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Holdings of the Fund as of 5/2/2025
Total Number of Holdings (excluding cash): 45
| Farmer Mac Agricultural Real Estate Trust Series 2024-1, Class B, Variable rate, due 10/01/2053 |
|
30335JAE1 |
565,276 |
$485,142.54 |
4.76% |
| LHOME Mortgage Trust Series 2024-RTL2, Class A2, Variable rate, due 03/25/2029 |
|
50205JAB2 |
445,000 |
$449,162.49 |
4.41% |
| Morgan Stanley Capital I Trust Series 2019-L2, Class XA, Variable rate, due 03/15/2052 |
|
61768HAX4 |
11,293,054 |
$356,490.09 |
3.50% |
| Pagaya AI Debt Selection Trust Series 2024-3, Class D, 9%, due 10/15/2031 |
|
69547XAD4 |
339,595 |
$343,531.60 |
3.37% |
| Bank Series 2021-BN31, Class XB, Variable rate, due 02/15/2054 |
|
06541ABN9 |
7,500,000 |
$322,792.80 |
3.17% |
| Island Finance Trust 2025-1 Series 2025-1A, Class B, 7.95%, due 03/19/2035 |
|
463920AB4 |
300,000 |
$305,493.12 |
3.00% |
| NYO Commercial Mortgage Trust Series 2021-1290, Class D, Variable rate, due 11/15/2038 |
|
62955HAJ6 |
320,000 |
$304,720.12 |
2.99% |
| MCR Mortgage Trust Series 2024-TWA, Class E, 8.725%, due 06/12/2039 |
|
582923AE8 |
300,000 |
$301,855.44 |
2.96% |
| Island Finance Trust 2025-1 Series 2025-1A, Class C, 10%, due 03/19/2035 |
|
463920AC2 |
300,000 |
$300,040.68 |
2.94% |
| Verus Securitization Trust Series 2021-R2, Class B2, Variable rate, due 02/25/2064 |
|
92538DAG4 |
375,000 |
$280,958.03 |
2.76% |
| Fannie Mae or Freddie Mac TBA, 3%, due 03/01/2052 |
|
01F030660 |
322,000 |
$276,394.21 |
2.71% |
| LHOME Mortgage Trust Series 2024-RTL3, Class M, 10.728%, due 05/25/2029 |
|
50205GAC6 |
275,000 |
$275,918.67 |
2.71% |
| PRP Advisors, LLC Series 2024-3, Class A2, Variable rate, due 05/25/2029 |
|
693986AB7 |
275,000 |
$275,815.84 |
2.71% |
| PRP Advisors, LLC Series 2024-RPL4, Class M2, Variable rate, due 12/25/2054 |
|
74448MAE6 |
325,000 |
$272,055.03 |
2.67% |
| CSAIL Commercial Mortgage Trust Series 2015-C3, Class B, Variable rate, due 08/15/2048 |
|
12635FAY0 |
285,000 |
$268,625.84 |
2.63% |
| BX Trust Series 2019-IMC, Class F, Variable rate, due 04/15/2034 |
|
05608BAQ3 |
275,000 |
$267,139.37 |
2.62% |
| Ellington Financial Mortgage Trust Series 2019-2, Class M1, Variable rate, due 11/25/2059 |
|
31573TAD0 |
289,000 |
$267,228.94 |
2.62% |
| Verus Securitization Trust Series 2021-5, Class B2, Variable rate, due 09/25/2066 |
|
92538KAF0 |
367,000 |
$259,766.82 |
2.55% |
| LHOME Mortgage Trust Series 2024-RTL2, Class M, Variable rate, due 03/25/2029 |
|
50205JAC0 |
255,000 |
$257,317.95 |
2.52% |
| Life Financial Services Trust Series 2021-BMR, Class G, Variable rate, due 03/15/2038 |
|
53218CAN0 |
262,500 |
$256,012.93 |
2.51% |
| PRP Advisors, LLC Series 2025-2, Class A1, Variable rate, due 05/25/2030 |
|
69382HAA3 |
255,000 |
$255,998.40 |
2.51% |
| REMIC FUNDING TRUST 98-1 Series 2025-2, Class A, Variable rate, due 05/27/2055 |
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75806EAA5 |
255,000 |
$255,616.56 |
2.51% |
| Exeter Automobile Receivables Trust Series 2024-1A, Class E, 7.89%, due 08/15/2031 |
|
30167PAG5 |
250,000 |
$254,186.88 |
2.49% |
| Verus Securitization Trust Series 2024-INV2, Class B2, Variable rate, due 08/26/2069 |
|
92540NAF0 |
260,000 |
$253,853.55 |
2.49% |
| Barclays Commercial Mortgage Securities LLC Series 2018-TALL, Class A, Variable rate, due 03/15/2037 |
|
05548WAA5 |
268,000 |
$253,005.43 |
2.48% |
| BRAVO Residential Funding Trust Series 2024-NQM6, Class B1, Variable rate, due 08/01/2064 |
|
05613JAG1 |
255,000 |
$252,372.96 |
2.48% |
| SHR Trust Series 2024-LXRY, Class E, Variable rate, due 10/15/2041 |
|
784234AJ5 |
250,000 |
$247,304.95 |
2.43% |
| FHLMC Multifamily Structured Pass Through Certs. Series K755, Class X3, Variable rate, due 02/25/2059 |
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3137HCKN1 |
940,000 |
$245,462.48 |
2.41% |
| CoreVest American Finance Ltd Series 2021-1, Class A, 1.569%, due 04/15/2053 |
|
21873LAA1 |
233,725 |
$227,133.37 |
2.23% |
| Barclays Commercial Mortgage Securities LLC Series 2024-5C25, Class XA, Variable rate, due 03/15/2057 |
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05554VAC4 |
4,999,447 |
$201,329.22 |
1.97% |
| BENCHMARK Mortgage Trust Series 2024-V6, Class XA, Variable rate, due 10/15/2028 |
|
081927AC9 |
4,439,856 |
$200,947.42 |
1.97% |
| Pagaya AI Debt Selection Trust Series 2024-2, Class C, 7.573%, due 08/15/2031 |
|
694961AC7 |
178,444 |
$180,959.93 |
1.77% |
| CFCRE Commercial Mortgage Trust Series 2017-C8, Class XA, Variable rate, due 06/15/2050 |
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12532CBE4 |
7,649,135 |
$168,932.69 |
1.66% |
| BWAY Mortgage Trust Series 2025-1535, Class B, Variable rate, due 05/05/2030 |
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12430BAE0 |
155,000 |
$157,439.86 |
1.54% |
| Verus Securitization Trust Series 2025-INV1, Class B1, Variable rate, due 02/25/2070 |
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924929AG7 |
150,000 |
$149,543.78 |
1.47% |
| Fannie Mae or Freddie Mac TBA, 4%, due 05/01/2052 |
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01F040651 |
145,000 |
$133,746.18 |
1.31% |
| MCR Mortgage Trust Series 2024-TWA, Class F, 10.382%, due 06/12/2039 |
|
582923AF5 |
115,000 |
$117,219.91 |
1.15% |
| JP Morgan Chase Commercial Mortgage Sec Trust Series 2018-PHH, Class A, Variable rate, due 06/15/2035 |
|
46650FAA0 |
121,136 |
$104,759.52 |
1.03% |
| Freddie Mac Multiclass Certificates Series 2020-RR07, Class AX, Variable rate, due 09/27/2028 |
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3137FRVC2 |
1,500,000 |
$100,804.50 |
0.99% |
| GNMA Series 2024-32, Class IO, Variable rate, due 06/16/2063 |
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38381J2J5 |
1,930,783 |
$99,758.36 |
0.98% |
| US Dollar |
$USD |
|
95,295 |
$95,295.41 |
0.93% |
| FNA VI LLC Series 2021-1A, Class A, Variable rate, due 01/10/2032 |
|
34411YAA5 |
43,487 |
$40,254.54 |
0.39% |
| Bank Series 2019-BN24, Class XA, Variable rate, due 11/15/2062 |
|
06540VBC8 |
974,168 |
$25,255.60 |
0.25% |
| Bank Series 2019-BN22, Class XA, Variable rate, due 11/15/2062 |
|
06540XBH3 |
1,051,904 |
$24,385.35 |
0.24% |
| Fannie Mae or Freddie Mac TBA, 5%, due 09/01/2054 |
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01F050650 |
25,000 |
$24,307.84 |
0.24% |
| US 10YR NOTE (CBT)Jun25 |
TYM5 |
|
4 |
$444,625.00 |
0.00% |
| US 10yr Ultra Fut Jun25 |
UXYM5 |
|
2 |
$226,875.00 |
0.00% |
| US 2YR NOTE (CBT) Jun25 |
TUM5 |
|
-1 |
($207,265.63) |
0.00% |
| US 5YR NOTE (CBT) Jun25 |
FVM5 |
|
13 |
$1,408,671.88 |
0.00% |
| US LONG BOND(CBT) Jun25 |
USM5 |
|
-5 |
($574,531.25) |
0.00% |
| WFLD MORTGAGE TRUST Series 2014-MONT, Class A, Variable rate, due 08/10/2031 |
|
92939GAA5 |
0 |
$0.00 |
0.00% |
Holdings are subject to change.
The holdings information set forth above for the date indicated reflects creation and redemption transactions from the prior business day and may differ from the holdings information currently available from the Fund's custodian and accounting agent. With respect to the market value of the Fund's holdings set forth above, the pricing sources are generally third party vendors. The Fund ultimately relies on pricing information provided by the Fund's accounting agent.
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The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.
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