First Trust Managed Municipal Fund
Portfolio of Investments
July 31, 2026 (Unaudited)
 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
MUNICIPAL BONDS – 97.9%
Alabama – 3.8%
$500,000
Black Belt Energy Gas Dist AL Gas Proj Rev, Ser C-1 (Mandatory
put 06/01/29)
5.25
%
02/01/53
$521,443
360,000
Homewood AL Eductnl Bldg Auth Rev Stdt Hsg & Parking Proj,
Ser C
5.50
%
10/01/44
372,381
500,000
Jacksonville Pub Eductnl Bldg Auth JSU Fdtn Proj, Ser A, BAM
5.13
%
08/01/44
520,309
500,000
SE Energy Auth AL Cooperative Dist Cmdy Sply Rev Proj #6,
Ser B (Mandatory put 06/01/30)
5.00
%
01/01/54
523,741
 
1,937,874
Arizona – 0.5%
250,000
AZ St Indl Dev Auth Edu Rev Acads of Math & Science Proj (a)
4.00
%
07/01/29
248,807
Arkansas – 0.5%
250,000
AR Dev Fin Auth Envrnmntl Rev Sustainable Bond United States
Steel Corp Proj, AMT
5.45
%
09/01/52
253,662
California – 8.0%
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
834,784
250,000
CA St Muni Fin Auth Chrt Sch Rev Palmdale Aerospace Acdmy
Proj, Ser A (a)
5.00
%
07/01/38
249,794
500,000
CA St Muni Fin Auth Rev Sfmta Potrero Yard Modernization Proj,
Ser A
5.50
%
09/01/56
533,951
250,000
CA St Poll Control Fing Auth Wtr Furnishing Rev Poseidon Res LP
Desalination Proj, AMT (a)
5.00
%
07/01/36
266,381
1,000,000
Kern CA Cmnty Clg Dist, Ser D
5.25
%
08/01/40
1,087,421
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
27,093
500,000
Los Angeles CA Dept of Arpts Arpt Rev Unrefunded Subord Ref,
Ser D, AMT
5.00
%
05/15/31
537,745
500,000
San Francisco CA City & Cnty Arpts Commn Intl Arpt Rev, Ser A,
AMT
5.00
%
05/01/49
501,751
 
4,038,920
Colorado – 4.3%
650,000
Adams & Arapahoe Cntys CO Jt Sch Dist #28J Aurora, COPS,
BAM
5.25
%
12/01/43
697,377
900,000
Denver City & Cnty CO Arpt Rev Ref, Ser D, AMT
5.50
%
11/15/33
1,003,974
500,000
Thompson Crossing Met Dist #4 CO Ref
5.00
%
12/01/39
501,510
 
2,202,861
Connecticut – 1.1%
500,000
Aquarion Wtr Auth CT Wtr Sys Rev, Ser A
5.25
%
08/01/46
539,170
District of Columbia – 1.4%
650,000
Met WA DC Arpts Auth Arpt Sys Rev Ref, Ser A, AMT
5.25
%
10/01/40
685,725
Florida – 9.3%
395,000
Beach Cmnty Dev Dist FL Capital Impt Rev Ref, AG
5.25
%
05/01/44
404,970
500,000
Berry Bay II CDD FL Spl Assmnt Proj, Ser 2024
5.20
%
05/01/44
489,934
320,000
Broward Cnty FL Port Facs Rev, AMT
5.00
%
09/01/38
331,373
250,000
Capital Trust Auth Fl Rev Aids Hlthcare Fndtn Oblig Grp, Ser A
4.75
%
12/01/42
254,379
500,000
Charlotte Cnty FL Indl Dev Auth Util Sys Rev Town & Country
Utilities Proj, AMT
5.88
%
10/01/45
517,406
500,000
FL Dev Fin Corp Hlthcarefacs Rev Tampa General Hosp Proj,
Ser A
5.00
%
08/01/44
522,688
605,000
Jea FL Elec Sys Rev Ref, Ser Three A
3.00
%
10/01/40
511,436
First Trust Managed Municipal Fund
Portfolio of Investments (Continued)
July 31, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
MUNICIPAL BONDS (Continued)
Florida (Continued)
$500,000
Lakewood Ranch FL Stewardship Dist Util Rev Sys Acq Proj, AG
5.25
%
10/01/48
$518,440
75,000
Palm Beach Cnty FL Hlth Facs Auth Acts Retmnt, Ser B
5.00
%
11/15/42
76,194
420,000
Sarasota Natl FL CDD Spl Assmnt Ref
3.50
%
05/01/31
415,820
400,000
Volusia Cnty FL Eductnl Fac Auth Ref Embry Riddle Aeronautical
Univ Inc Proj, Ser A
4.00
%
10/15/36
397,210
280,000
Westview S CDD FL Spl Assmnt Area One 2023 Proj Area
5.38
%
05/01/43
286,884
 
4,726,734
Georgia – 2.0%
500,000
Fulton Cnty GA Rsdl Care Facs Elderly Auth Retmnt Fac Rev Ref
Lenbrook Sq Fdtn Inc
5.00
%
07/01/31
500,377
500,000
Main Street Nat Gas Inc GA Gas Sply Rev, Ser A (Mandatory put
12/01/29)
4.00
%
09/01/52
502,212
 
1,002,589
Hawaii – 1.8%
500,000
HI St Arpts Sys Rev, Ser A, AMT
5.00
%
07/01/43
505,656
500,000
Honolulu City & Cnty HI Brd of Wtr Sply Wtr Sys Rev, Ser A
3.00
%
07/01/41
420,546
 
926,202
Idaho – 1.0%
505,000
ID St Hlth Facs Auth Rev Ref St Lukes Hlth Sys Proj, Ser A
5.00
%
03/01/34
521,234
Illinois – 1.6%
500,000
IL St
5.50
%
05/01/39
525,434
250,000
IL St, Ser A
5.50
%
03/01/47
259,965
 
785,399
Indiana – 2.0%
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
527,620
500,000
IN St Fin Auth Stdt Hsg Rev Sr Stdt Hsg Proj, Ser A
5.00
%
07/01/54
476,844
 
1,004,464
Iowa – 1.1%
500,000
IA St Fin Auth Midwstrn Disaster Area Rev Ref IA Fertilizer
Company Proj (Mandatory put 12/01/42) (Pre-refunded maturity
12/01/32)
5.00
%
12/01/50
555,107
Kentucky – 2.5%
400,000
KY Bond Dev Corp Rev Univ of KY Central Util Plant Proj, Ser A
5.00
%
10/31/44
417,238
250,000
KY St Property & Bldgs Commn Revs Proj No. 128, Ser A
5.50
%
11/01/42
273,164
550,000
Louisville & Jefferson Cnty KY Met Govt Hlth Sys Rev Ref
Norton Hlthcare Inc, Ser A
5.00
%
10/01/38
577,402
 
1,267,804
Louisiana – 0.9%
490,000
LA St Loc Govt Envrnmntl Facs & Cmnty Dev Auth Rev Ref
Westlake Chemical Corp Proj Remk
3.50
%
11/01/32
474,279
Maine – 1.4%
700,000
ME St Fin Auth Sol Wst Disp Rev Casella Waste Sys Inc Proj
Remk, Ser R-3, AMT (a)
5.00
%
08/01/35
725,793
Massachusetts – 1.3%
250,000
MA St Dev Fin Agy Rev Chf Wentworth Inc Issue Pike Stdt Hsg
Proj Sr, Ser A (a)
5.13
%
07/01/51
240,581
First Trust Managed Municipal Fund
Portfolio of Investments (Continued)
July 31, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
MUNICIPAL BONDS (Continued)
Massachusetts (Continued)
$390,000
MA St Dev Fin Agy Rev Tufts Univ Stdt Hsg Proj Prg Medford
Properties Inc
5.25
%
06/01/41
$418,031
 
658,612
Missouri – 1.0%
500,000
Saint Louis Cnty MO Indl Dev Auth Sr Living Facs Ref Friendship
Vlg St. Louis
5.00
%
09/01/48
490,568
New Hampshire – 1.4%
200,000
NH St Busn Fin Auth Wtr Fac Rev Pennichuck Wtr Wks Inc Proj,
Ser A, AMT
5.50
%
04/01/43
203,426
500,000
NH St Hlth & Edu Facs Auth Rev Ref Dartmouth Hlth Oblig Grp
Issue
5.00
%
08/01/41
530,332
 
733,758
New Jersey – 2.3%
40,000
NJ St Hgr Edu Asst Auth Stdt Loan Rev, Ser 1A, AMT
4.00
%
12/01/30
40,011
565,000
NJ St Transprtn Trust Fund Auth Fun Auth Transprtn Prog Bonds,
Ser CC
5.25
%
06/15/41
603,841
500,000
NJ St Transprtn Trust Fund Auth Ref Transprtn Sys Bonds, Ser A
5.00
%
12/15/39
516,503
 
1,160,355
New Mexico – 2.0%
500,000
NM St Muni Energy Acq Auth Gas Sply Ref (Mandatory put
11/01/30)
5.00
%
06/01/54
526,746
500,000
Winrock Town Ctr NM Tax Incr Dev Dist #1 Ref Sr Lien (a)
4.25
%
05/01/40
472,701
 
999,447
New York – 8.2%
500,000
Build NYC Res Corp NY Rev Sustainable Bond Kipp NYC Pub
Sch Facs Canal W Proj
5.25
%
07/01/52
501,342
400,000
Long Beach NY, Ser B, BAM
5.25
%
07/15/42
415,776
125,000
New York City NY Transitional Fin Auth Rev Sub, Subser F-3
3.00
%
02/01/39
105,454
250,000
New York City NY Transitional Fin Auth Rev Subord Fiscal 2026,
Ser A, Subser A-1
5.25
%
05/01/46
266,603
500,000
NY NY, Ser B, Subser B-1
5.25
%
10/01/40
533,626
500,000
NY St Dorm Auth Rev Non St Supported Debt Orchard Park CCRC
Inc Obligated Grp
5.13
%
11/15/50
503,143
750,000
Suffolk Regl Off Track Betting Corp NY Rev
5.75
%
12/01/44
765,882
1,000,000
Yonkers NY, Ser F, BAM
5.00
%
11/15/39
1,069,188
 
4,161,014
North Carolina – 0.8%
380,000
NC St Med Care Commn Retmnt Facs Rev The United Methodist
Retmnt Homes Proj, Ser A
5.00
%
10/01/39
393,356
Ohio – 3.0%
500,000
Columbus OH Regl Arpt Auth Rev Ref John Glenn Columbus Intl
Arpt, Ser A, AMT
5.25
%
01/01/41
530,904
500,000
Montgomery Cnty OH Hlth Care Facs Rev Ref Solvita Proj
5.25
%
09/01/49
501,635
500,000
OH St Air Quality Dev Auth Ref OH Vly Elec Corp Proj, Ser A
3.25
%
09/01/29
494,902
 
1,527,441
Oklahoma – 0.6%
300,000
Tulsa OK Muni Arpt Trust Trustees Ref American Airls Inc Proj,
AMT
6.25
%
12/01/40
328,830
First Trust Managed Municipal Fund
Portfolio of Investments (Continued)
July 31, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
MUNICIPAL BONDS (Continued)
Oregon – 3.0%
$955,000
Port of Portland OR Arpt Rev, Ser Twenty Seven A, AMT
5.00
%
07/01/30
$1,014,254
500,000
Union Cnty OR Hosp Fac Auth Grande Ronde Hosp
5.00
%
07/01/41
500,901
 
1,515,155
Pennsylvania – 7.1%
500,000
Maxatawny Twp PA Muni Auth Rev Diakon Lutheran Social
Ministries Proj, Ser A
5.00
%
01/01/41
507,127
700,000
Montgomery Cnty PA Indl Dev Auth Ref Acts Retmnt Life Cmntys
Inc Oblig Grp
5.00
%
11/15/36
700,862
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
1,068,747
500,000
PA St Econ Dev Fing Auth UPMC Rev Ref UPMC Obligated Grp,
Ser B
5.00
%
03/15/41
525,405
750,000
PA St Turnpike Commn Turnpike Rev Ref, Ser B
5.00
%
12/01/39
801,215
 
3,603,356
Puerto Rico – 1.6%
750,000
Puerto Rico Cmwlth Restructured, Ser A1
4.00
%
07/01/33
750,523
77,000
Puerto Rico Sales Tax Fing Corp Sales Tax Rev Restructured,
Ser A-1
4.50
%
07/01/34
76,791
 
827,314
South Carolina – 4.2%
350,000
SC St Jobs Econ Dev Auth Hlthcare Rev Beaufort Memorial
Hosp & S of Broad Hlthcare Proj
5.00
%
11/15/34
362,349
350,000
SC St Jobs Econ Dev Auth Hosp Facs Rev Ref Bon Secours Mercy
Hlth Inc, Ser A
5.25
%
11/01/42
378,106
545,000
SC St Pub Svc Auth Rev Ref Santee Cooper, Ser C, AG
5.50
%
12/01/40
593,201
750,000
SC St Pub Svc Auth Rev, Ser A
5.00
%
12/01/45
785,480
 
2,119,136
Tennessee – 1.1%
500,000
Met Nashville TN Arpt Auth Arpt Rev, Ser B, AMT
5.50
%
07/01/41
533,866
Texas – 5.2%
300,000
Canton TX Indep Sch Dist
5.25
%
02/15/42
323,653
400,000
Centrl TX Regl Mobility Auth Rev, Ser B
5.00
%
01/01/39
417,741
250,000
Houston TX Hotel Occupancy Tax & Spl Rev Ref First Lien,
Ser C
5.00
%
09/01/42
263,460
400,000
New Hope Cultural Edu Facs Fin Corp TX Hosp Rev Var,
Children’s Hlth Sys of TX, Ser C (b)
3.05
%
08/01/55
400,000
500,000
Newark Hgr Edu Fin Corp TX Edu Rev Hughen Ctr Inc Proj,
Ser A
5.00
%
08/15/37
530,832
390,000
Trophy Club TX Pub Impt Dist #1 Spl Assmnt Rev Ref
5.00
%
09/01/32
413,088
245,000
TX St Wtr Dev Brd St Revolving Fund
5.00
%
08/01/37
262,929
 
2,611,703
Utah – 3.2%
486,171
Fields Estates Pub Infra Dist UT Spl Assmnt Fields Estates Assmnt
Area, Ser A-2 (a)
5.25
%
12/01/53
472,240
685,000
Midas Mountain Veterans Prog Pub Infra Dist (a)
5.20
%
06/01/54
666,476
500,000
Utah City W Pub Infra Dist #1 UT Spl Assmnt Utah City W
Assmnt Area No. 1 (a)
5.50
%
12/01/46
506,014
 
1,644,730
First Trust Managed Municipal Fund
Portfolio of Investments (Continued)
July 31, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
MUNICIPAL BONDS (Continued)
Virginia – 3.0%
$425,000
Salem VA Econ Dev Auth Eductnl Facs Rev Roanoke Clg
6.00
%
04/01/50
$445,492
625,000
VA St Cmwlth Transprtn Brd Transprtn Rev
3.00
%
05/15/41
520,863
500,000
VA St Small Busn Fing Auth Hlthcare Facs Rev Ref Mary
Washington Hlthcare Obligated Grp, Ser A-1
5.00
%
06/15/38
536,921
 
1,503,276
Washington – 1.1%
545,000
WA St Hsg Fin Commn Nonprofit Hsg Rev Heron’s Key Phase II
Proj, Ser A
5.25
%
07/01/45
573,676
Wisconsin – 2.5%
400,000
Pub Fin Auth WI Edu Rev Ref Pinecrest Acdmy NV Sloan Canyon
Cmps Proj, Ser A (a)
4.50
%
07/15/49
353,562
375,000
Pub Fin Auth WI Stdt Hsg Rev Sr KSU Bixby Real Estate Fdtn
LLC Proj, Ser A
5.00
%
06/15/39
399,369
500,000
WI St Hlth & Eductnl Facs Auth Rev Bellin Memorial Hosp Inc,
Ser A
5.00
%
12/01/38
531,255
 
1,284,186
Wyoming – 2.1%
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
1,068,502
 
Total Investments – 97.9%
49,634,905
(Cost $49,047,484)
Net Other Assets and Liabilities – 2.1%
1,074,529
Net Assets – 100.0%
$50,709,434
 
(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. 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, 2026, securities noted as such amounted to $4,202,349 or 8.3% 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:
AG
– Assured Guaranty, Inc.
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.)
•
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.
First Trust Managed Municipal Fund
Portfolio of Investments (Continued)
July 31, 2026 (Unaudited)
A summary of the inputs used to value the Fund’s investments as of July 31, 2026 is as follows: 
 
Total
Value at
7/31/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Municipal Bonds*
$49,634,905
$—
$49,634,905
$—
 
*
See Portfolio of Investments for state and territory breakout.