First Trust Managed Municipal Fund
Portfolio of Investments
July 31, 2024 (Unaudited)
Principal Value | Description | Stated Coupon | Stated Maturity | Value |
MUNICIPAL BONDS – 98.4% | ||||
Alabama – 2.9% | ||||
$500,000 | Black Belt Energy Gas Dist AL Gas Proj Rev, Ser C-1 (Mandatory put 06/01/29) | 5.25 % | 02/01/53 | $531,356 |
640,000 | Black Belt Energy Gas Dist AL Gas Proj Rev, Ser F (Mandatory put 12/01/28) | 5.50 % | 11/01/53 | 680,858 |
360,000 | Homewood AL Eductnl Bldg Auth Rev Stdt Hsg & Parking Proj, Ser C | 5.50 % | 10/01/44 | 388,337 |
500,000 | SE Energy Auth AL Cmdy Sply Rev Proj #6, Ser B (Mandatory put 06/01/30) | 5.00 % | 01/01/54 | 529,811 |
2,130,362 | ||||
Arizona – 1.0% | ||||
425,000 | AZ St Indl Dev Auth Edu Rev Acads of Math & Science Proj (a) | 4.00 % | 07/01/29 | 422,552 |
270,000 | 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 | 280,848 |
703,400 | ||||
Arkansas – 0.4% | ||||
250,000 | AR Dev Fin Auth Envrnmntl Rev Sustainable Bond United States Steel Corp Proj, AMT | 5.45 % | 09/01/52 | 258,606 |
California – 9.6% | ||||
600,000 | CA Cmnty Choice Fing Auth Clean Energy Proj Rev Sustainable Bond, Ser A-1 (Mandatory put 08/01/28) | 4.00 % | 05/01/53 | 605,423 |
835,000 | CA Cmnty Choice Fing Auth Clean Energy Proj Rev Sustainable Bond, Ser B-1 (Mandatory put 08/01/31) | 4.00 % | 02/01/52 | 843,849 |
500,000 | CA St Hlth Facs Fing Auth Rev Stanford Hlth Care, Ser A | 5.00 % | 08/15/54 | 506,779 |
250,000 | CA St Muni Fin Auth Chrt Sch Rev Palmdale Aerospace Acdmy Proj, Ser A (a) | 5.00 % | 07/01/38 | 255,153 |
500,000 | CA St Poll Control Fing Auth Wtr Furnishing Rev Plant Bonds, AMT (a) | 5.00 % | 07/01/37 | 501,747 |
250,000 | CA St Poll Control Fing Auth Wtr Furnishing Rev Poseidon Res LP Desalination Proj, AMT (a) | 5.00 % | 07/01/36 | 277,694 |
1,000,000 | Kern CA Cmnty Clg Dist, Ser D | 5.25 % | 08/01/40 | 1,158,007 |
25,000 | 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 | 27,732 |
250,000 | Los Angeles CA Dept of Arpts Arpt Rev Sub Los Angeles Intl Arpt, Ser A, AMT | 5.25 % | 05/15/48 | 258,717 |
500,000 | Los Angeles CA Dept of Arpts Arpt Rev Unrefunded Subord Ref, Ser D, AMT | 5.00 % | 05/15/31 | 544,474 |
675,000 | River Islands CA Pub Fing Auth Spl Tax Ref Cmnty Facs Dist #2003-1, Ser A-1, AGM | 5.00 % | 09/01/35 | 751,180 |
275,000 | San Diego Cnty CA Regl Arpt Auth Arpt Rev Ref Subord Arpt Rev Bonds, Ser B | 5.00 % | 07/01/37 | 306,598 |
500,000 | San Francisco CA City & Cnty Arpts Commn Intl Arpt Rev, Ser E, AMT | 5.00 % | 05/01/50 | 511,917 |
400,000 | Santa Clara Vly CA Wtr Dist Safe Clean Wtr Rev Sustainable Bond, Ser A | 5.00 % | 08/01/39 | 458,069 |
7,007,339 | ||||
Colorado – 3.7% | ||||
600,000 | Arista CO Met Dist Ref, Ser A, BAM | 5.00 % | 12/01/38 | 653,864 |
900,000 | Denver City & Cnty CO Arpt Rev Ref, Ser D, AMT | 5.50 % | 11/15/33 | 1,032,687 |
500,000 | Mirabelle Met Dist #2 CO Sr, Ser A | 5.00 % | 12/01/49 | 501,509 |
500,000 | Thompson Crossing Met Dist #4 CO Ref | 5.00 % | 12/01/39 | 500,112 |
2,688,172 | ||||
First Trust Managed Municipal Fund
Portfolio of Investments (Continued)
July 31, 2024 (Unaudited)
Principal Value | Description | Stated Coupon | Stated Maturity | Value |
MUNICIPAL BONDS (Continued) | ||||
Connecticut – 0.8% | ||||
$330,000 | CT St Hlth & Eductnl Facs Auth Rev Covenant Home Inc, Ser B | 5.00 % | 12/01/26 | $334,738 |
250,000 | CT St Spl Tax Oblig Rev Transprtn Infra Purp, Ser A | 5.00 % | 07/01/36 | 284,808 |
619,546 | ||||
District of Columbia – 1.0% | ||||
650,000 | Met WA DC Arpts Auth Arpt Sys Rev Ref, Ser A, AMT | 5.25 % | 10/01/40 | 716,954 |
Florida – 8.1% | ||||
400,000 | Beach Cmnty Dev Dist FL Capital Impt Rev Ref, AGM | 5.25 % | 05/01/44 | 428,772 |
250,000 | Black Creek FL CDD Spl Assmnt Expansion Area Proj | 5.13 % | 06/15/32 | 258,406 |
500,000 | Broward Cnty FL Arpt Sys Rev, Ser A, AMT | 5.00 % | 10/01/38 | 523,709 |
320,000 | Broward Cnty FL Port Facs Rev, AMT | 5.00 % | 09/01/38 | 343,017 |
500,000 | Forest Lake Cmnty Dev Dist FL Spl Assmnt Area 1 Proj (a) | 4.00 % | 05/01/40 | 491,934 |
1,000,000 | Lakewood Ranch FL Stewardship Dist Util Rev Sys Acq Proj, AGM | 5.25 % | 10/01/48 | 1,085,316 |
60,000 | Palm Beach Cnty FL Hlth Facs Auth Acts Retmnt, Ser B | 5.00 % | 11/15/42 | 62,289 |
285,000 | Pasco Cnty FL Sch Brd, Ser A, COPS, AGM | 5.00 % | 08/01/37 | 316,586 |
740,000 | Putnam Cnty FL Dev Auth Ref Seminole Proj, Ser A | 5.00 % | 03/15/42 | 763,988 |
495,000 | Sarasota Natl FL CDD Spl Assmnt Ref | 3.50 % | 05/01/31 | 494,096 |
250,000 | SE Overtown Park W Cmnty Redev Agy FL Tax, Ser A-1 (a) | 5.00 % | 03/01/30 | 250,185 |
400,000 | Volusia Cnty FL Eductnl Fac Auth Ref Embry Riddle Aeronautical Univ Inc Proj, Ser A | 4.00 % | 10/15/36 | 404,353 |
450,000 | Westview S CDD FL Spl Assmnt Area One 2023 Proj Area | 5.38 % | 05/01/43 | 460,214 |
5,882,865 | ||||
Georgia – 4.9% | ||||
1,250,000 | Burke Cnty GA Dev Auth Poll Control Rev Var GA Pwr Co Plant Vogtle Proj Remk, 1st Ser (Mandatory Put 03/06/26) | 3.88 % | 10/01/32 | 1,262,027 |
500,000 | Fulton Cnty GA Rsdl Care Facs Elderly Auth Retmnt Fac Rev Ref Lenbrook Sq Fdtn Inc | 5.00 % | 07/01/31 | 508,012 |
740,000 | Main Street Nat Gas Inc GA Gas Sply Rev, Ser A | 5.00 % | 06/01/30 | 783,337 |
500,000 | Main Street Nat Gas Inc GA Gas Sply Rev, Ser A (Mandatory put 09/01/31) | 5.00 % | 05/01/54 | 537,083 |
500,000 | Main Street Nat Gas Inc GA Gas Sply Rev, Ser A (Mandatory put 12/01/29) | 4.00 % | 09/01/52 | 504,381 |
3,594,840 | ||||
Hawaii – 1.3% | ||||
500,000 | HI St Arpts Sys Rev, Ser A, AMT | 5.00 % | 07/01/43 | 513,565 |
500,000 | Honolulu City & Cnty HI Brd of Wtr Sply Wtr Sys Rev, Ser A | 3.00 % | 07/01/41 | 427,088 |
940,653 | ||||
Idaho – 0.7% | ||||
505,000 | ID St Hlth Facs Auth Rev Ref St Lukes Hlth Sys Proj, Ser A | 5.00 % | 03/01/34 | 527,177 |
Illinois – 2.9% | ||||
750,000 | Chicago IL Chicago Wks, Ser A | 5.50 % | 01/01/40 | 818,591 |
500,000 | IL St | 5.50 % | 05/01/39 | 548,225 |
250,000 | IL St, Ser A | 5.50 % | 03/01/47 | 273,074 |
410,000 | Madison Bond Etc Cntys IL Cmnty Unit Sch Dist #5, Ser B, AGM | 5.50 % | 02/01/35 | 457,022 |
2,096,912 | ||||
Indiana – 5.1% | ||||
500,000 | IN St Fin Auth Econ Dev Rev Var Ref Rep Svcs Inc Proj Remk, Ser B (Mandatory put 09/03/24) | 3.90 % | 05/01/28 | 500,328 |
First Trust Managed Municipal Fund
Portfolio of Investments (Continued)
July 31, 2024 (Unaudited)
Principal Value | Description | Stated Coupon | Stated Maturity | Value |
MUNICIPAL BONDS (Continued) | ||||
Indiana (Continued) | ||||
$525,000 | IN St Fin Auth Envrnmntl Rev Ref Var Duke Energy IN Inc Proj Remk, Ser A-1, AMT (Mandatory put 06/01/32) | 4.50 % | 05/01/35 | $527,635 |
1,000,000 | IN St Fin Auth Hlth Sys Rev IN Univ Hlth, Ser A | 5.00 % | 10/01/43 | 1,096,979 |
500,000 | Rockport IN Poll Control Rev Ref AEP Generating Company Proj Remk, Ser B | 3.13 % | 07/01/25 | 494,849 |
375,000 | Valparaiso IN Exempt Facs Rev Ref Pratt Paper LLC Proj, AMT (a) | 4.50 % | 01/01/34 | 385,031 |
700,000 | Whiting IN Envrnmntl Facs Rev Ref BP Products N America Inc Proj, Ser A, AMT (Mandatory put 06/05/26) | 5.00 % | 12/01/44 | 714,792 |
3,719,614 | ||||
Iowa – 0.7% | ||||
500,000 | IA St Fin Auth Midwstrn Disaster Area Rev Ref IA Fertilizer Company Proj (Mandatory put 12/01/42) | 5.00 % | 12/01/50 | 529,284 |
Kansas – 0.4% | ||||
235,000 | Shawnee Cnty KS Pub Bldg Commn Rev Corrections and Parks & Rec Projs | 5.00 % | 09/01/33 | 267,094 |
Kentucky – 2.7% | ||||
1,000,000 | Boyle Cnty KY Eductnl Facs Rev Ref Centre Clg, Ser A | 5.25 % | 06/01/43 | 1,081,190 |
250,000 | KY St Property & Bldgs Commn Revs Proj No. 128, Ser A | 5.50 % | 11/01/42 | 285,512 |
550,000 | Louisville & Jefferson Cnty KY Met Govt Hlth Sys Rev Ref Norton Hlthcare Inc, Ser A | 5.00 % | 10/01/38 | 609,634 |
1,976,336 | ||||
Louisiana – 2.2% | ||||
490,000 | LA St Loc Govt Envrnmntl Facs & Cmnty Dev Auth Rev Ref Westlake Chemical Corp Proj Remk | 3.50 % | 11/01/32 | 475,255 |
400,000 | LA St Pub Facs Auth Sol Wst Disp Fac Rev Var Elementus Minerals LLC Proj (Mandatory put 11/01/25) (a) | 5.00 % | 10/01/43 | 404,240 |
500,000 | Saint John the Baptist Parish LA Rev Ref Var Marathon Oil Corp Proj Remk, Ser A-1 (Mandatory put 07/01/26) | 4.05 % | 06/01/37 | 501,084 |
250,000 | Saint John the Baptist Parish LA Rev Var Ref Marathon Oil Corp Proj Remk, Subser 2017B-2 (Mandatory put 07/01/26) | 2.38 % | 06/01/37 | 242,885 |
1,623,464 | ||||
Maryland – 1.4% | ||||
1,000,000 | MD St Econ Dev Corp Var Ref Constellation Energy Grp Proj Remk, Ser B (Mandatory put 04/03/28) | 4.10 % | 10/01/36 | 1,023,936 |
Michigan – 0.5% | ||||
355,000 | MI St Fin Auth Rev Multi Modal Mclaren Hlth Care, Ser A | 5.00 % | 02/15/37 | 377,687 |
Mississippi – 0.3% | ||||
200,000 | MS St Busn Fin Corp Sol Wst Disp Rev Adj MS Pwr Co Proj Remk, AMT (b) | 4.40 % | 07/01/25 | 200,000 |
Missouri – 0.7% | ||||
500,000 | Saint Louis Cnty MO Spl Oblg Convention Ctr, Ser A | 5.25 % | 12/01/38 | 542,906 |
Nevada – 2.2% | ||||
620,000 | Carson City NV Hosp Rev Ref Carson Tahoe Regl Med Ctr, Ser A | 5.00 % | 09/01/29 | 640,938 |
1,000,000 | Clark Cnty NV Poll Control Rev Var Ref NV Pwr Co Proj Remk (Mandatory put 03/31/26) | 3.75 % | 01/01/36 | 996,490 |
1,637,428 | ||||
First Trust Managed Municipal Fund
Portfolio of Investments (Continued)
July 31, 2024 (Unaudited)
Principal Value | Description | Stated Coupon | Stated Maturity | Value |
MUNICIPAL BONDS (Continued) | ||||
New Hampshire – 1.0% | ||||
$500,000 | Natl Fin Auth NH Hlthcare Facs Rev Var Novant Hlth Oblig Grp, Ser B (b) | 4.10 % | 11/01/64 | $500,000 |
200,000 | NH St Busn Fin Auth Wtr Fac Rev Pennichuck Wtr Wks Inc Proj, Ser A, AMT | 5.50 % | 04/01/43 | 208,750 |
708,750 | ||||
New Jersey – 1.7% | ||||
75,000 | NJ St Hgr Edu Asst Auth Stdt Loan Rev, Ser 1A, AMT | 4.00 % | 12/01/30 | 74,859 |
565,000 | NJ St Transprtn Trust Fund Auth Fun Auth Transprtn Prog Bonds, Ser CC | 5.25 % | 06/15/41 | 633,344 |
500,000 | NJ St Transprtn Trust Fund Auth Ref Transprtn Sys Bonds, Ser A | 5.00 % | 12/15/39 | 534,642 |
1,242,845 | ||||
New Mexico – 2.7% | ||||
1,000,000 | Farmington NM Poll Control Rev Var Ref Pub Svc Co NM San Juan Proj Remk, Ser D (Mandatory put 06/01/28) | 3.90 % | 06/01/40 | 1,014,269 |
450,000 | NM St Hosp Equipment Loan Council Hosp Rev Ref Var Presbyterian Hlthcare Remk, Ser B (b) | 4.05 % | 08/01/34 | 450,000 |
500,000 | Winrock Town Ctr NM Tax Incr Dev Dist #1 Ref Sr Lien (a) | 4.25 % | 05/01/40 | 472,498 |
1,936,767 | ||||
New York – 9.1% | ||||
295,000 | Build NYC Res Corp NY Rev Sustainable Bond E Harlem Scholars Acdmy Chrt Sch Proj (a) | 5.75 % | 06/01/42 | 314,805 |
750,000 | Build NYC Res Corp NY Rev Sustainable Bond Kipp NYC Pub Sch Facs Canal W Proj | 5.25 % | 07/01/52 | 781,203 |
400,000 | Long Beach NY, Ser B, BAM | 5.25 % | 07/15/42 | 433,576 |
500,000 | New York City NY Muni Wtr Fin Auth Wtr & Swr Sys Rev 2nd Gen Resolution, Ser BB-1 | 5.00 % | 06/15/49 | 527,142 |
250,000 | New York City NY Transitional Fin Auth Rev Future Tax Sec Sub, Subser D-1 | 5.50 % | 11/01/45 | 283,783 |
500,000 | New York City NY Transitional Fin Auth Rev Var Sub Future Tax Secured, Subser C4 (b) | 4.02 % | 11/01/44 | 500,000 |
500,000 | NY NY Subser B-1, Ser B | 5.25 % | 10/01/40 | 567,671 |
775,000 | NY St Urban Dev Corp Rev Personal Income Tax, Ser A | 5.00 % | 03/15/42 | 839,964 |
750,000 | Suffolk Regl Off Track Betting Corp NY Rev | 5.75 % | 12/01/44 | 784,744 |
460,000 | Westchester NY Tobacco Asset Securitization Ref Sr, Ser B | 5.00 % | 06/01/41 | 469,424 |
1,000,000 | Yonkers NY, Ser F, BAM | 5.00 % | 11/15/39 | 1,115,537 |
6,617,849 | ||||
North Carolina – 0.6% | ||||
380,000 | NC St Med Care Commn Retmnt Facs Rev The United Methodist Retmnt Homes Proj, Ser A | 5.00 % | 10/01/39 | 406,386 |
Ohio – 1.3% | ||||
500,000 | OH St Air Quality Dev Auth Exempt Facs Rev AMG Vanadium Proj, AMT (a) | 5.00 % | 07/01/49 | 472,758 |
500,000 | OH St Air Quality Dev Auth Ref OH Vly Elec Corp Proj, Ser A | 3.25 % | 09/01/29 | 483,558 |
956,316 | ||||
Oregon – 3.2% | ||||
500,000 | Clackamas Cnty OR Hosp Fac Auth Rev Ref Rose Villa Proj, Ser A | 5.38 % | 11/15/55 | 487,032 |
270,000 | OR St Dept of Transprtn Hwy User Tax Rev Subord Lien, Ser A | 5.00 % | 11/15/39 | 297,689 |
955,000 | Port of Portland OR Arpt Rev, Ser Twenty Seven A, AMT | 5.00 % | 07/01/30 | 1,028,379 |
First Trust Managed Municipal Fund
Portfolio of Investments (Continued)
July 31, 2024 (Unaudited)
Principal Value | Description | Stated Coupon | Stated Maturity | Value |
MUNICIPAL BONDS (Continued) | ||||
Oregon (Continued) | ||||
$500,000 | Union Cnty OR Hosp Fac Auth Grande Ronde Hosp | 5.00 % | 07/01/41 | $505,763 |
2,318,863 | ||||
Pennsylvania – 7.1% | ||||
515,000 | Lancaster Cnty PA Hosp Auth Penn St Hlth | 5.00 % | 11/01/37 | 548,541 |
500,000 | Maxatawny Twp PA Muni Auth Rev Diakon Lutheran Social Ministries Proj, Ser A | 5.00 % | 01/01/41 | 511,482 |
700,000 | Montgomery Cnty PA Indl Dev Auth Ref Acts Retmnt Life Cmntys Inc Oblig Grp | 5.00 % | 11/15/36 | 716,048 |
1,000,000 | PA St Econ Dev Fing Auth T/E Priv Activity Rev The Penndot Major Bridges Package One Proj P3 Proj, AMT | 5.50 % | 06/30/37 | 1,107,723 |
340,000 | PA St Turnpike Commn Oil Franchise Tax Rev Ref, Ser A | 5.00 % | 12/01/46 | 366,783 |
750,000 | PA St Turnpike Commn Turnpike Rev Ref, Ser B | 5.00 % | 12/01/39 | 838,688 |
600,000 | PA St, 1st Ser | 5.00 % | 06/15/34 | 602,439 |
450,000 | Philadelphia PA, Ser A | 4.00 % | 05/01/41 | 443,334 |
5,135,038 | ||||
Puerto Rico – 1.9% | ||||
750,000 | Puerto Rico Cmwlth Restructured, Ser A1 | 4.00 % | 07/01/33 | 753,897 |
77,000 | Puerto Rico Sales Tax Fing Corp Sales Tax Rev Restructured, Ser A-1 | 4.50 % | 07/01/34 | 77,127 |
531,000 | Puerto Rico Sales Tax Fing Corp Sales Tax Rev Restructured, Ser A-2 | 4.33 % | 07/01/40 | 528,143 |
1,359,167 | ||||
South Carolina – 2.0% | ||||
280,000 | SC St Jobs Econ Dev Auth Econ Dev Rev Ref The Woodlands at Furman | 4.00 % | 11/15/27 | 276,675 |
500,000 | SC St Jobs Econ Dev Auth Hlth Facs Rev Novant Hlth Oblig Grp, Ser A | 5.50 % | 11/01/46 | 568,624 |
545,000 | SC St Pub Svc Auth Rev Ref Santee Cooper, Ser C, AGM | 5.50 % | 12/01/40 | 622,665 |
1,467,964 | ||||
Tennessee – 0.8% | ||||
500,000 | Met Nashville TN Arpt Auth Arpt Rev, Ser B, AMT | 5.50 % | 07/01/41 | 553,933 |
Texas – 8.4% | ||||
500,000 | Arlington TX Hgr Edu Fin Corp Edu Rev Ref Harmony Pub Schs, Ser A | 4.00 % | 02/15/36 | 501,794 |
200,000 | Arlington TX Hgr Edu Fin Corp Edu Rev Trinity Basin Preparatory Inc | 5.00 % | 08/15/35 | 220,985 |
550,000 | Austin TX Arpt Sys Rev, Ser B, AMT | 5.00 % | 11/15/37 | 578,414 |
400,000 | Centrl TX Regl Mobility Auth Rev Ref Sr Lien, Ser B | 5.00 % | 01/01/33 | 432,158 |
400,000 | Centrl TX Regl Mobility Auth Rev, Ser B | 5.00 % | 01/01/39 | 432,323 |
410,000 | Corpus Christi TX Util Sys Rev Junior Lien, Ser B | 5.00 % | 07/15/35 | 464,153 |
545,000 | Fulshear Muni Util Dist No 3A TX, BAM | 5.00 % | 09/01/39 | 558,679 |
190,000 | Lower Colorado River TX Auth Trans Contract Rev Ref LCRA Trans Svcs Corp Proj | 5.00 % | 05/15/39 | 201,220 |
500,000 | Newark Hgr Edu Fin Corp TX Edu Rev Hughen Ctr Inc Proj, Ser A | 5.00 % | 08/15/37 | 561,894 |
500,000 | Princeton TX Spl Assmnt Rev Winchester Pub Impr Dist #2 Proj (a) | 5.13 % | 09/01/42 | 498,892 |
750,000 | Tarrant Cnty TX Cultural Edu Facs Fin Corp Hosp Rev Var Baylor Scott and White Hlth Proj, Ser F (Mandatory put 11/15/30) | 5.00 % | 11/15/52 | 816,718 |
500,000 | TX St Muni Gas Acq & Sply Corp IV, Ser B | 5.50 % | 01/01/32 | 544,622 |
First Trust Managed Municipal Fund
Portfolio of Investments (Continued)
July 31, 2024 (Unaudited)
Principal Value | Description | Stated Coupon | Stated Maturity | Value |
MUNICIPAL BONDS (Continued) | ||||
Texas (Continued) | ||||
$245,000 | TX St Wtr Dev Brd St Revolving Fund | 5.00 % | 08/01/37 | $276,727 |
6,088,579 | ||||
Utah – 1.8% | ||||
500,000 | Downtown E Streetcar Swr Pub Infra Dist Sr Lien, Ser A (a) | 5.75 % | 03/01/42 | 499,900 |
700,000 | UT St Telecommunication Open Infra Agy Sales Tax Ref | 5.25 % | 06/01/35 | 795,573 |
1,295,473 | ||||
Virginia – 0.4% | ||||
250,000 | Isle of Wight Cnty VA Econ Dev Auth Riverside Hlth Sys, AGM | 5.25 % | 07/01/43 | 278,085 |
West Virginia – 0.7% | ||||
500,000 | WV St Econ Dev Auth Sol Wst Disp Facs Var Sr Arch Res Proj, AMT (Mandatory put 07/01/25) | 5.00 % | 07/01/45 | 501,623 |
Wisconsin – 0.7% | ||||
500,000 | WI St Hlth & Eductnl Facs Auth Rev Bellin Memorial Hosp Inc, Ser A | 5.00 % | 12/01/38 | 545,623 |
Wyoming – 1.5% | ||||
1,000,000 | Consol Muni Elec Pwr Sys WY Jt Pwrs Brd Sys Jt Pwrs Brd Ref Electrical Sys Proj | 5.25 % | 06/01/40 | 1,122,795 |
Total Investments – 98.4% | 71,600,631 | |
(Cost $69,691,384) | ||
Net Other Assets and Liabilities – 1.6% | 1,154,672 | |
Net Assets – 100.0% | $72,755,303 |
Futures Contracts | Position | Number of Contracts | Expiration Date | Notional Value | Unrealized Appreciation (Depreciation)/ Value |
Ultra 10-Year U.S. Treasury Notes | Short | 2 | Sep 2024 | $ (231,156 ) | $(3,063) |
(a) | This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule 144A of the Securities Act of 1933, as amended, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined to be liquid by First Trust Advisors L.P, the Fund’s advisor. Although market instability can result in periods of increased overall market illiquidity, liquidity for each security is determined based on security specific factors and assumptions, which require subjective judgment. At July 31, 2024, securities noted as such amounted to $5,247,389 or 7.2% of net assets. |
(b) | Variable Rate Demand bond. Interest rate is reset periodically by the agent based on current market conditions. |
Abbreviations throughout the Portfolio of Investments: | |
AGM | – Assured Guaranty Municipal Corp. |
AMT | – Alternative Minimum Tax |
BAM | – Build America Mutual |
COPS | – Certificates of Participation |
Valuation Inputs
The Fund is subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-level hierarchy for fair valuation based upon the inputs to the valuation as of the measurement date. The three levels of the fair value hierarchy are as follows:
•
Level 1 – Level 1 inputs are quoted prices in active markets for identical investments.
•
Level 2 – Level 2 inputs are observable inputs, either directly or indirectly. (Quoted prices for similar investments, valuations based on interest rates and yield curves, or valuations derived from observable market data.)
First Trust Managed Municipal Fund
Portfolio of Investments (Continued)
July 31, 2024 (Unaudited)
•
Level 3 – Level 3 inputs are unobservable inputs that may reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the investment.
The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments.
A summary of the inputs used to value the Fund’s investments as of July 31, 2024 is as follows:
ASSETS TABLE | ||||
Total Value at 7/31/2024 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Municipal Bonds* | $71,600,631 | $— | $71,600,631 | $— |
LIABILITIES TABLE | ||||
Total Value at 7/31/2024 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Futures Contracts | $(3,063 ) | $(3,063 ) | $— | $— |
* | See Portfolio of Investments for state and territory breakout. |