# EDGAR Filing Document

**Accession Number:** 0001667919
**File Stem:** 0001752724-25-182425
**Filing Date:** 2025-7
**Character Count:** 303721
**Document Hash:** 90fe363046ea604fdd45df6cc7c05fc5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-182425.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001752724-25-182425

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**PERIOD START**: 20250831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIRST TRUST EXCHANGE-TRADED FUND VIII
- **CENTRAL INDEX KEY:** 0001667919

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23147
- **FILM NUMBER:** 251161023

**BUSINESS ADDRESS:**
- **STREET 1:** 120 EAST LIBERTY DRIVE, SUITE 400
- **CITY:** WHEATON
- **STATE:** IL
- **ZIP:** 60187
- **BUSINESS PHONE:** 630-765-8000

**MAIL ADDRESS:**
- **STREET 1:** 120 EAST LIBERTY DRIVE, SUITE 400
- **CITY:** WHEATON
- **STATE:** IL
- **ZIP:** 60187

## Series and Classes Contracts Data

### First Trust Smith Unconstrained Bond ETF (Series ID: S000061961)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000200735 | First Trust Smith Unconstrained Bond ETF | UCON            |

## Nport-Ex

**First Trust Smith Opportunistic Fixed Income ETF (FIXD)**

**Portfolio of Investments**

**May 31, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Stated** <br>**Coupon**<br>| **Stated** <br>**Maturity**<br>| **Value** |
| **U.S. GOVERNMENT BONDS AND NOTES — 38.9%** | **U.S. GOVERNMENT BONDS AND NOTES — 38.9%** | **U.S. GOVERNMENT BONDS AND NOTES — 38.9%** | **U.S. GOVERNMENT BONDS AND NOTES — 38.9%** | **U.S. GOVERNMENT BONDS AND NOTES — 38.9%** |
| $207340000 | U.S. Treasury Bond  | 4.75% | 02/15/45 | $202448072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 53825000 | U.S. Treasury Bond  | 4.50% | 11/15/54 | 50259094 |
| &nbsp;&nbsp; 116515000 | U.S. Treasury Bond  | 4.63% | 02/15/55 | 111162592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 36240188 | U.S. Treasury Inflation Indexed Bond (a) | 1.63% | 10/15/29 | 36589564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 90657267 | U.S. Treasury Inflation Indexed Bond (a) | 2.13% | 01/15/35 | 91333742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11367565 | U.S. Treasury Inflation Indexed Bond (a) | 2.13% | 02/15/54 | 10248055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 33214185 | U.S. Treasury Inflation Indexed Bond (a) | 2.38% | 02/15/55 | 31608560 |
| &nbsp;&nbsp; 210235000 | U.S. Treasury Note  | 4.13% | 10/31/29 | 211791231 |
| &nbsp;&nbsp; 105350000 | U.S. Treasury Note  | 4.13% | 11/30/29 | 106166874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 88539000 | U.S. Treasury Note  | 3.88% | 04/30/30 | 88200062 |
| &nbsp;&nbsp; 145170000 | U.S. Treasury Note  | 4.00% | 04/30/32 | 143763665 |
| &nbsp;&nbsp; 116440000 | U.S. Treasury Note  | 4.25% | 11/15/34 | 115321084 |
| &nbsp;&nbsp; 114745000 | U.S. Treasury Note  | 4.63% | 02/15/35 | 116923363 |
|  | **Total U.S. Government Bonds and Notes** | **Total U.S. Government Bonds and Notes** | **Total U.S. Government Bonds and Notes** | 1315815958 |
|  | (Cost $1,318,529,068) | (Cost $1,318,529,068) | (Cost $1,318,529,068) |  |
| **CORPORATE BONDS AND NOTES — 28.0%** | **CORPORATE BONDS AND NOTES — 28.0%** | **CORPORATE BONDS AND NOTES — 28.0%** | **CORPORATE BONDS AND NOTES — 28.0%** | **CORPORATE BONDS AND NOTES — 28.0%** |
|  | **Aerospace/Defense — 4.0%** | **Aerospace/Defense — 4.0%** | **Aerospace/Defense — 4.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3208000 | BAE Systems Holdings, Inc. (b) | 3.85% | 12/15/25 | 3192736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9170000 | Boeing (The) Co. | 2.20% | 02/04/26 | 9009318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8435000 | Boeing (The) Co. | 6.53% | 05/01/34 | 9006540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2030000 | Boeing (The) Co. | 5.81% | 05/01/50 | 1902269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17080000 | Boeing (The) Co. | 7.01% | 05/01/64 | 18262041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9115000 | General Dynamics Corp. | 4.95% | 08/15/35 | 8972009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7500000 | Howmet Aerospace, Inc. | 3.00% | 01/15/29 | 7135987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21625000 | L3Harris Technologies, Inc. | 5.35% | 06/01/34 | 21777680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17000000 | Northrop Grumman Corp. | 5.25% | 07/15/35 | 17063785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30420000 | RTX Corp. | 6.10% | 03/15/34 | 32420731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | TransDigm, Inc. (b) | 6.75% | 08/15/28 | 5093010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1934000 | TransDigm, Inc. (b) | 6.00% | 01/15/33 | 1915109 |
|  |  |  |  | 135751215 |
|  | **Auto Manufacturers — 1.5%** | **Auto Manufacturers — 1.5%** | **Auto Manufacturers — 1.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2447000 | Ford Motor Credit Co. LLC | 3.38% | 11/13/25 | 2427861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | Ford Motor Credit Co. LLC | 4.39% | 01/08/26 | 4960698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 27655000 | Ford Motor Credit Co. LLC | 6.50% | 02/07/35 | 26983453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8955000 | General Motors Co. | 6.25% | 04/15/35 | 9068015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3630000 | Stellantis Finance U.S., Inc. (b) | 5.75% | 03/18/30 | 3640466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1850000 | Stellantis Finance U.S., Inc. (b) | 6.45% | 03/18/35 | 1829905 |
|  |  |  |  | 48910398 |
|  | **Banks — 5.1%** | **Banks — 5.1%** | **Banks — 5.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Bank of America Corp. (c) | 2.59% | 04/29/31 | 1805173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5265000 | Bank of America Corp. (c) | 1.92% | 10/24/31 | 4533571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1800000 | Bank of America Corp. (c) | 5.29% | 04/25/34 | 1803715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 720000 | Bank of America Corp. (c) | 5.47% | 01/23/35 | 727779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 920000 | Bank of America Corp. (c) | 5.51% | 01/24/36 | 927615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1820000 | Bank of America Corp. (c) | 5.74% | 02/12/36 | 1810407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4110000 | Citigroup, Inc. (c) | 2.98% | 11/05/30 | 3804505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2917000 | Citigroup, Inc. (c) | 3.06% | 01/25/33 | 2566797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1715000 | Citigroup, Inc. (c) | 5.45% | 06/11/35 | 1719050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6465000 | Citigroup, Inc. (c) | 5.33% | 03/27/36 | 6379264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5490000 | First Citizens BancShares, Inc. (c) | 5.23% | 03/12/31 | 5469763 |

---

------

**First Trust Smith Opportunistic Fixed Income ETF (FIXD)**

**Portfolio of Investments (Continued)**

**May 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Banks (Continued)** | **Banks (Continued)** | **Banks (Continued)** |  |
| $9590000 | First Citizens BancShares, Inc. (c) | 6.25% | 03/12/40 | $9273731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1790000 | Goldman Sachs Bank USA (c) | 5.28% | 03/18/27 | 1797968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 860000 | Goldman Sachs Group (The), Inc. (c) | 1.43% | 03/09/27 | 838472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18965000 | Goldman Sachs Group (The), Inc. (c) | 1.54% | 09/10/27 | 18215031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1785000 | Goldman Sachs Group (The), Inc. (c) | 5.22% | 04/23/31 | 1811493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1760000 | Goldman Sachs Group (The), Inc. (c) | 5.85% | 04/25/35 | 1811899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8020000 | Goldman Sachs Group (The), Inc. (c) | 5.02% | 10/23/35 | 7764800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 775000 | Goldman Sachs Group (The), Inc. (c) | 5.54% | 01/28/36 | 780785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1650000 | JPMorgan Chase & Co. (c) | 1.05% | 11/19/26 | 1621197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1895000 | JPMorgan Chase & Co. (c) | 1.04% | 02/04/27 | 1849339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1765000 | JPMorgan Chase & Co. (c) | 5.57% | 04/22/28 | 1797894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2625000 | JPMorgan Chase & Co. (c) | 4.01% | 04/23/29 | 2585457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1445000 | JPMorgan Chase & Co. (c) | 2.07% | 06/01/29 | 1344287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1855000 | JPMorgan Chase & Co. (c) | 1.95% | 02/04/32 | 1588766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2260000 | JPMorgan Chase & Co. (c) | 2.55% | 11/08/32 | 1959297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1800000 | JPMorgan Chase & Co. (c) | 5.34% | 01/23/35 | 1811746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2045000 | JPMorgan Chase & Co. (c) | 4.95% | 10/22/35 | 1985223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | JPMorgan Chase & Co. (c) | 5.50% | 01/24/36 | 1315909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1780000 | JPMorgan Chase & Co. (c) | 5.57% | 04/22/36 | 1811691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 495000 | Morgan Stanley (c) | 0.99% | 12/10/26 | 485163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 610000 | Morgan Stanley (c) | 1.51% | 07/20/27 | 588735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6500000 | Morgan Stanley (c) | 1.93% | 04/28/32 | 5487727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3340000 | Morgan Stanley (c) | 6.63% | 11/01/34 | 3625628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1255000 | Morgan Stanley (c) | 5.83% | 04/19/35 | 1294467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5010000 | Morgan Stanley (c) | 5.59% | 01/18/36 | 5060525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3555000 | Morgan Stanley (c) | 5.66% | 04/17/36 | 3614423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2365000 | PNC Financial Services Group (The), Inc. (c) | 6.88% | 10/20/34 | 2593861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7425000 | Regions Financial Corp. (c) | 5.50% | 09/06/35 | 7295208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12312000 | Synovus Financial Corp. (c) | 6.17% | 11/01/30 | 12477411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2925000 | US Bancorp (c) | 4.84% | 02/01/34 | 2837767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6809000 | Wells Fargo & Co. (c) | 2.39% | 06/02/28 | 6517912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8000000 | Wells Fargo & Co. (c) | 5.57% | 07/25/29 | 8208436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5790000 | Wells Fargo & Co. (c) | 2.88% | 10/30/30 | 5344753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6415000 | Wells Fargo & Co. (c) | 5.24% | 01/24/31 | 6512710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3795000 | Wells Fargo & Co. (c) | 2.57% | 02/11/31 | 3429926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2165000 | Wells Fargo & Co. (c) | 5.39% | 04/24/34 | 2174947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 855000 | Wells Fargo & Co. (c) | 5.21% | 12/03/35 | 838846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1790000 | Wells Fargo & Co. (c) | 5.61% | 04/23/36 | 1811592 |
|  |  |  |  | 173712661 |
|  | **Biotechnology — 1.3%** | **Biotechnology — 1.3%** | **Biotechnology — 1.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 14345000 | Amgen, Inc. | 5.25% | 03/02/33 | 14481729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11485000 | Amgen, Inc. | 5.75% | 03/02/63 | 10866106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8990000 | Biogen, Inc. | 5.75% | 05/15/35 | 9053864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8995000 | Biogen, Inc. | 6.45% | 05/15/55 | 9003919 |
|  |  |  |  | 43405618 |
|  | **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159000 | International Flavors & Fragrances, Inc. (b) | 1.83% | 10/15/27 | 148425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2457000 | International Flavors & Fragrances, Inc. (b) | 2.30% | 11/01/30 | 2142313 |
|  |  |  |  | 2290738 |

---

------

**First Trust Smith Opportunistic Fixed Income ETF (FIXD)**

**Portfolio of Investments (Continued)**

**May 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Commercial Services — 0.2%** | **Commercial Services — 0.2%** | **Commercial Services — 0.2%** |  |
| $6800000 | Boost Newco Borrower LLC (b) | 7.50% | 01/15/31 | $7199051 |
|  | **Computers — 0.4%** | **Computers — 0.4%** | **Computers — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10765000 | Leidos, Inc. | 5.40% | 03/15/32 | 10846766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3645000 | Leidos, Inc. | 5.50% | 03/15/35 | 3634801 |
|  |  |  |  | 14481567 |
|  | **Diversified Financial Services — 1.8%** | **Diversified Financial Services — 1.8%** | **Diversified Financial Services — 1.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 940000 | Air Lease Corp. | 3.38% | 07/01/25 | 938815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | Air Lease Corp. | 4.63% | 10/01/28 | 2503000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3640000 | American Express Co. (c) | 5.28% | 07/26/35 | 3627457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3685000 | American Express Co. (c) | 5.67% | 04/25/36 | 3764065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5360000 | &nbsp;&nbsp;&nbsp; Charles Schwab (The) Corp., SOFR Compounded Index + <br> 1.05% (d) | 5.40% | 03/03/27 | 5391730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8515000 | Charles Schwab (The) Corp. (c) | 6.14% | 08/24/34 | 9046716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20810000 | Jane Street Group / JSG Finance, Inc. (b) | 7.13% | 04/30/31 | 21752443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2709000 | Jane Street Group / JSG Finance, Inc. (b) | 6.13% | 11/01/32 | 2715393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8875000 | Jane Street Group / JSG Finance, Inc. (b) | 6.75% | 05/01/33 | 9107587 |
|  |  |  |  | 58847206 |
|  | **Electric — 0.3%** | **Electric — 0.3%** | **Electric — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9155000 | Calpine Corp. (b) | 4.50% | 02/15/28 | 8984999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2185000 | Oncor Electric Delivery Co. LLC (b) | 5.35% | 04/01/35 | 2189804 |
|  |  |  |  | 11174803 |
|  | **Entertainment — 0.8%** | **Entertainment — 0.8%** | **Entertainment — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10745000 | Warnermedia Holdings, Inc. | 4.28% | 03/15/32 | 9121577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18840000 | Warnermedia Holdings, Inc. | 5.05% | 03/15/42 | 13560641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1695000 | Warnermedia Holdings, Inc. | 5.14% | 03/15/52 | 1099430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5530000 | Warnermedia Holdings, Inc. | 5.39% | 03/15/62 | 3562370 |
|  |  |  |  | 27344018 |
|  | **Food — 2.9%** | **Food — 2.9%** | **Food — 2.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 17600000 | &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons, L.P. / <br> Albertsons LLC (b) | 6.50% | 02/15/28 | 17969002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10840000 | Flowers Foods, Inc. | 5.75% | 03/15/35 | 10935090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp; JBS USA LUX S.A.R.L. / JBS USA Food Co. / JBS USA Foods <br> Group (b) | 6.38% | 02/25/55 | 1791180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 33350000 | Kroger (The) Co. | 5.00% | 09/15/34 | 32494190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5370000 | Mars, Inc. (b) | 4.80% | 03/01/30 | 5405434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3620000 | Mars, Inc. (b) | 5.20% | 03/01/35 | 3607786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4075000 | Pilgrim's Pride Corp. | 3.50% | 03/01/32 | 3611815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8670000 | Pilgrim's Pride Corp. | 6.25% | 07/01/33 | 8997249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11725000 | Pilgrim's Pride Corp. | 6.88% | 05/15/34 | 12648378 |
|  |  |  |  | 97460124 |
|  | **Healthcare-Products — 1.0%** | **Healthcare-Products — 1.0%** | **Healthcare-Products — 1.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5500000 | Alcon Finance Corp. (b) | 5.38% | 12/06/32 | 5565863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7085000 | Solventum Corp. | 5.45% | 03/13/31 | 7255791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14380000 | Solventum Corp. | 5.60% | 03/23/34 | 14508922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7590000 | Solventum Corp. | 5.90% | 04/30/54 | 7290051 |
|  |  |  |  | 34620627 |
|  | **Healthcare-Services — 0.8%** | **Healthcare-Services — 0.8%** | **Healthcare-Services — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2943000 | HCA, Inc. | 2.38% | 07/15/31 | 2518740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7180000 | HCA, Inc. | 5.50% | 06/01/33 | 7246561 |

---

------

**First Trust Smith Opportunistic Fixed Income ETF (FIXD)**

**Portfolio of Investments (Continued)**

**May 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Healthcare-Services (Continued)** | **Healthcare-Services (Continued)** | **Healthcare-Services (Continued)** |  |
| $7285000 | HCA, Inc. | 5.45% | 09/15/34 | $7214945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7160000 | HCA, Inc. | 5.75% | 03/01/35 | 7219142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4689300 | ModivCare, Inc., (10.00% PIK) (b) (e) | 10.00% | 10/01/29 | 1383343 |
|  |  |  |  | 25582731 |
|  | **Household Products/Wares — 0.0%** | **Household Products/Wares — 0.0%** | **Household Products/Wares — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 637000 | Spectrum Brands, Inc. (b) | 3.88% | 03/15/31 | 511714 |
|  | **Insurance — 0.1%** | **Insurance — 0.1%** | **Insurance — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4645000 | Metropolitan Life Global Funding I (b) | 3.45% | 12/18/26 | 4581193 |
|  | **Lodging — 0.0%** | **Lodging — 0.0%** | **Lodging — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 956000 | Station Casinos LLC (b) | 4.50% | 02/15/28 | 927777 |
|  | **Machinery-Diversified — 0.2%** | **Machinery-Diversified — 0.2%** | **Machinery-Diversified — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5155000 | Chart Industries, Inc. (b) | 7.50% | 01/01/30 | 5387238 |
|  | **Media — 1.7%** | **Media — 1.7%** | **Media — 1.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 490000 | CCO Holdings LLC / CCO Holdings Capital Corp. (b) | 4.75% | 03/01/30 | 468070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 797000 | CCO Holdings LLC / CCO Holdings Capital Corp. (b) | 4.25% | 01/15/34 | 688555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC / Charter Communications <br> Operating Capital | 4.91% | 07/23/25 | 339958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1471000 | &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC / Charter Communications <br> Operating Capital | 5.38% | 04/01/38 | 1356305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2670000 | Cox Enterprises, Inc. (b) | 7.38% | 07/15/27 | 2812676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5425000 | Nexstar Media, Inc. (b) | 5.63% | 07/15/27 | 5406698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9440000 | Nexstar Media, Inc. (b) | 4.75% | 11/01/28 | 9088485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11780000 | Paramount Global | 4.20% | 05/19/32 | 10621907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 24860000 | Paramount Global | 4.95% | 05/19/50 | 18747482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7260000 | Sirius XM Radio LLC (b) | 5.00% | 08/01/27 | 7189408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1297000 | Sirius XM Radio LLC (b) | 3.88% | 09/01/31 | 1135146 |
|  |  |  |  | 57854690 |
|  | **Oil & Gas — 1.0%** | **Oil & Gas — 1.0%** | **Oil & Gas — 1.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2903000 | HF Sinclair Corp. | 5.00% | 02/01/28 | 2889653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3202000 | Hilcorp Energy I, L.P. / Hilcorp Finance Co. (b) | 6.25% | 11/01/28 | 3165441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8187000 | Hilcorp Energy I, L.P. / Hilcorp Finance Co. (b) | 7.25% | 02/15/35 | 7593525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5442000 | Occidental Petroleum Corp. | 7.88% | 09/15/31 | 5987724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4960000 | Permian Resources Operating LLC (b) | 9.88% | 07/15/31 | 5420169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8885000 | Permian Resources Operating LLC (b) | 7.00% | 01/15/32 | 9119875 |
|  |  |  |  | 34176387 |
|  | **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7175000 | Bristol-Myers Squibb Co. | 5.20% | 02/22/34 | 7232349 |
|  | **Pipelines — 0.8%** | **Pipelines — 0.8%** | **Pipelines — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 491000 | Buckeye Partners, L.P. (b) | 4.50% | 03/01/28 | 480027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7050000 | Buckeye Partners, L.P. (b) | 6.88% | 07/01/29 | 7253146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7385000 | Energy Transfer, L.P. | 6.20% | 04/01/55 | 6980577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2856000 | Flex Intermediate Holdco LLC (b) | 3.36% | 06/30/31 | 2498877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7046000 | NuStar Logistics, L.P. | 6.38% | 10/01/30 | 7183397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2739000 | &nbsp;&nbsp;&nbsp; Targa Resources Partners, L.P. / Targa Resources Partners Finance <br> Corp. | 6.88% | 01/15/29 | 2791880 |
|  |  |  |  | 27187904 |

---

------

**First Trust Smith Opportunistic Fixed Income ETF (FIXD)**

**Portfolio of Investments (Continued)**

**May 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Real Estate — 0.4%** | **Real Estate — 0.4%** | **Real Estate — 0.4%** |  |
| $4105000 | CoStar Group, Inc. (b) | 2.80% | 07/15/30 | $3642075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8945000 | Cushman & Wakefield U.S. Borrower LLC (b) | 6.75% | 05/15/28 | 8989394 |
|  |  |  |  | 12631469 |
|  | **Real Estate Investment Trusts — 0.2%** | **Real Estate Investment Trusts — 0.2%** | **Real Estate Investment Trusts — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3630000 | Iron Mountain, Inc. (b) | 5.25% | 03/15/28 | 3592458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1845000 | VICI Properties, L.P. | 5.13% | 05/15/32 | 1809200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | VICI Properties, L.P. / VICI Note Co., Inc. (b) | 3.88% | 02/15/29 | 958443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1570000 | VICI Properties, L.P. / VICI Note Co., Inc. (b) | 4.13% | 08/15/30 | 1481561 |
|  |  |  |  | 7841662 |
|  | **Retail — 0.5%** | **Retail — 0.5%** | **Retail — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8460000 | Raising Cane's Restaurants LLC (b) | 9.38% | 05/01/29 | 8988437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9010000 | Starbucks Corp. | 5.40% | 05/15/35 | 9033392 |
|  |  |  |  | 18021829 |
|  | **Semiconductors — 0.8%** | **Semiconductors — 0.8%** | **Semiconductors — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 865000 | Foundry JV Holdco LLC (b) | 5.50% | 01/25/31 | 876805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12440000 | Foundry JV Holdco LLC (b) | 6.10% | 01/25/36 | 12648434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12305000 | Foundry JV Holdco LLC (b) | 6.30% | 01/25/39 | 12650677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2165000 | Intel Corp. | 5.60% | 02/21/54 | 1924042 |
|  |  |  |  | 28099958 |
|  | **Software — 1.2%** | **Software — 1.2%** | **Software — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8935000 | Fair Isaac Corp. (b) | 6.00% | 05/15/33 | 8940469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2932000 | Fidelity National Information Services, Inc. | 3.10% | 03/01/41 | 2098702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3545000 | Fiserv, Inc. | 5.60% | 03/02/33 | 3610323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8960000 | Synopsys, Inc. | 4.85% | 04/01/30 | 9050728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5430000 | Synopsys, Inc. | 5.15% | 04/01/35 | 5369028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5465000 | VMware LLC | 4.70% | 05/15/30 | 5436310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6400000 | VMware LLC | 2.20% | 08/15/31 | 5469033 |
|  |  |  |  | 39974593 |
|  | **Telecommunications — 0.4%** | **Telecommunications — 0.4%** | **Telecommunications — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 915000 | T-Mobile USA, Inc. | 3.75% | 04/15/27 | 903526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5905000 | T-Mobile USA, Inc. | 5.13% | 05/15/32 | 5957996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1315000 | T-Mobile USA, Inc. | 5.05% | 07/15/33 | 1304370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3625000 | T-Mobile USA, Inc. | 4.70% | 01/15/35 | 3465662 |
|  |  |  |  | 11631554 |
|  | **Water — 0.3%** | **Water — 0.3%** | **Water — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10820000 | American Water Capital Corp. | 5.25% | 03/01/35 | 10797059 |
|  | **Total Corporate Bonds and Notes** | **Total Corporate Bonds and Notes** | **Total Corporate Bonds and Notes** | 947638133 |
|  | (Cost $948,616,911) | (Cost $948,616,911) | (Cost $948,616,911) |  |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 22.5%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 22.5%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 22.5%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 22.5%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 22.5%** |
|  | **Collateralized Mortgage Obligations — 1.0%** | **Collateralized Mortgage Obligations — 1.0%** | **Collateralized Mortgage Obligations — 1.0%** |  |
|  | Federal Home Loan Mortgage Corporation |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305844 | &nbsp;&nbsp;&nbsp; Series 2017-4656, Class EZ | 4.00% | 02/15/47 | 288717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14338760 | &nbsp;&nbsp;&nbsp; Series 2024-5473, Class BF, 30 Day Average SOFR + 1.30% (d) | 5.62% | 11/25/54 | 14282830 |
|  | Federal National Mortgage Association |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1299094 | &nbsp;&nbsp;&nbsp; Series 2012-20, Class ZT | 3.50% | 03/25/42 | 1222140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1461089 | &nbsp;&nbsp;&nbsp; Series 2012-84, Class VZ | 3.50% | 08/25/42 | 1383215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148698 | &nbsp;&nbsp;&nbsp; Series 2018-38, Class PA | 3.50% | 06/25/47 | 145218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 514422 | &nbsp;&nbsp;&nbsp; Series 2018-43, Class CT | 3.00% | 06/25/48 | 454183 |

---

------

**First Trust Smith Opportunistic Fixed Income ETF (FIXD)**

**Portfolio of Investments (Continued)**

**May 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** |
|  | **Collateralized Mortgage Obligations (Continued)** | **Collateralized Mortgage Obligations (Continued)** | **Collateralized Mortgage Obligations (Continued)** |  |
|  | Government National Mortgage Association |  |  |  |
| $140205 | &nbsp;&nbsp;&nbsp; Series 2018-115, Class DE | 3.50% | 08/20/48 | $128224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151127 | &nbsp;&nbsp;&nbsp; Series 2018-124, Class NW | 3.50% | 09/20/48 | 137712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12625066 | &nbsp;&nbsp;&nbsp; Series 2018-78, Class NZ | 3.50% | 06/20/48 | 11372776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3042000 | &nbsp;&nbsp;&nbsp; Series 2019-1, Class KD | 3.50% | 01/20/49 | 2693850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 283686 | &nbsp;&nbsp;&nbsp; Series 2019-119, Class JE | 3.00% | 09/20/49 | 250727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 269876 | &nbsp;&nbsp;&nbsp; Series 2019-12, Class QA | 3.50% | 09/20/48 | 258436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 851392 | &nbsp;&nbsp;&nbsp; Series 2024-30, Class CF, 30 Day Average SOFR + 1.25% (d) | 5.58% | 02/20/54 | 850749 |
|  |  |  |  | 33468777 |
|  | **Pass-Through Securities — 21.5%** | **Pass-Through Securities — 21.5%** | **Pass-Through Securities — 21.5%** |  |
|  | Federal Home Loan Mortgage Corporation | Federal Home Loan Mortgage Corporation | Federal Home Loan Mortgage Corporation | Federal Home Loan Mortgage Corporation |
| &nbsp;&nbsp;&nbsp;&nbsp; 1190042 | &nbsp;&nbsp;&nbsp; Pool G08715  | 3.00% | 08/01/46 | 1042312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 271643 | &nbsp;&nbsp;&nbsp; Pool G08726  | 3.00% | 10/01/46 | 237669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 654822 | &nbsp;&nbsp;&nbsp; Pool G08732  | 3.00% | 11/01/46 | 572653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 391747 | &nbsp;&nbsp;&nbsp; Pool G08750  | 3.00% | 03/01/47 | 342104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239488 | &nbsp;&nbsp;&nbsp; Pool G08788  | 3.50% | 11/01/47 | 217118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 788176 | &nbsp;&nbsp;&nbsp; Pool G08792  | 3.50% | 12/01/47 | 714023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1023687 | &nbsp;&nbsp;&nbsp; Pool G60038  | 3.50% | 01/01/44 | 947505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270587 | &nbsp;&nbsp;&nbsp; Pool G60080  | 3.50% | 06/01/45 | 247094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 547568 | &nbsp;&nbsp;&nbsp; Pool G60344  | 4.00% | 12/01/45 | 515103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 546250 | &nbsp;&nbsp;&nbsp; Pool G60582  | 3.50% | 05/01/46 | 497692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 512674 | &nbsp;&nbsp;&nbsp; Pool G60658  | 3.50% | 07/01/46 | 465711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229065 | &nbsp;&nbsp;&nbsp; Pool G61556  | 3.50% | 08/01/48 | 208178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1588340 | &nbsp;&nbsp;&nbsp; Pool G61748  | 3.50% | 11/01/48 | 1441046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 536007 | &nbsp;&nbsp;&nbsp; Pool G67700  | 3.50% | 08/01/46 | 488361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4449326 | &nbsp;&nbsp;&nbsp; Pool G67706  | 3.50% | 12/01/47 | 4048211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1089025 | &nbsp;&nbsp;&nbsp; Pool G67707  | 3.50% | 01/01/48 | 984289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1247522 | &nbsp;&nbsp;&nbsp; Pool G67714  | 4.00% | 07/01/48 | 1166324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1713661 | &nbsp;&nbsp;&nbsp; Pool G67717  | 4.00% | 11/01/48 | 1602121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2656558 | &nbsp;&nbsp;&nbsp; Pool G67718  | 4.00% | 01/01/49 | 2483051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7030254 | &nbsp;&nbsp;&nbsp; Pool QA7837  | 3.50% | 03/01/50 | 6346091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18942655 | &nbsp;&nbsp;&nbsp; Pool QE0521  | 2.50% | 04/01/52 | 15491832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11847100 | &nbsp;&nbsp;&nbsp; Pool RA3078  | 3.00% | 07/01/50 | 10275644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 327083 | &nbsp;&nbsp;&nbsp; Pool RE6029  | 3.00% | 02/01/50 | 274606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10751912 | &nbsp;&nbsp;&nbsp; Pool SD0231  | 3.00% | 01/01/50 | 9363334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25244940 | &nbsp;&nbsp;&nbsp; Pool SD3246  | 4.00% | 08/01/52 | 23173634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 45430862 | &nbsp;&nbsp;&nbsp; Pool SD5323  | 4.00% | 01/01/54 | 41700407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2908532 | &nbsp;&nbsp;&nbsp; Pool SD7511  | 3.50% | 01/01/50 | 2617438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9013535 | &nbsp;&nbsp;&nbsp; Pool SD7513  | 3.50% | 04/01/50 | 8138714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5408936 | &nbsp;&nbsp;&nbsp; Pool SD7518  | 3.00% | 06/01/50 | 4710352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1826890 | &nbsp;&nbsp;&nbsp; Pool SD8107  | 2.50% | 11/01/50 | 1502221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 28017660 | &nbsp;&nbsp;&nbsp; Pool SD8211  | 2.00% | 05/01/52 | 21828846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20507988 | &nbsp;&nbsp;&nbsp; Pool SD8245  | 4.50% | 09/01/52 | 19394362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12859692 | &nbsp;&nbsp;&nbsp; Pool SD8257  | 4.50% | 10/01/52 | 12161388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13011247 | &nbsp;&nbsp;&nbsp; Pool SD8266  | 4.50% | 11/01/52 | 12305646 |
| &nbsp;&nbsp; 129388816 | &nbsp;&nbsp;&nbsp; Pool SD8491  | 5.00% | 12/01/54 | 125349542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198415 | &nbsp;&nbsp;&nbsp; Pool U90772  | 3.50% | 01/01/43 | 182894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 242646 | &nbsp;&nbsp;&nbsp; Pool U99114  | 3.50% | 02/01/44 | 223658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 496329 | &nbsp;&nbsp;&nbsp; Pool ZA4692  | 3.50% | 06/01/46 | 451599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246207 | &nbsp;&nbsp;&nbsp; Pool ZM0063  | 4.00% | 08/01/45 | 230872 |

---

------

**First Trust Smith Opportunistic Fixed Income ETF (FIXD)**

**Portfolio of Investments (Continued)**

**May 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** |
|  | **Pass-Through Securities (Continued)** | **Pass-Through Securities (Continued)** | **Pass-Through Securities (Continued)** |  |
|  | Federal Home Loan Mortgage Corporation (Continued) | Federal Home Loan Mortgage Corporation (Continued) | Federal Home Loan Mortgage Corporation (Continued) | Federal Home Loan Mortgage Corporation (Continued) |
| $11752312 | &nbsp;&nbsp;&nbsp; Pool ZM1779  | 3.00% | 09/01/46 | $10278299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2533937 | &nbsp;&nbsp;&nbsp; Pool ZS4667  | 3.00% | 06/01/46 | 2216651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4208061 | &nbsp;&nbsp;&nbsp; Pool ZS4688  | 3.00% | 11/01/46 | 3675050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6677822 | &nbsp;&nbsp;&nbsp; Pool ZS4735  | 3.50% | 09/01/47 | 6054778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 489996 | &nbsp;&nbsp;&nbsp; Pool ZS9844  | 3.50% | 07/01/46 | 445831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1249252 | &nbsp;&nbsp;&nbsp; Pool ZT0277  | 3.50% | 10/01/46 | 1136661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 591504 | &nbsp;&nbsp;&nbsp; Pool ZT0531  | 3.50% | 04/01/47 | 538188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 580591 | &nbsp;&nbsp;&nbsp; Pool ZT0536  | 3.50% | 03/01/48 | 526817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1814175 | &nbsp;&nbsp;&nbsp; Pool ZT0537  | 3.50% | 03/01/48 | 1643712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 308955 | &nbsp;&nbsp;&nbsp; Pool ZT0542  | 4.00% | 07/01/48 | 288460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 877953 | &nbsp;&nbsp;&nbsp; Pool ZT1703  | 4.00% | 01/01/49 | 819516 |
|  | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| &nbsp;&nbsp;&nbsp;&nbsp; 2071297 | &nbsp;&nbsp;&nbsp; Pool AL8825  | 3.50% | 06/01/46 | 1884625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 843400 | &nbsp;&nbsp;&nbsp; Pool AS0225  | 4.00% | 08/01/43 | 800950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1006773 | &nbsp;&nbsp;&nbsp; Pool AS3134  | 3.50% | 08/01/44 | 920205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 241366 | &nbsp;&nbsp;&nbsp; Pool AS6620  | 3.50% | 02/01/46 | 219614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4587877 | &nbsp;&nbsp;&nbsp; Pool BE3774  | 4.00% | 07/01/47 | 4295805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 625928 | &nbsp;&nbsp;&nbsp; Pool BJ2692  | 3.50% | 04/01/48 | 564594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 751159 | &nbsp;&nbsp;&nbsp; Pool BM1903  | 3.50% | 08/01/47 | 682673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207002 | &nbsp;&nbsp;&nbsp; Pool BM2000  | 3.50% | 05/01/47 | 188043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530696 | &nbsp;&nbsp;&nbsp; Pool BM3260  | 3.50% | 01/01/48 | 480469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 619161 | &nbsp;&nbsp;&nbsp; Pool BM4472  | 3.50% | 07/01/48 | 560983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1419751 | &nbsp;&nbsp;&nbsp; Pool BM5585  | 3.00% | 11/01/48 | 1239460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10448314 | &nbsp;&nbsp;&nbsp; Pool BN7755  | 3.00% | 09/01/49 | 9097198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25211285 | &nbsp;&nbsp;&nbsp; Pool BQ6913  | 2.00% | 12/01/51 | 19654562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8080821 | &nbsp;&nbsp;&nbsp; Pool BV8515  | 3.00% | 05/01/52 | 6885961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20356438 | &nbsp;&nbsp;&nbsp; Pool BW8980  | 4.00% | 10/01/52 | 18698707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18474531 | &nbsp;&nbsp;&nbsp; Pool BW9886  | 4.50% | 10/01/52 | 17458746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 787584 | &nbsp;&nbsp;&nbsp; Pool CA0854  | 3.50% | 12/01/47 | 712518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 366752 | &nbsp;&nbsp;&nbsp; Pool CA0907  | 3.50% | 12/01/47 | 332044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310042 | &nbsp;&nbsp;&nbsp; Pool CA0996  | 3.50% | 01/01/48 | 280492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2218260 | &nbsp;&nbsp;&nbsp; Pool CA1182  | 3.50% | 02/01/48 | 1997947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 377020 | &nbsp;&nbsp;&nbsp; Pool CA1187  | 3.50% | 02/01/48 | 341447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254979 | &nbsp;&nbsp;&nbsp; Pool CA1710  | 4.50% | 05/01/48 | 244153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 376721 | &nbsp;&nbsp;&nbsp; Pool CA2327  | 4.00% | 09/01/48 | 351456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2323914 | &nbsp;&nbsp;&nbsp; Pool CA3633  | 3.50% | 06/01/49 | 2104092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10124045 | &nbsp;&nbsp;&nbsp; Pool CA4534  | 3.00% | 11/01/49 | 8814881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 26568525 | &nbsp;&nbsp;&nbsp; Pool CB0290  | 2.00% | 04/01/51 | 20749846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10265458 | &nbsp;&nbsp;&nbsp; Pool CB4818  | 4.00% | 10/01/52 | 9426056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13042026 | &nbsp;&nbsp;&nbsp; Pool CB6854  | 4.50% | 08/01/53 | 12323506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3359650 | &nbsp;&nbsp;&nbsp; Pool FM2870  | 3.00% | 03/01/50 | 2921771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5791104 | &nbsp;&nbsp;&nbsp; Pool FM5397  | 3.00% | 12/01/50 | 5027644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170657 | &nbsp;&nbsp;&nbsp; Pool MA1146  | 4.00% | 08/01/42 | 161207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 323772 | &nbsp;&nbsp;&nbsp; Pool MA1373  | 3.50% | 03/01/43 | 298045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 293346 | &nbsp;&nbsp;&nbsp; Pool MA2077  | 3.50% | 11/01/34 | 284517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 376033 | &nbsp;&nbsp;&nbsp; Pool MA2670  | 3.00% | 07/01/46 | 328988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 369039 | &nbsp;&nbsp;&nbsp; Pool MA2806  | 3.00% | 11/01/46 | 322449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 328200 | &nbsp;&nbsp;&nbsp; Pool MA3057  | 3.50% | 07/01/47 | 297935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345243 | &nbsp;&nbsp;&nbsp; Pool MA3210  | 3.50% | 12/01/47 | 312337 |

---

------

**First Trust Smith Opportunistic Fixed Income ETF (FIXD)**

**Portfolio of Investments (Continued)**

**May 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** |
|  | **Pass-Through Securities (Continued)** | **Pass-Through Securities (Continued)** | **Pass-Through Securities (Continued)** |  |
|  | Federal National Mortgage Association (Continued) | Federal National Mortgage Association (Continued) | Federal National Mortgage Association (Continued) | Federal National Mortgage Association (Continued) |
| $3906112 | &nbsp;&nbsp;&nbsp; Pool MA3238  | 3.50% | 01/01/48 | $3528572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 326489 | &nbsp;&nbsp;&nbsp; Pool MA3239  | 4.00% | 01/01/48 | 304794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 469556 | &nbsp;&nbsp;&nbsp; Pool MA3332  | 3.50% | 04/01/48 | 423230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 495295 | &nbsp;&nbsp;&nbsp; Pool MA3846  | 3.00% | 11/01/49 | 415835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 427616 | &nbsp;&nbsp;&nbsp; Pool MA4078  | 2.50% | 07/01/50 | 352617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 702531 | &nbsp;&nbsp;&nbsp; Pool MA4093  | 2.00% | 08/01/40 | 619003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5273297 | &nbsp;&nbsp;&nbsp; Pool MA4128  | 2.00% | 09/01/40 | 4644379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4540390 | &nbsp;&nbsp;&nbsp; Pool MA4158  | 2.00% | 10/01/50 | 3565446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11401100 | &nbsp;&nbsp;&nbsp; Pool MA4364  | 2.00% | 06/01/41 | 9640111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1123317 | &nbsp;&nbsp;&nbsp; Pool MA4379  | 2.50% | 07/01/51 | 921454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7230133 | &nbsp;&nbsp;&nbsp; Pool MA4656  | 4.50% | 07/01/52 | 6837273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 24447611 | &nbsp;&nbsp;&nbsp; Pool MA4733  | 4.50% | 09/01/52 | 23120056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11580450 | &nbsp;&nbsp;&nbsp; Pool MA4902  | 3.50% | 01/01/53 | 10285971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 23126407 | &nbsp;&nbsp;&nbsp; Pool MA4917  | 4.50% | 02/01/53 | 21873143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 31916831 | &nbsp;&nbsp;&nbsp; Pool MA4978  | 5.00% | 04/01/53 | 30990452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 33178265 | &nbsp;&nbsp;&nbsp; Pool MA5107  | 5.50% | 08/01/53 | 32911740 |
|  | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420786 | &nbsp;&nbsp;&nbsp; Pool MA2825  | 3.00% | 05/20/45 | 372887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6028919 | &nbsp;&nbsp;&nbsp; Pool MA3662  | 3.00% | 05/20/46 | 5337211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 542899 | &nbsp;&nbsp;&nbsp; Pool MA3663  | 3.50% | 05/20/46 | 490729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 368169 | &nbsp;&nbsp;&nbsp; Pool MA3735  | 3.00% | 06/20/46 | 325813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7496776 | &nbsp;&nbsp;&nbsp; Pool MA3937  | 3.50% | 09/20/46 | 6776743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 363370 | &nbsp;&nbsp;&nbsp; Pool MA4261  | 3.00% | 02/20/47 | 321003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2298749 | &nbsp;&nbsp;&nbsp; Pool MA4322  | 4.00% | 03/20/47 | 2133166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2459082 | &nbsp;&nbsp;&nbsp; Pool MA4382  | 3.50% | 04/20/47 | 2221359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194289 | &nbsp;&nbsp;&nbsp; Pool MA4588  | 4.50% | 07/20/47 | 188313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 541842 | &nbsp;&nbsp;&nbsp; Pool MA4651  | 3.00% | 08/20/47 | 477961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 784502 | &nbsp;&nbsp;&nbsp; Pool MA4652  | 3.50% | 08/20/47 | 708172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 268975 | &nbsp;&nbsp;&nbsp; Pool MA4719  | 3.50% | 09/20/47 | 241891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 673286 | &nbsp;&nbsp;&nbsp; Pool MA4778  | 3.50% | 10/20/47 | 607636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 648395 | &nbsp;&nbsp;&nbsp; Pool MA4836  | 3.00% | 11/20/47 | 571949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 668685 | &nbsp;&nbsp;&nbsp; Pool MA4837  | 3.50% | 11/20/47 | 603415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 221584 | &nbsp;&nbsp;&nbsp; Pool MA4838  | 4.00% | 11/20/47 | 205623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231401 | &nbsp;&nbsp;&nbsp; Pool MA4962  | 3.50% | 01/20/48 | 208769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 335148 | &nbsp;&nbsp;&nbsp; Pool MA4963  | 4.00% | 01/20/48 | 310334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 466509 | &nbsp;&nbsp;&nbsp; Pool MA5136  | 3.50% | 04/20/48 | 420279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 346513 | &nbsp;&nbsp;&nbsp; Pool MA5399  | 4.50% | 08/20/48 | 331700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 24331689 | &nbsp;&nbsp;&nbsp; Pool MA8347  | 4.50% | 10/20/52 | 23116368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18299584 | &nbsp;&nbsp;&nbsp; Pool MA9963  | 4.50% | 10/20/54 | 17279163 |
|  |  |  |  | 726518094 |
|  | **Total U.S. Government Agency Mortgage-Backed Securities** | **Total U.S. Government Agency Mortgage-Backed Securities** | **Total U.S. Government Agency Mortgage-Backed Securities** | 759986871 |
|  | (Cost $803,675,098) | (Cost $803,675,098) | (Cost $803,675,098) |  |
| **FOREIGN CORPORATE BONDS AND NOTES — 3.0%** | **FOREIGN CORPORATE BONDS AND NOTES — 3.0%** | **FOREIGN CORPORATE BONDS AND NOTES — 3.0%** | **FOREIGN CORPORATE BONDS AND NOTES — 3.0%** | **FOREIGN CORPORATE BONDS AND NOTES — 3.0%** |
|  | **Banks — 1.6%** | **Banks — 1.6%** | **Banks — 1.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7170000 | AIB Group PLC (b) (c) | 5.32% | 05/15/31 | 7235753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3635000 | Cooperatieve Rabobank UA | 3.75% | 07/21/26 | 3598378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3635000 | Danske Bank A/S (b) (c) | 1.62% | 09/11/26 | 3600980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3550000 | Danske Bank A/S (b) (c) | 5.43% | 03/01/28 | 3605316 |

---

------

**First Trust Smith Opportunistic Fixed Income ETF (FIXD)**

**Portfolio of Investments (Continued)**

**May 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **FOREIGN CORPORATE BONDS AND NOTES (Continued)** | **FOREIGN CORPORATE BONDS AND NOTES (Continued)** | **FOREIGN CORPORATE BONDS AND NOTES (Continued)** | **FOREIGN CORPORATE BONDS AND NOTES (Continued)** | **FOREIGN CORPORATE BONDS AND NOTES (Continued)** |
|  | **Banks (Continued)** | **Banks (Continued)** | **Banks (Continued)** |  |
| $8349000 | Danske Bank A/S (b) (c) | 5.71% | 03/01/30 | $8606634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1830000 | HSBC Holdings PLC (c) | 2.10% | 06/04/26 | 1829732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1215000 | HSBC Holdings PLC (c) | 4.76% | 06/09/28 | 1214105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1110000 | HSBC Holdings PLC (c) | 2.01% | 09/22/28 | 1043642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 930000 | Santander UK Group Holdings PLC (c) | 1.53% | 08/21/26 | 923141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1440000 | Santander UK Group Holdings PLC (c) | 1.67% | 06/14/27 | 1391730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 995000 | Santander UK Group Holdings PLC (c) | 2.47% | 01/11/28 | 956765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5170000 | UBS Group AG (b) (c) | 6.25% | 09/22/29 | 5411901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7031000 | UBS Group AG (b) (c) | 6.54% | 08/12/33 | 7551118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5410000 | UBS Group AG (b) (c) | 5.58% | 05/09/36 | 5415738 |
|  |  |  |  | 52384933 |
|  | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7300000 | Royalty Pharma PLC  | 5.40% | 09/02/34 | 7272266 |
|  | **Cosmetics/Personal Care — 0.3%** | **Cosmetics/Personal Care — 0.3%** | **Cosmetics/Personal Care — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9000000 | L'Oreal S.A. (b) | 5.00% | 05/20/35 | 9065240 |
|  | **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1296000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust  | 4.45% | 10/01/25 | 1294447 |
|  | **Food — 0.3%** | **Food — 0.3%** | **Food — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6660000 | &nbsp;&nbsp;&nbsp; JBS USA Holding Lux S.A.R.L. / JBS USA Food Co. / JBS Lux <br> Co., S.A.R.L. | 6.75% | 03/15/34 | 7159626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3840000 | &nbsp;&nbsp;&nbsp; JBS USA Holding Lux S.A.R.L. / JBS USA Food Co. / JBS Lux <br> Co., S.A.R.L. | 4.38% | 02/02/52 | 2892553 |
|  |  |  |  | 10052179 |
|  | **Leisure Time — 0.4%** | **Leisure Time — 0.4%** | **Leisure Time — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5645000 | Carnival Corp. (b) | 4.00% | 08/01/28 | 5458009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7075000 | Royal Caribbean Cruises Ltd. (b) | 6.25% | 03/15/32 | 7174935 |
|  |  |  |  | 12632944 |
|  | **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 708225 | Transocean Poseidon Ltd. (b) | 6.88% | 02/01/27 | 713301 |
|  | **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5515000 | Pfizer Investment Enterprises Pte Ltd.  | 4.75% | 05/19/33 | 5425457 |
|  | **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1550000 | Nationwide Building Society (b) (c) | 2.97% | 02/16/28 | 1507369 |
|  | **Total Foreign Corporate Bonds and Notes** | **Total Foreign Corporate Bonds and Notes** | **Total Foreign Corporate Bonds and Notes** | 100348136 |
|  | (Cost $100,151,024) | (Cost $100,151,024) | (Cost $100,151,024) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Par** <br>**Amount**<br>| **Description** | **Stated** <br>**Rate**<br>| **Value** |
| **CAPITAL PREFERRED SECURITIES — 2.4%** | **CAPITAL PREFERRED SECURITIES — 2.4%** | **CAPITAL PREFERRED SECURITIES — 2.4%** | **CAPITAL PREFERRED SECURITIES — 2.4%** |
|  | **Banks — 0.7%**  | **Banks — 0.7%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8935000 | Bank of America Corp. (c) | 6.63%<br> (f) | 9098939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 934000 | CoBank ACB, Series M (c) | 7.13%<br> (f) | 951502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7185000 | Farm Credit Bank of Texas, Series 4 (b) (c) | 5.70%<br> (f) | 7152388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5360000 | HSBC Holdings PLC (c) (g) | 6.88%<br> (f) | 5407270 |
|  |  |  | 22610099 |
|  | **Capital Markets — 0.8%**  | **Capital Markets — 0.8%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9015000 | Bank of New York Mellon (The) Corp., Series G (c) | 4.70%<br> (f) | 8982941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2942000 | Charles Schwab (The) Corp., Series I (c) | 4.00%<br> (f) | 2911101 |

---

------

**First Trust Smith Opportunistic Fixed Income ETF (FIXD)**

**Portfolio of Investments (Continued)**

**May 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par**<br> **Amount**<br>| **Description** | **Stated**<br> **Rate**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** |
|  | **Capital Markets (Continued)**  | **Capital Markets (Continued)**  | **Capital Markets (Continued)**  |  |
| $6915000 | Goldman Sachs Group (The), Inc., Series X (c) | 7.50% | (f) | $7218513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3755000 | Goldman Sachs Group (The), Inc., Series Y (c) | 6.13% | (f) | 3672605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5560000 | UBS Group AG (b) (c) (g) | 7.13% | (f) | 5469525 |
|  |  |  |  | 28254685 |
|  | **Consumer Finance — 0.3%**  | **Consumer Finance — 0.3%**  | **Consumer Finance — 0.3%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4145000 | Ally Financial, Inc., Series C (c) | 4.70% | (f) | 3630908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7465000 | American Express Co. (c) | 3.55% | (f) | 7237717 |
|  |  |  |  | 10868625 |
|  | **Health Care Providers & Services — 0.4%**  | **Health Care Providers & Services — 0.4%**  | **Health Care Providers & Services — 0.4%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12380000 | CVS Health Corp. (c) | 7.00% | 03/10/55 | 12500916 |
|  | **Independent Power and Renewable Electricity Producers — 0.0%**  | **Independent Power and Renewable Electricity Producers — 0.0%**  | **Independent Power and Renewable Electricity Producers — 0.0%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 929000 | Vistra Corp., Series C (b) (c) | 8.88% | (f) | 1000193 |
|  | **Oil, Gas & Consumable Fuels — 0.2%**  | **Oil, Gas & Consumable Fuels — 0.2%**  | **Oil, Gas & Consumable Fuels — 0.2%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5435000 | Energy Transfer, L.P., Series G (c) | 7.13% | (f) | 5471947 |
|  | **Total Capital Preferred Securities** | **Total Capital Preferred Securities** | **Total Capital Preferred Securities** | 80706465 |
|  | (Cost $80,742,023) | (Cost $80,742,023) | (Cost $80,742,023) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Stated** <br>**Coupon**<br>| **Stated** <br>**Maturity**<br>| **Value** |
| **ASSET-BACKED SECURITIES — 0.5%** | **ASSET-BACKED SECURITIES — 0.5%** | **ASSET-BACKED SECURITIES — 0.5%** | **ASSET-BACKED SECURITIES — 0.5%** | **ASSET-BACKED SECURITIES — 0.5%** |
|  | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70350 | &nbsp;&nbsp;&nbsp; Series 2022-P3, Class R (b) | (h) | 09/10/29 | 6139198 |
|  | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; Series 2021-4A, Class R (b) | (h) | 12/15/33 | 869586 |
|  | Skyline Aircraft Finance LLC | Skyline Aircraft Finance LLC | Skyline Aircraft Finance LLC | Skyline Aircraft Finance LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 10550418 | &nbsp;&nbsp;&nbsp; Series 2020-1, Class A (i) (j) (k) | 3.23% | 05/10/38 | 9764906 |
|  | **Total Asset-Backed Securities** | **Total Asset-Backed Securities** | **Total Asset-Backed Securities** | 16773690 |
|  | (Cost $13,158,226) | (Cost $13,158,226) | (Cost $13,158,226) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Rate (l)** | **Stated** <br>**Maturity (m)**<br>| **Value** |
| **SENIOR FLOATING-RATE LOAN INTERESTS — 0.2%** | **SENIOR FLOATING-RATE LOAN INTERESTS — 0.2%** | **SENIOR FLOATING-RATE LOAN INTERESTS — 0.2%** | **SENIOR FLOATING-RATE LOAN INTERESTS — 0.2%** | **SENIOR FLOATING-RATE LOAN INTERESTS — 0.2%** |
|  | **Consumer Cyclical Services — 0.0%** | **Consumer Cyclical Services — 0.0%** | **Consumer Cyclical Services — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900113 | &nbsp;&nbsp;&nbsp; Ingenovis Health, Inc., Term Loan B, 3 Mo. CME Term SOFR + <br> CSA + 4.25%, 0.50% Floor  | 8.68% | 03/06/28 | 430704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 427682 | &nbsp;&nbsp;&nbsp; Ingenovis Health, Inc., Term Loan B, 3 Mo. CME Term SOFR + <br> CSA + 4.25%, 0.75% Floor  | 8.70% | 03/06/28 | 207425 |
|  |  |  |  | 638129 |
|  | **Electric — 0.0%** | **Electric — 0.0%** | **Electric — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 503843 | &nbsp;&nbsp;&nbsp; Potomac Energy Center LLC, Term Loan, 3 Mo. CME Term SOFR <br> + CSA + 6.00%, 0.00% Floor  | 10.56% | 11/12/26 | 505733 |
|  | **Food and Beverage — 0.0%** | **Food and Beverage — 0.0%** | **Food and Beverage — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315143 | &nbsp;&nbsp;&nbsp; Naked Juice LLC, Term Loan, 1 Mo. CME Term SOFR + 6.00%, <br> 0.50% Floor, (Up to 5.00% PIK) (e) | 10.31% | 01/24/30 | 118179 |

---

------

**First Trust Smith Opportunistic Fixed Income ETF (FIXD)**

**Portfolio of Investments (Continued)**

**May 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Rate (l)** | **Stated**<br> **Maturity (m)**<br>| **Value** |
| **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** |
|  | **Food and Beverage (Continued)** | **Food and Beverage (Continued)** | **Food and Beverage (Continued)** |  |
| $561973 | &nbsp;&nbsp;&nbsp; Naked Juice LLC, Term Loan, 1 Mo. CME Term SOFR + CSA + <br> 3.25%, 0.50% Floor  | 7.56% | 01/24/29 | $402412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50769 | &nbsp;&nbsp;&nbsp; Naked Juice LLC, Term Loan, 3 Mo. CME Term SOFR + 5.50%, <br> 0.50% Floor  | 9.71% | 01/24/29 | 50135 |
|  |  |  |  | 570726 |
|  | **Healthcare — 0.1%** | **Healthcare — 0.1%** | **Healthcare — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 573917 | &nbsp;&nbsp;&nbsp; ModivCare, Inc., Term Loan, 3 Mo. CME Term SOFR + 7.50%, <br> 0.00% Floor  | 11.71% | 01/12/26 | 446221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2974061 | &nbsp;&nbsp;&nbsp; ModivCare, Inc., Term Loan B, 3 Mo. CME Term SOFR + 4.75%, <br> 0.00% Floor  | 9.05% | 07/01/31 | 2047968 |
|  |  |  |  | 2494189 |
|  | **Healthcare REITs — 0.1%** | **Healthcare REITs — 0.1%** | **Healthcare REITs — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 817573 | &nbsp;&nbsp;&nbsp; Healthpeak OP LLC, Delayed Draw Term Loan, 1 Mo. CME Term <br> SOFR + CSA + 0.85%, 0.00% Floor  | 5.27% | 02/22/27 | 807353 |
|  | **Paper — 0.0%** | **Paper — 0.0%** | **Paper — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 418715 | &nbsp;&nbsp;&nbsp; Mativ Holdings, Inc., Delayed Draw Term Loan, 1 Mo. CME Term <br> SOFR + CSA + 2.50%, 0.00% Floor  | 6.93% | 05/06/27 | 412435 |
|  | **Total Senior Floating-Rate Loan Interests** | **Total Senior Floating-Rate Loan Interests** | **Total Senior Floating-Rate Loan Interests** | 5428565 |
|  | (Cost $7,000,515) | (Cost $7,000,515) | (Cost $7,000,515) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Stated** <br>**Coupon**<br>| **Stated** <br>**Maturity**<br>| **Value** |
| **MORTGAGE-BACKED SECURITIES — 0.1%** | **MORTGAGE-BACKED SECURITIES — 0.1%** | **MORTGAGE-BACKED SECURITIES — 0.1%** | **MORTGAGE-BACKED SECURITIES — 0.1%** | **MORTGAGE-BACKED SECURITIES — 0.1%** |
|  | **Collateralized Mortgage Obligations — 0.0%** | **Collateralized Mortgage Obligations — 0.0%** | **Collateralized Mortgage Obligations — 0.0%** |  |
|  | CSMCM Trust | CSMCM Trust | CSMCM Trust | CSMCM Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 533308 | Series 2021-RP11 (b) | 3.78% | 10/27/61 | 403473 |
|  |  |  |  | 403473 |
|  | **Commercial Mortgage-Backed Securities — 0.1%** | **Commercial Mortgage-Backed Securities — 0.1%** | **Commercial Mortgage-Backed Securities — 0.1%** |  |
|  | BXHPP Trust | BXHPP Trust | BXHPP Trust | BXHPP Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 5200000 | &nbsp;&nbsp;&nbsp; Series 2021-FILM, Class E, 1 Mo. CME Term SOFR + CSA + <br> 2.00% (b) (d) | 6.44% | 08/15/36 | 4328216 |
|  |  |  |  | 4328216 |
|  | **Total Mortgage-Backed Securities** | **Total Mortgage-Backed Securities** | **Total Mortgage-Backed Securities** | 4731689 |
|  | (Cost $5,064,563) | (Cost $5,064,563) | (Cost $5,064,563) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Stated** <br>**Rate**<br>| **Value** |
| **$25 PAR PREFERRED SECURITIES — 0.1%** | **$25 PAR PREFERRED SECURITIES — 0.1%** | **$25 PAR PREFERRED SECURITIES — 0.1%** | **$25 PAR PREFERRED SECURITIES — 0.1%** |
|  | **Banks — 0.0%**  | **Banks — 0.0%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65882 | Bank of Hawaii Corp. | 8.00%<br> (f) | 1675379 |
|  | **Financial Services — 0.1%**  | **Financial Services — 0.1%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68100 | Jackson Financial, Inc. (c) | 8.00%<br> (f) | 1769238 |
|  | **Total $25 Par Preferred Securities** | **Total $25 Par Preferred Securities** | 3444617 |
|  | (Cost $3,468,579) | (Cost $3,468,579) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**First Trust Smith Opportunistic Fixed Income ETF (FIXD)**

**Portfolio of Investments (Continued)**

**May 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **MONEY MARKET FUNDS — 3.2%** | **MONEY MARKET FUNDS — 3.2%** | **MONEY MARKET FUNDS — 3.2%** |
| &nbsp;&nbsp; 108818842 | Dreyfus Government Cash Management Fund, Institutional Shares - 4.19% (n) | $108818842 |
|  | (Cost $108,818,842) |  |
|  | **Total Investments — 98.9%** | 3343692966 |
|  | (Cost $3,389,224,849) |  |
|  | **Net Other Assets and Liabilities — 1.1%** | 38525121 |
|  | **Net Assets — 100.0%** | $3382218087 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Security whose principal value is adjusted in accordance with changes to the country's Consumer Price Index. Interest is calculated on the basis of the current adjusted principal value.

&nbsp;&nbsp;&nbsp;&nbsp;(b) 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 (the "1933 Act"), and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Trust's Board of Trustees, this security has been determined to be liquid by First Trust Advisors L.P. (the "Advisor"). Although market instability can result in periods of increased overall market illiquidity, liquidity for each security is determined
 based on security specific factors and assumptions, which require subjective judgment. At May 31, 2025, securities noted
 as such amounted to $332,839,495 or 9.8% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Fixed-to-floating or fixed-to-variable rate security. The interest rate shown reflects
 the fixed rate in effect at May 31, 2025. At a predetermined date, the fixed rate will change to a floating rate or a variable rate.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Floating or variable rate security.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The issuer will pay interest in cash and/or in PIK interest.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Perpetual maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(g) This security is a contingent convertible capital security which may be subject to
 conversion into common stock of the issuer under certain circumstances. At May 31, 2025, securities noted as such amounted to
 $10,876,795 or 0.3% of net assets. Of these securities, 0.0% originated in emerging markets, and 100.0% originated in foreign
 markets.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Zero coupon security.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Pursuant to procedures adopted by the Trust's Board of Trustees, this security has been determined to be illiquid by the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;(j) This security is fair valued by the Advisor's Pricing Committee in accordance with procedures approved by the Trust's Board of Trustees, and in accordance with provisions of the Investment Company Act of 1940
 and rules thereunder, as amended. At May 31, 2025, securities noted as such are valued at $9,764,906 or 0.3% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(k) This security's value was determined using significant unobservable inputs (see Valuation Inputs in the Additional Information section).

&nbsp;&nbsp;&nbsp;&nbsp;(l) Senior Floating-Rate Loan Interests ("Senior Loans") in which the Fund invests pay interest at rates which are periodically predetermined by reference to a base lending rate plus a premium. These base lending
 rates are generally (i) the SOFR obtained from the U.S. Department of the Treasury's Office of Financial Research or another major financial institution, (ii) the lending rate offered by one or more major European banks, (iii) the prime rate offered by
 one or more United States banks or (iv) the certificate of deposit rate. Certain Senior Loans are subject to a SOFR floor that
 establishes a minimum SOFR rate. When a range of rates is disclosed, the Fund holds more than one contract within the same tranche
 with identical SOFR period, spread and floor, but different SOFR reset dates.

&nbsp;&nbsp;&nbsp;&nbsp;(m) Senior Loans generally are subject to mandatory and/or optional prepayment. As a result,
 the actual remaining maturity of Senior Loans may be substantially less than the stated maturities shown.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Rate shown reflects yield as of May 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Abbreviations throughout the Portfolio of Investments: | Abbreviations throughout the Portfolio of Investments: |
| CME | – Chicago Mercantile Exchange |
| CSA | – Credit Spread Adjustment |
| PIK | – Payment-in-kind |
| REITs | – Real Estate Investment Trusts |
| SOFR | – Secured Overnight Financing Rate |

---

------

**First Trust Smith Opportunistic Fixed Income ETF (FIXD)**

**Portfolio of Investments (Continued)**

**May 31, 2025 (Unaudited)**

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of May 31, 2025 is as follows (see Valuation Inputs in the Additional Information section):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**5/31/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| U.S. Government Bonds and Notes | $1315815958 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1315815958 | &nbsp;&nbsp; $— |
| Corporate Bonds and Notes\* | 947638133 | &nbsp;&nbsp; — | &nbsp;&nbsp; 947638133 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; U.S. Government Agency Mortgage-Backed <br> Securities<br>| 759986871 | &nbsp;&nbsp; — | &nbsp;&nbsp; 759986871 | &nbsp;&nbsp; — |
| Foreign Corporate Bonds and Notes\* | 100348136 | &nbsp;&nbsp; — | &nbsp;&nbsp; 100348136 | &nbsp;&nbsp; — |
| Capital Preferred Securities\* | 80706465 | &nbsp;&nbsp; — | &nbsp;&nbsp; 80706465 | &nbsp;&nbsp; — |
| Asset-Backed Securities | 16773690 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7008784 | &nbsp;&nbsp; 9764906 |
| Senior Floating-Rate Loan Interests\* | 5428565 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5428565 | &nbsp;&nbsp; — |
| Mortgage-Backed Securities | 4731689 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4731689 | &nbsp;&nbsp; — |
| $25 Par Preferred Securities\* | 3444617 | &nbsp;&nbsp; 3444617 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Money Market Funds | 108818842 | &nbsp;&nbsp; 108818842 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Investments | $3343692966 | &nbsp;&nbsp; $112263459 | &nbsp;&nbsp; $3221664601 | &nbsp;&nbsp; $9764906 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Portfolio of Investments for industry breakout.

Level 3 investments are fair valued by the Advisor's Pricing Committee and are footnoted in the Portfolio of Investments. All Level 3 values are based on unobservable inputs.

------

**Unfunded Loan Commitments**

As of May 31, 2025, the Fund had the following unfunded loan commitments which are categorized as Level 2 within the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Borrower | Principal <br>Value<br>| Commitment <br>Amount<br>| Value | Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Kelso Industries LLC, Term Loan | $109777 | &nbsp;&nbsp; $109777 | &nbsp;&nbsp; $109091 | &nbsp;&nbsp; $(686)<br>|

---

------

**First Trust Smith Unconstrained Bond ETF (UCON)**

**Portfolio of Investments**

**May 31, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Stated** <br>**Coupon**<br>| **Stated** <br>**Maturity**<br>| **Value** |
| **U.S. GOVERNMENT BONDS AND NOTES — 43.5%** | **U.S. GOVERNMENT BONDS AND NOTES — 43.5%** | **U.S. GOVERNMENT BONDS AND NOTES — 43.5%** | **U.S. GOVERNMENT BONDS AND NOTES — 43.5%** | **U.S. GOVERNMENT BONDS AND NOTES — 43.5%** |
| $70500000 | U.S. Treasury Bond  | 4.63% | 11/15/44 | $67735078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 69090000 | U.S. Treasury Bond  | 4.63% | 02/15/55 | 65916178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 63364435 | U.S. Treasury Inflation Indexed Bond (a) | 1.63% | 10/15/29 | 63975304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 31700152 | U.S. Treasury Inflation Indexed Bond (a) | 2.13% | 01/15/35 | 31936695 |
| &nbsp;&nbsp; 258755000 | U.S. Treasury Note  | 4.63% | 02/28/26 | 259438928 |
| &nbsp;&nbsp; 229935000 | U.S. Treasury Note  | 4.50% | 05/15/27 | 232431952 |
| &nbsp;&nbsp; 200425000 | U.S. Treasury Note  | 3.75% | 04/15/28 | 199806500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 81350000 | U.S. Treasury Note  | 4.63% | 04/30/29 | 83426649 |
| &nbsp;&nbsp; 132775000 | U.S. Treasury Note  | 4.00% | 03/31/30 | 133023953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 80568000 | U.S. Treasury Note  | 3.88% | 04/30/30 | 80259576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 73775000 | U.S. Treasury Note  | 4.63% | 02/15/35 | 75175573 |
|  | **Total U.S. Government Bonds and Notes** | **Total U.S. Government Bonds and Notes** | **Total U.S. Government Bonds and Notes** | 1293126386 |
|  | (Cost $1,290,634,972) | (Cost $1,290,634,972) | (Cost $1,290,634,972) |  |
| **CORPORATE BONDS AND NOTES — 27.6%** | **CORPORATE BONDS AND NOTES — 27.6%** | **CORPORATE BONDS AND NOTES — 27.6%** | **CORPORATE BONDS AND NOTES — 27.6%** | **CORPORATE BONDS AND NOTES — 27.6%** |
|  | **Advertising — 0.1%** | **Advertising — 0.1%** | **Advertising — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2811000 | Outfront Media Capital LLC / Outfront Media Capital Corp. (b) | 7.38% | 02/15/31 | 2970322 |
|  | **Aerospace/Defense — 2.5%** | **Aerospace/Defense — 2.5%** | **Aerospace/Defense — 2.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8015000 | Boeing (The) Co. | 2.20% | 02/04/26 | 7874557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7375000 | Boeing (The) Co. | 6.53% | 05/01/34 | 7874716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1620000 | Boeing (The) Co. | 5.81% | 05/01/50 | 1518067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11940000 | Boeing (The) Co. | 7.01% | 05/01/64 | 12766321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4780000 | General Dynamics Corp. | 4.95% | 08/15/35 | 4705014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15200000 | Northrop Grumman Corp. | 4.65% | 07/15/30 | 15249637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7400000 | RTX Corp. | 6.10% | 03/15/34 | 7886700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7100000 | Spirit AeroSystems, Inc. (b) | 9.75% | 11/15/30 | 7849156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8080000 | TransDigm, Inc. (b) | 6.75% | 08/15/28 | 8230304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 642000 | TransDigm, Inc. (b) | 6.00% | 01/15/33 | 635729 |
|  |  |  |  | 74590201 |
|  | **Airlines — 0.0%** | **Airlines — 0.0%** | **Airlines — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 358843 | United Airlines Pass-Through Trust, Series 2013-1, Class A | 4.30% | 08/15/25 | 358103 |
|  | **Auto Manufacturers — 1.2%** | **Auto Manufacturers — 1.2%** | **Auto Manufacturers — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1603000 | Ford Motor Credit Co. LLC | 3.38% | 11/13/25 | 1590462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | Ford Motor Credit Co. LLC | 4.39% | 01/08/26 | 4960698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20305000 | Ford Motor Credit Co. LLC | 6.50% | 02/07/35 | 19811934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4695000 | General Motors Co. | 6.25% | 04/15/35 | 4754252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4760000 | Stellantis Finance U.S., Inc. (b) | 5.75% | 03/18/30 | 4773723 |
|  |  |  |  | 35891069 |
|  | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4500000 | Goodyear Tire & Rubber (The) Co. (c) | 6.63% | 07/15/30 | 4509981 |
|  | **Banks — 5.4%** | **Banks — 5.4%** | **Banks — 5.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2870000 | Associated Banc-Corp (d) | 6.46% | 08/29/30 | 2908919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3580000 | Bank of America Corp. (d) | 1.32% | 06/19/26 | 3573078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 815000 | Bank of America Corp. (d) | 1.73% | 07/22/27 | 788569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3490000 | Bank of America Corp. (d) | 2.55% | 02/04/28 | 3374628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10215000 | Bank of America Corp. (d) | 2.09% | 06/14/29 | 9484852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5123000 | Bank of America Corp. (d) | 1.92% | 10/24/31 | 4411298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3820000 | Bank of America Corp. (d) | 2.69% | 04/22/32 | 3375011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1170000 | Bank of America Corp. (d) | 5.47% | 01/23/35 | 1182641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3215000 | Bank of America Corp., Series N (d) | 2.65% | 03/11/32 | 2846859 |

---

------

**First Trust Smith Unconstrained Bond ETF (UCON)**

**Portfolio of Investments (Continued)**

**May 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Banks (Continued)** | **Banks (Continued)** | **Banks (Continued)** |  |
| $2000000 | Citigroup, Inc. (d) | 3.52% | 10/27/28 | $1946079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3165000 | Citigroup, Inc. (d) | 3.98% | 03/20/30 | 3075228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525000 | Citigroup, Inc. (d) | 2.98% | 11/05/30 | 485977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4505000 | Citigroup, Inc. (d) | 5.45% | 06/11/35 | 4515639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3945000 | Citigroup, Inc. (d) | 5.33% | 03/27/36 | 3892683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3200000 | First Citizens BancShares, Inc. (d) | 5.23% | 03/12/31 | 3188204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8385000 | First Citizens BancShares, Inc. (d) | 6.25% | 03/12/40 | 8108471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18970000 | Goldman Sachs Group (The), Inc. (d) | 1.09% | 12/09/26 | 18612528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5240000 | Goldman Sachs Group (The), Inc. (d) | 5.02% | 10/23/35 | 5073261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 675000 | Goldman Sachs Group (The), Inc. (d) | 5.54% | 01/28/36 | 680039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | JPMorgan Chase & Co. (d) | 1.04% | 02/04/27 | 731928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2660000 | JPMorgan Chase & Co. (d) | 1.58% | 04/22/27 | 2590865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2780000 | JPMorgan Chase & Co. (d) | 1.47% | 09/22/27 | 2670415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2533000 | JPMorgan Chase & Co. (d) | 4.32% | 04/26/28 | 2522657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160000 | JPMorgan Chase & Co. (d) | 4.01% | 04/23/29 | 157590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | JPMorgan Chase & Co. (d) | 2.07% | 06/01/29 | 4651511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1790000 | JPMorgan Chase & Co. (d) | 4.20% | 07/23/29 | 1771439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3155000 | JPMorgan Chase & Co. (d) | 5.77% | 04/22/35 | 3264004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3080000 | JPMorgan Chase & Co. (d) | 4.95% | 10/22/35 | 2989969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1415000 | Morgan Stanley (d) | 3.77% | 01/24/29 | 1384884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5220000 | Morgan Stanley (d) | 5.16% | 04/20/29 | 5293833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1635000 | Morgan Stanley (d) | 5.45% | 07/20/29 | 1672678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 920000 | Morgan Stanley (d) | 1.79% | 02/13/32 | 775047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4375000 | Morgan Stanley (d) | 6.63% | 11/01/34 | 4749138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | Morgan Stanley (d) | 5.83% | 04/19/35 | 82516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4050000 | Morgan Stanley (d) | 5.59% | 01/18/36 | 4090843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1915000 | PNC Financial Services Group (The), Inc. (d) | 6.88% | 10/20/34 | 2100315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4870000 | Regions Financial Corp. (d) | 5.50% | 09/06/35 | 4784871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7688000 | Synovus Financial Corp. (d) | 6.17% | 11/01/30 | 7791288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | US Bancorp (d) | 4.65% | 02/01/29 | 1002058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320000 | US Bancorp (d) | 5.85% | 10/21/33 | 331807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1220000 | US Bancorp (d) | 4.84% | 02/01/34 | 1183616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 440000 | US Bancorp (d) | 5.84% | 06/12/34 | 454472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175000 | US Bancorp (d) | 5.68% | 01/23/35 | 178338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5435000 | Wells Fargo & Co. (d) | 2.39% | 06/02/28 | 5202651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8890000 | Wells Fargo & Co. (d) | 5.57% | 07/25/29 | 9121625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2155000 | Wells Fargo & Co. (d) | 2.57% | 02/11/31 | 1947692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 625000 | Wells Fargo & Co. (d) | 3.35% | 03/02/33 | 560784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4390000 | Wells Fargo & Co. (d) | 5.50% | 01/23/35 | 4416415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1685000 | Wells Fargo & Co. (d) | 5.21% | 12/03/35 | 1653163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 385000 | Wells Fargo & Co. (d) | 5.01% | 04/04/51 | 338127 |
|  |  |  |  | 161990503 |
|  | **Biotechnology — 1.1%** | **Biotechnology — 1.1%** | **Biotechnology — 1.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10950000 | Amgen, Inc. | 5.25% | 03/02/33 | 11054370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320000 | Amgen, Inc. | 5.65% | 03/02/53 | 304823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8360000 | Amgen, Inc. | 5.75% | 03/02/63 | 7909503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6290000 | Biogen, Inc. | 5.75% | 05/15/35 | 6334683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6290000 | Biogen, Inc. | 6.45% | 05/15/55 | 6296237 |
|  |  |  |  | 31899616 |

---

------

**First Trust Smith Unconstrained Bond ETF (UCON)**

**Portfolio of Investments (Continued)**

**May 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Building Materials — 0.2%** | **Building Materials — 0.2%** | **Building Materials — 0.2%** |  |
| $6380000 | Masterbrand, Inc. (b) | 7.00% | 07/15/32 | $6352799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1060000 | Quikrete Holdings, Inc. (b) | 6.38% | 03/01/32 | 1077895 |
|  |  |  |  | 7430694 |
|  | **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 960000 | International Flavors & Fragrances, Inc. (b) | 1.83% | 10/15/27 | 896152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1422000 | International Flavors & Fragrances, Inc. (b) | 2.30% | 11/01/30 | 1239873 |
|  |  |  |  | 2136025 |
|  | **Commercial Services — 1.0%** | **Commercial Services — 1.0%** | **Commercial Services — 1.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7430000 | Boost Newco Borrower LLC (b) | 7.50% | 01/15/31 | 7866022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | Herc Holdings Escrow Inc (b) (c) | 7.00% | 06/15/30 | 6185104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1475000 | Prime Security Services Borrower LLC / Prime Finance, Inc. (b) | 3.38% | 08/31/27 | 1417337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5330000 | Rollins, Inc. (b) | 5.25% | 02/24/35 | 5290593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7750000 | Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc. (b) | 6.75% | 08/15/32 | 7912143 |
|  |  |  |  | 28671199 |
|  | **Computers — 0.4%** | **Computers — 0.4%** | **Computers — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3945000 | Dell International LLC / EMC Corp. | 4.75% | 04/01/28 | 3963971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1260000 | Dell International LLC / EMC Corp. | 5.00% | 04/01/30 | 1267145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6275000 | Leidos, Inc. | 5.40% | 03/15/32 | 6322662 |
|  |  |  |  | 11553778 |
|  | **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 | Prestige Brands, Inc. (b) | 5.13% | 01/15/28 | 547744 |
|  | **Diversified Financial Services — 1.4%** | **Diversified Financial Services — 1.4%** | **Diversified Financial Services — 1.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2300000 | Air Lease Corp. | 2.88% | 01/15/26 | 2272918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1390000 | Air Lease Corp. | 2.20% | 01/15/27 | 1339647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1505000 | Capital One Financial Corp. (d) | 1.88% | 11/02/27 | 1447980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | Jane Street Group / JSG Finance, Inc. (b) | 4.50% | 11/15/29 | 6747938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21225000 | Jane Street Group / JSG Finance, Inc. (b) | 7.13% | 04/30/31 | 22186238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1871000 | Jane Street Group / JSG Finance, Inc. (b) | 6.13% | 11/01/32 | 1875416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6210000 | Jane Street Group / JSG Finance, Inc. (b) | 6.75% | 05/01/33 | 6372745 |
|  |  |  |  | 42242882 |
|  | **Electric — 0.8%** | **Electric — 0.8%** | **Electric — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8005000 | Calpine Corp. (b) | 4.50% | 02/15/28 | 7856353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 540000 | Duke Energy Carolinas LLC | 3.55% | 03/15/52 | 375269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4375000 | Duke Energy Progress LLC | 5.05% | 03/15/35 | 4319188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3840000 | Florida Power & Light Co. | 5.30% | 06/15/34 | 3902419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7350000 | Talen Energy Supply LLC (b) | 8.63% | 06/01/30 | 7854040 |
|  |  |  |  | 24307269 |
|  | **Entertainment — 0.6%** | **Entertainment — 0.6%** | **Entertainment — 0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1340000 | Caesars Entertainment, Inc. (b) | 6.50% | 02/15/32 | 1351618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 590000 | Live Nation Entertainment, Inc. (b) | 4.75% | 10/15/27 | 581178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1580000 | Penn Entertainment, Inc. (b) | 4.13% | 07/01/29 | 1412816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Warnermedia Holdings, Inc. | 3.76% | 03/15/27 | 969619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5063000 | Warnermedia Holdings, Inc. | 4.28% | 03/15/32 | 4298050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5925000 | Warnermedia Holdings, Inc. | 5.05% | 03/15/42 | 4264692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9236000 | Warnermedia Holdings, Inc. | 5.14% | 03/15/52 | 5990760 |
|  |  |  |  | 18868733 |
|  | **Environmental Control — 0.1%** | **Environmental Control — 0.1%** | **Environmental Control — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2850000 | Waste Pro USA, Inc. (b) | 7.00% | 02/01/33 | 2929313 |

---

------

**First Trust Smith Unconstrained Bond ETF (UCON)**

**Portfolio of Investments (Continued)**

**May 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Food — 1.9%** | **Food — 1.9%** | **Food — 1.9%** |  |
| $15370000 | &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons, L.P. / <br> Albertsons LLC (b) | 6.50% | 02/15/28 | $15692247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2335000 | Chobani Holdco II LLC, (9.50% PIK) (b) (e) | 9.50% | 10/01/29 | 2487562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11340000 | Kroger (The) Co. | 5.00% | 09/15/34 | 11048999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8250000 | Mars, Inc. (b) | 4.80% | 03/01/30 | 8304437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 286000 | Pilgrim's Pride Corp. | 4.25% | 04/15/31 | 270859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1395000 | Pilgrim's Pride Corp. | 3.50% | 03/01/32 | 1236437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15150000 | Pilgrim's Pride Corp. | 6.25% | 07/01/33 | 15721837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1407000 | Post Holdings, Inc. (b) | 5.50% | 12/15/29 | 1391049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 387000 | Smithfield Foods, Inc. (b) | 5.20% | 04/01/29 | 385409 |
|  |  |  |  | 56538836 |
|  | **Gas — 0.1%** | **Gas — 0.1%** | **Gas — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 890000 | AmeriGas Partners, L.P. / AmeriGas Finance Corp. (b) | 9.38% | 06/01/28 | 899418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2805000 | Brooklyn Union Gas (The) Co. (b) | 3.41% | 03/10/26 | 2769152 |
|  |  |  |  | 3668570 |
|  | **Healthcare-Products — 1.0%** | **Healthcare-Products — 1.0%** | **Healthcare-Products — 1.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1600000 | Alcon Finance Corp. (b) | 3.00% | 09/23/29 | 1487285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7740000 | Solventum Corp. | 5.45% | 03/13/31 | 7926581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7855000 | Solventum Corp. | 5.60% | 03/23/34 | 7925423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4960000 | Solventum Corp. | 5.90% | 04/30/54 | 4763986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6750000 | Stryker Corp. | 4.70% | 02/10/28 | 6813267 |
|  |  |  |  | 28916542 |
|  | **Healthcare-Services — 0.3%** | **Healthcare-Services — 0.3%** | **Healthcare-Services — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330000 | Cigna Group (The) | 4.38% | 10/15/28 | 328231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 365000 | HCA, Inc. | 7.58% | 09/15/25 | 367829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360000 | HCA, Inc. | 7.05% | 12/01/27 | 378159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2870000 | HCA, Inc. | 3.50% | 09/01/30 | 2678206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2057000 | HCA, Inc. | 2.38% | 07/15/31 | 1760465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3130000 | HCA, Inc. | 5.75% | 03/01/35 | 3155854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4868850 | ModivCare, Inc., (10.00% PIK) (b) (e) | 10.00% | 10/01/29 | 1436311 |
|  |  |  |  | 10105055 |
|  | **Household Products/Wares — 0.0%** | **Household Products/Wares — 0.0%** | **Household Products/Wares — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 364000 | Spectrum Brands, Inc. (b) | 3.88% | 03/15/31 | 292408 |
|  | **Insurance — 0.1%** | **Insurance — 0.1%** | **Insurance — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | MassMutual Global Funding II (b) | 3.40% | 03/08/26 | 744632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 965000 | Metropolitan Life Global Funding I (b) | 5.15% | 03/28/33 | 968363 |
|  |  |  |  | 1712995 |
|  | **Lodging — 0.2%** | **Lodging — 0.2%** | **Lodging — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4475000 | Hyatt Hotels Corp. | 5.05% | 03/30/28 | 4498381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1044000 | Station Casinos LLC (b) | 4.50% | 02/15/28 | 1013179 |
|  |  |  |  | 5511560 |
|  | **Machinery-Diversified — 0.3%** | **Machinery-Diversified — 0.3%** | **Machinery-Diversified — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7510000 | Chart Industries, Inc. (b) | 7.50% | 01/01/30 | 7848333 |
|  | **Media — 2.0%** | **Media — 2.0%** | **Media — 2.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210000 | CCO Holdings LLC / CCO Holdings Capital Corp. (b) | 4.75% | 03/01/30 | 200601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4203000 | CCO Holdings LLC / CCO Holdings Capital Corp. (b) | 4.25% | 01/15/34 | 3631110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 346000 | &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC / Charter Communications <br> Operating Capital | 4.91% | 07/23/25 | 345958 |

---

------

**First Trust Smith Unconstrained Bond ETF (UCON)**

**Portfolio of Investments (Continued)**

**May 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Media (Continued)** | **Media (Continued)** | **Media (Continued)** |  |
| $900000 | Cox Enterprises, Inc. (b) | 7.38% | 07/15/27 | $948093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8300000 | Directv Financing LLC / Directv Financing Co-Obligor, Inc. (b) | 10.00% | 02/15/31 | 8084385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7900000 | Nexstar Media, Inc. (b) | 5.63% | 07/15/27 | 7873348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8235000 | Nexstar Media, Inc. (b) | 4.75% | 11/01/28 | 7928355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11340000 | Paramount Global | 4.20% | 05/19/32 | 10225164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15210000 | Paramount Global | 4.95% | 05/19/50 | 11470201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7935000 | Sirius XM Radio LLC (b) | 5.00% | 08/01/27 | 7857845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2695000 | Sirius XM Radio LLC (b) | 3.88% | 09/01/31 | 2358689 |
|  |  |  |  | 60923749 |
|  | **Oil & Gas — 1.6%** | **Oil & Gas — 1.6%** | **Oil & Gas — 1.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7930000 | Ascent Resources Utica Holdings LLC / ARU Finance Corp. (b) | 6.63% | 10/15/32 | 7982560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1692000 | HF Sinclair Corp. | 5.00% | 02/01/28 | 1684221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2798000 | Hilcorp Energy I, L.P. / Hilcorp Finance Co. (b) | 6.25% | 11/01/28 | 2766054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8813000 | Hilcorp Energy I, L.P. / Hilcorp Finance Co. (b) | 7.25% | 02/15/35 | 8174146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | Occidental Petroleum Corp. | 7.88% | 09/15/31 | 1210308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7230000 | Permian Resources Operating LLC (b) | 9.88% | 07/15/31 | 7900770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15535000 | Permian Resources Operating LLC (b) | 7.00% | 01/15/32 | 15945668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | Sunoco, L.P. / Sunoco Finance Corp. | 4.50% | 05/15/29 | 766981 |
|  |  |  |  | 46430708 |
|  | **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | Sealed Air Corp. (b) | 5.50% | 09/15/25 | 59972 |
|  | **Pipelines — 1.4%** | **Pipelines — 1.4%** | **Pipelines — 1.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7665000 | Blue Racer Midstream LLC / Blue Racer Finance Corp. (b) | 7.00% | 07/15/29 | 7925127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 536000 | Buckeye Partners, L.P. (b) | 4.50% | 03/01/28 | 524021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7700000 | Buckeye Partners, L.P. (b) | 6.88% | 07/01/29 | 7921875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1144000 | Energy Transfer, L.P. | 5.00% | 05/15/50 | 925713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1783000 | Flex Intermediate Holdco LLC (b) | 3.36% | 06/30/31 | 1560048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2965000 | Genesis Energy, L.P. / Genesis Energy Finance Corp. | 8.25% | 01/15/29 | 3070696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12314000 | NuStar Logistics, L.P. | 6.38% | 10/01/30 | 12554123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1676000 | &nbsp;&nbsp;&nbsp; Targa Resources Partners, L.P. / Targa Resources Partners Finance <br> Corp. | 6.88% | 01/15/29 | 1708357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 951000 | Venture Global Calcasieu Pass LLC (b) | 6.25% | 01/15/30 | 964693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1759000 | Venture Global LNG, Inc. (b) | 7.00% | 01/15/30 | 1752641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1861000 | Venture Global LNG, Inc. (b) | 9.88% | 02/01/32 | 1980981 |
|  |  |  |  | 40888275 |
|  | **Real Estate — 0.4%** | **Real Estate — 0.4%** | **Real Estate — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7820000 | Cushman & Wakefield U.S. Borrower LLC (b) | 6.75% | 05/15/28 | 7858811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4635000 | Kennedy-Wilson, Inc. | 4.75% | 02/01/30 | 4117850 |
|  |  |  |  | 11976661 |
|  | **Real Estate Investment Trusts — 0.2%** | **Real Estate Investment Trusts — 0.2%** | **Real Estate Investment Trusts — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390000 | GLP Capital, L.P. / GLP Financing II, Inc. | 5.38% | 04/15/26 | 389385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 675000 | GLP Capital, L.P. / GLP Financing II, Inc. | 5.75% | 06/01/28 | 687839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3170000 | Iron Mountain, Inc. (b) | 5.25% | 03/15/28 | 3137215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 268000 | VICI Properties, L.P. | 5.63% | 05/15/52 | 239726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2026000 | VICI Properties, L.P. / VICI Note Co., Inc. (b) | 4.13% | 08/15/30 | 1911875 |
|  |  |  |  | 6366040 |
|  | **Retail — 1.3%** | **Retail — 1.3%** | **Retail — 1.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7420000 | Brinker International, Inc. (b) | 8.25% | 07/15/30 | 7856489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7500000 | Kohl's Corp. (b) | 10.00% | 06/01/30 | 7709261 |

---

------

**First Trust Smith Unconstrained Bond ETF (UCON)**

**Portfolio of Investments (Continued)**

**May 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Retail (Continued)** | **Retail (Continued)** | **Retail (Continued)** |  |
| $8650000 | Macy's Retail Holdings LLC (b) | 6.13% | 03/15/32 | $8025877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7385000 | Raising Cane's Restaurants LLC (b) | 9.38% | 05/01/29 | 7846289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6300000 | Starbucks Corp. | 5.40% | 05/15/35 | 6316356 |
|  |  |  |  | 37754272 |
|  | **Semiconductors — 0.8%** | **Semiconductors — 0.8%** | **Semiconductors — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1835000 | Foundry JV Holdco LLC (b) | 5.50% | 01/25/31 | 1860043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7775000 | Foundry JV Holdco LLC (b) | 6.10% | 01/25/36 | 7905271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12295000 | Foundry JV Holdco LLC (b) | 6.30% | 01/25/39 | 12640396 |
|  |  |  |  | 22405710 |
|  | **Software — 0.9%** | **Software — 0.9%** | **Software — 0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7835000 | Cloud Software Group, Inc. (b) | 6.50% | 03/31/29 | 7832727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | Cloud Software Group, Inc. (b) | 9.00% | 09/30/29 | 1331628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7810000 | Fair Isaac Corp. (b) | 6.00% | 05/15/33 | 7814780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1538000 | Fidelity National Information Services, Inc. | 3.10% | 03/01/41 | 1100888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7830000 | Synopsys, Inc. | 4.85% | 04/01/30 | 7909286 |
|  |  |  |  | 25989309 |
|  | **Telecommunications — 0.1%** | **Telecommunications — 0.1%** | **Telecommunications — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74000 | T-Mobile USA, Inc. | 4.75% | 02/01/28 | 74131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | T-Mobile USA, Inc. | 2.63% | 02/15/29 | 930932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2765000 | T-Mobile USA, Inc. | 4.70% | 01/15/35 | 2643464 |
|  |  |  |  | 3648527 |
|  | **Total Corporate Bonds and Notes** | **Total Corporate Bonds and Notes** | **Total Corporate Bonds and Notes** | 821934954 |
|  | (Cost $823,168,052) | (Cost $823,168,052) | (Cost $823,168,052) |  |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 12.7%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 12.7%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 12.7%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 12.7%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 12.7%** |
|  | **Collateralized Mortgage Obligations — 1.8%** | **Collateralized Mortgage Obligations — 1.8%** | **Collateralized Mortgage Obligations — 1.8%** |  |
|  | Federal Home Loan Mortgage Corporation |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 32492213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5468, Class SE, IO, 30 Day Average SOFR ×-1+ <br> 5.35% (f) | 1.03% | 10/25/54 | 2375535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9355623 | &nbsp;&nbsp;&nbsp; Series 2024-5472, Class FE, 30 Day Average SOFR + 1.35% (g) | 5.67% | 11/25/54 | 9334399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 39128210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5496, Class S, IO, 30 Day Average SOFR ×-1+ <br> 5.90% (f) | 1.58% | 01/25/55 | 3080728 |
|  | Federal National Mortgage Association |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 559858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011-116, Class SA, IO, 30 Day Average SOFR ×-1+ <br> 5.89% (f) | 1.56% | 11/25/41 | 47734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106085 | &nbsp;&nbsp;&nbsp; Series 2012-128, Class UA | 2.50% | 06/25/42 | 92338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 366927 | &nbsp;&nbsp;&nbsp; Series 2013-18, Class MI, IO | 3.00% | 02/25/33 | 14264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 33868199 | &nbsp;&nbsp;&nbsp; Series 2024-82, Class CF, 30 Day Average SOFR + 1.35% (g) | 5.67% | 11/25/54 | 33695671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4672982 | &nbsp;&nbsp;&nbsp; Series 2024-96, Class FD, 30 Day Average SOFR + 1.45% (g) | 5.77% | 12/25/54 | 4679526 |
|  |  |  |  | 53320195 |
|  | **Commercial Mortgage-Backed Securities — 0.1%** | **Commercial Mortgage-Backed Securities — 0.1%** | **Commercial Mortgage-Backed Securities — 0.1%** |  |
|  | Federal Home Loan Mortgage Corporation Multiclass Certificates |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9429042 | &nbsp;&nbsp;&nbsp; Series 2021-P009, Class X, IO (h) | 1.32% | 01/25/31 | 282993 |
|  | &nbsp;&nbsp; Federal Home Loan Mortgage Corporation Multifamily PC REMIC <br> Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4095000 | &nbsp;&nbsp;&nbsp; Series 2019-P002, Class X, IO (g) (i) | 1.01% | 07/25/33 | 257770 |
|  | &nbsp;&nbsp; Federal Home Loan Mortgage Corporation Multifamily Structured <br> Pass-Through Certificates |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94510 | &nbsp;&nbsp;&nbsp; Series K037, Class X3, IO (h) (j) | 5.37% | 01/25/42 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20449223 | &nbsp;&nbsp;&nbsp; Series K048, Class X3, IO (h) | 1.51% | 08/25/43 | 31177 |

---

------

**First Trust Smith Unconstrained Bond ETF (UCON)**

**Portfolio of Investments (Continued)**

**May 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** |
|  | **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** |  |
|  | &nbsp;&nbsp; Federal Home Loan Mortgage Corporation Multifamily Structured <br> Pass-Through Certificates (Continued) |  |  |  |
| $12657147 | &nbsp;&nbsp;&nbsp; Series K051, Class X1, IO (h) | 0.49% | 09/25/25 | $11952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 46915000 | &nbsp;&nbsp;&nbsp; Series K053, Class X3, IO (h) | 1.65% | 03/25/44 | 456521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6897149 | &nbsp;&nbsp;&nbsp; Series K056, Class X3, IO (h) | 2.12% | 06/25/44 | 139971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 38206238 | &nbsp;&nbsp;&nbsp; Series K059, Class X3, IO (h) | 1.91% | 11/25/44 | 922020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1899979 | &nbsp;&nbsp;&nbsp; Series K060, Class X3, IO (h) | 1.90% | 12/25/44 | 46921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1204315 | &nbsp;&nbsp;&nbsp; Series KC04, Class X1, IO (h) | 1.25% | 12/25/26 | 14909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6147897 | &nbsp;&nbsp;&nbsp; Series KC05, Class X1, IO (h) | 1.20% | 06/25/27 | 92199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2611406 | &nbsp;&nbsp;&nbsp; Series KLU1, Class X3, IO (h) | 4.03% | 01/25/31 | 256969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2870879 | &nbsp;&nbsp;&nbsp; Series KS06, Class X, IO (h) | 0.94% | 08/25/26 | 14807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4588566 | &nbsp;&nbsp;&nbsp; Series KS07, Class X, IO (h) | 0.59% | 09/25/25 | 7543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 54807931 | &nbsp;&nbsp;&nbsp; Series Q017, Class X, IO (g) (i) | 1.22% | 04/25/30 | 559229 |
|  | Federal National Mortgage Association |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19868 | &nbsp;&nbsp;&nbsp; Series 2016-M2, Class X3, IO (h) (j) | 2.04% | 04/25/36 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 955554 | &nbsp;&nbsp;&nbsp; Series 2016-M4, Class X2, IO (h) | 2.70% | 01/25/39 | 35581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81196 | &nbsp;&nbsp;&nbsp; Series 2016-M11, Class X2, IO (h) | 3.06% | 07/25/39 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6100000 | &nbsp;&nbsp;&nbsp; Series 2019-M29, Class X4, IO (g) | 0.70% | 03/25/29 | 127739 |
|  |  |  |  | 3258328 |
|  | **Pass-Through Securities — 10.8%** | **Pass-Through Securities — 10.8%** | **Pass-Through Securities — 10.8%** |  |
|  | Federal Home Loan Mortgage Corporation | Federal Home Loan Mortgage Corporation | Federal Home Loan Mortgage Corporation | Federal Home Loan Mortgage Corporation |
| &nbsp;&nbsp;&nbsp;&nbsp; 4522751 | &nbsp;&nbsp;&nbsp; Pool RA6427  | 3.00% | 12/01/51 | 3855204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12633305 | &nbsp;&nbsp;&nbsp; Pool SD3246  | 4.00% | 08/01/52 | 11596763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4819247 | &nbsp;&nbsp;&nbsp; Pool SD8199  | 2.00% | 03/01/52 | 3758712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5798674 | &nbsp;&nbsp;&nbsp; Pool SD8204  | 2.00% | 04/01/52 | 4518588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8471945 | &nbsp;&nbsp;&nbsp; Pool SD8213  | 3.00% | 05/01/52 | 7225104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15724007 | &nbsp;&nbsp;&nbsp; Pool SD8244  | 4.00% | 09/01/52 | 14446814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7961283 | &nbsp;&nbsp;&nbsp; Pool SD8245  | 4.50% | 09/01/52 | 7528969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12454350 | &nbsp;&nbsp;&nbsp; Pool SD8256  | 4.00% | 10/01/52 | 11441439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7310857 | &nbsp;&nbsp;&nbsp; Pool SD8257  | 4.50% | 10/01/52 | 6913864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12619050 | &nbsp;&nbsp;&nbsp; Pool SD8265  | 4.00% | 11/01/52 | 11592762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5810305 | &nbsp;&nbsp;&nbsp; Pool SD8266  | 4.50% | 11/01/52 | 5495212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5521340 | &nbsp;&nbsp;&nbsp; Pool SD8272  | 3.00% | 12/01/52 | 4702978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3982342 | &nbsp;&nbsp;&nbsp; Pool SD8275  | 4.50% | 12/01/52 | 3766380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4288594 | &nbsp;&nbsp;&nbsp; Pool SD8328  | 4.50% | 06/01/53 | 4051480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 99800166 | &nbsp;&nbsp;&nbsp; Pool SD8491  | 5.00% | 12/01/54 | 96684593 |
|  | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 427039 | &nbsp;&nbsp;&nbsp; Pool AM2974  | 4.10% | 04/01/43 | 396274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13609138 | &nbsp;&nbsp;&nbsp; Pool BV3023  | 2.00% | 02/01/52 | 10596474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3879168 | &nbsp;&nbsp;&nbsp; Pool CB2773  | 2.00% | 02/01/52 | 3027749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14327205 | &nbsp;&nbsp;&nbsp; Pool CB4808  | 4.00% | 10/01/52 | 13160015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4783862 | &nbsp;&nbsp;&nbsp; Pool CB4818  | 4.00% | 10/01/52 | 4392688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9692367 | &nbsp;&nbsp;&nbsp; Pool FS1598  | 2.00% | 04/01/52 | 7548862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4407938 | &nbsp;&nbsp;&nbsp; Pool FS6925  | 2.50% | 12/01/51 | 3596781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11418629 | &nbsp;&nbsp;&nbsp; Pool FS7252  | 5.00% | 11/01/53 | 11085090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2745738 | &nbsp;&nbsp;&nbsp; Pool MA4599  | 3.00% | 05/01/52 | 2341640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3801336 | &nbsp;&nbsp;&nbsp; Pool MA4626  | 4.00% | 06/01/52 | 3492581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4584428 | &nbsp;&nbsp;&nbsp; Pool MA4732  | 4.00% | 09/01/52 | 4203548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3269398 | &nbsp;&nbsp;&nbsp; Pool MA4733  | 4.50% | 09/01/52 | 3091863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6695321 | &nbsp;&nbsp;&nbsp; Pool MA4783  | 4.00% | 10/01/52 | 6150799 |

---

------

**First Trust Smith Unconstrained Bond ETF (UCON)**

**Portfolio of Investments (Continued)**

**May 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** |
|  | **Pass-Through Securities (Continued)** | **Pass-Through Securities (Continued)** | **Pass-Through Securities (Continued)** |  |
|  | Federal National Mortgage Association (Continued) | Federal National Mortgage Association (Continued) | Federal National Mortgage Association (Continued) | Federal National Mortgage Association (Continued) |
| $2859429 | &nbsp;&nbsp;&nbsp; Pool MA4784  | 4.50% | 10/01/52 | $2704258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17424483 | &nbsp;&nbsp;&nbsp; Pool MA4840  | 4.50% | 12/01/52 | 16479595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8853594 | &nbsp;&nbsp;&nbsp; Pool MA4917  | 4.50% | 02/01/53 | 8373801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16841055 | &nbsp;&nbsp;&nbsp; Pool MA4958  | 4.50% | 03/01/53 | 15904627 |
|  | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| &nbsp;&nbsp;&nbsp;&nbsp; 5912186 | &nbsp;&nbsp;&nbsp; Pool MA8427  | 4.50% | 11/20/52 | 5613267 |
|  |  |  |  | 319738774 |
|  | **Total U.S. Government Agency Mortgage-Backed Securities** | **Total U.S. Government Agency Mortgage-Backed Securities** | **Total U.S. Government Agency Mortgage-Backed Securities** | 376317297 |
|  | (Cost $381,793,581) | (Cost $381,793,581) | (Cost $381,793,581) |  |
| **MORTGAGE-BACKED SECURITIES — 4.4%** | **MORTGAGE-BACKED SECURITIES — 4.4%** | **MORTGAGE-BACKED SECURITIES — 4.4%** | **MORTGAGE-BACKED SECURITIES — 4.4%** | **MORTGAGE-BACKED SECURITIES — 4.4%** |
|  | **Collateralized Mortgage Obligations — 0.4%** | **Collateralized Mortgage Obligations — 0.4%** | **Collateralized Mortgage Obligations — 0.4%** |  |
|  | CIM Trust | CIM Trust | CIM Trust | CIM Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 6153806 | &nbsp;&nbsp;&nbsp; Series 2020-R6, Class A1 (b) (g) | 2.25% | 12/25/60 | 5374351 |
|  | Credit Suisse Mortgage Trust | Credit Suisse Mortgage Trust | Credit Suisse Mortgage Trust | Credit Suisse Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108155 | &nbsp;&nbsp;&nbsp; Series 2022-RPL1, Class CERT (b) | 4.23% | 04/25/61 | 87993 |
|  | Federal Home Loan Mortgage Corporation STACR REMIC Trust | Federal Home Loan Mortgage Corporation STACR REMIC Trust | Federal Home Loan Mortgage Corporation STACR REMIC Trust | Federal Home Loan Mortgage Corporation STACR REMIC Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 5325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DNA3, Class M2, 30 Day Average SOFR + <br> 1.45% (b) (g) | 5.77% | 10/25/44 | 5332521 |
|  |  |  |  | 10794865 |
|  | **Commercial Mortgage-Backed Securities — 4.0%** | **Commercial Mortgage-Backed Securities — 4.0%** | **Commercial Mortgage-Backed Securities — 4.0%** |  |
|  | 245 Park Avenue Trust | 245 Park Avenue Trust | 245 Park Avenue Trust | 245 Park Avenue Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 4441000 | &nbsp;&nbsp;&nbsp; Series 2017-245P, Class A (b) | 3.51% | 06/05/37 | 4295623 |
|  | BFLD Mortgage Trust | BFLD Mortgage Trust | BFLD Mortgage Trust | BFLD Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 3791000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VICT, Class A, 1 Mo. CME Term SOFR + <br> 1.89% (b) (g) | 6.22% | 07/15/41 | 3809124 |
|  | BX Commercial Mortgage Trust | BX Commercial Mortgage Trust | BX Commercial Mortgage Trust | BX Commercial Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 3420000 | &nbsp;&nbsp;&nbsp; Series 2020-VIV3, Class B (b) (h) | 3.54% | 03/09/44 | 3154469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4050000 | &nbsp;&nbsp;&nbsp; Series 2020-VIV4, Class A (b) | 2.84% | 03/09/44 | 3667011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ACNT, Class C, 1 Mo. CME Term SOFR + CSA + <br> 1.50% (b) (g) | 5.94% | 11/15/38 | 2996368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2462000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-VOLT, Class E, 1 Mo. CME Term SOFR + CSA + <br> 2.00% (b) (g) | 6.44% | 09/15/36 | 2445530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2845000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-AHP, Class AS, 1 Mo. CME Term SOFR + <br> 1.49% (b) (g) | 5.82% | 01/17/39 | 2834484 |
|  | BX Trust | BX Trust | BX Trust | BX Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 2800000 | &nbsp;&nbsp;&nbsp; Series 2019-OC11, Class A (b) | 3.20% | 12/09/41 | 2593293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2261716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-LBA, Class CV, 1 Mo. CME Term SOFR + CSA + <br> 1.35% (b) (g) | 5.79% | 02/15/36 | 2248976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4146216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-LBA, Class DV, 1 Mo. CME Term SOFR + CSA + <br> 1.60% (b) (g) | 6.04% | 02/15/36 | 4108215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1869868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RISE, Class D, 1 Mo. CME Term SOFR + CSA + <br> 1.75% (b) (g) | 6.19% | 11/15/36 | 1857364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-VIEW, Class A, 1 Mo. CME Term SOFR + CSA + <br> 1.28% (b) (g) | 5.72% | 06/15/36 | 2239886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BIO, Class B, 1 Mo. CME Term SOFR + <br> 1.94% (b) (g) | 6.27% | 02/15/41 | 2179169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4264000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PAT, Class A, 1 Mo. CME Term SOFR + <br> 2.09% (b) (g) | 6.42% | 03/15/41 | 4271493 |

---

------

**First Trust Smith Unconstrained Bond ETF (UCON)**

**Portfolio of Investments (Continued)**

**May 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MORTGAGE-BACKED SECURITIES (Continued)** | **MORTGAGE-BACKED SECURITIES (Continued)** | **MORTGAGE-BACKED SECURITIES (Continued)** | **MORTGAGE-BACKED SECURITIES (Continued)** | **MORTGAGE-BACKED SECURITIES (Continued)** |
|  | **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** |  |
|  | BXHPP Trust | BXHPP Trust | BXHPP Trust | BXHPP Trust |
| $6225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FILM, Class A, 1 Mo. CME Term SOFR + CSA + <br> 0.65% (b) (g) | 5.09% | 08/15/36 | $5952990 |
|  | BXP Trust | BXP Trust | BXP Trust | BXP Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 3200000 | &nbsp;&nbsp;&nbsp; Series 2017-GM, Class C (b) (h) | 3.42% | 06/13/39 | 3035797 |
|  | CAMB Commercial Mortgage Trust | CAMB Commercial Mortgage Trust | CAMB Commercial Mortgage Trust | CAMB Commercial Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 5174000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-LIFE, Class D, 1 Mo. CME Term SOFR + CSA + <br> 1.75% (b) (g) | 6.38% | 12/15/37 | 5174689 |
|  | COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 2834000 | &nbsp;&nbsp;&nbsp; Series 2016-787S, Class A (b) | 3.55% | 02/10/36 | 2790176 |
|  | DOLP Trust | DOLP Trust | DOLP Trust | DOLP Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp; Series 2021-NYC, Class A (b) | 2.96% | 05/10/41 | 5267994 |
|  | Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 2934287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ESH, Class C, 1 Mo. CME Term SOFR + CSA + <br> 1.70% (b) (g) | 6.14% | 07/15/38 | 2936924 |
|  | GS Mortgage Securities Corp Trust | GS Mortgage Securities Corp Trust | GS Mortgage Securities Corp Trust | GS Mortgage Securities Corp Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 4230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-FUN, Class B, 1 Mo. CME Term SOFR + <br> 2.79% (b) (g) | 7.12% | 03/15/28 | 4247384 |
|  | HILT Commercial Mortgage Trust | HILT Commercial Mortgage Trust | HILT Commercial Mortgage Trust | HILT Commercial Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 2711000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-ORL, Class B, 1 Mo. CME Term SOFR + <br> 1.94% (b) (g) | 6.27% | 05/15/37 | 2710659 |
|  | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ACB, Class C, 30 Day Average SOFR + <br> 2.20% (b) (g) | 6.53% | 03/15/39 | 4506705 |
|  | MHC Commercial Mortgage Trust | MHC Commercial Mortgage Trust | MHC Commercial Mortgage Trust | MHC Commercial Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 4392000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MHC, Class B, 1 Mo. CME Term SOFR + CSA + <br> 1.10% (b) (g) | 5.54% | 04/15/38 | 4391690 |
|  | MKT Mortgage Trust | MKT Mortgage Trust | MKT Mortgage Trust | MKT Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 4530000 | &nbsp;&nbsp;&nbsp; Series 2020-525M, Class A (b) | 2.69% | 02/12/40 | 3971519 |
|  | NRTH Mortgage Trust | NRTH Mortgage Trust | NRTH Mortgage Trust | NRTH Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 4218000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PARK, Class A, 1 Mo. CME Term SOFR + <br> 1.64% (b) (g) | 5.97% | 03/15/39 | 4231874 |
|  | One Bryant Park Trust | One Bryant Park Trust | One Bryant Park Trust | One Bryant Park Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 2800000 | &nbsp;&nbsp;&nbsp; Series 2019-OBP, Class A (b) | 2.52% | 09/15/54 | 2522353 |
|  | SDR Commercial Mortgage Trust | SDR Commercial Mortgage Trust | SDR Commercial Mortgage Trust | SDR Commercial Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 3715000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DSNY, Class B, 1 Mo. CME Term SOFR + <br> 1.74% (b) (g) | 6.07% | 05/15/39 | 3667340 |
|  | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 3530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-555, Class A, 1 Mo. CME Term SOFR + CSA + <br> 1.15% (b) (g) | 5.59% | 05/15/38 | 3499257 |
|  | SLG Office Trust | SLG Office Trust | SLG Office Trust | SLG Office Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 2950000 | &nbsp;&nbsp;&nbsp; Series 2021-OVA, Class C (b) | 2.85% | 07/15/41 | 2544727 |
|  | SREIT Trust | SREIT Trust | SREIT Trust | SREIT Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 1423000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MFP2, Class C, 1 Mo. CME Term SOFR + CSA + <br> 1.37% (b) (g) | 5.81% | 11/15/36 | 1418526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6337000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MFP2, Class D, 1 Mo. CME Term SOFR + CSA + <br> 1.57% (b) (g) | 6.01% | 11/15/36 | 6313635 |
|  | STWD Mortgage Trust | STWD Mortgage Trust | STWD Mortgage Trust | STWD Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-LIH, Class AS, 1 Mo. CME Term SOFR + CSA + <br> 1.26% (b) (g) | 5.70% | 11/15/36 | 1545066 |

---

------

**First Trust Smith Unconstrained Bond ETF (UCON)**

**Portfolio of Investments (Continued)**

**May 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MORTGAGE-BACKED SECURITIES (Continued)** | **MORTGAGE-BACKED SECURITIES (Continued)** | **MORTGAGE-BACKED SECURITIES (Continued)** | **MORTGAGE-BACKED SECURITIES (Continued)** | **MORTGAGE-BACKED SECURITIES (Continued)** |
|  | **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** |  |
|  | STWD Trust | STWD Trust | STWD Trust | STWD Trust |
| $4416000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FLWR, Class C, 1 Mo. CME Term SOFR + CSA + <br> 1.03% (b) (g) | 5.47% | 07/15/36 | $4401202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1725600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FLWR, Class D, 1 Mo. CME Term SOFR + CSA + <br> 1.38% (b) (g) | 5.82% | 07/15/36 | 1718924 |
|  |  |  |  | 119550436 |
|  | **Total Mortgage-Backed Securities** | **Total Mortgage-Backed Securities** | **Total Mortgage-Backed Securities** | 130345301 |
|  | (Cost $129,574,794) | (Cost $129,574,794) | (Cost $129,574,794) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par** <br>**Amount**<br>| **Description** | **Stated** <br>**Rate**<br>| **Stated** <br>**Maturity**<br>| **Value** |
| **CAPITAL PREFERRED SECURITIES — 4.2%** | **CAPITAL PREFERRED SECURITIES — 4.2%** | **CAPITAL PREFERRED SECURITIES — 4.2%** | **CAPITAL PREFERRED SECURITIES — 4.2%** | **CAPITAL PREFERRED SECURITIES — 4.2%** |
|  | **Banks — 1.3%**  | **Banks — 1.3%**  | **Banks — 1.3%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7810000 | Bank of America Corp. (d) | 6.63% | (k) | 7953298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6250000 | Bank of America Corp., Series DD (d) | 6.30% | (k) | 6313400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 570000 | Bank of America Corp., Series RR (d) | 4.38% | (k) | 553464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4790000 | Citigroup, Inc., Series W (d) | 4.00% | (k) | 4752950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 816000 | CoBank ACB, Series M (d) | 7.13% | (k) | 831291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9490000 | Farm Credit Bank of Texas, Series 4 (b) (d) | 5.70% | (k) | 9446925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4685000 | HSBC Holdings PLC (d) (l) | 6.88% | (k) | 4726317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4965000 | PNC Financial Services Group (The), Inc., Series T (d) | 3.40% | (k) | 4738437 |
|  |  |  |  | 39316082 |
|  | **Capital Markets — 1.6%**  | **Capital Markets — 1.6%**  | **Capital Markets — 1.6%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11030000 | Bank of New York Mellon (The) Corp., Series G (d) | 4.70% | (k) | 10990775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7855000 | Charles Schwab (The) Corp., Series G (d) | 5.38% | (k) | 7855000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2058000 | Charles Schwab (The) Corp., Series I (d) | 4.00% | (k) | 2036385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 540000 | Charles Schwab (The) Corp., Series K (d) | 5.00% | (k) | 538313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9085000 | Goldman Sachs Group (The), Inc., Series X (d) | 7.50% | (k) | 9483759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16170000 | UBS Group AG (b) (d) | 7.13% | (k) | 15906874 |
|  |  |  |  | 46811106 |
|  | **Consumer Finance — 0.4%**  | **Consumer Finance — 0.4%**  | **Consumer Finance — 0.4%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3625000 | Ally Financial, Inc., Series C (d) | 4.70% | (k) | 3175402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8155000 | American Express Co. (d) | 3.55% | (k) | 7906709 |
|  |  |  |  | 11082111 |
|  | **Health Care Providers & Services — 0.5%**  | **Health Care Providers & Services — 0.5%**  | **Health Care Providers & Services — 0.5%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 15460000 | CVS Health Corp. (d) | 7.00% | 03/10/55 | 15610998 |
|  | **Independent Power and Renewable Electricity Producers — 0.0%**  | **Independent Power and Renewable Electricity Producers — 0.0%**  | **Independent Power and Renewable Electricity Producers — 0.0%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 929000 | Vistra Corp., Series C (b) (d) | 8.88% | (k) | 1000193 |
|  | **Oil, Gas & Consumable Fuels — 0.4%**  | **Oil, Gas & Consumable Fuels — 0.4%**  | **Oil, Gas & Consumable Fuels — 0.4%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2281000 | Energy Transfer, L.P., Series B (d) | 6.63% | (k) | 2255093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7920000 | Energy Transfer, L.P., Series G (d) | 7.13% | (k) | 7973840 |
|  |  |  |  | 10228933 |
|  | **Total Capital Preferred Securities** | **Total Capital Preferred Securities** | **Total Capital Preferred Securities** | 124049423 |
|  | (Cost $124,154,666) | (Cost $124,154,666) | (Cost $124,154,666) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**First Trust Smith Unconstrained Bond ETF (UCON)**

**Portfolio of Investments (Continued)**

**May 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Stated** <br>**Coupon**<br>| **Stated** <br>**Maturity**<br>| **Value** |
| **FOREIGN CORPORATE BONDS AND NOTES — 2.7%** | **FOREIGN CORPORATE BONDS AND NOTES — 2.7%** | **FOREIGN CORPORATE BONDS AND NOTES — 2.7%** | **FOREIGN CORPORATE BONDS AND NOTES — 2.7%** | **FOREIGN CORPORATE BONDS AND NOTES — 2.7%** |
|  | **Banks — 0.8%** | **Banks — 0.8%** | **Banks — 0.8%** |  |
| $3135000 | AIB Group PLC (b) (d) | 5.32% | 05/15/31 | $3163750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7298000 | Danske Bank A/S (b) (d) | 5.71% | 03/01/30 | 7523202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5465000 | HSBC Holdings PLC (d) | 2.10% | 06/04/26 | 5464200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1481000 | HSBC Holdings PLC (d) | 4.76% | 06/09/28 | 1479909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1585000 | Santander UK Group Holdings PLC (d) | 1.67% | 06/14/27 | 1531869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 430000 | Santander UK Group Holdings PLC (d) | 2.47% | 01/11/28 | 413476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2364000 | UBS Group AG (b) (d) | 6.54% | 08/12/33 | 2538877 |
|  |  |  |  | 22115283 |
|  | **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3170000 | Bacardi Ltd. (b) | 4.70% | 05/15/28 | 3163507 |
|  | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4785000 | Royalty Pharma PLC  | 5.40% | 09/02/34 | 4766821 |
|  | **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 2.45% | 10/29/26 | 1939047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 3.88% | 01/23/28 | 112437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 5.75% | 06/06/28 | 323803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1650000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 3.00% | 10/29/28 | 1558248 |
|  |  |  |  | 3933535 |
|  | **Environmental Control — 0.1%** | **Environmental Control — 0.1%** | **Environmental Control — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | GFL Environmental, Inc. (b) | 4.00% | 08/01/28 | 1346932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | GFL Environmental, Inc. (b) | 3.50% | 09/01/28 | 714889 |
|  |  |  |  | 2061821 |
|  | **Food — 0.3%** | **Food — 0.3%** | **Food — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; JBS USA Holding Lux S.A.R.L. / JBS USA Food Co. / JBS Lux <br> Co., S.A.R.L. | 5.13% | 02/01/28 | 1517320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp; JBS USA Holding Lux S.A.R.L. / JBS USA Food Co. / JBS Lux <br> Co., S.A.R.L. | 3.75% | 12/01/31 | 1560800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3628000 | &nbsp;&nbsp;&nbsp; JBS USA Holding Lux S.A.R.L. / JBS USA Food Co. / JBS Lux <br> Co., S.A.R.L. | 6.75% | 03/15/34 | 3900169 |
|  |  |  |  | 6978289 |
|  | **Leisure Time — 0.9%** | **Leisure Time — 0.9%** | **Leisure Time — 0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11515000 | Carnival Corp. (b) | 4.00% | 08/01/28 | 11133566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7730000 | Royal Caribbean Cruises Ltd. (b) | 6.25% | 03/15/32 | 7839186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7330000 | Viking Cruises Ltd. (b) | 9.13% | 07/15/31 | 7874612 |
|  |  |  |  | 26847364 |
|  | **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1392300 | Oregon Tool Lux, L.P. (b) | 7.88% | 10/15/29 | 807534 |
|  | **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 866775 | Transocean Poseidon Ltd. (b) | 6.88% | 02/01/27 | 872987 |
|  | **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 885000 | Nationwide Building Society (b) (d) | 2.97% | 02/16/28 | 860659 |
|  | **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6731000 | Open Text Corp. (b) | 6.90% | 12/01/27 | 6936807 |
|  | **Total Foreign Corporate Bonds and Notes** | **Total Foreign Corporate Bonds and Notes** | **Total Foreign Corporate Bonds and Notes** | 79344607 |
|  | (Cost $78,071,442) | (Cost $78,071,442) | (Cost $78,071,442) |  |
| **ASSET-BACKED SECURITIES — 0.9%** | **ASSET-BACKED SECURITIES — 0.9%** | **ASSET-BACKED SECURITIES — 0.9%** | **ASSET-BACKED SECURITIES — 0.9%** | **ASSET-BACKED SECURITIES — 0.9%** |
|  | Bayview Opportunity Master Fund VII | Bayview Opportunity Master Fund VII | Bayview Opportunity Master Fund VII | Bayview Opportunity Master Fund VII |
| &nbsp;&nbsp;&nbsp;&nbsp; 7617625 | &nbsp;&nbsp;&nbsp; Series 2024-EDU1, Class E (j) | 7.85% | 06/25/47 | 7747517 |

---

------

**First Trust Smith Unconstrained Bond ETF (UCON)**

**Portfolio of Investments (Continued)**

**May 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** |
|  | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
| $5450 | &nbsp;&nbsp;&nbsp; Series 2020-P1, Class R (b) | (m) | 09/08/27 | $416279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2800 | &nbsp;&nbsp;&nbsp; Series 2021-P4, Class R (b) | (m) | 09/11/28 | 400936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19300 | &nbsp;&nbsp;&nbsp; Series 2022-N1, Class R (b) | (m) | 12/11/28 | 1019203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17100 | &nbsp;&nbsp;&nbsp; Series 2022-P2, Class R (b) | (m) | 05/10/29 | 2077671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9800 | &nbsp;&nbsp;&nbsp; Series 2023-N3, Class R (b) | (m) | 09/10/30 | 2152535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8700 | &nbsp;&nbsp;&nbsp; Series 2023-P3, Class R (b) | (m) | 08/12/30 | 1126714 |
|  | Chase Auto Owner Trust | Chase Auto Owner Trust | Chase Auto Owner Trust | Chase Auto Owner Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; Series 2022-AA, Class R1 (b) | (m) | 06/25/30 | 673493 |
|  | LAD Auto Receivables Trust | LAD Auto Receivables Trust | LAD Auto Receivables Trust | LAD Auto Receivables Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 4950000 | &nbsp;&nbsp;&nbsp; Series 2023-1A, Class D (b) | 7.30% | 06/17/30 | 5064569 |
|  | Skyline Aircraft Finance LLC | Skyline Aircraft Finance LLC | Skyline Aircraft Finance LLC | Skyline Aircraft Finance LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 527521 | &nbsp;&nbsp;&nbsp; Series 2020-1, Class A (j) (n) (o) | 3.23% | 05/10/38 | 488245 |
|  | SLM Student Loan EDC Repackaging Trust | SLM Student Loan EDC Repackaging Trust | SLM Student Loan EDC Repackaging Trust | SLM Student Loan EDC Repackaging Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; Series 2013-M1, Class M1R (b) | (m) | 10/28/29 | 205402 |
|  | SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6525 | &nbsp;&nbsp;&nbsp; Series 2006-2, Class R | (m) | 01/25/41 | 409717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1375 | &nbsp;&nbsp;&nbsp; Series 2007-4, Class R | (m) | 01/25/42 | 146951 |
|  | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 5290000 | &nbsp;&nbsp;&nbsp; Series 2023-1A, Class D (b) | 6.79% | 11/15/28 | 5405662 |
|  | **Total Asset-Backed Securities** | **Total Asset-Backed Securities** | **Total Asset-Backed Securities** | 27334894 |
|  | (Cost $30,647,321) | (Cost $30,647,321) | (Cost $30,647,321) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Rate (p)** | **Stated** <br>**Maturity (q)**<br>| **Value** |
| **SENIOR FLOATING-RATE LOAN INTERESTS — 0.3%** | **SENIOR FLOATING-RATE LOAN INTERESTS — 0.3%** | **SENIOR FLOATING-RATE LOAN INTERESTS — 0.3%** | **SENIOR FLOATING-RATE LOAN INTERESTS — 0.3%** | **SENIOR FLOATING-RATE LOAN INTERESTS — 0.3%** |
|  | **Consumer Cyclical Services — 0.0%** | **Consumer Cyclical Services — 0.0%** | **Consumer Cyclical Services — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1313663 | &nbsp;&nbsp;&nbsp; Ingenovis Health, Inc., Term Loan B, 3 Mo. CME Term SOFR + <br> CSA + 4.25%, 0.50% Floor  | 8.68% | 03/06/28 | 628588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 335141 | &nbsp;&nbsp;&nbsp; Ingenovis Health, Inc., Term Loan B, 3 Mo. CME Term SOFR + <br> CSA + 4.25%, 0.75% Floor  | 8.70% | 03/06/28 | 162543 |
|  |  |  |  | 791131 |
|  | **Electric — 0.0%** | **Electric — 0.0%** | **Electric — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 780439 | &nbsp;&nbsp;&nbsp; Potomac Energy Center LLC, Term Loan, 3 Mo. CME Term SOFR <br> + CSA + 6.00%, 0.00% Floor  | 10.56% | 11/12/26 | 783365 |
|  | **Food and Beverage — 0.1%** | **Food and Beverage — 0.1%** | **Food and Beverage — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 348225 | &nbsp;&nbsp;&nbsp; Naked Juice LLC, Term Loan, 1 Mo. CME Term SOFR + 6.00%, <br> 0.50% Floor, (Up to 5.00% PIK) (e) | 10.31% | 01/24/30 | 130584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1287576 | &nbsp;&nbsp;&nbsp; Naked Juice LLC, Term Loan, 1 Mo. CME Term SOFR + CSA + <br> 3.25%, 0.50% Floor  | 7.56% | 01/24/29 | 921995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130167 | &nbsp;&nbsp;&nbsp; Naked Juice LLC, Term Loan, 3 Mo. CME Term SOFR + 5.50%, <br> 0.50% Floor  | 9.71% | 01/24/29 | 128540 |
|  |  |  |  | 1181119 |
|  | **Healthcare — 0.1%** | **Healthcare — 0.1%** | **Healthcare — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 951905 | &nbsp;&nbsp;&nbsp; ModivCare, Inc., Term Loan, 3 Mo. CME Term SOFR + 7.50%, <br> 0.00% Floor  | 11.71% | 01/12/26 | 740107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3354143 | &nbsp;&nbsp;&nbsp; ModivCare, Inc., Term Loan B, 3 Mo. CME Term SOFR + 4.75%, <br> 0.00% Floor  | 9.05% | 07/01/31 | 2309696 |
|  |  |  |  | 3049803 |

---

------

**First Trust Smith Unconstrained Bond ETF (UCON)**

**Portfolio of Investments (Continued)**

**May 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Rate (p)** | **Stated**<br> **Maturity (q)**<br>| **Value** |
| **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** |
|  | **Healthcare REITs — 0.0%** | **Healthcare REITs — 0.0%** | **Healthcare REITs — 0.0%** |  |
| $390555 | &nbsp;&nbsp;&nbsp; Healthpeak OP LLC, Delayed Draw Term Loan, 1 Mo. CME Term <br> SOFR + CSA + 0.85%, 0.00% Floor  | 5.27% | 02/22/27 | $385673 |
|  | **Other Industrial — 0.1%** | **Other Industrial — 0.1%** | **Other Industrial — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000149 | &nbsp;&nbsp;&nbsp; Asp Dream Acquisition Co., Term Loan B, 1 Mo. CME Term <br> SOFR + CSA + 4.25%, 0.75% Floor  | 8.68% | 12/15/28 | 1940144 |
|  | **Paper — 0.0%** | **Paper — 0.0%** | **Paper — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26558 | &nbsp;&nbsp;&nbsp; Mativ Holdings, Inc., Delayed Draw Term Loan, 1 Mo. CME Term <br> SOFR + CSA + 2.50%, 0.00% Floor  | 6.93% | 05/06/27 | 26160 |
|  | **Total Senior Floating-Rate Loan Interests** | **Total Senior Floating-Rate Loan Interests** | **Total Senior Floating-Rate Loan Interests** | 8157395 |
|  | (Cost $10,246,000) | (Cost $10,246,000) | (Cost $10,246,000) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Stated** <br>**Rate**<br>| **Value** |
| **$25 PAR PREFERRED SECURITIES — 0.1%** | **$25 PAR PREFERRED SECURITIES — 0.1%** | **$25 PAR PREFERRED SECURITIES — 0.1%** | **$25 PAR PREFERRED SECURITIES — 0.1%** |
|  | **Banks — 0.0%**  | **Banks — 0.0%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54942 | Bank of Hawaii Corp. | 8.00%<br> (k) | 1397175 |
|  | **Financial Services — 0.1%**  | **Financial Services — 0.1%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121300 | Jackson Financial, Inc. (d) | 8.00%<br> (k) | 3151374 |
|  | **Total $25 Par Preferred Securities** | **Total $25 Par Preferred Securities** | 4548549 |
|  | (Cost $4,583,518) | (Cost $4,583,518) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **MONEY MARKET FUNDS — 3.2%** | **MONEY MARKET FUNDS — 3.2%** | **MONEY MARKET FUNDS — 3.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 94696597 | Dreyfus Government Cash Management Fund, Institutional Shares - 4.19% (r) | 94696597 |
|  | (Cost $94,696,597) |  |
|  | **Total Investments — 99.6%** | 2959855403 |
|  | (Cost $2,967,570,943) |  |
|  | **Net Other Assets and Liabilities — 0.4%** | 13060501 |
|  | **Net Assets — 100.0%** | $2972915904 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Security whose principal value is adjusted in accordance with changes to the country's Consumer Price Index. Interest is calculated on the basis of the current adjusted principal value.

&nbsp;&nbsp;&nbsp;&nbsp;(b) 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 (the "1933 Act"), and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Trust's Board of Trustees, this security has been determined to be liquid by First Trust Advisors L.P. (the "Advisor"). Although market instability can result in periods of increased overall market illiquidity, liquidity for each security is determined
 based on security specific factors and assumptions, which require subjective judgment. At May 31, 2025, securities noted
 as such amounted to $586,222,245 or 19.7% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) When-issued security. The interest rate shown reflects the rate in effect at May 31,
 2025. Interest will begin accruing on the security's first settlement date.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Fixed-to-floating or fixed-to-variable rate security. The interest rate shown reflects
 the fixed rate in effect at May 31, 2025. At a predetermined date, the fixed rate will change to a floating rate or a variable rate.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The issuer will pay interest in cash and/or in PIK interest.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Inverse floating rate security.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Floating or variable rate security.

------

**First Trust Smith Unconstrained Bond ETF (UCON)**

**Portfolio of Investments (Continued)**

**May 31, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(h) Collateral Strip Rate security. Coupon is based on the weighted net interest rate of the investment's underlying collateral. The interest rate resets periodically.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Weighted Average Coupon security. Coupon is based on the blended interest rate of
 the underlying holdings, which may have different coupons. The coupon may change in any period.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Pursuant to procedures adopted by the Trust's Board of Trustees, this security has been determined to be illiquid by the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Perpetual maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(l) This security is a contingent convertible capital security which may be subject to
 conversion into common stock of the issuer under certain circumstances. At May 31, 2025, securities noted as such amounted to
 $4,726,317 or 0.2% of net assets. Of these securities, 0.0% originated in emerging markets, and 100.0% originated in foreign
 markets.

&nbsp;&nbsp;&nbsp;&nbsp;(m) Zero coupon security.

&nbsp;&nbsp;&nbsp;&nbsp;(n) This security is fair valued by the Advisor's Pricing Committee in accordance with procedures approved by the Trust's Board of Trustees, and in accordance with provisions of the Investment Company Act of 1940
 and rules thereunder, as amended. At May 31, 2025, securities noted as such are valued at $488,245 or 0.0% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(o) This security's value was determined using significant unobservable inputs (see Valuation Inputs in the Additional Information section).

&nbsp;&nbsp;&nbsp;&nbsp;(p) Senior Floating-Rate Loan Interests ("Senior Loans") in which the Fund invests pay interest at rates which are periodically predetermined by reference to a base lending rate plus a premium. These base lending
 rates are generally (i) the SOFR obtained from the U.S. Department of the Treasury's Office of Financial Research or another major financial institution, (ii) the lending rate offered by one or more major European banks, (iii) the prime rate offered by
 one or more United States banks or (iv) the certificate of deposit rate. Certain Senior Loans are subject to a SOFR floor that
 establishes a minimum SOFR rate. When a range of rates is disclosed, the Fund holds more than one contract within the same tranche
 with identical SOFR period, spread and floor, but different SOFR reset dates.

&nbsp;&nbsp;&nbsp;&nbsp;(q) Senior Loans generally are subject to mandatory and/or optional prepayment. As a result,
 the actual remaining maturity of Senior Loans may be substantially less than the stated maturities shown.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Rate shown reflects yield as of May 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Abbreviations throughout the Portfolio of Investments: | Abbreviations throughout the Portfolio of Investments: |
| CME | – Chicago Mercantile Exchange |
| CSA | – Credit Spread Adjustment |
| IO | – Interest-Only Security - Principal amount shown represents par value on which interest payments are based |
| PIK | – Payment-in-kind |
| REITs | – Real Estate Investment Trusts |
| REMIC | – Real Estate Mortgage Investment Conduit |
| SOFR | – Secured Overnight Financing Rate |
| STACR | – Structured Agency Credit Risk |

---

------

**First Trust Smith Unconstrained Bond ETF (UCON)**

**Portfolio of Investments (Continued)**

**May 31, 2025 (Unaudited)**

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of May 31, 2025 is as follows (see Valuation Inputs in the Additional Information section):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**5/31/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| U.S. Government Bonds and Notes | $1293126386 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1293126386 | &nbsp;&nbsp; $— |
| Corporate Bonds and Notes\* | 821934954 | &nbsp;&nbsp; — | &nbsp;&nbsp; 821934954 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; U.S. Government Agency Mortgage-Backed <br> Securities<br>| 376317297 | &nbsp;&nbsp; — | &nbsp;&nbsp; 376317297 | &nbsp;&nbsp; — |
| Mortgage-Backed Securities | 130345301 | &nbsp;&nbsp; — | &nbsp;&nbsp; 130345301 | &nbsp;&nbsp; — |
| Capital Preferred Securities\* | 124049423 | &nbsp;&nbsp; — | &nbsp;&nbsp; 124049423 | &nbsp;&nbsp; — |
| Foreign Corporate Bonds and Notes\* | 79344607 | &nbsp;&nbsp; — | &nbsp;&nbsp; 79344607 | &nbsp;&nbsp; — |
| Asset-Backed Securities | 27334894 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26846649 | &nbsp;&nbsp; 488245 |
| Senior Floating-Rate Loan Interests\* | 8157395 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8157395 | &nbsp;&nbsp; — |
| $25 Par Preferred Securities\* | 4548549 | &nbsp;&nbsp; 4548549 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Money Market Funds | 94696597 | &nbsp;&nbsp; 94696597 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Investments | $2959855403 | &nbsp;&nbsp; $99245146 | &nbsp;&nbsp; $2860122012 | &nbsp;&nbsp; $488245 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Portfolio of Investments for industry breakout.

Level 3 investments are fair valued by the Advisor's Pricing Committee and are footnoted in the Portfolio of Investments. All Level 3 values are based on unobservable inputs.

------

**Unfunded Loan Commitments**

As of May 31, 2025, the Fund had the following unfunded loan commitments which are categorized as Level 2 within the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Borrower | Principal <br>Value<br>| Commitment <br>Amount<br>| Value | Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Kelso Industries LLC, Term Loan | $32571 | &nbsp;&nbsp; $32571 | &nbsp;&nbsp; $32368 | &nbsp;&nbsp; $(203)<br>|

---

------

**First Trust Exchange-Traded Fund VIII**

**Additional Information**

**May 31, 2025 (Unaudited)**

**Valuation Inputs**

The Funds are 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Level 1 inputs are quoted prices in active markets for identical investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** First Trust Exchange-Traded Fund VIII

- **b. Investment Company Act file number:** 811-23147

- **c. CIK number of Registrant:** 0001667919

- **d. LEI of Registrant:** 549300NT36PJKGP5Y765

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 120 East Liberty Drive

  - **City:** Wheaton

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60187

  - **Telephone number:** 630-765-8000

**Item A.2. Information about the Series.**

- **a. Name of Series:** First Trust Smith Unconstrained Bond ETF

- **b. EDGAR series identifier (if any):** S000061961

- **c. LEI of Series:** 5493008TXEPNJ8VLBR60

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-08-31

- **b. Date as of which information is reported:** 2025-05-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $3022197521.95

**Total Liabilities:** $48173065.12

**Net Assets:** $2974024456.83

**Delayed Delivery Securities:** $6100829.70

**Cash Not Reported:** $6910130.90

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 1682.76174000 | **1-Year:** 50971.89971000 | **5-Year:** 358399.69567000 | **10-Year:** 208496.17523000 | **30-Year:** 11793.83092000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 436.50316000 | **1-Year:** 40502.25092000 | **5-Year:** 61083.93263000 | **10-Year:** 3421.51969000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000200735 | 0.16%                | 0.28%                | 0.16%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $11610985.54             | $-21468036.38                              |
| Month 2  | $-642070.17              | $-3979251.42                               |
| Month 3  | $-35378746.05            | $24455361.72                               |

**Designated Index Information**

- **Index Name:** The Fund relies on the Absolute VaR Test

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                       | Title                                                                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| US TREASURY N/B                            | United States Treasury Note/Bond                                                | CUSIP: 912810UF3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  70500000 | PA      | $67735078.13  | 2.28%             | 2044-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A             | Ginnie Mae II Pool                                                              | CUSIP: 36179XLG9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   5912186 | PA      | $5613266.97   | 0.19%             | 2052-11-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                   | Warnermedia Holdings Inc                                                        | CUSIP: 55903VBD4<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |   5925000 | PA      | $4264692.06   | 0.14%             | 2042-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                  | Amgen Inc                                                                       | CUSIP: 031162DT4<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    320000 | PA      | $304822.48    | 0.01%             | 2053-03-02      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| JBS USA HOLD/FOOD/LUX CO                   | JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co Sarl                      | CUSIP: 47214BAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |   3628000 | PA      | $3900168.93   | 0.13%             | 2034-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN                      | Genesis Energy LP / Genesis Energy Finance Corp                                 | CUSIP: 37185LAP7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2965000 | PA      | $3070696.32   | 0.10%             | 2029-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| PILGRIM'S PRIDE CORP                       | Pilgrim's Pride Corp                                                            | CUSIP: 72147KAJ7<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |    286000 | PA      | $270858.90    | 0.01%             | 2031-04-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                         | Energy Transfer LP                                                              | CUSIP: 29273VAM2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   7920000 | PA      | $7973840.16   | 0.27%             | N/A             | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                    | Jane Street Group / JSG Finance Inc                                             | CUSIP: 47077WAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1871000 | PA      | $1875415.56   | 0.06%             | 2032-11-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN POSEIDON LTD                    | Transocean Poseidon Ltd                                                         | CUSIP: 89383JAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    866775 | PA      | $872987.18    | 0.03%             | 2027-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                   | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MBC8<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    315000 | PA      | $323802.62    | 0.01%             | 2028-06-06      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                   | Ford Motor Credit Co LLC                                                        | CUSIP: 345397G56<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |  20305000 | PA      | $19811933.48  | 0.67%             | 2035-02-07      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                 | Fannie Mae Pool                                                                 | CUSIP: 3140XNVT8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4407938 | PA      | $3596780.86   | 0.12%             | 2051-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BX Trust                                   | BX Trust 2021-LBA                                                               | CUSIP: 05609BBF5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4146216 | PA      | $4108214.72   | 0.14%             | 2036-02-15      | Floating      | 6.04%                 | No            |                  2 | On Loan: No      |
| Potomac Energy Center LLC                  | POTOMAC ENERGY 09/30/26                                                         | CUSIP: 000000000<br>LEI: 549300BHYFK6M9HVNA29 | Long             | LON              | CORP              | US        |    780439 | PA      | $783365.23    | 0.03%             | 2026-11-12      | Floating      | 10.56%                | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                       | Bank of America Corp                                                            | CUSIP: 06051GJS9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    815000 | PA      | $788569.06    | 0.03%             | 2027-07-22      | Fixed         | 1.73%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                   | Occidental Petroleum Corp                                                       | CUSIP: 674599DE2<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1210308.00   | 0.04%             | 2031-09-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                              | Boeing Co/The                                                                   | CUSIP: 097023DU6<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |  11940000 | PA      | $12766321.19  | 0.43%             | 2064-05-01      | Fixed         | 7.01%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                             | Morgan Stanley                                                                  | CUSIP: 6174468U6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    920000 | PA      | $775047.26    | 0.03%             | 2032-02-13      | Fixed         | 1.79%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                   | Warnermedia Holdings Inc                                                        | CUSIP: 55903VBC6<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |   5063000 | PA      | $4298049.56   | 0.14%             | 2032-03-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                             | Morgan Stanley                                                                  | CUSIP: 61747YFF7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1635000 | PA      | $1672677.58   | 0.06%             | 2029-07-20      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| RAISING CANE'S RESTAURAN                   | Raising Cane's Restaurants LLC                                                  | CUSIP: 75103AAA3<br>LEI: 254900V6ADXFWHYOED66 | Long             | DBT              | CORP              | US        |   7385000 | PA      | $7846289.26   | 0.26%             | 2029-05-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P             | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137BS6G3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4588566 | PA      | $7542.69      | 0.00%             | 2025-09-25      | Variable      | 0.59%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                              | Boeing Co/The                                                                   | CUSIP: 097023DS1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   7375000 | PA      | $7874716.50   | 0.26%             | 2034-05-01      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                             | Air Lease Corp                                                                  | CUSIP: 00914AAR3<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |   1390000 | PA      | $1339647.12   | 0.05%             | 2027-01-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                 | Fannie Mae Pool                                                                 | CUSIP: 31418EJ68<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2859429 | PA      | $2704258.09   | 0.09%             | 2052-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                      | Foundry JV Holdco LLC                                                           | CUSIP: 350930AF0<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |   1835000 | PA      | $1860043.36   | 0.06%             | 2031-01-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                          | Post Holdings Inc                                                               | CUSIP: 737446AP9<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |   1407000 | PA      | $1391048.84   | 0.05%             | 2029-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MET LIFE GLOB FUNDING I                    | Metropolitan Life Global Funding I                                              | CUSIP: 59217GFP9<br>LEI: 635400MMSOCXNNNZDZ82 | Long             | DBT              | CORP              | US        |    965000 | PA      | $968362.93    | 0.03%             | 2033-03-28      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                 | US Bancorp                                                                      | CUSIP: 91159HJJ0<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    320000 | PA      | $331806.49    | 0.01%             | 2033-10-21      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY PROGRESS LLC                   | Duke Energy Progress LLC                                                        | CUSIP: 26442UAU8<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |   4375000 | PA      | $4319187.78   | 0.15%             | 2035-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor             | J.P. Morgan Chase Commercial Mortgage Securities Trust 2022-ACB                 | CUSIP: 46593EAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4500000 | PA      | $4506705.00   | 0.15%             | 2039-03-15      | Floating      | 6.53%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                    | Jane Street Group / JSG Finance Inc                                             | CUSIP: 47077WAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  21225000 | PA      | $22186237.80  | 0.75%             | 2031-04-30      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                            | United States Treasury Note/Bond                                                | CUSIP: 91282CMM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  73775000 | PA      | $75175572.63  | 2.53%             | 2035-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                   | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175AY0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    346000 | PA      | $345957.43    | 0.01%             | 2025-07-23      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| HCA INC                                    | HCA Inc                                                                         | CUSIP: 404119DB2<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   3130000 | PA      | $3155854.14   | 0.11%             | 2035-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                     | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPCP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4203000 | PA      | $3631110.40   | 0.12%             | 2034-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Multiclass Certifi             | Freddie Mac Multifamily PC REMIC Trust 2019-P002                                | CUSIP: 3137FQKX0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   4095000 | PA      | $257770.05    | 0.01%             | 2033-07-25      | Variable      | 1.01%                 | No            |                  2 | On Loan: No      |
| BOOST NEWCO BORROWER LLC                   | Boost Newco Borrower LLC                                                        | CUSIP: 36268NAA8<br>LEI: 254900S8RE1OL7TTCU64 | Long             | DBT              | CORP              | US        |   7430000 | PA      | $7866022.12   | 0.26%             | 2031-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| SKYAF 2020-1 A                             | SKYAF 2020-1 A                                                                  | CUSIP: 83084RAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    527521 | PA      | $488245.34    | 0.02%             | 2038-05-10      | Floating      | 3.23%                 | No            |                  3 | On Loan: No      |
| T-MOBILE USA INC                           | T-Mobile USA Inc                                                                | CUSIP: 87264ABS3<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $930932.10    | 0.03%             | 2029-02-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| SFO Commerical Mortgage Trust              | SFO Commercial Mortgage Trust 2021-555                                          | CUSIP: 78432WAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3530000 | PA      | $3499256.88   | 0.12%             | 2038-05-15      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                 | Fannie Mae Pool                                                                 | CUSIP: 31418ED80<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3801336 | PA      | $3492580.54   | 0.12%             | 2052-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BIOGEN INC                                 | Biogen Inc                                                                      | CUSIP: 09062XAM5<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | DBT              | CORP              | US        |   6290000 | PA      | $6296236.98   | 0.21%             | 2055-05-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| ROYALTY PHARMA PLC                         | Royalty Pharma PLC                                                              | CUSIP: 78081BAR4<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |   4785000 | PA      | $4766821.16   | 0.16%             | 2034-09-02      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                             | Fannie Mae-Aces                                                                 | CUSIP: 3136AQ5K2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     19868 | PA      | $1.00         | 0.00%             | 2036-04-25      | Variable      | 2.04%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                         | Energy Transfer LP                                                              | CUSIP: 29273VAJ9<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   2281000 | PA      | $2255092.63   | 0.08%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                       | Bank of America Corp                                                            | CUSIP: 06051GJP5<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   3215000 | PA      | $2846859.13   | 0.10%             | 2032-03-11      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                        | JPMorgan Chase & Co                                                             | CUSIP: 46647PCP9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   2780000 | PA      | $2670415.10   | 0.09%             | 2027-09-22      | Fixed         | 1.47%                 | No            |                  2 | On Loan: No      |
| SLG Office Trust                           | SLG Office Trust 2021-OVA                                                       | CUSIP: 78449RAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2950000 | PA      | $2544726.94   | 0.09%             | 2041-07-15      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Naked Juice LLC 01/24/29                   | Naked Juice LLC 01/24/29                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    130167 | PA      | $128540.33    | 0.00%             | 2029-01-24      | Floating      | 9.71%                 | No            |                  2 | On Loan: No      |
| BFLD Trust                                 | BFLD 2024-VICT Mortgage Trust                                                   | CUSIP: 05555VAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3791000 | PA      | $3809124.01   | 0.13%             | 2041-07-15      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS CO                          | General Motors Co                                                               | CUSIP: 37045VBB5<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |   4695000 | PA      | $4754252.31   | 0.16%             | 2035-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                | Freddie Mac REMICS                                                              | CUSIP: 3137HHBV2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  32492213 | PA      | $2375534.95   | 0.08%             | 2054-10-25      | Floating      | 1.03%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                  | Boeing Co/The                                                                   | CUSIP: 097023CW3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   1620000 | PA      | $1518066.60   | 0.05%             | 2050-05-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES LP                         | VICI Properties LP                                                              | CUSIP: 925650AE3<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |    268000 | PA      | $239726.03    | 0.01%             | 2052-05-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORP                            | Sealed Air Corp                                                                 | CUSIP: 81211KAX8<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |     60000 | PA      | $59972.09     | 0.00%             | 2025-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                 | US Bancorp                                                                      | CUSIP: 91159HJK7<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1002058.26   | 0.03%             | 2029-02-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                   | Ford Motor Credit Co LLC                                                        | CUSIP: 345397XU2<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4960697.70   | 0.17%             | 2026-01-08      | Fixed         | 4.39%                 | No            |                  2 | On Loan: No      |
| FARM CREDIT BK OF TEXAS                    | Farm Credit Bank of Texas                                                       | CUSIP: 30767EAD1<br>LEI: V1EBJIOLRNYDHDF63Z33 | Long             | DBT              | USGSE             | US        |   9490000 | PA      | $9446925.36   | 0.32%             | 2173-09-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                  | Amgen Inc                                                                       | CUSIP: 031162DR8<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |  10950000 | PA      | $11054369.71  | 0.37%             | 2033-03-02      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MKT 2020-525M Mortgage Trust               | MKT 2020-525M Mortgage Trust                                                    | CUSIP: 55316PAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4530000 | PA      | $3971519.40   | 0.13%             | 2040-02-12      | Fixed         | 2.69%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                    | Dell International LLC / EMC Corp                                               | CUSIP: 24703TAM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1260000 | PA      | $1267144.59   | 0.04%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                    | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GB78<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   5240000 | PA      | $5073260.74   | 0.17%             | 2035-10-23      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                      | Wells Fargo & Co                                                                | CUSIP: 95000U2M4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    385000 | PA      | $338126.79    | 0.01%             | 2051-04-04      | Fixed         | 5.01%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                | Freddie Mac Pool                                                                | CUSIP: 3132DWFQ1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3982342 | PA      | $3766380.43   | 0.13%             | 2052-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BX Trust                                   | BX Commercial Mortgage Trust 2020-VIV4                                          | CUSIP: 05608MAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4050000 | PA      | $3667011.35   | 0.12%             | 2044-03-09      | Fixed         | 2.84%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                        | JPMorgan Chase & Co                                                             | CUSIP: 46647PAR7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    160000 | PA      | $157589.76    | 0.01%             | 2029-04-23      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| STRYKER CORP                               | Stryker Corp                                                                    | CUSIP: 863667BK6<br>LEI: 5493002F0SC4JTBU5137 | Long             | DBT              | CORP              | US        |   6750000 | PA      | $6813267.28   | 0.23%             | 2028-02-10      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| BANK OF HAWAII CORP                        | Bank of Hawaii Corp                                                             | CUSIP: 062540307<br>LEI: 5493006Q8BQ8AD8M2U33 | Long             | EP               | CORP              | US        |     54942 | NS      | $1397175.06   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| BIOGEN INC                                 | Biogen Inc                                                                      | CUSIP: 09062XAL7<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | DBT              | CORP              | US        |   6290000 | PA      | $6334683.22   | 0.21%             | 2035-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                           | Paramount Global                                                                | CUSIP: 92556HAD9<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |  11340000 | PA      | $10225163.81  | 0.34%             | 2032-05-19      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                    | Dell International LLC / EMC Corp                                               | CUSIP: 24703TAL0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3945000 | PA      | $3963971.39   | 0.13%             | 2028-04-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| One Bryant Park Trust                      | One Bryant Park Trust 2019-OBP                                                  | CUSIP: 68236JAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2800000 | PA      | $2522352.56   | 0.08%             | 2054-09-15      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| MASSMUTUAL GLOBAL FUNDIN                   | MassMutual Global Funding II                                                    | CUSIP: 57629WCH1<br>LEI: 549300K1IE3K7YU6VG29 | Long             | DBT              | CORP              | US        |    750000 | PA      | $744632.01    | 0.03%             | 2026-03-08      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| SYNOVUS FINANCIAL CORP                     | Synovus Financial Corp                                                          | CUSIP: 87161CAP0<br>LEI: 549300EIUS8UN5JTLE54 | Long             | DBT              | CORP              | US        |   7688000 | PA      | $7791287.97   | 0.26%             | 2030-11-01      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| Chase Auto Owner Trust                     | Chase Auto Owner Trust 2022-A                                                   | CUSIP: 16144JAH4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     10000 | PA      | $673493.25    | 0.02%             | 2030-06-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BROOKLYN UNION GAS CO                      | Brooklyn Union Gas Co/The                                                       | CUSIP: 114259AN4<br>LEI: 83BQ1DXS6VA5GZFK8S35 | Long             | DBT              | CORP              | US        |   2805000 | PA      | $2769152.44   | 0.09%             | 2026-03-10      | Fixed         | 3.41%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                 | Fannie Mae Pool                                                                 | CUSIP: 3140XPBW8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  11418629 | PA      | $11085089.95  | 0.37%             | 2053-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P             | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137H74M2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  54807931 | PA      | $559229.43    | 0.02%             | 2030-04-25      | Variable      | 1.22%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust             | Carvana Auto Receivables Trust 2021-P4                                          | CUSIP: 14687KAK2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2800 | PA      | $400936.19    | 0.01%             | 2028-09-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                 | Fannie Mae Pool                                                                 | CUSIP: 31418EJ50<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6695321 | PA      | $6150798.88   | 0.21%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable             | Westlake Automobile Receivables Trust 2023-1                                    | CUSIP: 96042XAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5290000 | PA      | $5405661.62   | 0.18%             | 2028-11-15      | Fixed         | 6.79%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                    | Jane Street Group / JSG Finance Inc                                             | CUSIP: 47077WAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7000000 | PA      | $6747938.40   | 0.23%             | 2029-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                      | Foundry JV Holdco LLC                                                           | CUSIP: 350930AH6<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |   7775000 | PA      | $7905271.29   | 0.27%             | 2036-01-25      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                              | TransDigm Inc                                                                   | CUSIP: 893647BR7<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   8080000 | PA      | $8230304.16   | 0.28%             | 2028-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                 | US Bancorp                                                                      | CUSIP: 91159HJL5<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |   1220000 | PA      | $1183615.61   | 0.04%             | 2034-02-01      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| SDR Commercial Mortgage Trust              | SDR Commercial Mortgage Trust 2024-DSNY                                         | CUSIP: 811304AE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3715000 | PA      | $3667340.27   | 0.12%             | 2039-05-15      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| KROGER CO                                  | Kroger Co/The                                                                   | CUSIP: 501044DV0<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |  11340000 | PA      | $11048999.04  | 0.37%             | 2034-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                     | Venture Global LNG Inc                                                          | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   1861000 | PA      | $1980980.53   | 0.07%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                             | Morgan Stanley                                                                  | CUSIP: 61747YFD2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   5220000 | PA      | $5293832.62   | 0.18%             | 2029-04-20      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| INTL FLAVOR & FRAGRANCES                   | International Flavors & Fragrances Inc                                          | CUSIP: 459506AQ4<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | DBT              | CORP              | US        |   1422000 | PA      | $1239873.43   | 0.04%             | 2030-11-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| STATION CASINOS LLC                        | Station Casinos LLC                                                             | CUSIP: 857691AG4<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |   1044000 | PA      | $1013178.74   | 0.03%             | 2028-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NRTH PARK Mortgage Trust                   | NRTH 2024-PARK Mortgage Trust                                                   | CUSIP: 67021HAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4218000 | PA      | $4231873.85   | 0.14%             | 2039-03-15      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| Starwood Commercial Mortgage T             | STWD 2021-LIH Mortgage Trust                                                    | CUSIP: 78486EAG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1550000 | PA      | $1545066.04   | 0.05%             | 2036-11-15      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| LIVE NATION ENTERTAINMEN                   | Live Nation Entertainment Inc                                                   | CUSIP: 538034AR0<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |    590000 | PA      | $581177.55    | 0.02%             | 2027-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                   | Warnermedia Holdings Inc                                                        | CUSIP: 55903VBA0<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $969619.33    | 0.03%             | 2027-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                | Freddie Mac Pool                                                                | CUSIP: 3132DWHD8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4288594 | PA      | $4051480.22   | 0.14%             | 2053-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PILGRIM'S PRIDE CORP                       | Pilgrim's Pride Corp                                                            | CUSIP: 72147KAK4<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |  15150000 | PA      | $15721836.75  | 0.53%             | 2033-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust             | Carvana Auto Receivables Trust 2023-P3                                          | CUSIP: 14688GAK0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      8700 | PA      | $1126713.93   | 0.04%             | 2030-08-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                        | Charles Schwab Corp/The                                                         | CUSIP: 808513BK0<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |   2058000 | PA      | $2036385.22   | 0.07%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                  | Boeing Co/The                                                                   | CUSIP: 097023DG7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   8015000 | PA      | $7874556.76   | 0.26%             | 2026-02-04      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust             | Carvana Auto Receivables Trust 2020-P1                                          | CUSIP: 14687AAK4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      5450 | PA      | $416278.75    | 0.01%             | 2027-09-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust               | GS Mortgage Securities Corp Trust 2023-FUN                                      | CUSIP: 36267CAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4230000 | PA      | $4247384.45   | 0.14%             | 2028-03-15      | Floating      | 7.12%                 | No            |                  2 | On Loan: No      |
| SANTANDER UK GROUP HLDGS                   | Santander UK Group Holdings PLC                                                 | CUSIP: 80281LAR6<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |    430000 | PA      | $413476.26    | 0.01%             | 2028-01-11      | Fixed         | 2.47%                 | No            |                  2 | On Loan: No      |
| NATIONWIDE BLDG SOCIETY                    | Nationwide Building Society                                                     | CUSIP: 63861VAF4<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |    885000 | PA      | $860658.86    | 0.03%             | 2028-02-16      | Fixed         | 2.97%                 | No            |                  2 | On Loan: No      |
| Ingenovis Health Inc                       | INGENOVIS HEALT 03/06/28                                                        | CUSIP: 12510MAD1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1313663 | PA      | $628587.91    | 0.02%             | 2028-03-06      | Floating      | 8.68%                 | No            |                  2 | On Loan: No      |
| STELLANTIS FIN US INC                      | Stellantis Finance US Inc                                                       | CUSIP: 85855CAK6<br>LEI: 549300QZ0AI8Q7LNON33 | Long             | DBT              | CORP              | US        |   4760000 | PA      | $4773723.27   | 0.16%             | 2030-03-18      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                           | T-Mobile USA Inc                                                                | CUSIP: 87264ADM4<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   2765000 | PA      | $2643463.76   | 0.09%             | 2035-01-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Extended Stay America Trust                | Extended Stay America Trust 2021-ESH                                            | CUSIP: 30227FAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2934287 | PA      | $2936924.19   | 0.10%             | 2038-07-15      | Floating      | 6.14%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP                             | Open Text Corp                                                                  | CUSIP: 683715AF3<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |   6731000 | PA      | $6936807.06   | 0.23%             | 2027-12-01      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                 | Fannie Mae Pool                                                                 | CUSIP: 3140MGLD1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  13609138 | PA      | $10596474.39  | 0.36%             | 2052-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| KENNEDY-WILSON INC                         | Kennedy-Wilson Inc                                                              | CUSIP: 489399AN5<br>LEI: 5EA4464UK7FM5QNNKL62 | Long             | DBT              | CORP              | US        |   4635000 | PA      | $4117849.88   | 0.14%             | 2030-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| INTL FLAVOR & FRAGRANCES                   | International Flavors & Fragrances Inc                                          | CUSIP: 459506AP6<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | DBT              | CORP              | US        |    960000 | PA      | $896151.53    | 0.03%             | 2027-10-15      | Fixed         | 1.83%                 | No            |                  2 | On Loan: No      |
| BXHPP Trust                                | BXHPP Trust 2021-FILM                                                           | CUSIP: 05609JAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6225000 | PA      | $5952989.91   | 0.20%             | 2036-08-15      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                        | JPMorgan Chase & Co                                                             | CUSIP: 46647PER3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   3080000 | PA      | $2989969.01   | 0.10%             | 2035-10-22      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                 | Fannie Mae Pool                                                                 | CUSIP: 3140XGX46<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   9692367 | PA      | $7548862.17   | 0.25%             | 2052-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BAYVIEW OPPOR MSTR FD 24-EDU1 20470625 FLT | BAYVIEW OPPOR MSTR FD 24-EDU1 20470625 FLT                                      | CUSIP: 07336PAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7617625 | PA      | $7747517.45   | 0.26%             | 2047-06-25      | Floating      | 7.85%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                       | Bank of America Corp                                                            | CUSIP: 060505EU4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   6250000 | PA      | $6313400.00   | 0.21%             | N/A             | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                    | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GXM1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |  18970000 | PA      | $18612527.99  | 0.63%             | 2026-12-09      | Fixed         | 1.09%                 | No            |                  2 | On Loan: No      |
| BX Trust                                   | BX Commercial Mortgage Trust 2021-VOLT                                          | CUSIP: 05609VAN5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2462000 | PA      | $2445530.45   | 0.08%             | 2036-09-15      | Floating      | 6.44%                 | No            |                  2 | On Loan: No      |
| BX Trust                                   | BX Trust 2024-BIO                                                               | CUSIP: 05612AAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2185000 | PA      | $2179169.11   | 0.07%             | 2041-02-15      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                   | Permian Resources Operating LLC                                                 | CUSIP: 27034RAC7<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |   7230000 | PA      | $7900770.48   | 0.27%             | 2031-07-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| CSMCM Trust Certificates                   | CSMCM 2022-RPL1 Trust                                                           | CUSIP: 12662JAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    108155 | PA      | $87992.58     | 0.00%             | 2061-04-25      | Fixed         | 4.23%                 | No            |                  2 | On Loan: No      |
| HCA INC                                    | HCA Inc                                                                         | CUSIP: 404119CC1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   2057000 | PA      | $1760464.73   | 0.06%             | 2031-07-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P             | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137BQYW1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   6897149 | PA      | $139971.43    | 0.00%             | 2044-06-25      | Variable      | 2.12%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                         | Ally Financial Inc                                                              | CUSIP: 02005NBN9<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   3625000 | PA      | $3175402.13   | 0.11%             | N/A             | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| HCA INC                                    | HCA Inc                                                                         | CUSIP: 19767QAQ8<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    365000 | PA      | $367829.14    | 0.01%             | 2025-09-15      | Fixed         | 7.58%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                          | HSBC Holdings PLC                                                               | CUSIP: 404280EH8<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   4685000 | PA      | $4726317.02   | 0.16%             | N/A             | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                           | T-Mobile USA Inc                                                                | CUSIP: 87264AAV7<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     74000 | PA      | $74131.65     | 0.00%             | 2028-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                        | JPMorgan Chase & Co                                                             | CUSIP: 46647PDA1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   2533000 | PA      | $2522656.95   | 0.08%             | 2028-04-26      | Fixed         | 4.32%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                   | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MAE5<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    115000 | PA      | $112436.87    | 0.00%             | 2028-01-23      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                             | Morgan Stanley                                                                  | CUSIP: 61747YFR1<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     80000 | PA      | $82515.82     | 0.00%             | 2035-04-19      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                             | Fannie Mae-Aces                                                                 | CUSIP: 3136ARP44<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    955554 | PA      | $35581.21     | 0.00%             | 2039-01-25      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                | Freddie Mac Pool                                                                | CUSIP: 3132DWFE8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  12619050 | PA      | $11592762.12  | 0.39%             | 2052-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BX Trust 2019-OC11                         | BX Trust 2019-OC11                                                              | CUSIP: 05606FAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2800000 | PA      | $2593293.36   | 0.09%             | 2041-12-09      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                            | United States Treasury Note/Bond                                                | CUSIP: 91282CMZ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  80568000 | PA      | $80259576.03  | 2.70%             | 2030-04-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P             | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137BN6J8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  46915000 | PA      | $456520.48    | 0.02%             | 2044-03-25      | Variable      | 1.65%                 | No            |                  2 | On Loan: No      |
| CIGNA GROUP/THE                            | Cigna Group/The                                                                 | CUSIP: 125523AH3<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |    330000 | PA      | $328231.00    | 0.01%             | 2028-10-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP/FINANCE CORP                     | Sunoco LP / Sunoco Finance Corp                                                 | CUSIP: 86765LAT4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    800000 | PA      | $766980.80    | 0.03%             | 2029-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MARS INC                                   | Mars Inc                                                                        | CUSIP: 571676AY1<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |   8250000 | PA      | $8304436.72   | 0.28%             | 2030-03-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Hilton USA Trust                           | HILT COMMERCIAL MORTGAGE TRUST 2024-ORL                                         | CUSIP: 403956AC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2711000 | PA      | $2710658.69   | 0.09%             | 2037-05-15      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P             | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137BLAE8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  20449223 | PA      | $31176.89     | 0.00%             | 2043-08-25      | Variable      | 1.51%                 | No            |                  2 | On Loan: No      |
| ModivCare Inc                              | MODIVCARE INC T 06/20/31                                                        | CUSIP: 60783LAC4<br>LEI: 549300EFZIFW7F7I0Q28 | Long             | LON              | CORP              | US        |   3354143 | PA      | $2309696.22   | 0.08%             | 2031-07-01      | Floating      | 9.05%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                        | Charles Schwab Corp/The                                                         | CUSIP: 808513BD6<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |   7855000 | PA      | $7855000.00   | 0.26%             | N/A             | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BRINKER INTERNATIONAL IN                   | Brinker International Inc                                                       | CUSIP: 109641AK6<br>LEI: 52990067JY6PBGJNTG76 | Long             | DBT              | CORP              | US        |   7420000 | PA      | $7856488.92   | 0.26%             | 2030-07-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Naked Juice LLC                            | Naked Juice LLC 01/24/29                                                        | CUSIP: 62984CAM5<br>LEI: 549300Y5TU1XQ1KVLJ64 | Long             | LON              | CORP              | US        |   1287576 | PA      | $921994.35    | 0.03%             | 2029-01-24      | Floating      | 7.56%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust             | Carvana Auto Receivables Trust 2022-P2                                          | CUSIP: 14686JAM2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     17100 | PA      | $2077670.76   | 0.07%             | 2029-05-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                 | US Bancorp                                                                      | CUSIP: 91159HJN1<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    440000 | PA      | $454471.61    | 0.02%             | 2034-06-12      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                    | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GC44<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    675000 | PA      | $680038.85    | 0.02%             | 2036-01-28      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| OREGON TOOL LUX LP                         | Oregon Tool Lux LP                                                              | CUSIP: 68610BAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |   1392300 | PA      | $807534.00    | 0.03%             | 2029-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| SMITHFIELD FOODS INC                       | Smithfield Foods Inc                                                            | CUSIP: 832248BB3<br>LEI: CVTIPZRZJC0JQEZLL598 | Long             | DBT              | CORP              | US        |    387000 | PA      | $385409.09    | 0.01%             | 2029-04-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                      | Wells Fargo & Co                                                                | CUSIP: 95000U2J1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   2155000 | PA      | $1947691.89   | 0.07%             | 2031-02-11      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Multiclass Certifi             | Freddie Mac Multiclass Certificates Series 2021-P009                            | CUSIP: 3137H13X2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   9429042 | PA      | $282992.91    | 0.01%             | 2031-01-25      | Variable      | 1.32%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust             | Carvana Auto Receivables Trust 2023-N3                                          | CUSIP: 14686RAF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      9800 | PA      | $2152534.48   | 0.07%             | 2030-09-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                              | Citigroup Inc                                                                   | CUSIP: 172967PL9<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   4505000 | PA      | $4515639.23   | 0.15%             | 2035-06-11      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                    | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GA79<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   9085000 | PA      | $9483758.82   | 0.32%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| OUTFRONT MEDIA CAP LLC/C                   | Outfront Media Capital LLC / Outfront Media Capital Corp                        | CUSIP: 69007TAG9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2811000 | PA      | $2970321.86   | 0.10%             | 2031-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                        | Charles Schwab Corp/The                                                         | CUSIP: 808513CB9<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    540000 | PA      | $538312.82    | 0.02%             | N/A             | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SYNOPSYS INC                               | Synopsys Inc                                                                    | CUSIP: 871607AC1<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |   7830000 | PA      | $7909285.72   | 0.27%             | 2030-04-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                       | Bank of America Corp                                                            | CUSIP: 06055HAH6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   7810000 | PA      | $7953297.88   | 0.27%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                 | Fannie Mae REMICS                                                               | CUSIP: 3136BTFB4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  33868199 | PA      | $33695670.97  | 1.13%             | 2054-11-25      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                | Freddie Mac Pool                                                                | CUSIP: 3132DWDH3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5798674 | PA      | $4518587.76   | 0.15%             | 2052-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                        | Freddie Mac STACR REMIC Trust 2024-DNA3                                         | CUSIP: 35564NFA6<br>LEI: 529900P3PHNE8PW64Z68 | Long             | ABS-MBS          | USGSE             | US        |   5325000 | PA      | $5332521.03   | 0.18%             | 2044-10-25      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                              | Citigroup Inc                                                                   | CUSIP: 17327CBA0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   3945000 | PA      | $3892682.95   | 0.13%             | 2036-03-27      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                       | Bank of America Corp                                                            | CUSIP: 06051GJL4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   5123000 | PA      | $4411298.09   | 0.15%             | 2031-10-24      | Fixed         | 1.92%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                             | Fannie Mae-Aces                                                                 | CUSIP: 3136AT5H3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     81196 | PA      | $14.03        | 0.00%             | 2039-07-25      | Variable      | 3.06%                 | No            |                  2 | On Loan: No      |
| ASP Dream Acquisition Co LLC               | ASP DREAM ACQUI 12/15/28                                                        | CUSIP: 00217BAB0<br>LEI: 254900DH5Q9BDS6KS803 | Long             | LON              | CORP              | US        |   2000149 | PA      | $1940144.19   | 0.07%             | 2028-12-15      | Floating      | 8.68%                 | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                            | United States Treasury Inflation Indexed Bonds                                  | CUSIP: 91282CML2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  31285000 | PA      | $31939846.76  | 1.07%             | 2035-01-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P             | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137FMCG5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1204315 | PA      | $14908.69     | 0.00%             | 2026-12-25      | Variable      | 1.25%                 | No            |                  2 | On Loan: No      |
| HCA INC                                    | HCA Inc                                                                         | CUSIP: 404119CA5<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   2870000 | PA      | $2678206.28   | 0.09%             | 2030-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SREIT Trust                                | SREIT Trust 2021-MFP2                                                           | CUSIP: 85236WCJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1423000 | PA      | $1418525.52   | 0.05%             | 2036-11-15      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| MHC Commercial Mortgage Trust              | MHC Commercial Mortgage Trust 2021-MHC                                          | CUSIP: 55316VAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4392000 | PA      | $4391689.92   | 0.15%             | 2038-04-15      | Floating      | 5.54%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                          | HSBC Holdings PLC                                                               | CUSIP: 404280DF3<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   1481000 | PA      | $1479909.05   | 0.05%             | 2028-06-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PILGRIM'S PRIDE CORP                       | Pilgrim's Pride Corp                                                            | CUSIP: 72147KAH1<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |   1395000 | PA      | $1236437.33   | 0.04%             | 2032-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| HCA INC                                    | HCA Inc                                                                         | CUSIP: 197677AJ6<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    360000 | PA      | $378158.61    | 0.01%             | 2027-12-01      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| CALPINE CORP                               | Calpine Corp                                                                    | CUSIP: 131347CM6<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |   8005000 | PA      | $7856353.55   | 0.26%             | 2028-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                      | Wells Fargo & Co                                                                | CUSIP: 95000U3K7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   4390000 | PA      | $4416414.59   | 0.15%             | 2035-01-23      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P             | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137BTAF8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1899979 | PA      | $46921.12     | 0.00%             | 2044-12-25      | Variable      | 1.90%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP                                | Vistra Corp                                                                     | CUSIP: 92840MAD4<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |    929000 | PA      | $1000192.99   | 0.03%             | N/A             | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                              | Citigroup Inc                                                                   | CUSIP: 17308CC53<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    525000 | PA      | $485976.87    | 0.02%             | 2030-11-05      | Fixed         | 2.98%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                             | Morgan Stanley                                                                  | CUSIP: 61748UAF9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   4050000 | PA      | $4090843.20   | 0.14%             | 2036-01-18      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                | Freddie Mac Pool                                                                | CUSIP: 3132DWFM0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5521340 | PA      | $4702978.20   | 0.16%             | 2052-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                 | Fannie Mae Pool                                                                 | CUSIP: 3138L3JU0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    427039 | PA      | $396274.11    | 0.01%             | 2043-04-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust             | Carvana Auto Receivables Trust 2022-N1                                          | CUSIP: 14686GAH9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     19300 | PA      | $1019202.85   | 0.03%             | 2028-12-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                   | Hilcorp Energy I LP / Hilcorp Finance Co                                        | CUSIP: 431318BG8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8813000 | PA      | $8174146.51   | 0.27%             | 2035-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SPIRIT AEROSYSTEMS INC                     | Spirit AeroSystems Inc                                                          | CUSIP: 85205TAR1<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |   7100000 | PA      | $7849155.79   | 0.26%             | 2030-11-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                              | TransDigm Inc                                                                   | CUSIP: 893647BW6<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    642000 | PA      | $635729.01    | 0.02%             | 2033-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                  | Amgen Inc                                                                       | CUSIP: 031162DU1<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |   8360000 | PA      | $7909503.34   | 0.27%             | 2063-03-02      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SREIT Trust                                | STWD Trust 2021-FLWR                                                            | CUSIP: 78485GAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1725600 | PA      | $1718924.01   | 0.06%             | 2036-07-15      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| SPECTRUM BRANDS INC                        | Spectrum Brands Inc                                                             | CUSIP: 84762LAX3<br>LEI: 549300VU3EH2E73C1Q04 | Long             | DBT              | CORP              | US        |    364000 | PA      | $292408.08    | 0.01%             | 2031-03-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                 | Fannie Mae Pool                                                                 | CUSIP: 3140QNCK6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3879168 | PA      | $3027748.46   | 0.10%             | 2052-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ASSOC BANC-CORP                            | Associated Banc-Corp                                                            | CUSIP: 045487AD7<br>LEI: 549300N3CIN473IW5094 | Long             | DBT              | CORP              | US        |   2870000 | PA      | $2908918.55   | 0.10%             | 2030-08-29      | Fixed         | 6.46%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                    | Jane Street Group / JSG Finance Inc                                             | CUSIP: 47077WAE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6210000 | PA      | $6372745.47   | 0.21%             | 2033-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                     | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPCD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    210000 | PA      | $200601.26    | 0.01%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                     | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC           | CUSIP: 01309QAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  15370000 | PA      | $15692247.42  | 0.53%             | 2028-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PRESTIGE BRANDS INC                        | Prestige Brands Inc                                                             | CUSIP: 74112BAL9<br>LEI: 549300JBVP4J6D42I235 | Long             | DBT              | CORP              | US        |    550000 | PA      | $547744.12    | 0.02%             | 2028-01-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                 | LAD Auto Receivables Trust 2023-1                                               | CUSIP: 505710AF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4950000 | PA      | $5064568.74   | 0.17%             | 2030-06-17      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| KOHL'S CORPORATION                         | Kohl's Corp                                                                     | CUSIP: 500255AY0<br>LEI: 549300JF6LPRTRJ0FH50 | Long             | DBT              | CORP              | US        |   7500000 | PA      | $7709261.10   | 0.26%             | 2030-06-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| BUCKEYE PARTNERS LP                        | Buckeye Partners LP                                                             | CUSIP: 118230AV3<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |   7700000 | PA      | $7921875.50   | 0.27%             | 2029-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| STARBUCKS CORP                             | Starbucks Corp                                                                  | CUSIP: 855244BM0<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | DBT              | CORP              | US        |   6300000 | PA      | $6316356.31   | 0.21%             | 2035-05-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P             | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137BM7D2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  12657147 | PA      | $11952.14     | 0.00%             | 2025-09-25      | Variable      | 0.49%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                               | UBS Group AG                                                                    | CUSIP: 225401AZ1<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   2364000 | PA      | $2538876.81   | 0.09%             | 2033-08-12      | Fixed         | 6.54%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                            | United States Treasury Note/Bond                                                | CUSIP: 91282CMW8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        | 200425000 | PA      | $199806500.48 | 6.72%             | 2028-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                 | US Bancorp                                                                      | CUSIP: 91159HJR2<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    175000 | PA      | $178338.41    | 0.01%             | 2035-01-23      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                   | Ford Motor Credit Co LLC                                                        | CUSIP: 345397B28<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   1603000 | PA      | $1590462.30   | 0.05%             | 2025-11-13      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                 | Fannie Mae Pool                                                                 | CUSIP: 31418EQL7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  16841055 | PA      | $15904627.13  | 0.53%             | 2053-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                       | Bank of America Corp                                                            | CUSIP: 06051GJZ3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |  10215000 | PA      | $9484851.92   | 0.32%             | 2029-06-14      | Fixed         | 2.09%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                             | Air Lease Corp                                                                  | CUSIP: 00914AAJ1<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |   2300000 | PA      | $2272917.59   | 0.08%             | 2026-01-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                        | COMM 2016-787S Mortgage Trust                                                   | CUSIP: 12635WAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2834000 | PA      | $2790176.16   | 0.09%             | 2036-02-10      | Fixed         | 3.54%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                            | United States Treasury Note/Bond                                                | CUSIP: 91282CKB6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        | 258755000 | PA      | $259438928.28 | 8.72%             | 2026-02-28      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| MASTERBRAND INC                            | Masterbrand Inc                                                                 | CUSIP: 57638PAA2<br>LEI: 549300E0Y4BR5Z9RDZ64 | Long             | DBT              | CORP              | US        |   6380000 | PA      | $6352798.87   | 0.21%             | 2032-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                        | JPMorgan Chase & Co                                                             | CUSIP: 46647PCJ3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4651511.15   | 0.16%             | 2029-06-01      | Fixed         | 2.07%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                     | SLM Student Loan Trust 2006-2                                                   | CUSIP: 78446G102<br>LEI: 5493007758ACJK074H95 | Long             | ABS-O            | CORP              | US        |      6525 | PA      | $409717.10    | 0.01%             | 2041-01-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BX Trust                                   | BX Trust 2021-VIEW                                                              | CUSIP: 05606GAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2250000 | PA      | $2239885.80   | 0.08%             | 2036-06-15      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                     | PNC Financial Services Group Inc/The                                            | CUSIP: 693475BU8<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   1915000 | PA      | $2100314.82   | 0.07%             | 2034-10-20      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                    | GLP Capital LP / GLP Financing II Inc                                           | CUSIP: 361841AK5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    675000 | PA      | $687838.50    | 0.02%             | 2028-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                          | Iron Mountain Inc                                                               | CUSIP: 46284VAE1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |   3170000 | PA      | $3137215.23   | 0.11%             | 2028-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                        | JPMorgan Chase & Co                                                             | CUSIP: 46647PAV8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1790000 | PA      | $1771438.95   | 0.06%             | 2029-07-23      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                              | Citigroup Inc                                                                   | CUSIP: 172967MU2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   4790000 | PA      | $4752950.31   | 0.16%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COBANK ACB                                 | CoBank ACB                                                                      | CUSIP: 19075QAG7<br>LEI: P0J8I7M2E0A77CKF1705 | Long             | DBT              | USGSE             | US        |    816000 | PA      | $831291.02    | 0.03%             | N/A             | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| VIKING CRUISES LTD                         | Viking Cruises Ltd                                                              | CUSIP: 92676XAG2<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |   7330000 | PA      | $7874611.67   | 0.26%             | 2031-07-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| Park Avenue Trust                          | 245 Park Avenue Trust 2017-245P                                                 | CUSIP: 90187LAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4441000 | PA      | $4295623.42   | 0.14%             | 2037-06-05      | Fixed         | 3.51%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                | Freddie Mac Pool                                                                | CUSIP: 3132DWDS9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   8471945 | PA      | $7225104.13   | 0.24%             | 2052-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| UNITED AIR 2013-1 A PTT                    | United Airlines 2013-1 Class A Pass Through Trust                               | CUSIP: 909319AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    358843 | PA      | $358103.05    | 0.01%             | 2025-08-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                | Freddie Mac Pool                                                                | CUSIP: 3133KND83<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4522751 | PA      | $3855203.87   | 0.13%             | 2051-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC                      | GFL Environmental Inc                                                           | CUSIP: 36168QAM6<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |    750000 | PA      | $714889.04    | 0.02%             | 2028-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                 | Fannie Mae Pool                                                                 | CUSIP: 31418EHJ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4584428 | PA      | $4203547.87   | 0.14%             | 2052-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ingenovis Health Inc                       | CCRR PARENT INC 03/06/28                                                        | CUSIP: 12510MAB5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    335141 | PA      | $162543.44    | 0.01%             | 2028-03-06      | Floating      | 8.70%                 | No            |                  2 | On Loan: No      |
| AIB GROUP PLC                              | AIB Group PLC                                                                   | CUSIP: 00135TAF1<br>LEI: 635400AKJBGNS5WNQL34 | Long             | DBT              | CORP              | IE        |   3135000 | PA      | $3163749.71   | 0.11%             | 2031-05-15      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| TALEN ENERGY SUPPLY LLC                    | Talen Energy Supply LLC                                                         | CUSIP: 87422VAK4<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | DBT              | CORP              | US        |   7350000 | PA      | $7854040.22   | 0.26%             | 2030-06-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                     | Bank of New York Mellon Corp/The                                                | CUSIP: 064058AH3<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |  11030000 | PA      | $10990775.11  | 0.37%             | N/A             | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                      | Wells Fargo & Co                                                                | CUSIP: 95000U3E1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   8890000 | PA      | $9121624.86   | 0.31%             | 2029-07-25      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| SOLVENTUM CORP                             | Solventum Corp                                                                  | CUSIP: 83444MAQ4<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |   7740000 | PA      | $7926580.83   | 0.27%             | 2031-03-13      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                     | Venture Global LNG Inc                                                          | CUSIP: 92332YAE1<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   1759000 | PA      | $1752640.86   | 0.06%             | 2030-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| NUSTAR LOGISTICS LP                        | NuStar Logistics LP                                                             | CUSIP: 67059TAH8<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |  12314000 | PA      | $12554122.63  | 0.42%             | 2030-10-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                            | United States Treasury Note/Bond                                                | CUSIP: 91282CKR1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        | 229935000 | PA      | $232431951.54 | 7.82%             | 2027-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FLORIDA POWER & LIGHT CO                   | Florida Power & Light Co                                                        | CUSIP: 341081GU5<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |   3840000 | PA      | $3902418.70   | 0.13%             | 2034-06-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                              | Citigroup Inc                                                                   | CUSIP: 172967LS8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1946078.98   | 0.07%             | 2028-10-27      | Fixed         | 3.52%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                            | CVS Health Corp                                                                 | CUSIP: 126650EH9<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |  15460000 | PA      | $15610997.82  | 0.52%             | 2055-03-10      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| NORTHROP GRUMMAN CORP                      | Northrop Grumman Corp                                                           | CUSIP: 666807CN0<br>LEI: RIMU48P07456QXSO0R61 | Long             | DBT              | CORP              | US        |  15200000 | PA      | $15249636.97  | 0.51%             | 2030-07-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| HEALTHPEAK OP LLC                          | HEALTHPEAK OP LLC                                                               | CUSIP: 42250UAE2<br>LEI: PZ9HF5U52KPF0MH0QN75 | Long             | LON              | CORP              | US        |    390555 | PA      | $385672.72    | 0.01%             | 2027-02-22      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA INC                          | Nexstar Media Inc                                                               | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |   7900000 | PA      | $7873347.77   | 0.26%             | 2027-07-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| MACY'S RETAIL HLDGS LLC                    | Macy's Retail Holdings LLC                                                      | CUSIP: 55617LAR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8650000 | PA      | $8025876.38   | 0.27%             | 2032-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                               | UBS Group AG                                                                    | CUSIP: 225401BJ6<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |  16170000 | PA      | $15906873.68  | 0.53%             | N/A             | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| BXP Trust                                  | BXP Trust 2017-GM                                                               | CUSIP: 056083AJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3200000 | PA      | $3035796.80   | 0.10%             | 2039-06-13      | Variable      | 3.42%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                  | CIM Trust 2020-R6                                                               | CUSIP: 12560YAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6153806 | PA      | $5374351.50   | 0.18%             | 2060-12-25      | Variable      | 2.25%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P             | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137FPJQ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   6147897 | PA      | $92198.78     | 0.00%             | 2027-06-25      | Variable      | 1.20%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                      | Wells Fargo & Co                                                                | CUSIP: 95000U2S1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   5435000 | PA      | $5202651.20   | 0.17%             | 2028-06-02      | Fixed         | 2.39%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                   | Permian Resources Operating LLC                                                 | CUSIP: 71424VAA8<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |  15535000 | PA      | $15945667.73  | 0.54%             | 2032-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ALCON FINANCE CORP                         | Alcon Finance Corp                                                              | CUSIP: 01400EAB9<br>LEI: 549300CUZUI9VU7XNK42 | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1487284.75   | 0.05%             | 2029-09-23      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                     | SLM Student Loan Trust 2007-4                                                   | CUSIP: 78444A107<br>LEI: ZRVUPOA27EDLVJ4VN175 | Long             | ABS-O            | CORP              | US        |      1375 | PA      | $146951.39    | 0.00%             | 2042-01-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BX Trust                                   | BX Commercial Mortgage Trust 2022-AHP                                           | CUSIP: 05610FAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2845000 | PA      | $2834483.74   | 0.10%             | 2039-01-17      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                              | Citigroup Inc                                                                   | CUSIP: 172967ME8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   3165000 | PA      | $3075228.10   | 0.10%             | 2030-03-20      | Fixed         | 3.98%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                       | Bank of America Corp                                                            | CUSIP: 06051GMA4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1170000 | PA      | $1182640.63   | 0.04%             | 2035-01-23      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                 | Fannie Mae Pool                                                                 | CUSIP: 31418EHK9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3269398 | PA      | $3091862.70   | 0.10%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PRIME SECSRVC BRW/FINANC                   | Prime Security Services Borrower LLC / Prime Finance Inc                        | CUSIP: 74166MAF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1475000 | PA      | $1417336.94   | 0.05%             | 2027-08-31      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| LEIDOS INC                                 | Leidos Inc                                                                      | CUSIP: 52532XAK1<br>LEI: 5493006I78VIN6J1BQ95 | Long             | DBT              | CORP              | US        |   6275000 | PA      | $6322662.08   | 0.21%             | 2032-03-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| FIDELITY NATL INFO SERV                    | Fidelity National Information Services Inc                                      | CUSIP: 31620MBU9<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | DBT              | CORP              | US        |   1538000 | PA      | $1100888.17   | 0.04%             | 2041-03-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                 | Fannie Mae REMICS                                                               | CUSIP: 3136A9VM7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    106085 | PA      | $92337.56     | 0.00%             | 2042-06-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES INC                       | Chart Industries Inc                                                            | CUSIP: 16115QAF7<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |   7510000 | PA      | $7848333.01   | 0.26%             | 2030-01-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                | Freddie Mac Pool                                                                | CUSIP: 3132DWE58<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  12454350 | PA      | $11441438.44  | 0.38%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC                      | Directv Financing LLC / Directv Financing Co-Obligor Inc                        | CUSIP: 25461LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8300000 | PA      | $8084385.09   | 0.27%             | 2031-02-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                        | Sirius XM Radio LLC                                                             | CUSIP: 82967NBA5<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |   7935000 | PA      | $7857844.82   | 0.26%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                   | Capital One Financial Corp                                                      | CUSIP: 14040HCH6<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   1505000 | PA      | $1447980.34   | 0.05%             | 2027-11-02      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| ROLLINS INC                                | Rollins Inc                                                                     | CUSIP: 775711AA2<br>LEI: 549300F2A0BXT4SGWD84 | Long             | DBT              | CORP              | US        |   5330000 | PA      | $5290593.12   | 0.18%             | 2035-02-24      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MODIVCARE INC                              | ModivCare Inc                                                                   | CUSIP: 60783XAC8<br>LEI: 549300EFZIFW7F7I0Q28 | Long             | DBT              | CORP              | US        |   4868850 | PA      | $1436310.75   | 0.05%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JBS USA HOLD/FOOD/LUX CO                   | JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co Sarl                      | CUSIP: 46590XAZ9<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |   1500000 | PA      | $1517320.50   | 0.05%             | 2028-02-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                       | Bank of America Corp                                                            | CUSIP: 06051GKJ7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   3490000 | PA      | $3374628.35   | 0.11%             | 2028-02-04      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| BACARDI LTD                                | Bacardi Ltd                                                                     | CUSIP: 067316AF6<br>LEI: 549300R32WTQNHNN5055 | Long             | DBT              | CORP              | BM        |   3170000 | PA      | $3163507.11   | 0.11%             | 2028-05-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                   | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MAV7<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   2000000 | PA      | $1939047.20   | 0.07%             | 2026-10-29      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                | Freddie Mac Pool                                                                | CUSIP: 3132DWDC4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4819247 | PA      | $3758712.12   | 0.13%             | 2052-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| GENERAL DYNAMICS CORP                      | General Dynamics Corp                                                           | CUSIP: 369550BR8<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | DBT              | CORP              | US        |   4780000 | PA      | $4705014.18   | 0.16%             | 2035-08-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                | Freddie Mac Pool                                                                | CUSIP: 3132DWNG4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  99800166 | PA      | $96684593.41  | 3.25%             | 2054-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                     | PNC Financial Services Group Inc/The                                            | CUSIP: 693475BC8<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   4965000 | PA      | $4738437.12   | 0.16%             | N/A             | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P             | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137BS5P4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2870879 | PA      | $14807.42     | 0.00%             | 2026-08-25      | Variable      | 0.94%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                   | Hilcorp Energy I LP / Hilcorp Finance Co                                        | CUSIP: 431318AS3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2798000 | PA      | $2766053.84   | 0.09%             | 2028-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BLUE RACER MID LLC/FINAN                   | Blue Racer Midstream LLC / Blue Racer Finance Corp                              | CUSIP: 095796AJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7665000 | PA      | $7925127.11   | 0.27%             | 2029-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                | Freddie Mac Pool                                                                | CUSIP: 3132DWFF5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5810305 | PA      | $5495211.84   | 0.18%             | 2052-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| COX ENTERPRISES INC                        | Cox Enterprises Inc                                                             | CUSIP: 224050AE4<br>LEI: TVRMNZKRGA8LPW6XPG60 | Long             | DBT              | CORP              | US        |    900000 | PA      | $948093.16    | 0.03%             | 2027-07-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| SANTANDER UK GROUP HLDGS                   | Santander UK Group Holdings PLC                                                 | CUSIP: 80281LAQ8<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |   1585000 | PA      | $1531869.39   | 0.05%             | 2027-06-14      | Fixed         | 1.67%                 | No            |                  2 | On Loan: No      |
| BX Trust                                   | BX Trust 2021-RISE                                                              | CUSIP: 12434EAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1869868 | PA      | $1857363.60   | 0.06%             | 2036-11-15      | Floating      | 6.19%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                              | Carnival Corp                                                                   | CUSIP: 143658BQ4<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |  11515000 | PA      | $11133565.63  | 0.37%             | 2028-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Naked Juice LLC                            | Naked Juice LLC 01/24/30                                                        | CUSIP: 62984CAN3<br>LEI: 549300Y5TU1XQ1KVLJ64 | Long             | LON              | CORP              | US        |    348225 | PA      | $130584.24    | 0.00%             | 2030-01-24      | Floating      | 10.31%                | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                            | United States Treasury Inflation Indexed Bonds                                  | CUSIP: 91282CLV1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  62942306 | PA      | $64589404.70  | 2.17%             | 2029-10-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                | Freddie Mac Pool                                                                | CUSIP: 3132DWE66<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   7310857 | PA      | $6913864.35   | 0.23%             | 2052-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BX Trust                                   | BX Commercial Mortgage Trust 2020-VIV3                                          | CUSIP: 05608EAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3420000 | PA      | $3154469.15   | 0.11%             | 2044-03-09      | Variable      | 3.54%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                      | Wells Fargo & Co                                                                | CUSIP: 95000U2U6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    625000 | PA      | $560784.08    | 0.02%             | 2033-03-02      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| FIRST CITIZENS BANCSHARE                   | First Citizens BancShares Inc/NC                                                | CUSIP: 31959XAF0<br>LEI: 549300N3Z00ZHE2XC526 | Long             | DBT              | CORP              | US        |   8385000 | PA      | $8108471.09   | 0.27%             | 2040-03-12      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                             | Morgan Stanley                                                                  | CUSIP: 61747YFJ9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   4375000 | PA      | $4749138.23   | 0.16%             | 2034-11-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| DANSKE BANK A/S                            | Danske Bank A/S                                                                 | CUSIP: 23636ABH3<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |   7298000 | PA      | $7523202.34   | 0.25%             | 2030-03-01      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| BUCKEYE PARTNERS LP                        | Buckeye Partners LP                                                             | CUSIP: 118230AU5<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |    536000 | PA      | $524021.47    | 0.02%             | 2028-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA INC                          | Nexstar Media Inc                                                               | CUSIP: 65336YAN3<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |   8235000 | PA      | $7928354.95   | 0.27%             | 2028-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P             | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137BSRH8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  38206238 | PA      | $922019.68    | 0.03%             | 2044-11-25      | Variable      | 1.91%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                     | VICI Properties LP / VICI Note Co Inc                                           | CUSIP: 92564RAE5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2026000 | PA      | $1911874.41   | 0.06%             | 2030-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                        | American Express Co                                                             | CUSIP: 025816CH0<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   8155000 | PA      | $7906708.87   | 0.27%             | N/A             | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                     | SLM Student Loan EDC Repackaging Trust 2013-M1                                  | CUSIP: 78447T103<br>LEI: 549300QFNKDN6MY4H751 | Long             | ABS-O            | CORP              | US        |      1000 | PA      | $205401.82    | 0.01%             | 2029-10-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CUSHMAN & WAKEFIELD US                     | Cushman & Wakefield US Borrower LLC                                             | CUSIP: 23166MAA1<br>LEI: 549300870CMN3WI5IF97 | Long             | DBT              | CORP              | US        |   7820000 | PA      | $7858810.66   | 0.26%             | 2028-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                        | JPMorgan Chase & Co                                                             | CUSIP: 46647PBW5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    750000 | PA      | $731928.29    | 0.02%             | 2027-02-04      | Fixed         | 1.04%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                   | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MAW5<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   1650000 | PA      | $1558248.53   | 0.05%             | 2028-10-29      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                 | Fannie Mae Pool                                                                 | CUSIP: 31418ELW8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  17424483 | PA      | $16479595.17  | 0.55%             | 2052-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SHIFT4 PAYMENTS LLC/FIN                    | Shift4 Payments LLC / Shift4 Payments Finance Sub Inc                           | CUSIP: 82453AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7750000 | PA      | $7912143.18   | 0.27%             | 2032-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                          | HSBC Holdings PLC                                                               | CUSIP: 404280CG2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   5465000 | PA      | $5464199.87   | 0.18%             | 2026-06-04      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                      | Quikrete Holdings Inc                                                           | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |   1060000 | PA      | $1077894.92   | 0.04%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                 | Fannie Mae REMICS                                                               | CUSIP: 3136BTN90<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4672982 | PA      | $4679526.22   | 0.16%             | 2054-12-25      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES PARTNERS                   | Targa Resources Partners LP / Targa Resources Partners Finance Corp             | CUSIP: 87612BBN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1676000 | PA      | $1708357.17   | 0.06%             | 2029-01-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| PENN ENTERTAINMENT INC                     | Penn Entertainment Inc                                                          | CUSIP: 707569AV1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1580000 | PA      | $1412816.25   | 0.05%             | 2029-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| BX Trust                                   | BX Trust 2024-PAT                                                               | CUSIP: 05612FAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4264000 | PA      | $4271493.13   | 0.14%             | 2041-03-15      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| DOLP Trust                                 | DOLP Trust 2021-NYC                                                             | CUSIP: 23345LAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6000000 | PA      | $5267994.00   | 0.18%             | 2041-05-10      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                 | Fannie Mae REMICS                                                               | CUSIP: 3136A1L60<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    559858 | PA      | $47733.56     | 0.00%             | 2041-11-25      | Floating      | 1.56%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                             | Fannie Mae-Aces                                                                 | CUSIP: 3136B7HP9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6100000 | PA      | $127738.88    | 0.00%             | 2029-03-25      | Variable      | 0.70%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                | Freddie Mac Pool                                                                | CUSIP: 3132DWER0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  15724007 | PA      | $14446814.35  | 0.49%             | 2052-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                    | Royal Caribbean Cruises Ltd                                                     | CUSIP: 780153BU5<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |   7730000 | PA      | $7839186.25   | 0.26%             | 2032-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FLEX INTERMEDIATE HOLDCO                   | Flex Intermediate Holdco LLC                                                    | CUSIP: 33939HAA7<br>LEI: 549300290TQIGM30A243 | Long             | DBT              | CORP              | US        |   1783000 | PA      | $1560048.05   | 0.05%             | 2031-06-30      | Fixed         | 3.36%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                 | Fannie Mae Pool                                                                 | CUSIP: 31418EDD9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2745738 | PA      | $2341640.37   | 0.08%             | 2052-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                | Freddie Mac REMICS                                                              | CUSIP: 3137HHZY0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  39128210 | PA      | $3080728.30   | 0.10%             | 2055-01-25      | Floating      | 1.58%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                       | Bank of America Corp                                                            | CUSIP: 060505GB4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    570000 | PA      | $553463.56    | 0.02%             | N/A             | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Mativ Holdings Inc                         | MATIV HOLDINGS 05/06/27                                                         | CUSIP: 80854EAJ7<br>LEI: 549300Z1FU4IDULG1R21 | Long             | LON              | CORP              | US        |     26558 | PA      | $26159.77     | 0.00%             | 2027-05-06      | Floating      | 6.93%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                            | United States Treasury Note/Bond                                                | CUSIP: 91282CMU2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        | 132775000 | PA      | $133023953.13 | 4.47%             | 2030-03-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CAROLINAS                      | Duke Energy Carolinas LLC                                                       | CUSIP: 26442CBH6<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |    540000 | PA      | $375269.26    | 0.01%             | 2052-03-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| CHOBANI HOLDCO II LLC                      | Chobani Holdco II LLC                                                           | CUSIP: 169918AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2335000 | PA      | $2487561.59   | 0.08%             | 2029-10-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                        | Sirius XM Radio LLC                                                             | CUSIP: 82967NBM9<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |   2695000 | PA      | $2358688.52   | 0.08%             | 2031-09-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| FIRST CITIZENS BANCSHARE                   | First Citizens BancShares Inc/NC                                                | CUSIP: 31959XAC7<br>LEI: 549300N3Z00ZHE2XC526 | Long             | DBT              | CORP              | US        |   3200000 | PA      | $3188204.26   | 0.11%             | 2031-03-12      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                        | JPMorgan Chase & Co                                                             | CUSIP: 46647PEH5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   3155000 | PA      | $3264004.21   | 0.11%             | 2035-04-22      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                       | Bank of America Corp                                                            | CUSIP: 06051GJT7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   3820000 | PA      | $3375011.37   | 0.11%             | 2032-04-22      | Fixed         | 2.69%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P             | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137FMCP5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2611406 | PA      | $256969.14    | 0.01%             | 2031-01-25      | Variable      | 4.03%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                      | Caesars Entertainment Inc                                                       | CUSIP: 12769GAC4<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |   1340000 | PA      | $1351617.80   | 0.05%             | 2032-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FAIR ISAAC CORP                            | Fair Isaac Corp                                                                 | CUSIP: 303250AG9<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |   7810000 | PA      | $7814780.66   | 0.26%             | 2033-05-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Dreyfus Government Cash Management         | Dreyfus Government Cash Management                                              | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |  94696597 | NS      | $94696597.23  | 3.18%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX CORP                                   | RTX Corp                                                                        | CUSIP: 75513ECW9<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |   7400000 | PA      | $7886699.92   | 0.27%             | 2034-03-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                      | Foundry JV Holdco LLC                                                           | CUSIP: 350930AK9<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |  12295000 | PA      | $12640395.57  | 0.43%             | 2039-01-25      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                 | Fannie Mae Pool                                                                 | CUSIP: 3140QQK87<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4783862 | PA      | $4392688.01   | 0.15%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                       | Bank of America Corp                                                            | CUSIP: 06051GJD2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   3580000 | PA      | $3573078.36   | 0.12%             | 2026-06-19      | Fixed         | 1.32%                 | No            |                  2 | On Loan: No      |
| WASTE PRO USA INC                          | Waste Pro USA Inc                                                               | CUSIP: 94107JAC7<br>LEI: 549300BY1QXU5BI3UF28 | Long             | DBT              | CORP              | US        |   2850000 | PA      | $2929312.65   | 0.10%             | 2033-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SOLVENTUM CORP                             | Solventum Corp                                                                  | CUSIP: 83444MAR2<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |   7855000 | PA      | $7925422.75   | 0.27%             | 2034-03-23      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| CAMB Commercial Mortgage Trust             | CAMB Commercial Mortgage Trust 2019-LIFE                                        | CUSIP: 12482HAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5174000 | PA      | $5174689.18   | 0.17%             | 2037-12-15      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                            | United States Treasury Note/Bond                                                | CUSIP: 91282CKP5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  81350000 | PA      | $83426649.11  | 2.81%             | 2029-04-30      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| JBS USA HOLD/FOOD/LUX CO                   | JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co Sarl                      | CUSIP: 46590XAM8<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |   1700000 | PA      | $1560799.94   | 0.05%             | 2031-12-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P             | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137B8G68<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     94510 | PA      | $11.83        | 0.00%             | 2042-01-25      | Variable      | 5.37%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                           | Paramount Global                                                                | CUSIP: 92556HAC1<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |  15210000 | PA      | $11470201.40  | 0.39%             | 2050-05-19      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                            | United States Treasury Note/Bond                                                | CUSIP: 912810UG1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  69090000 | PA      | $65916178.13  | 2.22%             | 2055-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| SREIT Trust                                | STWD Trust 2021-FLWR                                                            | CUSIP: 78485GAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4416000 | PA      | $4401201.54   | 0.15%             | 2036-07-15      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Kelso Industries LLC                       | KELSO INDUSTRIE2/26/2029                                                        | CUSIP: 48825CAC9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     32571 | PA      | $32367.83     | 0.00%             | 2029-12-31      | Floating      | 10.07%                | No            |                  2 | On Loan: No      |
| BX Trust                                   | BX Trust 2021-LBA                                                               | CUSIP: 05609BBD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2261716 | PA      | $2248976.15   | 0.08%             | 2036-02-15      | Floating      | 5.79%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                | Freddie Mac Pool                                                                | CUSIP: 3132DWES8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   7961283 | PA      | $7528968.79   | 0.25%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                | Freddie Mac REMICS                                                              | CUSIP: 3137HHEP2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   9355623 | PA      | $9334398.76   | 0.31%             | 2054-11-25      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| AMERIGAS PART/FIN CORP                     | AmeriGas Partners LP / AmeriGas Finance Corp                                    | CUSIP: 030981AM6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    890000 | PA      | $899417.98    | 0.03%             | 2028-06-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                | Freddie Mac Pool                                                                | CUSIP: 3132DQTB2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  12633305 | PA      | $11596762.67  | 0.39%             | 2052-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ASCENT RESOURCES/ARU FIN                   | Ascent Resources Utica Holdings LLC / ARU Finance Corp                          | CUSIP: 04364VAX1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7930000 | PA      | $7982560.04   | 0.27%             | 2032-10-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| GOODYEAR TIRE & RUBBER                     | Goodyear Tire & Rubber Co/The                                                   | CUSIP: 382550BS9<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4509981.00   | 0.15%             | 2030-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                 | Fannie Mae Pool                                                                 | CUSIP: 3140QQKW4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  14327205 | PA      | $13160015.02  | 0.44%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JACKSON FINANCIAL INC                      | Jackson Financial Inc                                                           | CUSIP: 46817M206<br>LEI: 213800WXW2KG1N4CO374 | Long             | EP               | CORP              | US        |    121300 | NS      | $3151374.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| GLP CAPITAL LP / FIN II                    | GLP Capital LP / GLP Financing II Inc                                           | CUSIP: 361841AH2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    390000 | PA      | $389385.17    | 0.01%             | 2026-04-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS ESCROW INC                   | Herc Holdings Escrow Inc                                                        | CUSIP: 42703NAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6185103.72   | 0.21%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| REGIONS FINANCIAL CORP                     | Regions Financial Corp                                                          | CUSIP: 7591EPAV2<br>LEI: CW05CS5KW59QTC0DG824 | Long             | DBT              | CORP              | US        |   4870000 | PA      | $4784870.70   | 0.16%             | 2035-09-06      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ModivCare Inc                              | MODIVCARE INC T1/12/2026                                                        | CUSIP: 60783LAD2<br>LEI: 549300EFZIFW7F7I0Q28 | Long             | LON              | CORP              | US        |    951905 | PA      | $740106.36    | 0.02%             | 2026-01-12      | Floating      | 11.71%                | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                   | Warnermedia Holdings Inc                                                        | CUSIP: 55903VBE2<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |   9236000 | PA      | $5990760.35   | 0.20%             | 2052-03-15      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| SOLVENTUM CORP                             | Solventum Corp                                                                  | CUSIP: 83444MAS0<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |   4960000 | PA      | $4763986.11   | 0.16%             | 2054-04-30      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC                      | GFL Environmental Inc                                                           | CUSIP: 36168QAL8<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |   1400000 | PA      | $1346931.46   | 0.05%             | 2028-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU                   | Venture Global Calcasieu Pass LLC                                               | CUSIP: 92328MAE3<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |    951000 | PA      | $964692.50    | 0.03%             | 2030-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HF SINCLAIR CORP                           | HF Sinclair Corp                                                                | CUSIP: 403949AQ3<br>LEI: 2549009G116AM01XHN24 | Long             | DBT              | CORP              | US        |   1692000 | PA      | $1684220.88   | 0.06%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BX Trust                                   | BX Commercial Mortgage Trust 2021-ACNT                                          | CUSIP: 05609QAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000545 | PA      | $2996367.63   | 0.10%             | 2038-11-15      | Floating      | 5.94%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                 | Fannie Mae Pool                                                                 | CUSIP: 31418EPB0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   8853594 | PA      | $8373801.20   | 0.28%             | 2053-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                             | Morgan Stanley                                                                  | CUSIP: 61744YAP3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1415000 | PA      | $1384884.05   | 0.05%             | 2029-01-24      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| SREIT Trust                                | SREIT Trust 2021-MFP2                                                           | CUSIP: 85236WCL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6337000 | PA      | $6313635.48   | 0.21%             | 2036-11-15      | Floating      | 6.01%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                        | JPMorgan Chase & Co                                                             | CUSIP: 46647PCB0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   2660000 | PA      | $2590865.40   | 0.09%             | 2027-04-22      | Fixed         | 1.58%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                     | Cloud Software Group Inc                                                        | CUSIP: 88632QAE3<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |   7835000 | PA      | $7832727.07   | 0.26%             | 2029-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                         | Energy Transfer LP                                                              | CUSIP: 29278NAR4<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   1144000 | PA      | $925713.28    | 0.03%             | 2050-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                     | Cloud Software Group Inc                                                        | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1331627.70   | 0.04%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                 | Fannie Mae REMICS                                                               | CUSIP: 3136ACXN6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    366927 | PA      | $14264.35     | 0.00%             | 2033-02-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                      | Wells Fargo & Co                                                                | CUSIP: 95000U3N1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   1685000 | PA      | $1653163.44   | 0.06%             | 2035-12-03      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| HYATT HOTELS CORP                          | Hyatt Hotels Corp                                                               | CUSIP: 448579AU6<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |   4475000 | PA      | $4498381.02   | 0.15%             | 2028-03-30      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-29

**Name of Applicant:** First Trust Exchange-Traded Fund VIII

**Signature:** Derek Maltbie

**Name of Signer:** Derek Maltbie

**Title:** Treasurer, Chief Financial Officer and Chief Accounting Officer