,666
3,420,000		CA St Muni Fin Auth Rev Ref HumanGood Oblig Grp, Ser A		5.00%		10/01/44		4,019,951
680,000		CA St Muni Fin Auth Rev Ref Retmnt Hsg Fdtn Oblig Grp, Ser A		5.00%		11/15/27		813,777
650,000		CA St Muni Fin Auth Rev Sr Lien Linxs APM Proj, Ser A, AMT		5.00%		06/30/28		799,607
200,000		CA St Muni Fin Auth Sr Living Rev Ref Mt San Antonio Gardens Proj		4.00%		11/15/27		228,751
4,000,000		CA St Muni Fin Auth Stdt Hsg Rev Chf Davis I LLC W Vlg Stdt Hsg Proj, BAM		5.00%		05/15/36		4,939,329
500,000		CA St Muni Fin Auth Stdt Hsg Rev Green Bond Orchard Park Stdt Hsg Proj, BAM		4.00%		05/15/39		583,106
500,000		CA St Muni Fin Auth Stdt Hsg Rev Green Bond Orchard Park Stdt Hsg Proj, BAM		4.00%		05/15/40		581,861
500,000		CA St Muni Fin Auth Stdt Hsg Rev Green Bond Orchard Park Stdt Hsg Proj, BAM		4.00%		05/15/41		580,282
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		1,091,269
1,250,000		CA St Poll Control Fin Auth Sol Wst Disp Rev Rialto Bioenergy Fac LLC Proj Green Bond, AMT (a)		6.75%		12/01/28		1,127,894
2,000,000		CA St Poll Control Fin Auth Sol Wst Disp Rev Rialto Bioenergy Fac LLC Proj Green Bond, AMT (a)		7.50%		12/01/40		1,642,841
4,990,000		CA St Poll Control Fin Auth Wtr Furnishing Rev, AMT (a)		5.00%		07/01/37		5,197,960

See Notes to Financial Statements

Page 11

First Trust Managed Municipal ETF (FMB)

Portfolio of Investments (Continued)

October 31, 2021

Principal Value		Description		Stated Coupon		Stated Maturity		Value
MUNICIPAL BONDS (Continued)
		California (Continued)
$1,000,000		CA St Pub Wks Brd Lease Rev, Ser B		4.00%		05/01/41		$1,177,851
775,000		CA St Ref		5.00%		04/01/29		992,746
2,000,000		CA St Ref Various Purp		5.00%		04/01/36		2,211,867
500,000		CA St Ref, Ser C		5.00%		09/01/32		581,923
2,000,000		CA St Sch Fin Auth Chrt Sch Rev Arts in Action Chrt Schs, Ser A (a)		5.00%		06/01/40		2,204,084
500,000		CA St Sch Fin Auth Chrt Sch Rev Summit Pub Schs (a)		5.00%		06/01/37		571,726
2,315,000		CA St Stwd Cmntys Dev Auth Transprtn Rev Total Road Impt Prog, Ser B, AGM, COPS		5.00%		12/01/41		2,867,782
1,595,000		CA St Univ Rev Systemwide, Ser A		5.00%		11/01/21		1,595,000
745,000		CA St Various Purp		5.00%		10/01/27		888,346
1,000,000		CA Stwd Cmntys Dev Auth Rev Loma Linda Univ Med Ctr, Ser A (a)		5.00%		12/01/30		1,157,619
450,000		CA Stwd Cmntys Dev Auth Rev Loma Linda Univ Med Ctr, Ser A (a)		5.00%		12/01/33		543,742
250,000		CA Stwd Cmntys Dev Auth Rev Ref CA Baptist Univ, Ser A (a)		3.00%		11/01/22		252,769
500,000		CA Stwd Cmntys Dev Auth Rev Ref CA Baptist Univ, Ser A (a)		5.00%		11/01/32		593,072
100,000		CA Stwd Cmntys Dev Auth Rev Ref Front Porch Cmntys & Svcs, Ser A		5.00%		04/01/30		119,561
195,000		CA Stwd Cmntys Dev Auth Rev Ref Front Porch Cmntys & Svcs, Ser A		5.00%		04/01/31		232,148
225,000		California Cnty CA Tobacco Securitization Agy Tobacco Settle Ref Sonoma Cnty Securitization Corp, Ser A		5.00%		06/01/31		292,075
200,000		California Cnty CA Tobacco Securitization Agy Tobacco Settle Ref Sonoma Cnty Securitization Corp, Ser A		5.00%		06/01/32		258,120
230,000		California Cnty CA Tobacco Securitization Agy Tobacco Settle Ref Sonoma Cnty Securitization Corp, Ser A		5.00%		06/01/33		295,833
150,000		California Cnty CA Tobacco Securitization Agy Tobacco Settle Ref Sonoma Cnty Securitization Corp, Ser A		4.00%		06/01/34		179,526
250,000		California Cnty CA Tobacco Securitization Agy Tobacco Settle Ref Sonoma Cnty Securitization Corp, Ser A		4.00%		06/01/36		297,447
300,000		Cathedral City CA Redev Agy Successor Agy Tax Allocation Rev Ref Sub Hsg Merged Redev Proj Area, Ser C, BAM		4.00%		08/01/27		343,699
500,000		Cathedral City CA Redev Agy Successor Agy Tax Allocation Rev Ref Sub Hsg Merged Redev Proj Area, Ser C, BAM		4.00%		08/01/28		578,816
370,000		Chino CA Cmnty Facs Dist Spl Tax #2003-3 Impt Area #7		5.00%		09/01/30		451,836
300,000		Chino Vly CA Unif Sch Dist, Ser B		5.00%		08/01/38		385,795
250,000		Chino Vly CA Unif Sch Dist, Ser B		5.00%		08/01/39		320,759
1,000,000		CSCDA Cmnty Impt Auth CA Essential Hsg Rev the Link Glendale Social Bonds, Ser A-2 (a)		4.00%		07/01/56		1,032,345
1,000,000		CSCDA Cmnty Impt Auth CA Essential Hsg Rev Union S Bay Social Bonds, Ser A-2 (a)		4.00%		07/01/56		1,034,845
2,160,000		Etiwanda CA Sch Dist Cmnty Facs Dist #9 Spl Tax Ref		5.00%		09/01/35		2,456,431
130,000		Folsom Ranch CA Fing Auth Spl Tax Rev Cmnty Facs Dist No 19 Mangini		4.00%		09/01/24		140,916
155,000		Folsom Ranch CA Fing Auth Spl Tax Rev Cmnty Facs Dist No 19 Mangini		4.00%		09/01/25		171,287
165,000		Folsom Ranch CA Fing Auth Spl Tax Rev White Rock Springs Ranch		4.00%		09/01/39		182,722
170,000		Folsom Ranch CA Fing Auth Spl Tax Rev White Rock Springs Ranch		4.00%		09/01/40		187,998
175,000		Folsom Ranch CA Fing Auth Spl Tax Rev White Rock Springs Ranch		4.00%		09/01/41		193,187
250,000		Fontana CA Spl Tax Spl Tax the Meadows		4.00%		09/01/27		282,826
265,000		Fontana CA Spl Tax Spl Tax the Meadows		4.00%		09/01/28		303,202

Page 12

See Notes to Financial Statements

First Trust Managed Municipal ETF (FMB)

Portfolio of Investments (Continued)

October 31, 2021

Principal Value		Description		Stated Coupon		Stated Maturity		Value
MUNICIPAL BONDS (Continued)
		California (Continued)
$280,000		Fontana CA Spl Tax Spl Tax the Meadows		4.00%		09/01/29		$321,154
535,000		Fontana CA Spl Tax Spl Tax the Meadows		4.00%		09/01/36		605,213
500,000		Foothill-De Anza CA Cmnty Clg Dist Ref, COPS		5.00%		04/01/32		568,091
300,000		Gilroy CA Unif Sch Dist Election 2016		4.00%		08/01/39		351,517
1,200,000		Gilroy CA Unif Sch Dist Election 2016		4.00%		08/01/40		1,403,832
2,185,000		Gilroy CA Unif Sch Dist Election 2016		4.00%		08/01/44		2,536,879
380,000		Golden St Tobacco Securitization Corp CA Tobacco Stlmt Asset Backed Ref, Ser A		3.25%		06/01/34		418,103
6,000,000		Golden St Tobacco Securitization Corp CA Tobacco Stlmt Ref, Ser A-1		5.00%		06/01/34		7,223,000
1,360,000		Hawthorne CA Cmnty Redev Agy Successor Agy Tax Allocation Ref Sub, AGM		5.00%		09/01/32		1,569,974
2,500,000		Hayward CA Unif Sch Dist, AGM		4.00%		08/01/45		2,890,815
3,000,000		Hayward CA Unif Sch Dist, Ser A, BAM		4.00%		08/01/40		3,461,451
175,000		Irvine CA Unif Sch Dist Spl Tax Cmnty Facs Dist No 09-1, Ser A		5.00%		09/01/31		221,535
365,000		Irvine CA Unif Sch Dist Spl Tax Cmnty Facs Dist No 09-1, Ser A		5.00%		09/01/32		460,860
125,000		Irvine CA Unif Sch Dist Spl Tax Cmnty Facs Dist No 09-1, Ser A		5.00%		09/01/34		156,722
2,885,000		Kaweah CA Delta Hlthcare Dist Rev, Ser B		5.00%		06/01/40		3,280,569
210,000		La Verne CA Ref Brethren Hillcrest Homes, COPS		5.00%		05/15/22		215,374
825,000		Lammersville CA Jt Unif Sch Dist Spl Tax Cmnty Facs Dist #2014-1 Impt Area #1 Mountain House Sch Facs		5.00%		09/01/42		955,321
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		1,161,468
835,000		Live Oak CA Sch Dist Santa Cruz Cnty Ref		5.00%		08/01/30		997,894
45,000		Long Beach CA Bond Fin Auth Nat Gas Pur Rev, Ser A		5.25%		11/15/23		49,394
400,000		Los Angeles CA Dept of Arpts Arpt Rev Sub Los Angeles Intl Arpt, Ser B, AMT		5.00%		05/15/31		471,043
2,000,000		Los Angeles CA Dept of Arpts Arpt Rev Subord Ref, Ser A, AMT		4.00%		05/15/44		2,275,122
100,000		Marina CA Redev Agy Successor Agy Tax Allocation Hsg, Ser B		5.00%		09/01/33		114,759
1,260,000		Marina Coast CA Wtr Dist Enterprise Rev, COPS		4.00%		06/01/44		1,457,264
1,675,000		Marysville CA Jt Unif Sch Dist Green Bond 2021 Energy Efficiency Proj, BAM, COPS		4.00%		06/01/36		1,934,494
325,000		Menifee CA Union Sch Dist Pub Fing Auth Spl Tax Rev Ref, Ser A		5.00%		09/01/28		365,360
175,000		Menifee CA Union Sch Dist Spl Tax Cmnty Facs Dist #2011-1		5.00%		09/01/30		206,309
150,000		Menifee CA Union Sch Dist Spl Tax Cmnty Facs Dist #2011-1		5.00%		09/01/31		176,372
145,000		Menifee CA Union Sch Dist Spl Tax Cmnty Facs Dist #2011-1		5.00%		09/01/32		170,279
165,000		Menifee CA Union Sch Dist Spl Tax Cmnty Facs Dist #2011-1		5.00%		09/01/33		193,531
1,710,000		Menifee CA Union Sch Dist Spl Tax Cmnty Facs Dist #2011-1		5.00%		09/01/44		1,981,038
1,450,000		Menifee CA Union Sch Dist Spl Tax Cmnty Facs Dist #2011-1		5.00%		09/01/48		1,674,374
2,515,000		Napa Vly CA Unif Sch Dist, Ser C, AGM		4.00%		08/01/38		2,859,034
2,165,000		Norco CA Spl Tax Ref Norco Ridge Ranch, BAM		5.00%		09/01/30		2,640,285
1,315,000		Oak Vly CA Hosp Dist Hlth Facs Rev Ref, Ser A		4.00%		11/01/36		1,386,427
1,000,000		Orange CA Pub Facs Fing Auth Lease Rev, Ser A		4.00%		11/01/37		1,167,651
1,040,000		Orange CA Pub Facs Fing Auth Lease Rev, Ser A		4.00%		11/01/38		1,212,165
110,000		Rancho Cordova CA Cmnty Facs Dist Spl Tax #2018-1 Grantline 208		5.00%		09/01/26		128,800
200,000		Rancho Cordova CA Cmnty Facs Dist Spl Tax Rev Grantline 208 Cmnty Fac Dt #2018-1		4.00%		09/01/50		219,939
500,000		River Islands CA Pub Fing Auth Spl Tax Cmnty Facs Dist #2003-1, Ser A		5.00%		09/01/43		572,982
500,000		River Islands CA Pub Fing Auth Spl Tax Cmnty Facs Dist #2019-1 Phase 2 Pub Impts		4.00%		09/01/33		555,280
560,000		River Islands CA Pub Fing Auth Spl Tax Ref Cmnty Facs Dist #2003-1		5.38%		09/01/31		588,546

See Notes to Financial Statements

Page 13

First Trust Managed Municipal ETF (FMB)

Portfolio of Investments (Continued)

October 31, 2021

Principal Value		Description		Stated Coupon		Stated Maturity		Value
MUNICIPAL BONDS (Continued)
		California (Continued)
$215,000		Riverside CA Unif Sch Dist Cmnty Facs Dt #33 Citrus Heights II Spl Tax		4.00%		09/01/27		$241,701
225,000		Riverside CA Unif Sch Dist Cmnty Facs Dt #33 Citrus Heights II Spl Tax		4.00%		09/01/28		255,419
500,000		Riverside CA Unif Sch Dist Election of 2016, Ser B		4.00%		08/01/35		577,027
1,340,000		Riverside Cnty CA Transprtn Commn Toll Rev Ref Sr Lien RCTC 91 Express Lanes, Ser B-1		4.00%		06/01/46		1,543,087
865,000		Rocklin CA Unif Sch Dist Cmnty Facs Dist Subord, Ser 2019, BAM		5.00%		09/15/34		1,079,612
625,000		Rocklin CA Unif Sch Dist Cmnty Facs Dist Subord, Ser 2019, BAM		4.00%		09/15/35		728,024
1,080,000		Rocklin CA Unif Sch Dist Cmnty Facs Dist Subord, Ser 2019, BAM		4.00%		09/15/36		1,253,247
110,000		Roseville CA Spl Tax		5.00%		09/01/30		129,285
100,000		Roseville CA Spl Tax		5.00%		09/01/31		117,223
350,000		Roseville CA Spl Tax Svsp Westpark Federico Cmnty Facs Dt No 1		4.00%		09/01/37		395,430
640,000		Roseville CA Spl Tax Svsp Westpark Federico Cmnty Facs Dt No 1		4.00%		09/01/46		714,665
205,000		Roseville CA Spl Tax Vlg CFD #1		4.00%		09/01/32		233,844
225,000		Roseville CA Spl Tax Vlg CFD #1		4.00%		09/01/37		256,055
310,000		Roseville CA Spl Tax Vlg CFD #1		4.00%		09/01/41		350,227
520,000		Roseville CA Spl Tax Vlg CFD #1		4.00%		09/01/46		583,473
710,000		Roseville CA Spl Tax Vlg CFD #1		4.00%		09/01/51		794,360
340,000		S San Francisco CA Pub Facs Fing Auth Lease Rev Police Station Proj, Ser A		4.00%		06/01/33		413,005
400,000		S San Francisco CA Pub Facs Fing Auth Lease Rev Police Station Proj, Ser A		4.00%		06/01/34		483,219
1,470,000		S San Francisco CA Pub Facs Fing Auth Lease Rev Police Station Proj, Ser A		4.00%		06/01/46		1,702,767
260,000		Sacramento CA Spl Tax		4.00%		09/01/30		297,889
220,000		Sacramento CA Spl Tax		4.00%		09/01/31		251,262
315,000		Sacramento CA Spl Tax		4.00%		09/01/32		358,840
515,000		Sacramento CA Spl Tax		4.00%		09/01/33		585,818
615,000		Sacramento CA Spl Tax		4.00%		09/01/35		697,404
500,000		Sacramento CA Transient Occupancy Tax Rev Sub Convention Ctr Complex, Ser C		5.00%		06/01/35		597,726
645,000		San Diego Cnty CA Ltd Rev Obligs Ref Sanford Burnham Prebys Med Discovery Institute, Ser A		5.00%		11/01/25		754,902
750,000		San Diego Cnty CA Ltd Rev Obligs Ref Sanford Burnham Prebys Med Discovery Institute, Ser A		5.00%		11/01/26		879,739
945,000		San Diego Cnty CA Regl Arpt Auth Sr, Ser B, AMT		5.00%		07/01/30		1,011,764
1,250,000		San Diego Cnty CA Regl Transprtn Commn Sales Tax Rev, Ser A		5.00%		04/01/35		1,474,938
4,975,000		San Francisco CA Bay Area Rapid Transit Dist Ref Election 2004, Ser D		4.00%		08/01/34		5,543,344
1,365,000		San Francisco CA Bay Area Rapid Transit Dist Sales Tax Rev, Ser A		4.00%		07/01/36		1,570,102
1,330,000		San Francisco CA Bay Area Rapid Transit Dist Sales Tax Rev, Ser A		4.00%		07/01/37		1,527,027
1,000,000		San Francisco CA City & Cnty Arpts Commn Intl Arpt Rev Ref, Ser D, AMT		5.00%		05/01/22		1,023,736
1,000,000		San Francisco CA City & Cnty Arpts Commn Intl Arpt Rev, Ser A, AMT		5.00%		05/01/39		1,225,040
13,050,000		San Francisco CA City & Cnty Arpts Commn Intl Arpt Rev, Ser E, AMT		5.00%		05/01/50		15,691,371

Page 14

See Notes to Financial Statements

First Trust Managed Municipal ETF (FMB)

Portfolio of Investments (Continued)

October 31, 2021

Principal Value		Description		Stated Coupon		Stated Maturity		Value
MUNICIPAL BONDS (Continued)
		California (Continued)
$700,000		San Francisco CA City & Cnty Dcnty Dev Spl Tax Dist No Mission Rock Fac & Svcs, Ser A (a)		4.00%		09/01/41		$791,313
2,800,000		San Francisco CA City & Cnty, Ser D-1		4.00%		06/15/43		3,240,829
185,000		San Francisco City & Cnty CA Cmnty Facs Dist #2016-1		4.00%		09/01/29		210,413
145,000		San Francisco City & Cnty CA Cmnty Facs Dist #2016-1		4.00%		09/01/30		164,393
335,000		San Francisco City & Cnty CA Cmnty Facs Dist #2016-1		4.00%		09/01/31		378,803
245,000		San Francisco City & Cnty CA Cmnty Facs Dist #2016-1		4.00%		09/01/32		276,472
300,000		San Francisco City & Cnty CA Cmnty Facs Dist #2016-1		4.00%		09/01/33		338,043
525,000		San Francisco City & Cnty CA Cmnty Facs Dist #2016-1		4.00%		09/01/42		588,868
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		329,428
800,000		San Luis Obispo CA Cmnty Facs Dist #2019-1 Spl Tax		4.00%		09/01/36		919,040
4,310,000		San Mateo Foster City CA Pub Fing Auth Wstwtr Rev Clean Wtr Prog		4.00%		08/01/44		5,056,439
150,000		Simi Vly CA Unif Sch Dist, Ser B		4.00%		08/01/32		175,455
375,000		Simi Vly CA Unif Sch Dist, Ser B		4.00%		08/01/39		433,810
1,715,000		Simi Vly CA Unif Sch Dist, Ser C		4.00%		08/01/42		2,000,354
5,000,000		Simi Vly CA Unif Sch Dist, Ser C		4.00%		08/01/50		5,777,897
1,185,000		Sonoma Vly CA Unif Sch Dist		4.00%		08/01/38		1,384,427
860,000		Sonoma Vly CA Unif Sch Dist		4.00%		08/01/40		1,001,256
160,000		Tahoe Truckee CA Unif Sch Dist, COPS, BAM		4.00%		06/01/35		179,200
255,000		Tahoe Truckee CA Unif Sch Dist, COPS, BAM		4.00%		06/01/36		285,108
1,000,000		Tahoe Truckee CA Unif Sch Dist, COPS, BAM		4.00%		06/01/43		1,107,777
100,000		Temecula Vly Unif Sch Dist Fing Auth CA Spl Tax Rev, BAM		5.00%		09/01/34		113,506
385,000		Temescal Vly CA Wtr Dist Spl Tax Terramor Cmnty Facs Dist #4 Impt Area #1		4.00%		09/01/23		406,527
1,300,000		Tobacco Securitization Auth Nthrn CA Tobacco Stlmt Rev Ref Sr Bonds Sacramento Co Tocacco Secur Corp A, Class 1		4.00%		06/01/38		1,533,078
1,000,000		Tobacco Securitization Auth Sthrn CA Tobacco Stlmt Rev Ref San Diego Co Tobacco Securitization Corp Class 1, Ser A		5.00%		06/01/35		1,253,423
1,600,000		Tobacco Securitization Auth Sthrn CA Tobacco Stlmt Rev Ref San Diego Co Tobacco Securitization Corp Class 1, Ser A		5.00%		06/01/36		1,999,301
1,000,000		Tobacco Securitization Auth Sthrn CA Tobacco Stlmt Rev Ref San Diego Co Tobacco Securitization Corp Class 1, Ser A		5.00%		06/01/37		1,246,249
650,000		Tulare CA Loc Hlthcare Dist Ref, BAM		4.00%		08/01/35		772,982
4,500,000		Univ of California CA Revs Ref Ltd Proj, Ser O		5.00%		05/15/48		5,484,130
300,000		Vacaville CA Unif Sch Dist, Ser D		4.00%		08/01/35		354,788
600,000		Vacaville CA Unif Sch Dist, Ser D		4.00%		08/01/37		706,440
500,000		Vacaville CA Unif Sch Dist, Ser D		4.00%		08/01/38		587,669
1,050,000		Victor CA Elem Sch Dist Cmnty Facs Dist Spl Tax Ref 2005-1, BAM		5.00%		09/01/46		1,212,437
								227,725,920
		Colorado – 7.9%
1,125,000		Allison Vly Met Dist #2 CO Ref		4.70%		12/01/47		1,181,624
1,625,000		Bennett Ranch Met Dist #1 CO, Ser A		5.00%		12/01/41		1,754,544
1,000,000		Bennett Ranch Met Dist #1 CO, Ser A		5.00%		12/01/51		1,072,966
225,000		Breckenridge CO Ref, Ser B, COPS		5.00%		12/01/32		290,092
1,240,000		Breckenridge CO Ref, Ser B, COPS		4.00%		12/01/39		1,447,195
515,000		Brighton Crossing Met Dist #6 CO, Ser A		5.00%		12/01/40		563,548
1,340,000		Brighton Crossing Met Dist #6 CO, Ser A		5.00%		12/01/50		1,452,827
740,000		Broomfield Vlg CO Met Dist #2, Ser A-2 (a)		5.00%		12/01/49		786,452
455,000		Buffalo Ridge CO Met Dist Ref & Impt Sr, Ser A, BAM		5.00%		12/01/25		529,301
250,000		Buffalo Ridge CO Met Dist Ref & Impt Sr, Ser A, BAM		5.00%		12/01/26		299,411
750,000		Cascade Ridge Met Dist CO		5.00%		12/01/51		738,744

See Notes to Financial Statements

Page 15

First Trust Managed Municipal ETF (FMB)

Portfolio of Investments (Continued)

October 31, 2021

Principal Value		Description		Stated Coupon		Stated Maturity		Value
MUNICIPAL BONDS (Continued)
		Colorado (Continued)
$400,000		CO Eductnl & Cultural Auth Rev Ref W Ridge Acdmy Chrt Sch Proj, Ser A		5.00%		06/01/49		$428,247
5,480,000		CO St Bldg Excellent Schs Today, Ser N, COPS		5.00%		03/15/37		6,652,040
700,000		CO St Bldg Excellent Schs Today, Ser O, COPS		5.00%		03/15/31		878,769
3,615,000		CO St Bldg Excellent Schs Today, Ser O, COPS		4.00%		03/15/37		4,210,360
4,890,000		CO St Bldg Excellent Schs Today, Ser O, COPS		4.00%		03/15/38		5,684,592
1,250,000		CO St Bldg Excellent Schs Today, Ser O, COPS		4.00%		03/15/44		1,431,299
8,000,000		CO St Bldg Excellent Schs Today, Ser R, COPS		4.00%		03/15/45		9,249,583
1,920,000		CO St Eductnl & Cultural Facs Auth Rev Chrt Sch Loveland Classical Schs Proj (a)		5.00%		07/01/36		2,102,529
545,000		CO St Eductnl & Cultural Facs Auth Rev Ref & Impt Chrt Sch Univ Lab Bldg Corp		4.00%		12/15/25		576,082
660,000		CO St Eductnl & Cultural Facs Auth Rev Ref & Impt Chrt Sch Univ Lab Bldg Corp		5.00%		12/15/28		748,391
2,245,000		CO St Eductnl & Cultural Facs Auth Rev Ref & Impt Chrt Sch Univ Lab Bldg Corp		5.00%		12/15/35		2,508,585
4,000,000		CO St Eductnl & Cultural Facs Auth Rev Ref & Impt Chrt Sch Univ Lab Bldg Corp		5.00%		12/15/45		4,417,660
1,020,000		CO St Eductnl & Cultural Facs Auth Rev Univ Denver Proj, Ser A		4.00%		03/01/35		1,153,015
1,750,000		CO St Hlth Facs Auth Hosp Rev Parkview Med Ctr Proj, Ser A		4.00%		09/01/50		1,998,303
2,460,000		CO St Hlth Facs Auth Hosp Rev Ref Adventhealth Oblig, Ser A		4.00%		11/15/43		2,852,642
250,000		CO St Hlth Facs Auth Hosp Rev Ref Commonspirit Hlth, Ser A-1		5.00%		08/01/35		309,717
3,000,000		CO St Hlth Facs Auth Hosp Rev Ref Commonspirit Hlth, Ser A-1		4.00%		08/01/38		3,442,698
10,195,000		CO St Hlth Facs Auth Hosp Rev Ref Commonspirit Hlth, Ser B		4.00%		01/01/40		11,868,121
300,000		CO St Hlth Facs Auth Hosp Rev Ref Frasier Meadows Retmnt Cmnty Proj, Ser A		5.00%		05/15/25		333,616
350,000		CO St Hlth Facs Auth Hosp Rev Ref Frasier Meadows Retmnt Cmnty Proj, Ser A		5.00%		05/15/26		396,940
2,590,000		CO St Hlth Facs Auth Hosp Rev Ref Sanford Hlth, Ser A		5.00%		11/01/31		3,301,885
2,950,000		CO St Hlth Facs Auth Hosp Rev Ref Sanford Hlth, Ser A		5.00%		11/01/32		3,751,629
3,655,000		CO St Hlth Facs Auth Hosp Rev Ref Sanford Hlth, Ser A		5.00%		11/01/33		4,639,866
2,165,000		CO St Hlth Facs Auth Hosp Rev Ref Sanford Hlth, Ser A		5.00%		11/01/34		2,740,995
1,800,000		CO St Hlth Facs Auth Hosp Rev Ref Sanford Hlth, Ser A		5.00%		11/01/44		2,232,880
625,000		CO St Hlth Facs Auth Hosp Rev Sr Living Ralston Creek Arvada Proj, Ser A		5.25%		11/01/32		537,756
525,000		CO St Hlth Facs Auth Rev Ref Covenant Retmnt Cmntys, Ser A		5.00%		12/01/33		552,260
325,000		CO St Ref, COPS		4.00%		06/15/37		384,123
1,000,000		CO St Ref, COPS		4.00%		06/15/38		1,179,361
495,000		Colorado Springs CO Pikes Peak Americas Mountain Enterprise Pikes Peak		5.00%		12/01/25		573,676
1,200,000		Colorado Springs CO Pikes Peak Americas Mountain Enterprise Pikes Peak		5.25%		12/01/48		1,455,611
180,000		Crystal Vly CO Met Dist #2 Ref, Ser A, AGM		4.00%		12/01/32		213,547
325,000		Crystal Vly CO Met Dist #2 Ref, Ser A, AGM		4.00%		12/01/33		384,750
500,000		Crystal Vly CO Met Dist #2 Ref, Ser A, AGM		4.00%		12/01/34		590,193
330,000		Crystal Vly CO Met Dist #2 Ref, Ser A, AGM		4.00%		12/01/35		388,940
500,000		Crystal Vly CO Met Dist #2 Ref, Ser A, AGM		4.00%		12/01/36		587,916
5,000,000		Denver City & Cnty CO Arpt Rev Ref Sub Sys, Ser A, AMT		5.00%		12/01/35		6,109,821
4,000,000		Denver City & Cnty CO Arpt Rev Ref Sub Sys, Ser A, AMT		5.00%		12/01/37		4,868,105
975,000		Denver City & Cnty CO Arpt Rev Ref Sub Sys, Ser A, AMT		5.00%		12/01/38		1,184,489
1,000,000		Denver CO City & Cnty Dedicated Tax Rev, Ser A-1		5.00%		08/01/41		1,169,118
1,370,000		Denver CO Convention Ctr Hotel Auth Rev Ref Sr		5.00%		12/01/23		1,489,888
600,000		Denver CO Hlth & Hosp Auth 550 Acoma Inc, COPS		5.00%		12/01/26		716,615
1,790,000		Denver CO Intl Busn Ctr CO Met Dist #1 Subord, Ser B		6.00%		12/01/48		1,922,794

Page 16

See Notes to Financial Statements

First Trust Managed Municipal ETF (FMB)

Portfolio of Investments (Continued)

October 31, 2021

Principal Value		Description		Stated Coupon		Stated Maturity		Value
MUNICIPAL BONDS (Continued)
		Colorado (Continued)
$4,885,000		Eagle River CO Wtr & Santn Dist Enterprise Wstwtr Rev, Ser A, AGM		4.00%		12/01/49		$5,661,695
2,000,000		Elbert & Hwy 86 CO Comml Spl Rev & Tax Supported Ref Sr Bonds, Ser A (a)		5.00%		12/01/51		2,145,187
525,000		Firestone CO Wtr Enterprise Rev Ref, BAM		4.00%		12/01/37		622,807
600,000		Firestone CO Wtr Enterprise Rev Ref, BAM		4.00%		12/01/39		708,451
375,000		Flying Horse CO Met Dist #2 Ref, Ser A, AGM		5.00%		12/01/33		484,315
225,000		Flying Horse CO Met Dist #2 Ref, Ser A, AGM		4.00%		12/01/38		265,282
200,000		Flying Horse CO Met Dist #2 Ref, Ser A, AGM		4.00%		12/01/39		235,236
900,000		Hunters Overlook Metro Dist #5 CO Sr Bonds, Ser A		5.00%		12/01/39		988,087
2,735,000		Hunters Overlook Metro Dist #5 CO Sr Bonds, Ser A		5.00%		12/01/49		2,972,872
1,000,000		Independence Met Dist #3 CO, Ser A		6.25%		12/01/49		1,072,127
1,000,000		Jefferson Ctr CO Met Dist # 1 Spl Rev, Ser A-2		4.38%		12/01/47		1,052,572
860,000		Lakes at Centerra Met Dist No 2 CO Impt, Ser A		4.63%		12/01/27		917,112
1,000,000		Lanterns Met Dist #1 CO Sr, Ser A		5.00%		12/01/49		1,070,018
750,000		Legato Cmnty Auth CO Ltd Tax Supported Rev Sr, Ser A-1		5.00%		12/01/51		804,445
100,000		Lorson Ranch Met Dist #2 CO		4.00%		12/01/24		110,413
170,000		Lorson Ranch Met Dist #2 CO		5.00%		12/01/27		201,694
3,260,000		Mirabelle Met Dist #2 CO Sr, Ser A		5.00%		12/01/39		3,509,124
520,000		Nexus N at DIA Met Dist CO		5.00%		12/01/41		562,621
565,000		Nexus N at DIA Met Dist CO		5.00%		12/01/51		606,673
3,000,000		Painted Prairie Pub Impt Auth CO		5.00%		12/01/39		3,263,867
2,460,000		Park Creek CO Met Dist Rev Ref Sr Ltd Property Tax Supported, Ser A		5.00%		12/01/24		2,781,476
150,000		Park Creek CO Met Dist Rev Ref Sr Ltd Property Tax Supported, Ser A		5.00%		12/01/31		172,349
150,000		Park Creek CO Met Dist Rev Ref Sr Ltd Property Tax Supported, Ser A		5.00%		12/01/34		171,447
155,000		Park Creek CO Met Dist Rev Ref Sr Ltd Property Tax Supported, Ser A		5.00%		12/01/35		177,030
2,000,000		Park Creek CO Met Dist Rev Ref Sr Ltd Property Tax Supported, Ser A		5.00%		12/01/45		2,255,411
1,120,000		Park Creek CO Met Dist Rev Sr Lien, Ser A, AGM		4.00%		12/01/34		1,333,802
1,455,000		Park Creek CO Met Dist Rev Sr Lien, Ser A, AGM		4.00%		12/01/35		1,730,380
1,040,000		Park Creek CO Met Dist Rev Sr Lien, Ser A, AGM		4.00%		12/01/36		1,234,195
420,000		Park Creek CO Met Dist Rev Sr, Ser A		5.00%		12/01/30		518,957
30,000		Park Creek CO Met Dist Rev Sr, Ser A, NATL-RE		5.00%		12/01/24		33,920
500,000		Parker Homestead Met Dist CO Ref (b)		5.63%		12/01/44		517,045
1,150,000		Peak Met Dist #1 CO, Ser A (a)		5.00%		12/01/51		1,245,482
920,000		Pinon Pines Met Dist #2 CO MDD		5.00%		12/01/40		1,002,252
1,195,000		Pinon Pines Met Dist #2 CO MDD		5.00%		12/01/50		1,290,633
1,000,000		Prairie Ctr CO Met Dist #3 Ltd Property Tax Supported Pri Ref, Ser A (a)		4.13%		12/15/27		1,055,424
700,000		Prairie Ctr Met Dist #7 CO		4.88%		12/15/44		751,232
650,000		Pronghorn Vly Met Dist CO, Ser A		4.00%		12/01/51		654,322
5,000,000		Rampart Range CO Met Dist #1 Ltd Tax Supported & Spl Rev Ref & Impt, AGM		5.00%		12/01/42		5,988,821
500,000		Rampart Range CO Met Dist #5		4.00%		12/01/41		509,554
850,000		Regl CO Transprtn Dist Priv Activity Rev Ref Denver Transit Partners Eagle P3 Proj, Ser A		5.00%		07/15/29		1,064,518
1,000,000		Ridgeline Vista Met Dist CO, Ser A		5.25%		12/01/60		1,097,737
2,015,000		S Suburban Park & Recreation Dist CO, COPS		4.00%		12/15/35		2,266,196
550,000		Serenity Ridge CO Met Dist #2 Ref, Ser A (b)		5.13%		12/01/37		587,475
1,900,000		Siena Lake Met Dist CO		4.00%		12/01/51		1,857,628
748,000		Sierra Ridge Met Dist No 2 CO Sr, Ser A		4.50%		12/01/31		771,373

See Notes to Financial Statements

Page 17

First Trust Managed Municipal ETF (FMB)

Portfolio of Investments (Continued)

October 31, 2021

Principal Value		Description		Stated Coupon		Stated Maturity		Value
MUNICIPAL BONDS (Continued)
		Colorado (Continued)
$2,065,000		STC Met Dist #2 CO Ref, Ser A		4.00%		12/01/29		$2,226,549
3,000,000		STC Met Dist #2 CO Ref, Ser A		5.00%		12/01/38		3,266,672
1,000,000		STC Met Dist #2 CO Ref, Ser A		5.00%		12/01/49		1,081,438
175,000		Sterling Hills CO W Met Dist Ref		5.00%		12/01/32		208,124
1,205,000		Sterling Ranch Met Dist #1 CO		5.00%		12/01/40		1,320,446
1,800,000		Takoda CO Met Dist Ref		6.00%		12/01/36		2,195,487
1,400,000		Thompson Crossing Met Dist #4 CO Ref		5.00%		12/01/39		1,515,191
500,000		Trails at Crowfoot Met Dist #3 CO Sr Ser, Ser A		5.00%		12/01/39		537,008
1,500,000		Transport Met Dist #3 CO MDD, Ser 2021-A-1		5.00%		12/01/41		1,670,919
1,960,000		Transport Met Dist #3 CO MDD, Ser 2021-A-1		5.00%		12/01/51		2,160,697
1,500,000		Westerly Met Dist #4 CO Sr, Ser A		5.00%		12/01/50		1,621,384
600,000		Willow Bend Met Dist CO Sr, Ser A		5.00%		12/01/39		645,091
1,000,000		Willow Bend Met Dist CO Sr, Ser A		5.00%		12/01/49		1,070,054
								190,178,428
		Connecticut – 3.3%
1,250,000		CT St Hlth & Eductnl Facs Auth Rev Fairfield Univ, Ser Q-1		5.00%		07/01/46		1,454,685
4,700,000		CT St Hlth & Eductnl Facs Auth Rev Hartford Hlthcare Proj, Ser A		4.00%		07/01/38		5,531,650
3,000,000		CT St Hlth & Eductnl Facs Auth Rev Hartford Hlthcare Proj, Ser A		4.00%		07/01/51		3,433,489
1,000,000		CT St Hlth & Eductnl Facs Auth Rev Quinnipiac Univ Ref, Ser M		5.00%		07/01/36		1,154,431
225,000		CT St Hlth & Eductnl Facs Auth Rev Ref Fairfield Univ Issue, Ser T		5.00%		07/01/28		278,099
6,160,000		CT St Hlth & Eductnl Facs Auth Rev Ref Fairfield Univ, Ser R		4.00%		07/01/47		6,810,316
1,000,000		CT St Hlth & Eductnl Facs Auth Rev Ref Fairfield Univ, Ser S		5.00%		07/01/26		1,182,214
2,250,000		CT St Hlth & Eductnl Facs Auth Rev Ref Quinnipiac Univ, Ser L		5.00%		07/01/31		2,544,011
200,000		CT St Hlth & Eductnl Facs Auth Rev Ref Quinnipiac Univ, Ser L		4.00%		07/01/33		217,351
1,210,000		CT St Hlth & Eductnl Facs Auth Rev Yale Univ Issue Remk, Ser U-2 (Mandatory put 02/08/22)		2.00%		07/01/33		1,215,906
500,000		CT St Hlth & Eductnl Facs Auth Rev, Ser A		5.00%		07/01/34		630,933
1,000,000		CT St Hlth & Eductnl Facs Auth Rev, Ser A		5.00%		07/01/35		1,259,671
1,000,000		CT St Hlth & Eductnl Facs Auth Rev, Ser A		4.00%		07/01/36		1,159,401
445,000		CT St Hsg Fin Auth Hsg Fin Mtge Prog Ref, Subser A-1		3.65%		11/15/32		458,507
1,330,000		CT St Hsg Fin Auth Hsg Fin Mtge Prog Ref, Subser B-1		3.55%		11/15/33		1,370,528
1,550,000		CT St Spl Tax Oblig Rev Spl Tax Oblig Bonds		5.00%		05/01/40		1,959,163
2,345,000		CT St Spl Tax Oblig Rev Transprtn Infra, Ser A		5.00%		08/01/34		2,706,700
1,445,000		CT St, Ser A		5.00%		04/15/29		1,753,910
500,000		CT St, Ser A		4.00%		01/15/36		588,361
5,000,000		CT St, Ser A		4.00%		01/15/37		5,851,926
3,125,000		CT St, Ser A		4.00%		04/15/37		3,657,124
4,625,000		CT St, Ser A		4.00%		04/15/38		5,402,221
790,000		CT St, Ser B		5.00%		03/01/26		838,420
2,295,000		CT St, Ser D, BAM		4.00%		08/15/31		2,607,900
905,000		CT St, Ser E		5.00%		10/15/33		1,084,723
560,000		CT St, Ser E		4.00%		10/15/35		632,293
700,000		CT St, Ser F		5.00%		11/15/34		814,004
625,000		Hamden CT, BAM		6.00%		08/15/33		796,191
500,000		Harbor Point CT Infra Impt Dist Spl Oblig Rev Ref Harbor Point Proj Ltd (a)		5.00%		04/01/39		568,687
500,000		Univ of Connecticut CT, Ser A		5.00%		03/15/28		590,492
1,970,000		Univ of Connecticut CT, Ser A		5.00%		01/15/29		2,377,907
4,680,000		Univ of Connecticut CT, Ser A		5.00%		01/15/30		5,618,451
1,250,000		Univ of Connecticut CT, Ser A		5.00%		11/01/32		1,553,948
3,820,000		Univ of Connecticut CT, Ser A		5.00%		11/01/34		4,729,932

Page 18

See Notes to Financial Statements

First Trust Managed Municipal ETF (FMB)

Portfolio of Investments (Continued)

October 31, 2021

Principal Value		Description		Stated Coupon		Stated Maturity		Value
MUNICIPAL BONDS (Continued)
		Connecticut (Continued)
$1,500,000		Univ of Connecticut CT, Ser A		5.00%		11/01/36		$1,851,531
3,730,000		Univ of Connecticut CT, Ser A		5.00%		02/15/41		4,661,030
								79,346,106
		Delaware – 0.4%
325,000		DE St Hlth Facs Auth Rev Beebe Med Ctr		5.00%		06/01/26		382,886
4,335,000		DE St Hlth Facs Auth Rev Ref Christiana Hlthcare Sys Oblig Grp, Ser A		5.00%		10/01/36		5,487,546
2,324,000		Millsboro DE Spl Oblig Ref Plantation Lakes Spl Dev Dist (a)		5.00%		07/01/28		2,532,305
								8,402,737
		District of Columbia – 0.1%
1,000,000		Washington DC Met Area Transit Auth Gross Rev		5.00%		07/01/33		1,210,239
885,000		Washington DC Met Area Transit Auth Gross Rev Ref, Ser A-1		5.00%		07/01/29		1,079,390
								2,289,629
		Florida – 7.6%
500,000		Academical Vlg CDD FL Spl Assmnt Rev CDD		2.88%		05/01/25		509,275
1,000,000		Academical Vlg CDD FL Spl Assmnt Rev CDD		3.63%		05/01/40		1,036,107
545,000		Alachua Cnty FL Hlth Facs Auth CCRC Ref Oak Hammock at the Univ of FL Inc Proj		4.00%		10/01/40		596,249
1,430,000		Alachua Cnty FL Hlth Facs Auth Shands Teaching Hosp & Clinics Inc, Ser A		4.00%		12/01/49		1,635,450
50,000		Belle Isle FL Chrt Sch Lease Rev Cornerstone Chrt Acdmy & Cornerstone Chrt High Sch		5.50%		10/01/22		51,963
1,250,000		Berry Bay CDD FL Spl Assmnt Rev Assmnt Area 1		4.00%		05/01/51		1,289,918
300,000		Bexley CDD FL Spl Assmnt Rev		4.10%		05/01/26		321,089
270,000		Brookstone CDD FL Spl Assmnt Rev CDD (c)		3.88%		11/01/23		274,035
2,305,000		Broward Cnty FL Arpt Sys Rev, Ser A, AMT		5.00%		10/01/31		2,889,894
605,000		Broward Cnty FL Fuel Sys Rev Ft Lauderdale Fuel Facs, Ser A, AGM, AMT		5.00%		04/01/22		616,788
1,350,000		Broward Cnty FL Port Facs Rev Ref Subord Bond, Ser D, AMT		5.00%		09/01/27		1,634,654
250,000		Citizens Property Insurance Corp FL, Ser A1		5.00%		06/01/22		250,968
2,000,000		Coco Palms FL CDD Spl Assmnt		4.50%		05/01/32		2,176,822
515,000		Edgewater E CDD FL Spl Assmnt Rev Assmnt Area One		2.50%		05/01/26		518,301
1,000,000		Edgewater E CDD FL Spl Assmnt Rev Assmnt Area One		4.00%		05/01/51		1,038,440
275,000		Epperson N CDD FL Capital Impt Rev Assmnt Area #2		2.50%		05/01/26		275,673
1,000,000		Epperson N CDD FL Capital Impt Rev Assmnt Area Three, Ser A		4.00%		11/01/51		1,031,637
4,500,000		FL Dev Fin Corp Surface Tranprtn Fac Rev Green Bond Brightline Passenger Rail Remk, Ser B, AMT (a)		7.38%		01/01/49		4,859,923
1,805,000		FL St Brd of Governors FL Intl Univ Dorm Rev, Ser A, BAM		5.00%		07/01/28		2,254,496
2,090,000		FL St Brd of Governors FL Intl Univ Dorm Rev, Ser A, BAM		5.00%		07/01/31		2,697,240
200,000		FL St Dev Fin Corp Eductnl Facs Rev River City Science Acdmy Projs, Ser A		4.00%		07/01/26		221,942
155,000		FL St Dev Fin Corp Eductnl Facs Rev River City Science Acdmy Projs, Ser A		4.00%		07/01/29		174,237
310,000		FL St Dev Fin Corp Eductnl Facs Rev River City Science Acdmy Projs, Ser A		4.00%		07/01/35		339,673
450,000		FL St Dev Fin Corp Eductnl Facs Rev River City Science Acdmy Projs, Ser A		4.00%		07/01/45		483,838
750,000		FL St Dev Fin Corp Eductnl Facs Rev River City Science Acdmy Projs, Ser A		4.00%		07/01/55		801,432
1,000,000		FL St Dev Fin Corp Sr Living Rev Ref Glenridge on Palmer Ranch Proj		5.00%		06/01/51		1,131,008
725,000		FL St Govtl Util Auth Rev Ref, AGM		4.00%		10/01/37		843,897

See Notes to Financial Statements

Page 19

First Trust Managed Municipal ETF (FMB)

Portfolio of Investments (Continued)

October 31, 2021

Principal Value		Description		Stated Coupon		Stated Maturity		Value
MUNICIPAL BONDS (Continued)
		Florida (Continued)
$825,000		FL St Govtl Util Auth Rev Ref, AGM		4.00%		10/01/38		$958,370
1,615,000		FL St Govtl Util Auth Rev Ref, AGM		4.00%		10/01/39		1,872,053
3,370,000		FL St Muni Pwr Agy Ref, Ser A		5.00%		10/01/31		4,015,382
1,900,000		Fort Myers FL Util Rev Ref Rev, Ser A		4.00%		10/01/44		2,168,890
7,350,000		Gtr Orlando FL Aviation Auth Arpt Facs Rev Priority, Subser A, AMT		5.00%		10/01/42		8,770,120
6,000,000		Gtr Orlando FL Aviation Auth Arpt Facs Rev, Ser A, AMT		5.00%		10/01/44		7,295,322
1,000,000		Gulfstream Polo Cmnty Dev Dist FL Spl Assmnt Phase 2 Proj		4.38%		11/01/49		1,071,747
285,000		Harmony FL CDD Capital Impt Rev Ref, Ser 2015		4.75%		05/01/25		294,232
365,000		Heritage Harbour FL N CDD Capital Impt Rev Ref Sr Lien, Ser A-1, AGM		5.00%		05/01/25		414,088
495,000		Hollywood Beach FL Cmnty Dev Dist Rev CDD Ref Pub Pkg Fac Proj, Ser I		5.00%		10/01/25		574,965
545,000		Hollywood Beach FL Cmnty Dev Dist Rev CDD Ref Pub Pkg Fac Proj, Ser I		5.00%		10/01/27		665,562
1,150,000		Hollywood Beach FL Cmnty Dev Dist Rev CDD Ref Pub Pkg Fac Proj, Ser I		5.00%		10/01/28		1,432,990
2,970,000		Hollywood Beach FL Cmnty Dev Dist Rev CDD Ref Pub Pkg Fac Proj, Ser I		4.00%		10/01/35		3,452,909
790,000		Hollywood Beach FL Cmnty Dev Dist Rev CDD Ref Pub Pkg Fac Proj, Ser I		5.00%		10/01/35		996,632
125,000		Hollywood FL Cmnty Redev Agy Redev Rev Ref		5.00%		03/01/23		132,319
1,000,000		Jacksonville FL Hlthcare Facs Rev Ref Baptist Hlth		5.00%		08/15/35		1,197,734
3,700,000		Jacksonville FL Spl Rev Ref Spl Rev, Ser A		5.00%		10/01/31		4,454,131
1,000,000		Jacksonville FL Spl Rev Ref Spl Rev, Ser B		5.00%		10/01/28		1,206,503
760,000		Jacksonville FL Spl Rev Ref, Ser A		5.00%		10/01/25		889,831
2,750,000		Jea FL Elec Sys Rev Ref, Ser Three A		5.00%		10/01/34		3,503,243
2,980,000		Jea FL Wtr & Swr Rev Ref, Ser A		4.00%		10/01/39		3,376,557
750,000		Jea FL Wtr & Swr Rev Ref, Ser A		4.00%		10/01/39		886,614
480,000		Jea FL Wtr & Swr Rev Subord Ref, Ser A		4.00%		10/01/37		569,933
500,000		Jea FL Wtr & Swr Rev Subord Ref, Ser A		4.00%		10/01/38		592,421
500,000		Jea FL Wtr & Swr Rev Subord Ref, Ser A		4.00%		10/01/39		591,076
1,230,000		Lakeland FL Hosp Sys Rev Lakeland Regl Hlth		5.00%		11/15/33		1,400,552
155,000		Lakewood Ranch FL Stewardship Dist Spl Assmnt Rev Ref Country Club E Proj, AGM		4.50%		05/01/26		178,580
755,000		Lee Cnty FL Indl Dev Auth Cypress Cove Healthpark FL Inc Memory Care Proj		4.00%		10/01/24		795,893
1,000,000		Lee Cnty FL Indl Dev Auth Shell Point/Waterside Hlth Proj		5.00%		11/15/39		1,170,176
1,500,000		Lee Cnty FL Indl Dev Auth Shell Point/Waterside Hlth Proj		5.00%		11/15/44		1,742,621
3,135,000		Martin Cnty FL Hlth Facs Auth Ref Cleveland Clinic Hlth Sys Oblig Grp Hosp Revs, Ser A		4.00%		01/01/46		3,570,825
1,330,000		Mediterra FL S CDD Capital Impt Rev Ref		5.10%		05/01/31		1,355,942
400,000		Miami FL Spl Oblg Prerefunded Ref (a)		5.00%		03/01/30		424,912
100,000		Miami FL Spl Oblg Unrefunded Ref (a)		5.00%		03/01/30		106,021
285,000		Miami World Ctr CDD FL Spl Assmnt		4.00%		11/01/23		291,661
275,000		Miami World Ctr CDD FL Spl Assmnt		4.75%		11/01/27		306,373
2,000,000		Miami World Ctr CDD FL Spl Assmnt		5.13%		11/01/39		2,286,912
1,015,000		Miami-Dade Cnty FL Aviation Rev Ref, Ser A, AMT		5.00%		10/01/27		1,058,722
3,000,000		Miami-Dade Cnty FL Aviation Rev Ref, Ser A, AMT		5.00%		10/01/38		3,445,834
2,000,000		Miami-Dade Cnty FL Eductnl Facs Auth Rev Ref Univ Miami, Ser A		5.00%		04/01/31		2,267,104
445,000		Miami-Dade Cnty FL Indl Dev Auth Doral Acdmy Proj		5.00%		01/15/25		491,983
550,000		Miami-Dade Cnty FL Indl Dev Auth Doral Acdmy Proj		5.00%		01/15/32		629,264
1,210,000		Miami-Dade Cnty FL Indl Dev Auth Doral Acdmy Proj		5.00%		01/15/37		1,370,139
2,430,000		Miami-Dade Cnty FL Remk, Ser A		5.00%		07/01/43		3,032,953

Page 20

See Notes to Financial Statements

First Trust Managed Municipal ETF (FMB)

Portfolio of Investments (Continued)

October 31, 2021

Principal Value		Description		Stated Coupon		Stated Maturity		Value
MUNICIPAL BONDS (Continued)
		Florida (Continued)
$1,080,000		Miami-Dade Cnty FL Spl Oblig Sub Ref		5.00%		10/01/35		$1,282,109
2,500,000		Miami-Dade Cnty FL Wtr & Swr Rev Ref Sys, Ser B		4.00%		10/01/34		2,900,071
2,130,000		Miami-Dade Cnty FL Wtr & Swr Rev Sys, Ser A		4.00%		10/01/40		2,438,463
6,000,000		Miami-Dade Cnty FL Wtr & Swr Rev, Ser B		4.00%		10/01/44		6,925,589
335,000		N Park Isle Cmnty Dev Dist FL Spl Assmnt Rev Assmnt Area One		3.63%		05/01/24		341,498
800,000		N Park Isle Cmnty Dev Dist FL Spl Assmnt Rev Assmnt Area One		4.00%		05/01/30		846,696
225,000		N Park Isle Cmnty Dev Dist FL Spl Assmnt Rev Assmnt Area One		4.50%		05/01/40		242,132
355,000		Nthrn Palm Beach Cnty FL Impt Dist		5.00%		08/01/37		402,427
680,000		Orange Cnty FL Hlth Facs Auth Rev Presbyterian Retmnt Cmntys Proj		5.00%		08/01/29		750,760
345,000		Orange Cnty FL Hlth Facs Auth Rev Presbyterian Retmnt Cmntys Proj		5.00%		08/01/34		380,191
6,000,000		Orange Cnty FL Hlth Facs Auth Rev Ref Orlando Hlth Inc, Ser A		5.00%		10/01/36		7,111,355
2,000,000		Orange Cnty FL Hlth Facs Auth Rev Ref Orlando Hlth Inc, Ser A		5.00%		10/01/39		2,359,951
825,000		Orange Cnty FL Hlth Facs Auth Rev Ref Presbyterian Retmnt Cmntys		5.00%		08/01/31		903,149
1,000,000		Orange Cnty FL Hlth Facs Auth Rev Ref Presbyterian Retmnt Cmntys		5.00%		08/01/41		1,092,276
800,000		Palm Beach Cnty FL Hlth Facs Auth Hosp Rev Baptist Hlth S FL Oblig Grp		5.00%		08/15/23		866,485
200,000		Panama City Beach FL Capital Impt Rev Front Beach Road Proj		5.00%		11/01/32		259,747
685,000		Panama City Beach FL Capital Impt Rev Front Beach Road Proj		5.00%		11/01/33		886,532
1,645,000		Panama City Beach FL Capital Impt Rev Front Beach Road Proj		5.00%		11/01/36		2,100,215
6,500,000		Polk Cnty FL Indl Dev Auth Mineral Dev LLC Secondary Phosphate Tailings Recovery Proj (a)		5.88%		01/01/33		8,091,642
125,000		Rhodine Road N CDD FL Spl Assmnt		3.50%		05/01/24		127,770
820,000		Rhodine Road N CDD FL Spl Assmnt		4.50%		05/01/40		887,358
445,000		Rivington CDD FL Spl Assmnt Rev Assmnt Area		2.88%		05/01/25		450,658
2,425,000		Saint Johns Cnty FL Indl Dev Auth Sr Living Rev Ref Vicar’s Landing Proj, Ser A		4.00%		12/15/41		2,641,711
1,500,000		Saint Johns Cnty FL Indl Dev Auth Sr Living Rev Ref Vicar’s Landing Proj, Ser A		4.00%		12/15/46		1,625,091
335,000		San Simeon Cmnty Dev Dist FL Spl Assmnt (a)		4.13%		06/15/39		362,865
1,750,000		Sarasota Natl FL CDD Spl Assmnt Ref		4.00%		05/01/39		1,873,619
3,000,000		Sawyers Landing CDD FL Spl Assmnt Rev		4.25%		05/01/53		3,155,607
2,250,000		SE Overtown Park W Cmnty Redev Agy FL Tax, Ser A-1 (a)		5.00%		03/01/30		2,439,185
405,000		Shell Point Cmnty Dev Dist FL Spl Assmnt (a)		4.00%		11/01/24		414,320
2,730,000		Stoneybrook FL S CDD Spl Assmnt Rev Assmnt Area Two, A Proj		5.13%		11/01/34		3,220,413
1,340,000		Summer Woods CDD FL Spl Assmnt Area Two 2020 Proj		4.00%		05/01/50		1,387,872
500,000		Tallahassee FL Energy Sys Rev Energy Sys		5.00%		10/01/29		564,815
1,500,000		Tallahassee FL Energy Sys Rev Energy Sys		5.00%		10/01/30		1,694,444
125,000		Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B		5.00%		07/01/27		152,516
120,000		Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B		5.00%		07/01/31		153,516
200,000		Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B		5.00%		07/01/32		255,084
250,000		Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B		5.00%		07/01/33		318,172
250,000		Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B		5.00%		07/01/34		317,357
455,000		Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B		5.00%		07/01/35		576,533
400,000		Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B		4.00%		07/01/38		464,063
300,000		Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B		4.00%		07/01/39		347,240
230,000		Tampa FL Rev Ref The Univ of Tampa Proj, Ser A		5.00%		04/01/34		287,635
5,035,000		Tampa FL Rev Ref The Univ of Tampa Proj, Ser A		5.00%		04/01/45		6,118,202