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2026-05-31 First Trust Active Global Quality Income ETF First Trust Active Global Quality Income ETF AGQI This semi-annual shareholder report contains important information about the First Trust Active Global Quality Income ETF (the “Fund”) for the period of December 1, 2025 to May 31, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="white-space:nowrap;color:rgb(0, 60, 113);text-decoration-line:underline">www.ftportfolios.com/fund-documents/etf/AGQI</span>. You can also request this information by contacting us at 1-800-621-1675 or <span style="text-decoration-line:underline;color:rgb(0, 60, 113);font-size:9pt;font-weight:normal;font-family:'times new roman'">info@ftportfolios.com</span>. www.ftportfolios.com/fund-documents/etf/AGQI 1-800-621-1675 info@ftportfolios.com <div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-family:'times new roman';font-size:11.52pt;font-weight:bold;color:rgb(0, 60, 113);">WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?</div><div style="margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'times new roman';font-size:9pt;font-weight:normal;color:rgb(0, 0, 0);">(Based on a hypothetical $10,000 investment)</div><table style="width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; vertical-align: bottom;">Fund</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; vertical-align: baseline;">First Trust Active Global Quality Income ETF</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); vertical-align: baseline;"><span style="float:none">$</span>45</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); vertical-align: baseline; white-space: nowrap;">0.85<span>%</span><sup style="font-size:smaller;line-height:0px;vertical-align:3.2pt">(1)</sup></td> </tr> </table><table style="width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-weight: normal; color: rgb(0, 0, 0); text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; font-style: normal; font-size: 7.5pt; width: 1.8em; vertical-align: top;"> <div style="margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-weight:normal;color:rgb(0, 0, 0);font-family:'times new roman';font-size:7.5pt;">​<sup style="font-size:smaller;line-height:0px;vertical-align:3.2pt">(1)</sup></div></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-weight: normal; color: rgb(0, 0, 0); text-align: left; padding-top: 2.25pt; padding-right: 0; padding-bottom: 0; padding-left: 0; font-style: normal; font-size: 7.5pt; vertical-align: baseline;"> <div style="margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-weight:normal;color:rgb(0, 0, 0);font-family:'times new roman';font-size:7.5pt;">Annualized. </div></td> </tr> </table> 45 0.0085 <div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-family:'times new roman';font-size:11.52pt;font-weight:bold;color:rgb(0, 60, 113);">KEY FUND STATISTICS (As of May 31, 2026)</div><table style="width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; font-style: normal; font-weight: bold;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap;"><span style="float:none">$</span>55,960,555</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; font-style: normal; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap;">33</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; font-style: normal; font-weight: bold;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap;">40<span>%</span></td> </tr> </table> 55960555 33 0.40 <div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-family:'times new roman';font-size:11.52pt;font-weight:bold;color:rgb(0, 60, 113);">WHAT DID THE FUND INVEST IN? (As of May 31, 2026)</div><div style="margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-size:9pt;font-weight:normal;color:rgb(0, 0, 0);font-family:'times new roman';">The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.</div><div style="font-family:'times new roman';font-size:9pt;letter-spacing:1.25px;text-transform:uppercase;text-align:center;padding-bottom:5pt;font-weight:bold;color:rgb(0, 0, 0);margin-top:5pt;margin-right:0px;margin-bottom:0px;margin-left:0px;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;"> <b>Top Ten Holdings</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left;">Microsoft Corp.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap;">5.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left;">Taiwan Semiconductor Manufacturing Co., Ltd.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap;">4.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left;">Alphabet, Inc., Class C</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap;">4.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left;">Chevron Corp.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap;">4.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left;">Samsung Electronics Co., Ltd.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap;">4.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left;">Carlsberg A/S, Class B</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap;">4.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left;">BAE Systems PLC</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap;">3.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left;">Rio Tinto PLC</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap;">3.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left;">Tokyo Electron Ltd.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap;">3.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left;">Coca-Cola (The) Co.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap;">3.5<span>%</span></td> </tr> </table><div style="font-family:'times new roman';font-size:9pt;letter-spacing:1.25px;text-transform:uppercase;text-align:center;padding-bottom:5pt;font-weight:bold;color:rgb(0, 0, 0);margin-top:3pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;"> <b>Sector Allocation</b> </div><div style="font-family:'times new roman';font-size:9pt;font-weight:normal;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_11963114.jpg" style="width: 172.8pt;"/> </div> <div style="font-family:'times new roman';font-size:9pt;letter-spacing:1.25px;text-transform:uppercase;text-align:center;padding-bottom:5pt;font-weight:bold;color:rgb(0, 0, 0);margin-top:5pt;margin-right:0px;margin-bottom:0px;margin-left:0px;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;"> <b>Top Ten Holdings</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left;">Microsoft Corp.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap;">5.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left;">Taiwan Semiconductor Manufacturing Co., Ltd.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap;">4.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left;">Alphabet, Inc., Class C</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap;">4.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left;">Chevron Corp.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap;">4.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left;">Samsung Electronics Co., Ltd.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap;">4.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left;">Carlsberg A/S, Class B</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap;">4.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left;">BAE Systems PLC</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap;">3.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left;">Rio Tinto PLC</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap;">3.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left;">Tokyo Electron Ltd.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap;">3.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left;">Coca-Cola (The) Co.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap;">3.5<span>%</span></td> </tr> </table> 0.052 0.048 0.043 0.042 0.042 0.040 0.038 0.037 0.035 0.035 FT Energy Income Partners Enhanced Income ETF FT Energy Income Partners Enhanced Income ETF EIPI This semi-annual shareholder report contains important information about the FT Energy Income Partners Enhanced Income ETF (the “Fund”) for the period of December 1, 2025 to May 31, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="white-space:nowrap;color:rgb(0, 60, 113);text-decoration-line:underline">www.ftportfolios.com/fund-documents/etf/EIPI</span>. You can also request this information by contacting us at 1-800-621-1675 or <span style="text-decoration-line:underline;color:rgb(0, 60, 113);font-size:9pt;font-weight:normal;font-family:'times new roman'">info@ftportfolios.com</span>. www.ftportfolios.com/fund-documents/etf/EIPI 1-800-621-1675 info@ftportfolios.com <div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-family:'times new roman';font-size:11.52pt;font-weight:bold;color:rgb(0, 60, 113);">WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?</div><div style="margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'times new roman';font-size:9pt;font-weight:normal;color:rgb(0, 0, 0);">(Based on a hypothetical $10,000 investment)</div><table style="width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; vertical-align: bottom;">Fund</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; vertical-align: baseline;">FT Energy Income Partners Enhanced Income ETF</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); vertical-align: baseline;"><span style="float:none">$</span>58<sup style="font-size:smaller;line-height:0px;vertical-align:3.2pt">(1)</sup></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); vertical-align: baseline; white-space: nowrap;">1.10<span>%</span><sup style="font-size:smaller;line-height:0px;vertical-align:3.2pt">(1) (2)</sup></td> </tr> </table><table style="width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-weight: normal; color: rgb(0, 0, 0); text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; font-style: normal; font-size: 7.5pt; width: 1.8em; vertical-align: top;"> <div style="margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-weight:normal;color:rgb(0, 0, 0);font-family:'times new roman';font-size:7.5pt;">​<sup style="font-size:smaller;line-height:0px;vertical-align:3.2pt">(1)</sup></div></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-weight: normal; color: rgb(0, 0, 0); text-align: left; padding-top: 2.25pt; padding-right: 0; padding-bottom: 0; padding-left: 0; font-style: normal; font-size: 7.5pt; vertical-align: baseline;"> <div style="margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-weight:normal;color:rgb(0, 0, 0);font-family:'times new roman';font-size:7.5pt;">Excludes any Acquired Fund Fees and Expenses of the underlying investment companies in which the Fund invests.</div></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-weight: normal; color: rgb(0, 0, 0); text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; font-style: normal; font-size: 7.5pt; width: 1.8em; vertical-align: top;"> <div style="margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-weight:normal;color:rgb(0, 0, 0);font-family:'times new roman';font-size:7.5pt;">​<sup style="font-size:smaller;line-height:0px;vertical-align:3.2pt">(2)</sup></div></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-weight: normal; color: rgb(0, 0, 0); text-align: left; padding-top: 2.25pt; padding-right: 0; padding-bottom: 0; padding-left: 0; font-style: normal; font-size: 7.5pt; vertical-align: baseline;"> <div style="margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-weight:normal;color:rgb(0, 0, 0);font-family:'times new roman';font-size:7.5pt;">Annualized. </div></td> </tr> </table> 58 0.0110 <div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-family:'times new roman';font-size:11.52pt;font-weight:bold;color:rgb(0, 60, 113);">KEY FUND STATISTICS (As of May 31, 2026)</div><table style="width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; font-style: normal; font-weight: bold;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap;"><span style="float:none">$</span>1,052,418,750</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; font-style: normal; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap;">126</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; font-style: normal; font-weight: bold;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap;">74<span>%</span></td> </tr> </table> 1052418750 126 0.74 <div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-family:'times new roman';font-size:11.52pt;font-weight:bold;color:rgb(0, 60, 113);">WHAT DID THE FUND INVEST IN? (As of May 31, 2026)</div><div style="margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-size:9pt;font-weight:normal;color:rgb(0, 0, 0);font-family:'times new roman';">The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.</div><div style="font-family:'times new roman';font-size:9pt;letter-spacing:1.25px;text-transform:uppercase;text-align:center;padding-bottom:5pt;font-weight:bold;color:rgb(0, 0, 0);margin-top:5pt;margin-right:0px;margin-bottom:0px;margin-left:0px;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;"> <b>Top Ten Holdings</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left;">Enterprise Products Partners, L.P.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap;">7.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left;">Energy Transfer, L.P.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap;">6.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left;">MPLX, L.P.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap;">4.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left;">Kinder Morgan, Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap;">3.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left;">Williams (The) Cos., Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap;">3.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left;">ONEOK, Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap;">2.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left;">National Fuel Gas Co.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap;">2.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left;">Duke Energy Corp.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap;">2.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left;">Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap;">2.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left;">Shell PLC, ADR</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap;">2.4<span>%</span></td> </tr> </table><div style="font-family:'times new roman';font-size:9pt;letter-spacing:1.25px;text-transform:uppercase;text-align:center;padding-bottom:5pt;font-weight:bold;color:rgb(0, 0, 0);margin-top:3pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;"> <b>Sector Allocation</b> </div><div style="font-family:'times new roman';font-size:9pt;font-weight:normal;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_11963156.jpg" style="width: 172.8pt;"/> </div> <div style="font-family:'times new roman';font-size:9pt;letter-spacing:1.25px;text-transform:uppercase;text-align:center;padding-bottom:5pt;font-weight:bold;color:rgb(0, 0, 0);margin-top:5pt;margin-right:0px;margin-bottom:0px;margin-left:0px;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;"> <b>Top Ten Holdings</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left;">Enterprise Products Partners, L.P.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap;">7.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left;">Energy Transfer, L.P.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap;">6.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left;">MPLX, L.P.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap;">4.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left;">Kinder Morgan, Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap;">3.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left;">Williams (The) Cos., Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap;">3.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left;">ONEOK, Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap;">2.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left;">National Fuel Gas Co.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap;">2.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left;">Duke Energy Corp.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap;">2.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left;">Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap;">2.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left;">Shell PLC, ADR</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap;">2.4<span>%</span></td> </tr> </table> 0.079 0.065 0.044 0.039 0.031 0.028 0.025 0.024 0.024 0.024 FT Confluence BDC & Specialty Finance Income ETF FT Confluence BDC & Specialty Finance Income ETF FBDC This semi-annual shareholder report contains important information about the FT Confluence BDC &amp; Specialty Finance Income ETF (the “Fund”) for the period of December 1, 2025 to May 31, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="white-space: nowrap; color: rgb(0, 60, 113); text-decoration-line: underline;">www.ftportfolios.com/fund-documents/etf/FBDC</span>. You can also request this information by contacting us at 1-800-621-1675 or <span style="text-decoration-line: underline; color: rgb(0, 60, 113); font-size: 9pt; font-weight: normal; font-family: 'times new roman';">info@ftportfolios.com</span>. www.ftportfolios.com/fund-documents/etf/FBDC 1-800-621-1675 info@ftportfolios.com <div style="font-family: 'times new roman'; font-size: 11.52pt; font-weight: bold; color: rgb(0, 60, 113); margin: 0px 0px 3pt 0px;">WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?</div> <div style="font-family: 'times new roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin: 0px;">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; vertical-align: baseline; padding: 6pt 3pt 3pt 3pt;">FT Confluence BDC &amp; Specialty Finance Income ETF</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); vertical-align: baseline; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>46<sup style="font-size: smaller; line-height: 0px; vertical-align: 3.2pt;">(1)</sup></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); vertical-align: baseline; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.95<span>%</span><sup style="font-size: smaller; line-height: 0px; vertical-align: 3.2pt;">(1) (2)</sup></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-style: normal; font-size: 7.5pt; width: 1.8em; vertical-align: top; padding: 0;"> <div style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 7.5pt; margin: 0px;">​<sup style="font-size: smaller; line-height: 0px; vertical-align: 3.2pt;">(1)</sup></div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-style: normal; font-size: 7.5pt; vertical-align: baseline; padding: 2.25pt 0 0 0;"> <div style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 7.5pt; margin: 0px;">Excludes any Acquired Fund Fees and Expenses of the underlying investment companies in which the Fund invests.</div> </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-style: normal; font-size: 7.5pt; width: 1.8em; vertical-align: top; padding: 0;"> <div style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 7.5pt; margin: 0px;">​<sup style="font-size: smaller; line-height: 0px; vertical-align: 3.2pt;">(2)</sup></div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-style: normal; font-size: 7.5pt; vertical-align: baseline; padding: 2.25pt 0 0 0;"> <div style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 7.5pt; margin: 0px;">Annualized.</div> </td> </tr> </table> 46 0.0095 <div style="font-family: 'times new roman'; font-size: 11.52pt; font-weight: bold; color: rgb(0, 60, 113); margin: 10pt 0px 3pt 0px;">KEY FUND STATISTICS (As of May 31, 2026)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; font-style: normal; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>34,302,782</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; font-style: normal; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">21</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; font-style: normal; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">5<span>%</span></td> </tr> </table> 34302782 21 0.05 <div style="font-family: 'times new roman'; font-size: 11.52pt; font-weight: bold; color: rgb(0, 60, 113); margin: 0px 0px 3pt 0px;">WHAT DID THE FUND INVEST IN? (As of May 31, 2026)</div> <div style="font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'times new roman'; margin: 0px 0px 10pt 0px;">The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.</div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; font-weight: bold; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; margin: 5pt 0px 0px 0px;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Main Street Capital Corp.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">11.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Ares Capital Corp.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">10.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Hercules Capital, Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">10.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Golub Capital BDC, Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">9.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Blackstone Secured Lending Fund</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Sixth Street Specialty Lending, Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Blue Owl Capital Corp.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Barings BDC, Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">New Mountain Finance Corp.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Capital Southwest Corp.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr> </table> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; font-weight: bold; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; margin: 3pt 0px 5pt 0px;"><b>Industry Allocation</b></div> <div style="font-family: 'times new roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_11963198.jpg" style="width: 172.8pt;"/> </div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; font-weight: bold; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; margin: 5pt 0px 0px 0px;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Main Street Capital Corp.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">11.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Ares Capital Corp.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">10.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Hercules Capital, Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">10.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Golub Capital BDC, Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">9.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Blackstone Secured Lending Fund</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Sixth Street Specialty Lending, Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Blue Owl Capital Corp.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Barings BDC, Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">New Mountain Finance Corp.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Capital Southwest Corp.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr> </table> 0.115 0.106 0.103 0.096 0.081 0.079 0.066 0.051 0.046 0.045 Excludes any Acquired Fund Fees and Expenses of the underlying investment companies in which the Fund invests. Annualized. Annualized. Excludes any Acquired Fund Fees and Expenses of the underlying investment companies in which the Fund invests. Annualized.