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First Trust Smith Unconstrained Bond ETF (UCON)
Holdings of the Fund as of 10/24/2025

Total Number of Holdings (excluding cash): 402

Security Name Identifier CUSIP Shares / Quantity Market Value Weighting Descending sort
U.S. Treasury Note, 3.625%, due 08/31/2027 91282CNV9 163,589,000 $163,981,996.40 5.33%
U.S. Treasury Note, 3.75%, due 06/30/2027 91282CNL1 134,633,000 $135,185,205.33 4.39%
U.S. Treasury Note, 4%, due 05/31/2030 91282CNG2 112,944,000 $114,940,373.30 3.73%
Freddie Mac FN SD8491, 5%, due 12/01/2054 3132DWNG4 96,830,937 $96,787,059.96 3.14%
U.S. Treasury Note, 4.25%, due 01/31/2030 91282CMG3 87,732,000 $90,077,802.78 2.93%
U.S. Treasury Inflation Indexed Note, 1.625%, due 10/15/2029 91282CLV1 62,350,000 $65,517,716.36 2.13%
U.S. Treasury Bond, 4.75%, due 02/15/2045 912810UJ5 62,702,000 $64,289,144.38 2.09%
U.S. Treasury Note, 3.50%, due 09/30/2029 91282CLN9 60,812,000 $60,708,667.03 1.97%
U.S. Treasury Bond, 4.75%, due 08/15/2055 912810UM8 52,265,000 $53,657,371.99 1.74%
U.S. Treasury Note, 4.25%, due 08/15/2035 91282CNT4 45,476,000 $46,410,389.91 1.51%
U.S. Treasury Note, 4.25%, due 05/15/2035 91282CNC1 32,255,000 $32,950,498.44 1.07%
Fannie Mae Series 2024-82, Class CF, Variable rate, due 11/25/2054 3136BTFB4 31,746,023 $32,026,953.09 1.04%
FORD MOTOR CREDIT CO LLC 6.50%, due 02/07/2035 345397G56 27,714,000 $28,996,675.70 0.94%
THE BOEING CO 7.008%, due 05/01/2064 097023DU6 22,573,000 $26,643,263.13 0.87%
U.S. Treasury Bond, 4.75%, due 05/15/2055 912810UK2 23,698,000 $24,325,626.83 0.79%
ALBERTSONS COS/SAFEWAY 6.50%, due 02/15/2028 01309QAA6 23,020,000 $23,489,608.00 0.76%
U.S. Treasury Bond, 4.875%, due 08/15/2045 912810UN6 22,414,000 $23,342,079.69 0.76%
JANE STREET GRP/JSG FIN 7.125%, due 04/30/2031 47077WAC2 21,225,000 $22,282,450.73 0.72%
GOLDMAN SACHS GROUP INC Variable rate, due 12/09/2026 38141GXM1 18,970,000 $18,897,299.94 0.61%
PERMIAN RESOURCES OPERATING LLC 7%, due 01/15/2032 71424VAA8 17,297,000 $18,016,330.34 0.59%
Fannie Mae FN MA4840, 4.50%, due 12/01/2052 31418ELW8 16,771,040 $16,515,603.99 0.54%
UBS GROUP AG Variable rate 225401BJ6 16,170,000 $16,473,300.69 0.54%
CVS HEALTH CORP Variable rate, due 03/10/2055 126650EH9 15,460,000 $16,313,252.86 0.53%
PILGRIM'S PRIDE CORP 6.25%, due 07/01/2033 72147KAK4 15,150,000 $16,296,673.20 0.53%
Fannie Mae FN MA4958, 4.50%, due 03/01/2053 31418EQL7 16,301,683 $16,050,009.29 0.52%
THE BOEING CO 6.528%, due 05/01/2034 097023DS1 14,375,000 $16,088,157.59 0.52%
U.S. Treasury Note, 3.625%, due 09/30/2030 91282CPA3 15,905,000 $15,924,260.00 0.52%
VF CORP 2.95%, due 04/23/2030 918204BC1 17,777,000 $15,878,825.28 0.52%
NORTHROP GRUMMAN CORP 4.65%, due 07/15/2030 666807CN0 15,200,000 $15,576,842.35 0.51%
AMNEAL PHARMACEUTICALS LLC 6.875%, due 08/01/2032 03168LAA3 14,550,000 $15,265,937.70 0.50%
CITADEL SECURITIES GLOBAL HDGS 5.50%, due 06/18/2030 17289RAA4 14,900,000 $15,322,880.32 0.50%
HCA INC 5.75%, due 03/01/2035 404119DB2 14,630,000 $15,538,290.24 0.50%
PARAMOUNT GLOBAL 4.95%, due 05/19/2050 92556HAC1 19,284,000 $15,283,659.93 0.50%
BROWN & BROWN INC 4.90%, due 06/23/2030 115236AK7 14,750,000 $15,025,072.16 0.49%
LOCKHEED MARTIN CORP 4.40%, due 08/15/2030 539830CL1 15,000,000 $15,227,967.60 0.49%
TARGA RESOURCES PARTNERS 6.875%, due 01/15/2029 87612BBN1 14,960,000 $15,219,723.25 0.49%
CARNIVAL CORP 5.75%, due 08/01/2032 143658CA8 14,435,000 $14,894,769.18 0.48%
FIRST CITIZENS BANCSHARE Variable rate, due 03/12/2040 31959XAF0 14,485,000 $14,790,894.21 0.48%
GENERAL MOTORS CO 6.25%, due 04/15/2035 37045VBB5 13,895,000 $14,913,614.38 0.48%
GILDAN ACTIVEWEAR INC 4.70%, due 10/07/2030 375916AF0 14,750,000 $14,799,585.81 0.48%
STELLANTIS FINANCIAL SER 4.95%, due 09/15/2028 85855FAA1 14,750,000 $14,830,962.89 0.48%
U.S. Treasury Note, 3.875%, due 08/31/2032 91282CNW7 14,725,000 $14,814,730.47 0.48%
U.S. Treasury Note, 4%, due 06/30/2032 91282CNJ6 14,667,000 $14,874,114.03 0.48%
COTY/HFC PRESTIGE/INT US 5.60%, due 01/15/2031 22207AAC6 14,447,000 $14,597,913.36 0.47%
Freddie Mac FR SD8244, 4%, due 09/01/2052 3132DWER0 15,179,809 $14,580,699.84 0.47%
TRANSDIGM INC TDG TL J 1L USD LX219896 14,526,448 $14,547,366.44 0.47%
BOOST NEWCO BORROWER LLC 7.50%, due 01/15/2031 36268NAA8 12,430,000 $13,218,090.59 0.43%
Fannie Mae FN CB4808, 4%, due 10/01/2052 3140QQKW4 13,749,364 $13,203,520.87 0.43%
FOUNDRY JV HOLDCO LLC 6.30%, due 01/25/2039 350930AK9 12,295,000 $13,315,407.05 0.43%
GOODYEAR TIRE & RUBBER 6.625%, due 07/15/2030 382550BS9 12,934,000 $12,947,464.29 0.42%
NUSTAR LOGISTICS LP 6.375%, due 10/01/2030 67059TAH8 12,314,000 $12,871,371.04 0.42%
SYNOPSYS INC 4.85%, due 04/01/2030 871607AC1 12,330,000 $12,636,884.82 0.41%
CITIGROUP INC Variable rate 172967MV0 12,167,000 $12,102,207.08 0.39%
CHARLES SCHWAB CORP Series I, Variable rate 808513BK0 11,914,000 $11,820,389.32 0.38%
Freddie Mac FR SD3246, 4%, due 08/01/2052 3132DQTB2 12,178,131 $11,699,707.36 0.38%
Freddie Mac FR SD8265, 4%, due 11/01/2052 3132DWFE8 12,175,146 $11,690,229.08 0.38%
KROGER CO 5%, due 09/15/2034 501044DV0 11,340,000 $11,559,521.64 0.38%
AMGEN INC 5.25%, due 03/02/2033 031162DR8 10,950,000 $11,461,214.99 0.37%
CARNIVAL CORP 4%, due 08/01/2028 143658BQ4 11,515,000 $11,360,257.98 0.37%
Freddie Mac FR SD8256, 4%, due 10/01/2052 3132DWE58 12,018,685 $11,539,991.33 0.37%
CLEVELAND-CLIFFS INC 7.625%, due 01/15/2034 18589GAA3 10,590,000 $10,979,252.60 0.36%
CUSHMAN & WAKEFIELD US BORROWER 6.75%, due 05/15/2028 23166MAA1 10,820,000 $10,937,299.62 0.36%
DISCOVERY COMMUNICATIONS 4.125%, due 05/15/2029 25470DCA5 11,471,000 $11,069,515.00 0.36%
Fannie Mae FN BV3023, 2%, due 02/01/2052 3140MGLD1 13,306,425 $10,939,109.58 0.36%
Fannie Mae FN FS7252, 5%, due 11/01/2053 3140XPBW8 10,960,128 $10,993,693.19 0.36%
GFL ENVIRONMENTAL INC 4%, due 08/01/2028 36168QAL8 11,400,000 $11,182,983.90 0.36%
HILCORP ENERGY I/HILCORP 7.25%, due 02/15/2035 431318BG8 11,313,000 $10,836,439.87 0.35%
SYNOVUS FINANCIAL CORP Variable rate, due 11/01/2030 87161CAP0 10,242,000 $10,647,071.31 0.35%
AMERICAN ELECTRIC POWER Variable rate, due 02/15/2062 025537AU5 10,621,000 $10,374,025.64 0.34%
FORD MOTOR CREDIT CO LLC 6.80%, due 05/12/2028 345397C92 10,000,000 $10,426,171.80 0.34%
PARAMOUNT GLOBAL 4.20%, due 05/19/2032 92556HAD9 11,340,000 $10,567,012.19 0.34%
UBS GROUP AG Variable rate 902613BR8 10,290,000 $10,286,928.44 0.33%
BANK OF AMERICA CORP Variable rate, due 06/14/2029 06051GJZ3 10,215,000 $9,728,989.71 0.32%
GOLDMAN SACHS GROUP INC Variable rate 38141GA79 9,085,000 $9,651,858.58 0.31%
NISSAN MOTOR ACCEPTANCE 6.125%, due 09/30/2030 65480CAL9 9,630,000 $9,580,294.08 0.31%
WELLS FARGO & COMPANY Variable rate, due 07/25/2029 95000U3E1 8,890,000 $9,234,798.03 0.30%
DISCOVERY COMMUNICATIONS 6.35%, due 06/01/2040 25470DBZ1 9,700,000 $8,669,375.00 0.28%
Freddie Mac FR RB5345, 6%, due 05/01/2045 3133KY5E5 8,416,087 $8,632,678.79 0.28%
Freddie Mac Series 5472, Class FE, Variable rate, due 11/25/2054 3137HHEP2 8,693,846 $8,769,093.54 0.28%
MACY'S RETAIL HLDGS LLC 6.125%, due 03/15/2032 55617LAR3 8,650,000 $8,719,632.50 0.28%
MARS INC 4.80%, due 03/01/2030 571676AY1 8,250,000 $8,473,820.52 0.28%
DIRECTV FIN LLC/COINC 10%, due 02/15/2031 25461LAD4 8,300,000 $8,340,205.20 0.27%
ENERGY TRANSFER LP Variable rate 29273VAM2 7,920,000 $8,204,803.20 0.27%
FORD MOTOR CREDIT CO LLC 5.73%, due 09/05/2030 345397H48 8,248,000 $8,409,418.31 0.27%
FOUNDRY JV HOLDCO LLC 6.10%, due 01/25/2036 350930AH6 7,775,000 $8,343,595.31 0.27%
GENERAL MOTORS FINL CO 4.20%, due 10/27/2028 37045XFL5 8,286,000 $8,297,620.62 0.27%
KOHL'S CORPORATION 10%, due 06/01/2030 500255AY0 7,500,000 $8,202,240.00 0.27%
RTX CORP 6.10%, due 03/15/2034 75513ECW9 7,400,000 $8,208,233.33 0.27%
SOLVENTUM CORP 5.60%, due 03/23/2034 83444MAR2 7,855,000 $8,255,128.67 0.27%
TRANSDIGM INC 6.75%, due 08/15/2028 893647BR7 8,080,000 $8,254,463.36 0.27%
U.S. Treasury Note, 3.625%, due 08/31/2030 91282CNX5 8,181,000 $8,190,587.15 0.27%
AMERICAN EXPRESS CO Variable rate 025816CH0 8,155,000 $8,009,736.62 0.26%
ASCENT RESOURCES/ARU FIN 6.625%, due 10/15/2032 04364VAX1 7,930,000 $8,092,834.62 0.26%
BLUE RACER MID LLC/FINAN 7%, due 07/15/2029 095796AJ7 7,665,000 $7,968,955.58 0.26%
BRINKER INTERNATIONAL INC 8.25%, due 07/15/2030 109641AK6 7,420,000 $7,890,324.12 0.26%
BUCKEYE PARTNERS LP 6.875%, due 07/01/2029 118230AV3 7,800,000 $8,108,607.00 0.26%
CALPINE CORP 4.50%, due 02/15/2028 131347CM6 8,005,000 $7,981,005.01 0.26%
FAIR ISAAC CORP 6%, due 05/15/2033 303250AG9 7,810,000 $7,992,826.72 0.26%
JANE STREET GRP/JSG FIN 6.75%, due 05/01/2033 47077WAE8 7,710,000 $8,033,943.35 0.26%
MACY'S RETAIL HLDGS LLC 7.375%, due 08/01/2033 55617LAS1 7,500,000 $7,907,632.50 0.26%
MEDLINE BORROWER LP MEDIND TL 1L USD LX235094 8,000,000 $8,018,400.00 0.26%
MPLX LP 4.80%, due 02/15/2031 55336VCA6 8,000,000 $8,107,419.84 0.26%
NEPTUNE BIDCO US INC 9.29%, due 04/15/2029 640695AA0 8,000,000 $7,940,000.00 0.26%
NEXSTAR MEDIA INC 4.75%, due 11/01/2028 65336YAN3 8,235,000 $8,095,956.47 0.26%
NEXSTAR MEDIA INC 5.625%, due 07/15/2027 65343HAA9 7,900,000 $7,917,538.00 0.26%
PERMIAN RESOURCES OPERATING LLC 9.875%, due 07/15/2031 27034RAC7 7,230,000 $7,871,893.86 0.26%
SHIFT4 PAYMENTS LLC/FIN 6.75%, due 08/15/2032 82453AAB3 7,750,000 $8,048,576.50 0.26%
SIRIUS XM RADIO LLC 5%, due 08/01/2027 82967NBA5 7,935,000 $7,926,722.21 0.26%
SOLVENTUM CORP 5.45%, due 03/13/2031 83444MAQ4 7,740,000 $8,106,984.97 0.26%
THE BOEING CO 2.196%, due 02/04/2026 097023DG7 8,015,000 $7,968,992.78 0.26%
VIKING CRUISES LTD 9.125%, due 07/15/2031 92676XAG2 7,330,000 $7,879,273.55 0.26%
WARNERMEDIA HOLDINGS INC 4.279%, due 03/15/2032 55903VBQ5 8,640,000 $7,915,795.20 0.26%
ALLY FINANCIAL INC Series B, Variable rate 02005NBM1 7,937,000 $7,797,773.91 0.25%
CHART INDUSTRIES INC 7.50%, due 01/01/2030 16115QAF7 7,510,000 $7,838,847.88 0.25%
DANSKE BANK A/S Variable rate, due 03/01/2030 23636ABH3 7,298,000 $7,619,436.47 0.25%
Fannie Mae FN FS1598, 2%, due 04/01/2052 3140XGX46 9,401,480 $7,744,719.24 0.25%
GENERAL MOTORS CO 5.625%, due 04/15/2030 37045VBA7 7,250,000 $7,589,428.54 0.25%
NISSAN MOTOR CO 8.125%, due 07/17/2035 654922AD5 7,168,000 $7,611,107.84 0.25%
OVINTIV INC 6.50%, due 08/15/2034 292505AD6 7,060,000 $7,564,965.44 0.25%
RAISING CANE'S RESTAURANTS 9.375%, due 05/01/2029 75103AAA3 7,385,000 $7,749,841.15 0.25%
SPIRIT AEROSYSTEMS INC 9.75%, due 11/15/2030 85205TAR1 7,100,000 $7,808,184.18 0.25%
TALEN ENERGY SUPPLY LLC 8.625%, due 06/01/2030 87422VAK4 7,350,000 $7,807,911.83 0.25%
UBS GROUP AG Variable rate, due 08/12/2033 225401AZ1 6,864,000 $7,615,892.17 0.25%
ABG INTERMEDIATE HLDGS 2 AUTBRA TL B1 1L USD LX256002 7,462,312 $7,460,147.49 0.24%
ADVANCE AUTO PARTS 7%, due 08/01/2030 00751YAK2 7,364,000 $7,455,063.22 0.24%
AMERIGAS PART/FIN CORP 9.375%, due 06/01/2028 030981AM6 7,000,000 $7,265,349.00 0.24%
CAESARS ENTERTAIN INC CZR TL B1 1L USD LX225393 7,281,519 $7,249,662.35 0.24%
CAESARS ENTERTAINMENT INC 4.625%, due 10/15/2029 12769GAA8 7,800,000 $7,430,718.36 0.24%
CHURCHILL DOWNS INC 5.50%, due 04/01/2027 171484AG3 7,400,000 $7,395,555.56 0.24%
Freddie Mac FR SD8213, 3%, due 05/01/2052 3132DWDS9 8,186,598 $7,344,278.47 0.24%
Freddie Mac FR SD8245, 4.50%, due 09/01/2052 3132DWES8 7,629,407 $7,520,281.63 0.24%
MATCH GROUP HLD II LLC 5%, due 12/15/2027 57665RAG1 7,400,000 $7,387,166.18 0.24%
MATCH GROUP HLD II LLC 6.125%, due 09/15/2033 57667JAC6 7,430,000 $7,511,039.01 0.24%
NCL CORPORATION LTD 6.25%, due 09/15/2033 62886HBZ3 7,300,000 $7,358,421.90 0.24%
OCCIDENTAL PETROLEUM CORP 6.05%, due 10/01/2054 674599EM3 7,400,000 $7,324,178.12 0.24%
U.S. Treasury Note, 3.50%, due 09/30/2027 91282CPB1 7,337,000 $7,340,009.34 0.24%
VAIL RESORTS INC 5.625%, due 07/15/2030 91879QAQ2 7,190,000 $7,300,258.66 0.24%
VIPER ENERGY PARTNERS LLC 4.90%, due 08/01/2030 92764MAA2 7,300,000 $7,394,206.50 0.24%
Bayview Opportunity Master Fund VII Series 2024-EDU1, Class E, Variable rate, due 06/25/2047 07336PAE4 7,068,026 $7,218,474.25 0.23%
OPEN TEXT CORP 6.90%, due 12/01/2027 683715AF3 6,731,000 $7,012,376.01 0.23%
US BANCORP Variable rate 902973BC9 7,111,000 $6,928,275.74 0.23%
Freddie Mac FR SD8257, 4.50%, due 10/01/2052 3132DWE66 7,026,776 $6,921,195.84 0.22%
GENERAL ELECTRIC CO 4.30%, due 07/29/2030 369604BZ5 6,595,000 $6,679,384.28 0.22%
JANE STREET GRP/JSG FIN 4.50%, due 11/15/2029 47077WAA6 7,000,000 $6,833,085.00 0.22%
MASTERBRAND INC 7%, due 07/15/2032 57638PAA2 6,380,000 $6,644,527.56 0.22%
RAISING CANE'S RESTAURAN RZNCAN TL B 1L USD 6,744,000 $6,727,140.00 0.22%
STRYKER CORP 4.70%, due 02/10/2028 863667BK6 6,750,000 $6,872,336.80 0.22%
UNDER ARMOUR INC 7.25%, due 07/15/2030 904311AD9 6,745,000 $6,702,975.95 0.22%
WELLS FARGO & COMPANY Variable rate, due 04/23/2036 95000U3V3 6,250,000 $6,633,192.44 0.22%
BANK OF AMERICA CORP Variable rate 06055HAH6 6,350,000 $6,605,778.00 0.21%
Fannie Mae FN DE3460, 5.50%, due 07/01/2055 3140BFZ24 6,533,178 $6,575,107.39 0.21%
LEIDOS INC 5.40%, due 03/15/2032 52532XAK1 6,275,000 $6,573,825.29 0.21%
SEALED AIR/SEALED AIR US 7.25%, due 02/15/2031 812127AB4 6,067,000 $6,413,807.92 0.21%
SREIT Trust Series 2021-MFP2, Class D, Variable rate, due 11/15/2036 85236WCL8 6,337,000 $6,328,126.94 0.21%
STARBUCKS CORP 5.40%, due 05/15/2035 855244BM0 6,300,000 $6,609,624.53 0.21%
AMNEAL PHARMACEUTICALS LLC AMNPHA TL B 1L USD LX266943 6,059,800 $6,085,039.07 0.20%
BXHPP Trust Series 2021-FILM, Class A, Variable rate, due 08/15/2036 05609JAA0 6,225,000 $6,020,543.61 0.20%
Fannie Mae FN MA4783, 4%, due 10/01/2052 31418EJ50 6,445,852 $6,192,852.71 0.20%
HERC HOLDINGS INC 7%, due 06/15/2030 42704LAF1 6,000,000 $6,269,391.36 0.20%
ORACLE CORP 5.95%, due 09/26/2055 68389XDR3 6,234,000 $6,173,265.38 0.20%
QNITY ELECTRONICS INC 5.75%, due 08/15/2032 74743LAA8 6,000,000 $6,127,176.00 0.20%
QNITY ELECTRONICS INC 6.25%, due 08/15/2033 74743LAB6 6,000,000 $6,173,730.00 0.20%
PARAMOUNT GLOBAL 4.375%, due 03/15/2043 92553PAP7 7,745,000 $5,890,963.02 0.19%
Xcel Energy Inc., 6.25%, Due 10/15/2085 XELLL 98389B878 233,000 $5,866,940.00 0.19%
AS MILEAGE PLAN IP LTD 5.308%, due 10/20/2031 00218QAB6 5,411,000 $5,425,350.40 0.18%
DOLP Trust Series 2021-NYC, Class A, 2.956%, due 05/10/2041 23345LAA7 6,000,000 $5,400,207.00 0.18%
Freddie Mac FR SD8266, 4.50%, due 11/01/2052 3132DWFF5 5,601,860 $5,517,114.16 0.18%
GNMA G2 MA8427, 4.50%, due 11/20/2052 36179XLG9 5,611,319 $5,545,725.95 0.18%
ROLLINS INC 5.25%, due 02/24/2035 775711AC8 5,330,000 $5,470,144.36 0.18%
TRUIST FINANCIAL CORP Variable rate 89832QAD1 5,399,000 $5,435,686.21 0.18%
Westlake Automobile Receivables Trust Series 2023-1A, Class D, 6.79%, due 11/15/2028 96042XAG0 5,290,000 $5,421,360.75 0.18%
CIM Trust Series 2020-R6, Class A1, Variable rate, due 12/25/2060 12560YAA0 5,828,078 $5,299,451.81 0.17%
Freddie Mac - STACR Series 2024-DNA3, Class M2, Variable rate, due 10/25/2044 35564NFA6 5,325,000 $5,334,815.04 0.17%
GOLDMAN SACHS GROUP INC Variable rate, due 10/23/2035 38141GB78 5,240,000 $5,328,800.02 0.17%
MORGAN STANLEY Variable rate, due 04/20/2029 61747YFD2 5,220,000 $5,355,497.78 0.17%
NEWELL BRANDS INC 8.50%, due 06/01/2028 651229BG0 5,000,000 $5,264,170.00 0.17%
PERMIAN RESOURCES OPERATING LLC 6.25%, due 02/01/2033 71424VAB6 5,250,000 $5,363,195.25 0.17%
WELLS FARGO & COMPANY Variable rate, due 04/24/2034 95000U3D3 5,000,000 $5,244,486.05 0.17%
CCO HLDGS LLC/CAP CORP 5.50%, due 05/01/2026 1248EPBR3 5,000,000 $5,002,961.50 0.16%
CHOBANI HOLDCO II LLC 8.75%, due 10/01/2029 169918AA7 4,540,912 $4,831,630.27 0.16%
CITIGROUP INC Variable rate 172967MU2 4,790,000 $4,799,571.86 0.16%
FORD MOTOR CREDIT CO LLC N/C, 4.389%, due 01/08/2026 345397XU2 5,000,000 $4,996,247.70 0.16%
Freddie Mac FR SD8272, 3%, due 12/01/2052 3132DWFM0 5,394,905 $4,827,694.29 0.16%
GENERAL DYNAMICS CORP 4.95%, due 08/15/2035 369550BR8 4,780,000 $4,932,979.79 0.16%
LAD Auto Receivables Trust Series 2023-1A, Class D, 7.30%, due 06/17/2030 505710AF0 4,950,000 $5,036,756.67 0.16%
MORGAN STANLEY Variable rate, due 04/17/2036 61747YGA7 4,500,000 $4,788,486.90 0.16%
MORGAN STANLEY Variable rate, due 11/01/2034 61747YFJ9 4,375,000 $4,942,613.81 0.16%
NEWELL BRANDS INC 6.625%, due 09/15/2029 651229BD7 5,000,000 $5,006,191.00 0.16%
NORDEA BANK ABP Variable rate 65558RAQ2 4,647,000 $4,791,423.60 0.16%
PNC FINANCIAL SERVICES Variable rate 693475BC8 4,965,000 $4,825,580.32 0.16%
REGIONS FINANCIAL CORP Variable rate, due 09/06/2035 7591EPAV2 4,870,000 $5,035,889.20 0.16%
VIKING CRUISES LTD 5.875%, due 10/15/2033 92676XAH0 4,810,000 $4,892,375.19 0.16%
BANK OF AMERICA CORP Variable rate, due 10/24/2031 06051GJL4 5,123,000 $4,583,225.25 0.15%
CCO HLDGS LLC/CAP CORP 5%, due 02/01/2028 1248EPBX0 4,500,000 $4,481,778.92 0.15%
DUKE ENERGY PROGRESS LLC 5.05%, due 03/15/2035 26442UAU8 4,375,000 $4,507,131.91 0.15%
HYATT HOTELS CORP 5.05%, due 03/30/2028 448579AU6 4,475,000 $4,566,873.90 0.15%
INTEL CORP 3.25%, due 11/15/2049 458140BJ8 6,950,000 $4,752,228.74 0.15%
JPMORGAN CHASE & CO Variable rate, due 06/01/2029 46647PCJ3 5,000,000 $4,765,884.00 0.15%
SYNOPSYS INC 5.15%, due 04/01/2035 871607AE7 4,349,000 $4,474,915.77 0.15%
VICI PROPERTIES LP 5.125%, due 05/15/2032 925650AD5 4,400,000 $4,470,117.74 0.15%
WELLS FARGO & COMPANY Variable rate 949746TD3 4,699,000 $4,673,870.22 0.15%
WELLS FARGO & COMPANY Variable rate, due 01/23/2035 95000U3K7 4,390,000 $4,624,902.63 0.15%
BX Trust Series 2024-PAT, Class A, Variable rate, due 03/15/2026 05612FAA3 4,264,000 $4,272,128.89 0.14%
COSTAR GROUP INC 2.80%, due 07/15/2030 22160NAA7 4,750,000 $4,376,451.69 0.14%
DOMINION ENERGY INC Variable rate, due 02/15/2056 25746UEA3 4,268,000 $4,338,660.71 0.14%
Fannie Mae FN CB4818, 4%, due 10/01/2052 3140QQK87 4,625,667 $4,438,987.82 0.14%
Fannie Mae FN MA4732, 4%, due 09/01/2052 31418EHJ2 4,411,542 $4,241,502.07 0.14%
Fannie Mae Series 2024-96, Class FD, Variable rate, due 12/25/2054 3136BTN90 4,341,809 $4,390,887.91 0.14%
GS Mortgage Securities Trust Series 2023-FUN, Class B, Variable rate, due 03/15/2028 36267CAC9 4,230,000 $4,256,901.95 0.14%
KENNEDY-WILSON INC 4.75%, due 02/01/2030 489399AN5 4,635,000 $4,311,013.50 0.14%
MHC Commercial Mortgage Trust Series 2021-MHC, Class B, Variable rate, due 04/15/2038 55316VAC8 4,392,000 $4,392,548.12 0.14%
MORGAN STANLEY Variable rate, due 01/18/2036 61748UAF9 4,050,000 $4,275,495.61 0.14%
Park Avenue Trust Series 2017-245P, Class A, 3.508%, due 06/05/2037 90187LAA7 4,441,000 $4,361,460.80 0.14%
SOFTBANK CORP 4.699%, due 07/09/2030 83405KAA0 4,140,000 $4,188,044.74 0.14%
WARNERMEDIA HOLDINGS INC 4.054%, due 03/15/2029 55903VBY8 4,420,000 $4,273,543.30 0.14%
WARNERMEDIA HOLDINGS INC 5.141%, due 03/15/2052 55903VBU6 5,941,000 $4,435,550.60 0.14%
BX Trust Series 2021-LBA, Class DV, Variable rate, due 02/15/2036 05609BBF5 4,146,216 $4,148,221.56 0.13%
DELL INT LLC / EMC CORP 4.75%, due 04/01/2028 24703TAL0 3,945,000 $4,014,193.92 0.13%
FLORIDA POWER & LIGHT CO 5.30%, due 06/15/2034 341081GU5 3,840,000 $4,060,767.59 0.13%
JBS USA HOLD/FOOD/LUX CO 6.75%, due 03/15/2034 47214BAC2 3,628,000 $4,029,416.43 0.13%
MKT 2020-525M Mortgage Trust Series 2020-525M, Class A, 2.694%, due 02/12/2040 55316PAA5 4,530,000 $4,088,474.94 0.13%
BFLD Trust Series 2024-VICT, Class A, Variable rate, due 07/15/2041 05555VAA7 3,791,000 $3,809,757.87 0.12%
BX Trust Series 2020-VIV4, Class A, 2.843%, due 03/09/2044 05608MAA4 4,050,000 $3,767,373.59 0.12%
Fannie Mae FN FS6925, 2.50%, due 12/01/2051 3140XNVT8 4,286,053 $3,681,744.50 0.12%
Freddie Mac FR RA6427, 3%, due 12/01/2051 3133KND83 4,295,797 $3,844,446.42 0.12%
Freddie Mac FR SD8275, 4.50%, due 12/01/2052 3132DWFQ1 3,823,166 $3,765,328.84 0.12%
HILCORP ENERGY I/HILCORP 6.25%, due 11/01/2028 431318AS3 3,625,000 $3,634,153.13 0.12%
ROYAL BANK OF CANADA Variable rate, due 11/24/2085 780082AY9 3,711,000 $3,702,191.42 0.12%
SDR Commercial Mortgage Trust Series 2024-DSNY, Class B, Variable rate, due 05/15/2039 811304AE4 3,715,000 $3,715,607.77 0.12%
ALLY FINANCIAL INC Series C, Variable rate 02005NBN9 3,625,000 $3,380,004.38 0.11%
AS MILEAGE PLAN IP LTD 5.021%, due 10/20/2029 00218QAA8 3,333,000 $3,345,247.07 0.11%
BANK OF AMERICA CORP Variable rate, due 02/04/2028 06051GKJ7 3,490,000 $3,427,511.20 0.11%
BANK OF AMERICA CORP Variable rate, due 04/22/2032 06051GJT7 3,820,000 $3,513,448.63 0.11%
BX Trust Series 2020-VIV3, Class B, Variable rate, due 03/09/2044 05608EAA2 3,420,000 $3,238,127.82 0.11%
Fannie Mae FN MA4626, 4%, due 06/01/2052 31418ED80 3,664,222 $3,522,444.78 0.11%
FIRST CITIZENS BANCSHARE Variable rate, due 03/12/2031 31959XAC7 3,200,000 $3,257,401.12 0.11%
JPMORGAN CHASE & CO Variable rate, due 04/22/2035 46647PEH5 3,155,000 $3,395,171.88 0.11%
SFO Commerical Mortgage Trust Series 2021-555, Class A, Variable rate, due 05/15/2038 78432WAA1 3,530,000 $3,512,093.37 0.11%
ASSOC BANC-CORP Variable rate, due 08/29/2030 045487AD7 2,870,000 $2,990,166.21 0.10%
AT&T INC 4.90%, due 11/01/2035 00206RNC2 3,024,000 $3,022,852.97 0.10%
BACARDI LTD 4.70%, due 05/15/2028 067316AF6 3,170,000 $3,202,231.10 0.10%
BANK OF AMERICA CORP Variable rate, due 03/11/2032 06051GJP5 3,215,000 $2,958,987.46 0.10%
BXP Trust Series 2017-GM, Class C, Variable rate, due 06/13/2039 056083AJ7 3,200,000 $3,103,984.00 0.10%
Fannie Mae FN MA4733, 4.50%, due 09/01/2052 31418EHK9 3,136,712 $3,089,905.85 0.10%
GENESIS ENERGY LP/FIN 8.25%, due 01/15/2029 37185LAP7 2,965,000 $3,101,126.12 0.10%
GNMA G2 787961, 7%, due 12/20/2054 3622ADWW4 2,905,364 $2,954,500.74 0.10%
IRON MOUNTAIN INC 5.25%, due 03/15/2028 46284VAE1 3,170,000 $3,170,504.03 0.10%
Jackson Financial Inc., 8.000%, Variable Rate JXN.A 46817M206 121,300 $3,147,735.00 0.10%
JPMORGAN CHASE & CO Variable rate, due 10/22/2035 46647PER3 3,080,000 $3,139,368.02 0.10%
NATIONAL RURAL UTIL COOP Variable rate, due 04/20/2046 637432NK7 3,134,000 $3,137,342.73 0.10%
OUTFRONT MEDIA CAP LLC/CORP 7.375%, due 02/15/2031 69007TAG9 2,811,000 $2,984,187.51 0.10%
WASTE PRO USA INC 7%, due 02/01/2033 94107JAC7 2,850,000 $2,966,359.80 0.10%
AT&T INC 5.70%, due 11/01/2054 00206RNE8 2,772,000 $2,786,742.38 0.09%
BROOKLYN UNION GAS CO 3.407%, due 03/10/2026 114259AN4 2,805,000 $2,796,111.38 0.09%
BX Trust Series 2019-OC11, Class A, 3.202%, due 12/09/2041 05606FAA1 2,800,000 $2,661,413.72 0.09%
BX Trust Series 2021-ACNT, Class C, Variable rate, due 11/15/2038 05609QAE6 2,730,567 $2,730,693.81 0.09%
BX Trust Series 2022-AHP, Class AS, Variable rate, due 02/15/2039 05610FAB3 2,845,000 $2,841,911.75 0.09%
COMM Mortgage Trust Series 2016-787S, Class A, 3.545%, due 02/10/2036 12635WAA5 2,834,000 $2,808,465.09 0.09%
Fannie Mae FN MA4784, 4.50%, due 10/01/2052 31418EJ68 2,730,540 $2,691,484.47 0.09%
HCA INC 3.50%, due 09/01/2030 404119CA5 2,870,000 $2,765,446.82 0.09%
Hilton USA Trust Series 2024-ORL, Class B, Variable rate, due 05/15/2037 403956AC9 2,711,000 $2,716,893.17 0.09%
JPMORGAN CHASE & CO Variable rate, due 04/22/2027 46647PCB0 2,660,000 $2,627,742.71 0.09%
JPMORGAN CHASE & CO Variable rate, due 09/22/2027 46647PCP9 2,780,000 $2,717,354.15 0.09%
KINETIK HOLDINGS LP 6.625%, due 12/15/2028 49461MAB6 2,834,000 $2,922,596.52 0.09%
SLG Office Trust Series 2021-OVA, Class C, 2.85061%, due 07/15/2041 78449RAG0 2,950,000 $2,629,410.52 0.09%
T-MOBILE USA INC 4.70%, due 01/15/2035 87264ADM4 2,765,000 $2,750,028.44 0.09%
BX Trust Series 2021-VOLT, Class E, Variable rate, due 09/15/2036 05609VAN5 2,385,255 $2,381,962.72 0.08%
DOMINION ENERGY INC Variable rate, due 02/15/2056 25746UDZ9 2,519,000 $2,555,636.81 0.08%
Fannie Mae FN MA4599, 3%, due 05/01/2052 31418EDD9 2,652,867 $2,375,885.46 0.08%
Freddie Mac Series 5468, Class SE, Variable rate, due 10/25/2054 3137HHBV2 31,910,918 $2,535,003.32 0.08%
Freddie Mac Series 5496, Class S, Variable rate, due 01/25/2055 3137HHZY0 37,774,452 $2,595,988.74 0.08%
JPMORGAN CHASE & CO Variable rate, due 04/26/2028 46647PDA1 2,533,000 $2,545,830.61 0.08%
One Bryant Park Trust Series 2019-OBP, Class A, 2.51641%, due 09/13/2049 68236JAA9 2,800,000 $2,596,004.04 0.08%
AIR LEASE CORP 2.875%, due 01/15/2026 00914AAJ1 2,300,000 $2,291,704.15 0.07%
BX Trust Series 2021-LBA, Class CV, Variable rate, due 02/15/2036 05609BBD0 2,261,716 $2,259,756.16 0.07%
BX Trust Series 2021-VIEW, Class A, Variable rate, due 06/15/2036 05606GAA9 2,250,000 $2,247,745.28 0.07%
BX Trust Series 2024-BIO, Class B, Variable rate, due 02/15/2041 05612AAG1 2,185,000 $2,182,861.10 0.07%
CENTURY ALUMINUM COMPANY 6.875%, due 08/01/2032 156431AS7 2,165,000 $2,227,808.81 0.07%
COBANK ACB Variable rate 19075QAG7 2,191,000 $2,273,173.46 0.07%
ENERGY TRANSFER LP Variable rate 29273VAJ9 2,281,000 $2,292,197.43 0.07%
FLEX INTERMEDIATE HOLDCO 3.363%, due 06/30/2031 33939HAA7 2,183,000 $2,024,993.57 0.07%
FLUTTER TREASURY DAC 5.875%, due 06/04/2031 344045AB5 2,000,000 $2,037,920.00 0.07%
PNC FINANCIAL SERVICES Variable rate, due 10/20/2034 693475BU8 1,915,000 $2,184,697.32 0.07%
SUNOCO LP 5.625%, due 03/15/2031 86765KAF6 2,004,000 $2,010,488.95 0.07%
SUNOCO LP 5.875%, due 03/15/2034 86765KAG4 2,004,000 $2,003,958.92 0.07%
AERCAP IRELAND CAP/GLOBAL 2.45%, due 10/29/2026 00774MAV7 2,000,000 $1,969,267.68 0.06%
ASP DREAM ACQUISITION CO FULBLO TL B 1L USD 1,994,994 $1,880,281.50 0.06%
Bank of Hawaii Corporation, 8.00% BOH.B 062540307 74,024 $1,932,766.64 0.06%
BX Trust Series 2021-RISE, Class D, Variable rate, due 11/15/2036 12434EAG5 1,869,868 $1,867,333.18 0.06%
Carvana Auto Receivables Trust Series 2022-P2, Class R, 0%, due 05/10/2029 14686JAM2 17,100 $1,995,907.42 0.06%
Carvana Auto Receivables Trust Series 2023-N3, Class R, 0%, due 09/10/2030 14686RAF9 9,800 $1,885,522.67 0.06%
FARM CREDIT BK OF TEXAS Variable rate 30767EAF6 1,805,000 $1,894,760.84 0.06%
FOUNDRY JV HOLDCO LLC 5.50%, due 01/25/2031 350930AF0 1,835,000 $1,916,675.60 0.06%
HCA INC 2.375%, due 07/15/2031 404119CC1 2,057,000 $1,843,586.91 0.06%
HF SINCLAIR CORP 5%, due 02/01/2028 403949AQ3 1,692,000 $1,693,647.63 0.06%
JANE STREET GRP/JSG FIN 6.125%, due 11/01/2032 47077WAD0 1,871,000 $1,902,202.68 0.06%
JPMORGAN CHASE & CO Variable rate, due 07/23/2029 46647PAV8 1,790,000 $1,798,878.58 0.06%
ORACLE CORP 3.60%, due 04/01/2050 68389XBX2 2,500,000 $1,762,890.75 0.06%
VICI PROPERTIES / NOTE 4.125%, due 08/15/2030 92564RAE5 2,026,000 $1,969,631.43 0.06%
AERCAP IRELAND CAP/GLOBAL 3%, due 10/29/2028 00774MAW5 1,650,000 $1,597,280.10 0.05%
ALCON FINANCE CORP 3%, due 09/23/2029 01400EAB9 1,600,000 $1,532,172.78 0.05%
CAPITAL ONE FINANCIAL CORP Variable rate, due 11/02/2027 14040HCH6 1,505,000 $1,470,770.58 0.05%
FORD MOTOR CREDIT CO LLC 3.375%, due 11/13/2025 345397B28 1,603,000 $1,601,797.17 0.05%
GNMA G2 786973, 6%, due 09/20/2053 3622ACT67 1,347,335 $1,388,915.18 0.05%
HSBC HOLDINGS PLC Variable rate, due 06/09/2028 404280DF3 1,481,000 $1,495,846.92 0.05%
JBS USA/FOOD/FINANCE 3.75%, due 12/01/2031 46590XAM8 1,700,000 $1,621,236.11 0.05%
MORGAN STANLEY Variable rate, due 01/24/2029 61744YAP3 1,415,000 $1,407,402.91 0.05%
MORGAN STANLEY Variable rate, due 07/20/2029 61747YFF7 1,635,000 $1,692,918.08 0.05%
PENN ENTERTAINMENT INC 4.125%, due 07/01/2029 707569AV1 1,580,000 $1,478,862.63 0.05%
PRIME SECSRVC BRW/FINANCE 3.375%, due 08/31/2027 74166MAF3 1,475,000 $1,438,396.40 0.05%
SANTANDER UK GROUP HLDGS Variable rate, due 06/14/2027 80281LAQ8 1,585,000 $1,560,109.54 0.05%
SREIT Trust Series 2023-MFP2, Class C, Variable rate, due 11/15/2036 85236WCJ3 1,423,000 $1,421,375.79 0.05%
Starwood Commercial Mortgage Trust Series 2021-LIH, Class AS, Variable rate, due 11/15/2036 78486EAG3 1,550,000 $1,548,653.83 0.05%
THE BOEING CO 5.805%, due 05/01/2050 097023CW3 1,620,000 $1,649,978.87 0.05%
BANK OF AMERICA CORP Variable rate, due 01/23/2035 06051GMA4 1,170,000 $1,234,228.72 0.04%
CAESARS ENTERTAINMENT INC 6.50%, due 02/15/2032 12769GAC4 1,340,000 $1,362,616.52 0.04%
FIDELITY NATL INFO SERV 3.10%, due 03/01/2041 31620MBU9 1,538,000 $1,181,845.99 0.04%
GNMA G2 786951, 6%, due 09/20/2038 3622ACTG5 1,099,332 $1,130,278.68 0.04%
OCCIDENTAL PETROLEUM CORP 7.875%, due 09/15/2031 674599DE2 1,100,000 $1,266,639.00 0.04%
PILGRIM'S PRIDE CORP 3.50%, due 03/01/2032 72147KAH1 1,395,000 $1,287,852.70 0.04%
QUIKRETE HOLDINGS INC 6.375%, due 03/01/2032 74843PAA8 1,060,000 $1,104,475.61 0.04%
US BANCORP Variable rate, due 02/01/2034 91159HJL5 1,220,000 $1,235,531.04 0.04%
ALBERTSONS COS INC 5.50%, due 03/31/2031 01309QAC2 1,000,000 $1,008,312.54 0.03%
ASCENT RESOURCES/ARU FIN 6.625%, due 07/15/2033 04364VBA0 958,000 $972,886.36 0.03%
BANK OF AMERICA CORP Variable rate, due 07/22/2027 06051GJS9 815,000 $800,633.25 0.03%
Carvana Auto Receivables Trust Series 2022-N1, Class R, 0%, due 12/11/2028 14686GAH9 19,300 $818,189.65 0.03%
Carvana Auto Receivables Trust Series 2023-P3, Class R, 0%, due 08/12/2030 14688GAK0 8,700 $936,221.98 0.03%
COX ENTERPRISES INC 7.375%, due 07/15/2027 224050AE4 900,000 $938,977.61 0.03%
ENERGY TRANSFER LP 5%, due 05/15/2050 29278NAR4 1,144,000 $992,503.63 0.03%
Fanniemae-Aces Series 2020-M17, Class X1, Variable rate, due 01/25/2028 3136B9NC7 48,034,726 $871,791.85 0.03%
MET LIFE GLOB FUNDING I N/C, 5.15%, due 03/28/2033 59217GFP9 965,000 $1,006,149.99 0.03%
MORGAN STANLEY Variable rate, due 02/13/2032 6174468U6 920,000 $809,259.37 0.03%
NATIONWIDE BLDG SOCIETY Variable rate, due 02/16/2028 63861VAF4 885,000 $871,664.63 0.03%
NRG ENERGY INC 6%, due 01/15/2036 629377DD1 963,000 $974,262.29 0.03%
STATION CASINOS LLC 4.50%, due 02/15/2028 857691AG4 1,044,000 $1,031,516.16 0.03%
SUNOCO LP/FINANCE CORP 4.50%, due 05/15/2029 86765LAT4 800,000 $787,159.68 0.03%
T-MOBILE USA INC 2.625%, due 02/15/2029 87264ABS3 1,000,000 $953,934.93 0.03%
US BANCORP Variable rate, due 02/01/2029 91159HJK7 1,000,000 $1,013,117.51 0.03%
VISTRA CORP Variable rate 92840MAD4 929,000 $1,022,563.31 0.03%
Chase Auto Owner Trust Series 2022-AA, Class R1, 0%, due 06/25/2030 16144JAH4 10,000 $647,891.12 0.02%
Fanniemae-Aces Series 2019-M17, Class X, Variable rate, due 08/25/2034 3136B56F7 44,749,678 $483,824.57 0.02%
FHLMC Multifamily Structured Pass Through Certs. Series K059, Class X3, Variable rate, due 11/25/2044 3137BSRH8 38,206,238 $656,066.06 0.02%
FHLMC Multifamily Structured Pass Through Certs. Series KLU3, Class X1, Variable rate, due 01/25/2031 3137H0H76 6,801,205 $494,329.26 0.02%
GFL ENVIRONMENTAL INC 3.50%, due 09/01/2028 36168QAM6 750,000 $734,379.23 0.02%
GLP CAPITAL LP / FIN II 5.75%, due 06/01/2028 361841AK5 675,000 $696,210.54 0.02%
GOLDMAN SACHS GROUP INC Variable rate, due 01/28/2036 38141GC44 675,000 $709,526.79 0.02%
JPMORGAN CHASE & CO Variable rate, due 02/04/2027 46647PBW5 750,000 $743,728.79 0.02%
LIVE NATION ENTERTAINMENT 4.75%, due 10/15/2027 538034AR0 590,000 $588,254.78 0.02%
MASSMUTUAL GLOBAL FUNDING II N/C, 3.40%, due 03/08/2026 57629WCH1 750,000 $748,209.71 0.02%
NRG ENERGY INC 5.75%, due 01/15/2034 629377DC3 482,000 $485,518.84 0.02%
OREGON TOOL LUX LP 7.875%, due 10/15/2029 68610BAA2 1,392,300 $723,996.00 0.02%
PRESTIGE BRANDS INC 5.125%, due 01/15/2028 74112BAL9 550,000 $548,285.94 0.02%
Skyline Aircraft Finance LLC Series 2020-1, Class A, 3.229%, due 5/10/2038 83084RAA3 509,304 $479,700.60 0.02%
TRANSDIGM INC 6%, due 12/15/2033 893647BW6 642,000 $653,735.12 0.02%
TRANSOCEAN INTERNTNL LTD 7.875%, due 10/15/2032 893814AA1 482,000 $493,627.77 0.02%
TRANSOCEAN POSEIDON LTD 6.875%, due 02/01/2027 89383JAA6 742,950 $743,133.11 0.02%
US BANCORP Variable rate, due 06/12/2034 91159HJN1 440,000 $472,568.55 0.02%
AERCAP IRELAND CAP/GLOBAL 5.75%, due 06/06/2028 00774MBC8 315,000 $327,231.38 0.01%
BUCKEYE PARTNERS LP 4.50%, due 03/01/2028 118230AU5 436,000 $432,773.64 0.01%
Carvana Auto Receivables Trust Series 2020-P1, Class R, 0%, due 09/08/2027 14687AAK4 5,450 $409,986.53 0.01%
Carvana Auto Receivables Trust Series 2021-P4, Class R, 0%, due 09/11/2028 14687KAK2 2,800 $341,489.66 0.01%
CHOBANI LLC CHBANI TL B 1L USD 335,805 $336,750.29 0.01%
Fannie Mae FN AM2974, 4.10%, due 04/01/2043 3138L3JU0 421,159 $403,800.43 0.01%
FHLMC Multifamily Structured Pass Through Certs. Series KLU1, Class X3, Variable rate, due 01/25/2031 3137FMCP5 2,593,769 $227,178.15 0.01%
FHLMC Multifamily Structured Pass Through Certs. Series Q017, Class X, Variable rate, due 04/25/2030 3137H74M2 47,500,812 $446,438.76 0.01%
Freddie Mac FR SD3511, 6%, due 08/01/2053 3132DQ3U8 272,923 $280,214.26 0.01%
Freddie Mac Multiclass Certificates Series 2019-P002, Class X, Variable rate, due 07/25/2033 3137FQKX0 4,095,000 $250,669.44 0.01%
Freddie Mac Multiclass Certificates Series 2021-P009, Class X, Variable rate, due 01/25/2031 3137H13X2 9,246,546 $252,400.18 0.01%
HCA INC N/C, 7.05%, due 12/01/2027 197677AJ6 360,000 $380,511.24 0.01%
JPMORGAN CHASE & CO Variable rate, due 04/23/2029 46647PAR7 160,000 $160,138.30 0.01%
PILGRIM'S PRIDE CORP 4.25%, due 04/15/2031 72147KAJ7 286,000 $279,293.27 0.01%
SANTANDER UK GROUP HLDGS Variable rate, due 01/11/2028 80281LAR6 430,000 $421,209.76 0.01%
SLM Student Loan Trust Series 2006-2, Class R, 0%, due 01/25/2041 78446G102 6,525 $354,811.26 0.01%
SLM Student Loan Trust Series 2007-4, Class R, 0%, due 01/25/2042 78444A107 1,375 $157,805.65 0.01%
SLM Student Loan Trust Series 2013-M1, Class M1R, 0%, due 10/28/2029 78447T103 1,000 $204,638.71 0.01%
SMITHFIELD FOODS INC 5.20%, due 04/01/2029 832248BB3 387,000 $394,696.44 0.01%
SPECTRUM BRANDS INC 3.875%, due 03/15/2031 84762LAX3 364,000 $296,205.00 0.01%
THE CIGNA GROUP 4.375%, due 10/15/2028 125523AH3 330,000 $333,486.21 0.01%
US BANCORP Variable rate, due 01/23/2035 91159HJR2 175,000 $186,015.25 0.01%
US BANCORP Variable rate, due 10/21/2033 91159HJJ0 320,000 $343,494.43 0.01%
VICI PROPERTIES LP 5.625%, due 05/15/2052 925650AE3 268,000 $258,777.21 0.01%
WARNERMEDIA HOLDINGS INC 3.755%, due 03/15/2027 55903VBL6 316,000 $312,741.25 0.01%
AERCAP IRELAND CAP/GLOBAL 3.875%, due 01/23/2028 00774MAE5 115,000 $114,568.97 0.00%
CSMCM Trust Certificates Series 2022-RPL1, Class CERT, 3.77782%, due 02/27/2062 12662JAA0 104,824 $99,244.85 0.00%
Fannie Mae Series 2011-116, Class SA, Variable rate, due 11/25/2041 3136A1L60 552,277 $53,484.30 0.00%
FANNIE MAE Series 2012-128, Class UA, 2.50%, due 06/25/2042 3136A9VM7 106,085 $96,452.02 0.00%
Fannie Mae Series 2013-18, Class MI, 3%, due 02/25/2033 3136ACXN6 299,067 $10,783.30 0.00%
FANNIEMAE-ACES Series 2016-M11, Class X2, Variable rate, due 07/25/2039 3136AT5H3 71,264 $48.10 0.00%
FANNIEMAE-ACES Series 2016-M2, Class X3, Variable rate, due 04/25/2036 3136AQ5K2 19,302 $7.33 0.00%
FANNIEMAE-ACES Series 2016-M4, Class X2, Variable rate, due 01/25/2039 3136ARP44 902,293 $32,043.68 0.00%
FannieMae-Aces Series 2019-M29, Class X4, Variable rate, due 03/25/2029 3136B7HP9 6,100,000 $112,953.09 0.00%
FHLMC Multifamily Structured Pass Through Certs. Series K037, Class X3, Variable rate, due 01/25/2042 3137B8G68 94,510 $0.95 0.00%
FHLMC Multifamily Structured Pass Through Certs. Series K053, Class X3, Variable rate, due 03/25/2044 3137BN6J8 46,915,000 $86,121.87 0.00%
FHLMC Multifamily Structured Pass Through Certs. Series K056, Class X3, Variable rate, due 06/25/2044 3137BQYW1 6,897,149 $83,920.37 0.00%
FHLMC Multifamily Structured Pass Through Certs. Series K060, Class X3, Variable rate, due 12/25/2044 3137BTAF8 1,899,979 $35,042.26 0.00%
FHLMC Multifamily Structured Pass Through Certs. Series KC04, Class X1, Variable rate, due 12/25/2026 3137FMCG5 1,014,406 $9,158.26 0.00%
FHLMC Multifamily Structured Pass Through Certs. Series KC05, Class X1, Variable rate, due 06/25/2027 3137FPJQ9 6,110,338 $63,325.71 0.00%
FHLMC Multifamily Structured Pass Through Certs. Series KS06, Class X, Variable rate, due 08/25/2026 3137BS5P4 2,850,172 $4,082.02 0.00%
MATIV HOLDINGS INC MATV TL DD 1L USD 26,558 $26,425.35 0.00%
MORGAN STANLEY Variable rate, due 04/19/2035 61747YFR1 80,000 $85,917.06 0.00%
T-MOBILE USA INC 4.75%, due 02/01/2028 87264AAV7 74,000 $74,114.15 0.00%
VERSANT MEDIA GROUP INC 7.25%, due 01/30/2031 925283AA1 91,000 $92,822.68 0.00%
US Dollar $USD -12,296,530 ($12,296,529.90) -0.40%
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.


 
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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